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

Reblogger Michael Rasch
Real Estate Agent with Florida Home Sales and Investments 3072001

I would like that all my readers take a moment and read the story below. What this lady needs is some positive energy and hope just to make it. she's not asking much, just let her love of her life die in the home they bought together.

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.

6 PM 2/9/13 UPDATE:  Two Social Media managers from BOA contacted me today and my case will be sent to their Escalation Team. I will know more on Monday and will post an update in a new post.  Thank you all for taking the time and effort to reblog, Tweet, share on FB, post on Google+, and for your comments/calls/e-mails.  AR may not be a face-to-face group, but we are a community in the true sense of the word - a group of people who care for one another and help each other in their time of need.  Thank you my AR family from the bottom of my heart.

2/11/13 Update:

Three calls today from BOA and I now have one point of contact for dealing with them.  I haven't anything to report yet, except that this time it seems like my loan modification has been fast tracked for priority review.  I will report back as I know more.  I really appreciate your help.  I should know more by the end of the week.  I'll keep you informed.  Thank you so much!  This wouldn't have happened without your efforts. I'm very grateful to my AR friends!  Thank you!

2/16/13 Update:  

BOA told me the loan modification was approved by underwriting and is on its way to Fannie Mae for their approval.  It may take two weeks before we get a response from them. Keeping my fingers crossed!  Thank you!  This wouldn't have happened without the active support of my AR friends. 

 

Fairfield County CT Real Estate 

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Rainer
214,007
Richard Burge Realty/ Burge Homes
Richard Burge Realty/Burge Homes - Conway, SC
Broker in Charge/Owner

Bank of America has a heart???

If it every comes up again NO MORE BAIL OUTS for the banks..

I feel so bad for the homeowners and hope this works out for them.

Feb 24, 2013 09:26 PM #1
Rainer
121,919
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

This is a sad situation.  But what is very common is that when you send documents in to the banks for short sales and in this case modifications the banks are constantly loosing documents.  You label each sheet with the loan number and it seems to be done in vain. 

They take no reponsibility for their actions and the amount of stress they cause is unmeasurable.  There has to be a way we can begin to hold them accountable.  I don't know how but perhaps someone can think of a way for them to be accountable.  fax confirmation sheets mean nothing wnen sending in a short sale package to some banks.  Lost documents cost time, and moeny.  I wonder how many people have lost their homes because a bank claims they never received the documents. 

As agents we are constantly following up when we send in documents and often we have to resend documents 3 and for times.  To make matters worse by the time you resend documents paystubs become out of date and then you have to send in new ones.  It is a vicious cycle and I wish I had the answer.  I am so glad this lady knew about AR.  But my question is what about the members of the public who do not know about AR? 

Feb 24, 2013 09:37 PM #2
Rainer
46,637
Luis J. Suarez
Turn Key Real Estate - Great Neck, NY

I really hope your blog gets notice and Its all the way up in the first page of Google.  Everything happen for a reason, God put you in this situation knowing that you will be able to handle it.  Good Luck!

Luis J Suarez

Feb 24, 2013 09:52 PM #3
Rainer
218,496
Michael Rasch
Florida Home Sales and Investments - Hallandale Beach, FL
Michael Rasch 305-741-1819

I spent a few moments doing some SEO on it. while it was not stealth SEO, you could discover and research what I did. to give a quick push 22 seperate steps all done about 20 minutes. worth about 5 days top rank and then top 25 over the next 2 months. this story broke my heart so I had to do something positive.

Feb 24, 2013 11:02 PM #4
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Rainer
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Michael Rasch

Michael Rasch 305-741-1819
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