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

Reblogger Steven Cook
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Gail Robinson posted about the problems they are having getting a loan modification from B of A -- even though they have the hardship (husband dying of pancreatic cancer) and hove submitted the required documents (probably multiple times). 

Anything you can do to share this information might help them keep their home.

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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Rainmaker
2,754,347
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Steven, Great re-blog.  I hope all of our efforts to help Gail and her husband bring good results for them.

Feb 12, 2013 02:43 AM #1
Ambassador
876,171
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Steven,did you see that with all the reBlogs, Facebook shares and Tweets, BOA finally called them and is working with them!

Feb 12, 2013 04:50 AM #2
Rainer
284,418
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Kathleen -- it seems to be working, but am waiting to hear the outcome of their discussions.

Connie -- yes, I saw that Saturday evening, just before I was going to send my email to about 5 high ranking BofA folks.  I have pended the email until we hear how things play out.

Feb 12, 2013 06:49 AM #3
Rainmaker
686,609
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Steven: I'm glad you reblogged Gail's as well. We need to stop this type of beheavior from our banks.

Feb 13, 2013 10:21 AM #4
Rainer
284,418
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Hella -- just saw article this morning that listed the 10 best companies in populace's view -- and as side note they listed 10 worst -- imagine my surprise to find Citigroup, Chase and B of A among those on the worst business list.

Feb 14, 2013 02:22 AM #5
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Rainer
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Steven Cook

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