Bank of America Hits Another Bulls Eye - Another Foreclosure!!!

Reblogger Lenn Harley
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

After notification that their home is going to foreclosure, Gail writes:

"This seems to me to be a bogus excuse."

And, what was your first clue????

No one remembers because they probably don't want to take the word of a simple minded real estate broker, but on many occassions, I have written. . . .

"BANKS DO NOT WANT TO MODIFY MORTGAGE LOANS.  They make more money with a foreclosure."

No one believed me then.
No one believes me now.
I have gotten many comments disputing that obvious fact, WITHOUT SUPPORTING FACTS TO THE CONTRARY.

All I can say is - show me the FACTS. 

When a mortgage modification makes more sense than a foreclosure, the FACTS tell the truth.

SEE: 

Where Is The Real Story??? Is It A Short Sale Success? Or, A Loan Modification Failure? A Rant!!

GEITHNER ADMITTED THAT ONLY A FRACTION OF MONEY FOR MORTGAGE MODIFICATIONS WAS SPENT!

80% Of Mortgage Help Requests Get Rejected In Florida
PRINCIPAL WRITEDOWNS??? OR ANOTHER TRANSFER OF TAXPAYER MONEY?? BANKS NEVER LOSE!

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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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Rainer
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Lenn.  You are so right about BofA.  My heart goes out to Gail and her family.

 

 

Feb 08, 2013 07:11 PM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Conrad.  Mine too.  Sadly, a mortgagor's personal situation has no bearing on the decisions of the mortgagee.

As Band of America would say, "It's just business."

Feb 08, 2013 07:19 PM #2
Rainmaker
3,752,704
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Lenn,

It's just business....that is BOA's motto! I'm sick over what is happening to Gail and her family...banks do not want to modify loans...they make more money with a foreclosure..sad but true!!

Feb 08, 2013 07:24 PM #3
Rainmaker
1,827,938
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Doesn't the bank just take it's insurance money, and what it can get for selling the house, and run?  That is less employee time, shorter term and likely more profitable than readjusting things.

Feb 08, 2013 07:28 PM #4
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Dorie.  Indeed and agents who believe otherwise simply don't understand the nexus between the banks/regulators/Congress, etc.

Jay.  Of course.  That's also contrary to the public relations/lies spewed by the government and banks for the past 5 years.

Feb 08, 2013 08:06 PM #5
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

It's unconscionable what happened to Gail and her husband, but you are so right, banks do not take personal situations into account, to them, it's just business.

Feb 08, 2013 08:13 PM #6
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Roger.  I can understand a bank rejecting a modification on the merits.  What makes this one so irking is the excuse (documents). 

Feb 08, 2013 08:21 PM #7
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Indeed, and I'm sure Gail did all the right things and gave them everything they needed, knowing how important this matter is..................

Feb 08, 2013 10:27 PM #8
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Roger.  Agreed.  Another problem is, of course, the documents requested.  Quite often the guidelines for modification are EXCLUSIONARY and not INCLUSIVE.

BankOfAmerica, most government guidelines are specifically designed to avoid modification. 

That's a trend the banks do not wan tto start.

Feb 08, 2013 10:39 PM #9
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