This is so typical of Bank of America's handling of the settlement. The whole purpose was to allow people to stay in their home but the banks will deny the modificaiton so they can push the short sale and DIL and get money now instead of via the next 20 or 30 years. They will continue to do this as long as they get money for doing short sales, DIL and foreclosures.
They don't have the paperwork in order but via a short sale, DIL, or foreclosure all that goes away and they have a clean slate. May be a great business decision but for those of us caught in this situation its the most stressful part of our lives. They rather offer us money to leave our homes so they can put this chapter behind them.
Unless we shed light to their actions they will continu to get away with it while our government, both state and national looks the other way.
Gail and her husband deserve better!
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.