ED Magedson – Founder
Bank of America5401 N. Beach St Fort Worth,, Texas United States of America
Bank of America's crimminal enterprize activity in the supposed Home Loan Modification. They advertise that they will lower your mortgage payments if you qualify. Qualifications are simple mortgage payments are more then 31% of your income ...you qualify. It took over a year for our loan to be "accepted" for "trial payments" as the first step in the approval process. This was supposed to be a three month activity. Ten months later BofA rejects our application. They then offer to foreclose on the house if we do not immediately re-pay all of the reduced mortgage payments; plus late payment fees, plus other fees (that have no explanantion at all). Meantime, they have destroyed my excellent credit saying that for the ten moths I have been making the reduced payments they said I should make....that I have not been paying on my mortgage.
Bank of America has deliberately used "bait & switch" tactics to lure in homeowners to make less then full mortgage payments by baiting them with promised reduced mortgage payments. Then they stretch out the Lower payment trial period for almost a year before they tell the homeowner that they do not qualify for the mortgage modifiocation program. Then they switch the hoeowner to foreclosure by demanding immediate back payments, plus late payment fees, plus other fees. As the homeowners credit has been destroyed there is no other source of hard money to borrow to pay the back debt and foreclosure is pushed by the bank to get the property.
Bank of America has been paid by the US Taxpayers to fund the loan modification program. Bank of America has used this money to avoid any losses on property it has foreclosed. Bank of America has improved it's profits by adding late charges to mortgage payments that it had agreed to reduce pending acceptance into the loan modification program. Bank of America NEVR intended to make the Loan Modification Program available to homeowners. This is a scam of national scope impacting more then a million homeowners. In just late payment fees Bank of America will score nearly $1 Billion of pure illegal profits. The value of the property they have stolen is in the $Billions, plus the $4 Billion they have scammed from the US Government to put this crimminal enterprize into play.
This report was posted on Ripoff Report on 01/15/2011 08:40 PM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america/fort-worth-texas-76137/bank-of-america-home-loan-modification-bait-switch-scheme-fort-worth-texas-683114. 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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