SHAME ON BANK OF AMERICA! - Today She Was Told by BOA Her Home is Going into Foreclosure

Reblogger Debbie Walsh
Real Estate Agent with Shahar Management

Shame on Bank of America!  Reasons for loan modifications include, divorce, loss of income and health reasons.  The blog below seems to have TWO of those reasons in their request for a loan modification which was DECLINED.  Why would they decline and send another home into foreclosure unnecessarily??  If you find this ridiculous please SHARE and let your voice be heard.  Unfortunately this is becoming the norm and can not be considered acceptable....

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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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

We in the West have seen this and blogged about it for years. This is normal not unique. California found it to so abusive they passed a law that you cannot have loan modifications and foreclosure going on at the sametime.

Feb 09, 2013 12:34 AM #1
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Just plain sad and painful. I still think we should keep blogging about it. I do believe that ActiveRain has a voice to be heard and that Bank of America is going to hear us.

Feb 09, 2013 01:13 AM #2
Toni Weidman
Sailwinds Realty - Trinity, FL
26 Years Selling Homes in New Port Richey, FL

This is so bad of BofA and so sad, Debra. We all on sharing this everywhere.

Feb 09, 2013 05:28 AM #3
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Debra, I find that it is usually the same hardship which resulted in the homeowners being in default that actually disqualifies them from a modification.  The system is so broken and most often nothing about it makes rational sense.

Feb 10, 2013 02:46 AM #4
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale
Debra, this is awful the way Bank of America treated Gail and her dying husband!!!! One has to wonder what has been done with the tens of BILLIONS that was made available to banks at taxpayer expense for loan modifications if this case was denied!!! I can't imagine a better case to grant a loan modification!!! Shame on Bank of America!!!!
Feb 16, 2013 10:37 PM #5
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

This makes me so sad. These large companies do not know how they are hurting folks.  They have no HEART!

Mar 26, 2013 03:41 AM #6
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

I think the system is definitely broken and large changes need to be made.

Apr 04, 2013 03:36 AM #7
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Debbie Walsh

Hudson Valley NY Real Estate 845.283-3036
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