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

Reblogger Andrea Swiedler
Real Estate Agent with Berkshire Hathaway HomeServices New England Properties Licensed in Connecticut

Will you recommend Bank of America to a real estate client? I won't. I will not recommend Bank of America to any of my clients wishing to purchase real estate.

There, I said it. Not only will I not recommend Bank of America, I will tell and retell this horror story until the cows come home and beyond. Until I am tired of telling it, then I will tell it again. I will not be complacent about this, I will not forgive and forget, I will not shrug my shoulders and say.. oh well, its not me.

But it could be me, you, anyone. A client, a family member, a good friend. Anyone of us could fall into this ghoulish trap set by Bank of America. They dangle that loan modification carrot in front of people, and they have no intention of giving it to them, ever. How do they deny? By lying. They have the power to lie and they know there is nothing that can be done.

Or so they must think.

I am one, I am only one. But I am sure that there are many other real estate agents who, like me, cannot recommend lenders who behave in this manner to their clients. And we have big mouths. Just ask any of us, WE HAVE BIG MOUTHS.

Please read Gail's story if you haven't already. And if you have read it, do something. I wrote a few emails to WFSB here in Connecticut asking them to read the story and help us get it out there. I posted it on Facebook, Twitter and Google+. I ask that you do the same, or similar. Tell people, please.

Gail is one of us, and even if she wasn't, she is in desperate need of our help. She reached out and asked us to help. Please, take a moment to help her. I will let Gail tell her own story, please read on.

But do let me know.... will you, do you recommend Bank of America to your clients looking for a mortgage? Not me. I don't recommend them as a lender, when I know people have a bank account with them I pull out my arsenal of horror stories and repeat them.


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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Topic:
Mortgage / Finance
Location:
Connecticut
Groups:
"Whacked"!!!
Diary of a Realtor
Cosmic Cow Pie...The Rome Way
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bank of america
criminal behavoir
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Rainmaker
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Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

I never recommend them and still clients insist. But i have warned people how bad they can be!

Feb 08, 2013 11:41 AM #1
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Andrea - I think it would be a mistake to get angry with BoA. The people who said "No" are not the decision makers, they follow their rules, and I wouldn't be surprised it is to say "no".

Bank of America knows the situation and still they have chosen to deny, which, to be honest, did not surprise me a tiny bit. I would love to hope that they will reconsider, but I doubt it, unless we get to the higher echelon, who can make decisions different from their regular procedural rules.

I am sure we, members of AR, can do what BoA does not want to do, i.e. help Gail stay in her home. It is too late now, but I would see what could be done to help Gail. maybe setting a charitable account, I just do not know at this point.

I am sure we can help. I will write the suggestion to morrow (already today) and I hope you would join the ranks of those, who would help Gail.

Feb 08, 2013 02:12 PM #2
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Andrea, I dropped by your blog to see what 30 inches of snow looks like.  This is better!

Feb 10, 2013 10:58 AM #3
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Andrea Swiedler

Realtor, Southern Litchfield County CT
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