My Friend Was Told by BOA Her Home is Going into Foreclosure

Reblogger J. Philip Faranda
Real Estate Broker/Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY License # 49FA1074963

I know Gail in real life, and we have discussed her husband's circumstances before. In my experience with loan mods and short sales with Bank of America, they clearly do not have good staff on these cases, and do not appreciate the impact their lack of caring has on the lives of many. 

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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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I am supporting Gail as well. 

Feb 08, 2013 11:12 PM #1
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

I will reblog and pass the word later today. I have folowed Gail for sometime and I know better!

Feb 08, 2013 11:17 PM #2
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Sadly, using "care" and "bank" in the same sentence creates an oxymoron.

Feb 08, 2013 11:26 PM #3
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi J. Philip.

I can only say the words not used on this forum. I want to really say a lot but the restrictions on the forum will not let me. All I can say is WHY. There is no caring left with the banking systems at all.

All too corporate now.

Have a great day and stay out of the snow My friend.

Best, Clint McKie

Feb 08, 2013 11:41 PM #4
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Phil. I too re-blogged and put on Facebook and LinkedIn. I am heartsick about this and think an attorney may be in order......?

Feb 09, 2013 01:16 AM #5
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

I also reblogged this Phil... I am convinced that BOA will pretty  much ignore all of us, but still I would like to think that we matter and can make a difference. I am hoping that they prove me wrong.  

Feb 09, 2013 02:37 AM #6
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Phil -- I have also reblogged this and will be sending notes through other channels as well.

Feb 09, 2013 03:43 AM #7
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Poor Gail. This is a sad story. But with all of the support she is getting on AR, I feel that good news may come her way.

Feb 09, 2013 04:27 AM #8
Beth and Richard Witt
Long Island Cash Home Buyer - Huntington, NY
Long Island Cash Home Buyer 516-330-6940

I am supporting Gail as well... Let's hope this story has a happy ending..

Feb 09, 2013 05:58 AM #9
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Phil, I just wrote a post about talking back to Bank of America.  I'd like to see a few hundred thousand bloggers email Brian Moynahan on Monday - right after we move our money to another bank.

Feb 09, 2013 11:45 AM #10
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Phil, I'm surprised the internet hasn't blown up yet with all of us reposting Gail's story.  BOA should be ashamed of themselves.

Feb 09, 2013 02:45 PM #11
Hillary Sheperd
Servpro of Scarsdale / Mount Vernon - Scarsdale, NY
Co-Owner ~ Servpro of Scarsdale / Mount Vernon, NY

Phil:  So good to hear your voice, even by Web.  YES, BOA is the anti-Christ, and I'm a's a shock that the Occupy Wallstreeters and students are not at their doors picketing.  As a long time BofA card holder, I just wanted to weigh in on the abject greed and lack of compassion at most of the Tarp taking banks.

Feb 11, 2013 03:22 AM #12
Hillary Sheperd
Servpro of Scarsdale / Mount Vernon - Scarsdale, NY
Co-Owner ~ Servpro of Scarsdale / Mount Vernon, NY

Oh...will go directly on Gail site for these suggestions that include:  1) Homestead your house, by filing in your County with "Harship" situation.  You may need a lawyer in letigious states like NY, but it will protect the home from bankruptcy and foreclosure.  A reverse mortgage might also accomplish this through Gail's  husband's illness...but she's a realtor and knows more than I do about such steps.

2)  After my husband and mom were put through hell and nearly 120 days of the run around at Wells Fargo Mortgage, I called my hometown and reminded the CEO of that bank that my Dad had held an account with them since he got of the boat from Korea in 1958.  I also suggested that I get on the web, on every site and reach all of my friends to tout their lack of customer service...this as we were moving my parents in (Dad has Alzheimers disease.)  They were on the way, the moving truck was in route from West Coast and we HAD to close, like Gail.  May they ALL rot in hell where their Tarp funds should take them!

Feb 11, 2013 07:41 AM #13
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Phil  - This was such a great thing to do for Gail - Thanks so much for helping her!     B of A is just about the worst bank - they just do not care!   It is so sad...

Feb 21, 2013 10:31 PM #14
Hillary Sheperd
Servpro of Scarsdale / Mount Vernon - Scarsdale, NY
Co-Owner ~ Servpro of Scarsdale / Mount Vernon, NY

Dagny...hope to meet ya' soon, as a fellow FOD, "friend of Debbie G's."  Hear such lovely things about your and your gatherings.  Happy to help Gail in any way, esp. after my parents had the same situation and had to move in with us.  Thanks for your comment and to Phil for his getting this ball rolling on Gail's behalf.  Stay warm in Conn.!

Feb 21, 2013 10:52 PM #15
Carol Christiansen NYS Licensed Real Estate Broker
Cafe Realty - Katonah, NY
Live with the 3 Es – Energy – Enthusiasm – Empathy

I have never been a fan of Bank of America...reading just left a really bad taste in my mouth.

Feb 23, 2013 12:25 AM #16
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