Today I Was Told by BOA My Home is Going into Foreclosure

Reblogger Chris Ann Cleland
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

If this weren't a trend with Bank of America, I'm sure that agents like myself could look at this situation and say, "It's probably an oversight."  Bank of America should be ashamed of the hoops they put home owners in financial, physical and emotional distress through.  Here's a woman who works in real estate, knows the ropes, makes good money, wants to modify the loan on her home and Bank of America is spitting in her face.  Absolutely disgusting.

Original content by Gail Robinson RES.0772823

After three years of filling out loan modification paperwork and sending it in, I was informed via a phone call today from Bank of America that my loan modification was declined on 2/1/13 as I didn't submit all the documents.  Bank of America continues to state this as a reason for declining my loan modifications, but I give them everything they ask for and then have my HUD counselor review it for completeness.  Anyone who knows me knows how organized and detail-oriented I am.  I have a Ph.D. from Columbia University and that required an incredible attention to detail.  I know I submitted all the documents required as I carefully reviewed every request and my HUD counselor, Michael Haynes, of the Neighborhood Housing Services of New Haven reviewed them.

This seems to me to be a bogus excuse.  I think they just don't want to do a loan modification.  Although why BOA would want one more foreclosure in Bridgeport, Connecticut is beyond me.  They aren't going to sell the home for more money than I would pay for it.  I bought this home at the peak of the market in 2005 and paid $400,000.  It is now worth no more than $250,000.  I'm earning a good income now, my income tanked when my husband became ill with pancreatic cancer three years ago and our expenses have been high due to the cost of medications, travel, and treatment.  We also lost his income when he became ill.  We were both in real estate and the market downturn left us with less money at a time when we needed more.

As you know, my husband has Stage IV Pancreatic Cancer and he is getting hospice care in our home.  I haven't told him yet that our home is going into foreclosure.  BOA says to consider a Deed in Lieu of Foreclosure or a short sale and just leave, but my husband wants to spend his final days in his own home.  Is that too much to ask of a big heartless organization?   Probably.   But don't you wonder where all that Mortgage Settlement money went to?  Weren't the lenders supposed to be doing more loan modifications instead of allowing homes to go into foreclosure?  What the heck are they doing with that money anyways???

It makes no sense at all to me, but my hope is that if you would reblog this post that BOA will notice it on social media, reconsider their decision to foreclose, so that I don't have to tell my husband that our home is going into foreclosure.  He's been going through a tough time over the past few weeks and my fear is this will cause him enough stress to push him over the edge emotionally and physically.

I trust in the power of AR to get the word out and in your love and kindness to support me at this time as I try to be strong for my husband.  Thank you.

 

 

Fairfield County CT Real Estate 

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Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I spoke to my inside contact at Bank of America who has notfied the appropriate people about this. I am confident the bank will offer some type of forebearance for Gail and her husband.

Feb 09, 2013 12:35 AM #1
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Elizabeth:  I know that Gail will be excited to hear that.  I don't think there is any other agent that does as much volume with Bank of America's Short Sale division than you.  Thanks!

Feb 09, 2013 03:14 AM #2
Rainmaker
1,558,015
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I'm so glad to see some many re-blogs of Gail's post.  I went back on this morning to read, and there were over 221 comments.  She did write a P.S. which indicates that she's been contacted by BofA. 

Feb 09, 2013 06:08 AM #3
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Carla:  That's awesome.  Bank of America is probably looking for the off switch for Active Rain.  We are a powerful group when we need to be.

Feb 09, 2013 09:51 AM #4
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Chris Ann Cleland

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