SNEAKY.....BANK OF AMERICA.......LOAN MODS.......... TAKES THE CAKE...........
BANK OF AMERICA HOME LOAN WARNING:
Are you trying to negotiate a Bank of America Home Loan modification?
My colleague Richie Naggar in Riverside CA tells the unfortunates story of how his clients lost their home right in the middle of negotiations....even though they were told the home would not go to foreclosure!!!!!!!!
I have clients that have been negotiating a loan modification with this bank for 1.5 years now. They have sent in all that has been required and requested and then they have sent it in again and again.
In addition, they have been in contact with this Bank 1-2 times a week for over 14 months trying to get the case closed and settled. After repetitive contacts and visiting with all the different departments and of course the famous on hold for Guinness record times......they state that the mod is FINALLY going out in 2 weeks.
Four weeks go by and then packages arrive from BofA. Two are identical with pre-paid FedEx envelopes. They are applications inviting us to start the procedures all over again. ALL OVER AGAIN. Four days later, a duplicate package is sent as well by regular mail. Another arrives two days later.
After everyone on my end who is involved gets out their frustration, blame, and all the rest of it,... the paperwork is immediately filled out and sent out the next day.
One week goes by and they move the status of the loan mod from negotiation's to sale date without notice. The reason given is that they have not received any paperwork back. Careful pressing of the issue reveals that it was sent back and timely too. VP of department cancels sale date.
Further investigation reveals that there is a phone log indicating constant contact and requests for closure on the subject matter going back over 1 year. There is also a false entry that indicates their package went out 30 days ago when it has only been 1 week. Those records helped forestall a Trustee sale, but also say a lot about BofA.
My clients tried to negotiate all this prior to any problems taking place. At the time, the bank advised them to go into foreclosure and then they would qualify for the different programs. Following their prompt, procedures, directions and suggestions brings me to this point in time......
NEWS-BREAK:.....I was going to post this with the above paragraph being the last paragraph. We just found out that a Trustee Sale took place without notice. The house has been sold. Further investigation reveals that the house mortgage of $475k sold to a third party at auction for $225K. My clients submitted paperwork proving that they could afford the the home with a modest adjustment.
Math of deal for statistics purposes:
Invested $600k in 2006
Owes $475K currently
House sold $225K.....my clients are now squatters and have 3-days to get out
HEADS UP TO ANYONE DEALING WITH BOFA AND ANY OTHER BANKS FOR THAT MATTER
PEOPLE FIRST...THEN BUSINESS
Richie Alan Naggar Ran Right Realty Riverside, Ca
Richie@RanRightRealty.com
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