• Report: #536075

Complaint Review: BANK OF AMERICA LOAN MODIFICATION RIP OFF

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  • Submitted: Tue, December 08, 2009
  • Updated: Tue, October 23, 2012

  • Reported By: Roy — LAS VEGAS Nevada U.S.A.
BANK OF AMERICA LOAN MODIFICATION RIP OFF
400 Countrywide Way VAN NUYS, California United States of America

BANK OF AMERICA LOAN MODIFICATION RIP OFF Susie Park EXECTUTIVE OFFICES OF BOFA Loan modification promised by BANK OF AMERICA for more MORTGAGE VAN NUYS , California

*Consumer Comment: Roy,

*Consumer Comment: *****WORLDWIDE ALERT: SINCE A CARTEL OF CORRUPT, GREEDY, AND INEPT BANKERS CONTROL THE U.S. GOVERNMENT, WALL STREET, AND EVEN THE PRICE OF.............

*Consumer Comment: Roy,

*Consumer Comment: 2nd Mortgage B of A, same exact thing with me

*Consumer Comment: *IF NO ONE CAN PRODUCE DOCUMENTS STATING THAT YOU HAVE A 2nd MORTGAGE, THEN ISN'T IT SAFE TO ASSUME THAT.....

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I am unable to sell my home, my income has decreased so much that I do not qualfiy for a refiance, especially value has gone down.


IN September of 2008 I asked my lender ( at the time Countrywide but now BANK OF AMERICA) to help me with a loan modificaiton.  Every month I called and they had no information and would not even help me or give me any answers.


I called and called and called, Finally sometime around APRIL 2009 I was told by many of the people in LOAN MODIFICATION dept that the loan modification person will not and refuses to talkto me. THey did say that they came to a decision and that IF I were to pay $268 per month for 3 months they would send me my loan modification approval and paperwork in the mail after 3 payments were made


THE 3 payments have been made and nobody will tell me why my paper work has not shown up or who to talk to.  I found the corp offices in South Carolina , spoke to them about this and how Bank Of America TRICKED me into sending them money and making promises to me that I would have loan modificaiton approval after the 3rd payment was made. [continued below]....

.....  A woman in the presidents office promised me that Susie Park would call me back in a few days, she also gave me her phone number 818-316-8650.  SO I waited and she called, then she told me that a loan modificaiton person has been assigned to my loan her name is Catherine Logue and that she would be calling me soon.  BECASUE she never called me, I called and called and called and finaly reached her one day.  I told her how BANK OF AMERICA promised me loan modiication papers approved after my down payment was receieved . I explained how my arrangements were that MY payment be some where around $150 a month , and that bank promised me this after I sent in my down payment of $260 something over 3 months.  I told her that when i called to  find out whats taking so long, people inthe home retension dept kept giving me different stores, some said to call HEART PROGRAM others said to wait until the summer of 2010, another agent told me some other story.  


I explained to my negotiator Ms Catherine LOGUE these facts


THEY Have had the nesessary paperwork for a year needed from me


MY HOME APPRIASAL CAME IN AT $196,000


I OWE $199,000 to my first mortgage ( AT ANOTHER BANK)


i OWE Countrywide/Bank of america $150,000 on my SECOND MTG


I told her that they should feel lucky that I am not like the rest of the people that Just walk away from thier home. I told her if if i let this all go they will get nothing, i told her that they have a person that wants to pay for a house that I will probably never recover from if they could just make my home more affordable for me to live in and keep,. I am confident that the market will recover in a few years.


I also told her that I am wondering if this taking so long to do the loan modificcation has anything to do with THE NOTE on my property being lost.  I toldher that COUNTRYWIDE sen tme a letter way after and before bank of america took over the loan that says the lost my note or do not have any record that I owe the money for this mortgage, SHE of course had no comment


MY reason for the complaint today


IS I have stilll no idea whats going on with my loan modification, I call to find out and always get her voice mail , I told the loan modification person named above to just email me the monthly payment, terms etc... and she will not. SHE will email me to tell me to call her but will not actually email me any answers to my quEstions


I call and just get voice mail. SO it seems they are not wantinG to tell me something for some reason and I do not know what it is


I am wondering if I even owe this money , it seems they cant keep a promise and refuse to email me. OR even mail me the terms of my loan modification or say what the problem is. I even sent her written authorization to comunicate via email and us mail since she can not reach me by phone or i cant reach her by phone


I called the exectutive offices and the never call me back about this matter either


WHAt can I do?


DO I EVEN OWE THIS MONEY? Maybe thats why they will not talk to me? The letter states they lost my note to my mortgage


This report was posted on Ripoff Report on 12/08/2009 04:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/BANK-OF-AMERICA-LOAN-MODIFICATION-RIP-OFF/VAN-NUYS-California-91410/BANK-OF-AMERICA-LOAN-MODIFICATION-RIP-OFF-Susie-Park-EXECTUTIVE-OFFICES-OF-BOFA-Loan-modif-536075. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Roy,

AUTHOR: Karl - (USA)

Did you get a chance to watch all of the videos that are listed in 'Consumer Comment #3'?
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#2 Consumer Comment

*****WORLDWIDE ALERT: SINCE A CARTEL OF CORRUPT, GREEDY, AND INEPT BANKERS CONTROL THE U.S. GOVERNMENT, WALL STREET, AND EVEN THE PRICE OF.............

AUTHOR: Karl - (USA)

oil, feel free to stay at this site and type in the following and read the Ripoff Reports from people all over America for important information-

OPEC
EXXON
BP
OIL
WALL STREET
US GOVERNMENT

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***GOVERNMENT FRAUD ALERT: Anyone can 'Google' this- GSA EXECUTIVE ASSERTS RIGHT TO REMAIN SILENT, and read the related articles and watch the videos on the web.
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#3 Consumer Comment

Roy,

AUTHOR: Karl - (USA)

Make sure to 'Google' the following videos and watch them on the web-

1) THE NEXT HOUSING SHOCK
2) INDYMAC BOYS GET SWEETHEART DEAL
3) COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS
4) BIG BANKS RESUME FORECLOSURE PAPERWORK PBS

Then 'Google' the following and read the related articles-

1) GOLDMAN SLAPPED ON WRIST BY FED OVER ROBO-SIGNING
2) FEDS SUE 17 BIGGEST US BANKS OVER RISKY MORTGAGES
3) MORTGAGE COMPANY BAILED OUT BY TAXPAYERS IS CAUGHT FORGING DOCUMENTS

Good luck to you.

WELCOME TO THE PUBLICLY HELD BANKING SYSTEM IN AMERICA- ONE BIG LIE
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#4 Consumer Comment

2nd Mortgage B of A, same exact thing with me

AUTHOR: Fedup - (U.S.A.)

Hi there.  Sorry to hear about your woes.  This is an epidemic situation, nationwide.  I am sure you have heard the sad news about the success rate of B of A, actually "finalizing loan mods" nationwide."  Sorry state of affairs here. 

You need to find out who the "investor" is on your loan, that is, who actually "owns" the loan.   If your second mortgage was a "non purchase money" loan, a HELOC, then it may have different legal ramifications, than a purchase money loan.  You should consult with an attorney, perhaps BK or a Real Estate attorney.

It is possible that your loan was already sent to a collection company, and this new, yet unnamed collection company is handling the debt for the investor.  Key again, find out who the investor is on this loan, as they generally still hold all the power in assisting you, if they assist you at all.

B of A in many instances is just the "servicer" for the loans, whether 1st or 2nd. 

Your story caught my attention, as I had the exact, same situation with B of A...  They "promised" a mod on my 2nd mortgage, after I recently made 3 payments to them on my 2nd mortgage.  I made payments blindly... that is, no paperwork, just on their verbal promise... I made the payments, and they took them, yet no mod paperwork.  Then, they tell me, "It must be resubmitted." 

Yeah... right.  I call it like I see it... con job... and they stole around 1,000.00 from me.

Guess the lesson here is, don't blindly trust B of A. 

Oddly, banks started this mess... it's called "greed" and part of human nature... and they are getting "more money" from our tax dollars, from "trusting people" like you and me.  Utterly amazing events going on these days.  Money that was supposed to be used to "help" us, consumers, is being pocketed by big banks. 

Be on the look out for other "new" government "give aways..." that won't help you or me, but are probably using our tax money for funding.  They are out there... OMG!

It would be interesting to see what would happen, if Home Owners nationwide, simply stopped making payments on "unapproved" loan modifications all together.  If home owners nationwide united, and refused to pay, unless a bank exec signed, maybe it would send a strong message to the banks to "shape up."

Bottom line, NO ONE, should make "blind payments" on a "blind verbal agreement" with some telephone service rep.  As I see it, you and I both complied with B of A "verbal agreement."  Although it was only "verbal" it was still an agreement.  If they had no capacity to act as such, they should not have made a promise, should not have accepted the payments, and they should be taken to task.

I venture to say this is going on nationwide, and many, many consumers are doing the exact same thing... making blind payments on the "word" of some telephone service rep.  Bigger question is: Where is all this money landing, that are being squeezed out of consumers? 

Anyone and everyone that has experienced something like this, should contact their government officials and senators with complaints.

There is an absolute FLOOD of homes in my area, Southern California, that are in a foreclosure status.  If you knew the real stats, or had access to them like I do, it would blow your mind.  Just trust me when I tell you, it is horrible.  Banks are trying to hold off the flood gates of foreclosures, by trying to make consumers believe they have "loan modifications," as you have experienced.  Trust me... if you do not have a "signed and sealed agreement" with a "bank executive's signature on it" you got nothing concrete.  Again, talk to an attorney. 

Sadly, I predict that banks will end up foreclosing on many families, in the next 2 or 3 years, little by little.  There comes a point when the "cup runnith over" and this "bubble gum band aid" of "good news and government assistance for home owners."  This time in history, may end up being one of the biggest scams ever perpetrated against our population. 

If you are in a position to file a BK, you maybe able to squash the 2nd.  I did not see what state you live in, and laws vary state to state.  Again, contact an attorney and ask for legal advise as I am not an expert.

You may also be eligible for pro bono legal assistance.  Make some calls, file some complaints, and best wishes to you.
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#5 Consumer Comment

*IF NO ONE CAN PRODUCE DOCUMENTS STATING THAT YOU HAVE A 2nd MORTGAGE, THEN ISN'T IT SAFE TO ASSUME THAT.....

AUTHOR: Karl - (U.S.A.)

YOU DON'T HAVE A 2nd MORTGAGE? 


Think about it- If you went to court and claimed that you didn't have a 2nd mortgage, but the bank said that you did, then the bank would have to produce documentation PROVING that you had a 2nd mortgage, correct?



If they couldn't produce any paperwork showing that you had a 2nd mortgage, then wouldn't it be safe to assume that you DIDN'T have a 2nd mortgage? By 'Law', it seems that there needs to be 'legal documentation' of that 2nd mortgage, right? 



GOOD LUCK TO YOU!


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