No one understands and sympathizes more than I with those who have fallen victim of Bank of America's tactics related to its supposed interest in "keeping you in your home" (all the while proceeding to sell your house out from underneath you). Bank of America's practice of committing to "review" financial information under the guise of loan modification while proceeding behind the scenes with foreclosures and sale dates must be put to a stop - Not only is it damaging the finances, credit ratings and emotions of so many people and families...it is criminal and unethical.
Bank of America has a (deliberately?) complicated internal structure that gives the illusion of wanting to help but it is virtually impossible to work with anyone consistently in a prompt manner to develop a payment program (re-finance, modification). Moreover, the various departments seldom know what the other is doing, or has done, which results in lengthy delays resulting in additional fees/charges being tacked on to any current loan.
I am genuinely interested in connecting with anyone interested in moving beyond sharing frustrations and actually taking legal action. Preliminary talks with legal people lead me to believe that civil codes ("....estoppel?" -- whereby someone says one thing yet does another) including fraud and misrepresentations might be at play here. Unfortunately, many attorneys are unwilling to tackle this giant. How do we stand up a take action?
On a personal note, below is a summary of my challenges with Bank of America that have contributed to the likely loss of our home, any equity within, and severe damage to our credit rating.
3 years ago I submitted for Federal Loan Modification with Countrywide via a third party. I submitted all financial info in late 2008 for review. In January of 2009 Countrywide denied our request with
no explanation. After numerous phone calls with no response from Countrywide, I was soon thereafter notified that Bank of America had taken over Countrywide (and our loan). I contacted B of A to discuss loan modification options shortly thereafter via a third party (attorney) located in Southern California whose office indicated that all my information had been sent to B of A for review. B of A confirmed receipt.
I re-submitted financial info and every time I spoke with B of A I would get a different person who did not know what was going on. Along the way after calls to many departments I was informed that my loan was under review but that they "were swamped and do not have the manpower... but be patient."
In July of 2009 I get a loan recap stating what I owe on the loan. Until I requested -- and received a loan statement on 8/15/11 -- this was the last account recap I had gotten. To date, I am being told that there is a significant amount required to get the loan current (which I can not afford) but my contention is that this amount includes fees and late charges that would not have occurred if B of A had cooperated by returning phone calls promptly and followed up on what they offered to do.
Last Summer I am notified of a sale date (10/14/10) by Recontrust. I contact B of A and send in new financials tied to my new job for review consideration for modifying our loan. I am told by the B of A account people who call me that the sale date was removed pending review of information. They confirm that they had been contacted by my third party attorney and would get back to me. They never do.
Throughout 2010 and into 2011 I get phone calls from B of A call centers, each time from a different person providing a general statement of account. While I am told there is no sale date, they ask about my desire to reapply for a loan. I told them I had done so and was supposed to be under review. I asked them to have someone call me that is involved in the review -- no one calls. For example, on 4/21/10 I spoke to an Ernie who refers me to Bridget as my loan negotiator - who never returns my calls. On 8/2/10 I speak to Shamekia who sends me to (on 8/9/10) Kristina who forwards me to a Kashif (ops manager) who tells me he will look into my status. I never hear from him again. This is consistent through the year and I am told there is no sale date.
This past 8/9/11 I get a call from a Jessica who sends me to her supervisor, Norma, who tells me I do not have a loan negotiator since I am in foreclosure - but no sale date. I ask what happened to Bridget?
Finally, this past 8/19/11 I am contacted by "Jerry" of the Home retention department. He informs me that I was indeed assigned a new loan negotiator in May of 2010 named Jevin (who never
contacted me) and gives me his phone number. I call and the number is not in service. Jerry also tells me that in September of 2010 (one year ago) my loan modification request was denied by Bank of America - I was NEVER informed ! He suggests I contact HUD.
I reach out to HUD. Through HUD I am conferenced in with Eloise of the B of A Advocacy Department who, after my lengthy explanation of all that has transpired, sends me to the Office of the President - I speak with a Charlie who sets me up with a new loan negotiator named Tyrone with whom I explain everything again. He had no record of our new sale date (9/20/2011) and asked me to provide him with the number at Recontrust so that he could ask them to halt the sale date.
The following Tuesday afternoon I am contacted by a Sabrina who announces that she is my point person (Tyrone going back to training) and that it is her job to "keep you in your home." She contacts Recontrust and informs me that the house was NOT sold and that the sale date would be pushed back. Per her request, I fax all financial information that I was told to send in (by Tyrone) for review - Sabrina confirms receipt.
Three days later I am contacted by a new person named Sadie of the "Escalation Department" who announces she is taking my case on from Sabrina and that she also wants to keep me in my home. Last Thursday she tells me that my information is under review and that I would hear from her by Wednesday (10/5/10). I ask her several times to confirm push back of the sale date if it had not already been done so to allow time for review. In the meantime, a friend tells me that my house is
online at a foreclosure price of $965,000. BANK OF AMERICA people I am in contact with admit to not being aware of this!!
Monday night 10/3/11 a local real estate agent from visited my house and announced that they had been retained to sell our house. She indicated our house was now owned by the bank and that it was, basically, out of our hands, although she did ask me to send to her an outline of all the happened and that I am contesting this event.
Yesterday 10/4/11 I speak again to Sadie who informs me it will take a week to review our financial info. I respond by telling her our house is being sold to which she responds with, "Wow!" She offered to call me back - which she did - and announced that despite my being told there was no sale date...it did happen and that she could do nothing more.
Bottom line is that with a new job I have been able/willing to pay on a loan for quite some time and have pushed for negotiations every step of the way while providing all I was asked to. I receive notes from B of A both dated 9/14/11 - one from a Tiffany and the other from a Lauralee - stating
that they are my Customer Service Relationship Manager and that their goal is to pursue "every available option to assist with my your home loan." I call Lauralee and NEVER get a return call.
Any delays in getting things done are tied to B of A and their numerous people who do not talk to each other, delay in returning phone calls - if they ever return one. I have spoken to more B of A people than I can count and each time I must explain things all over again. I have been passed around like a football while trying to work in good faith with Bank of America - who does not appear to want to, although Sabrina and Sadie both have stated that their job is to help me stay in my
Bank of America has not acted in good faith to assist in the loan negotiation process despite their letters asking me to call them - which I have done - to discuss options. Moreover, they have avoided my efforts to make payment by discussing a suitable amount to bring the loan balance current considering their culpability in contributing to the numerous delays and mis-communications. All the while leading me to believe that I was in review process and had NO sale date.
Bank of America cannot be allowed to continue in this way!!