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If Bank of America is your mortgage lender, would you please respond with a yes, and if you want to, your experiences with BofA.
I am really not sure how many of us are here in the Islands.
My husband wants to write Hawaii's new Attorney General concerning Bank of America's deceptive mortgage practices we have experienced
recently.
Mahalo!
Note: Arizona and Nevada Attorney Generals have already filed suit against BofA for routinely misleading consumers about Home Loan Modifications.
Good for you and best of luck getting a response from the AG.
Who was it that ended up with Countrywide's assets? Countrywide was a big player here ... had 2 mortgages with them, 5-6 years ago. Was never offered B of A by a broker. Washington Mutual, Indymac, National City Mortgage,
OK, so I just googled Countrywide assets and I remembered right, they became B of A. There should be a lot of people who had Countrywide.
You may have seen this, but there is a whole forum here
http://www.loansafe.org/forum/bank-america-home-loans/
for people in B of A loan mod hell, from all over the country.
Here is a sample B of A topic from the loan mod forum on the same board.
http://www.loansafe.org/forum/loan-modif...ction.html
There are some knowledgable people there.
It would be nice to see Hawai'i AG do something. Hawai'i is behind the eight ball and other states are cracking down.
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Does it not stand to reason that if one borrowed money to buy a house in Hawaii.... one owes the note, regardles of loopholes.
I was tought intent is everthing in a contract - minor paperwork issues/ mistakes not the issue here or then.
Bortom line one signed on the dotted line accepted the money - just give it back if you have an issue with the note.
There is just too much weasel wording on both sides of the issue imho.
For those of you upside down crying foul - how about those of us that saved all our lives and laid down the cash in 2006 - do we get a rebate?
enough whining all ready
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We got our loan through a broker. The lender promptly sold it to B of A, who also sold us the house, and who offered to finance it for us when we bought it. We turned them down because of their sleazy reputation, but they are still our lender now. Borrowers don't really have much control over where their loan ends up.
Carol
Carol
Every time you feel yourself getting pulled into other people's nonsense, repeat these words: Not my circus, not my monkeys.
Polish Proverb
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Read the Nevada AG's lawsuit and find out if Hawaii had any of those items in its laws. If so, the Hawaii AG may be able to sue. Although they are both over modifications they are for different reasons. Nevada's is based on consumer fraud laws and Arizona’s based on violations of a past settlement agreement between Countrywide and the State.
AG's often will confer with other State AG's on these matters to ensure that it's in the best interest of the consumer. One big concern is federal laws only require loan modifications if the loan is owned by Freddie Mac or Fannie Mae. They don’t have to modify any other loan if they don’t want to. If too many AG's start suing, there is a fear that banks may stop all non required modifications. So they often may decide to pick one or two suits that would prompt changes that positively impact all consumers nationwide without pushing the offender in a position of stopping all non required actions to avoid more lawsuits.
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I have always seen the 30 note as a form of "indentured servitude" and accordingly have lived in some pretty beat up places along the way - grin
It saddened me to see folks work all their lives and die a few years after they finally clear the life long mortgage, not my idea of how I wanted to spend the following 30 years as a young man.
Banks always the winners when it comes to these "deals" .. always spreading the opiate of "price is increasing -"buy now" or "trade up" look at all the appreciation you will earn" marketing while preparing a harness (liar loans, differed payment, financing payments on and on....) for the next crop of unsophisticated "consumers"
consumer - quite the word .... wouldn't be better to have a society of "producers"
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My mother with a credit rating next to god's applied for a refinance with BOA on her home just to pay off the balance and no extra money. She had more than 60% equity, and she didnt want additional cash back. It has taken so long (since mid July), that they had to re-run her credit report because it had expired under their guidelines. To this date, the loan has not been approved. She has very good guaranteed income (pension/SS/IRA's etc), lots of assests, an almost perfect credit rating, no slow pays or late pays, always more than minumum payments, and the loan payment will actually reduce her monthly expenses by $450/mo. The original loan is a different bank so it isnt that they are balking at her dropping her interest rate with them. The hitch seems to be my Dad. She has sent them literally 5 originals stamped from DOH of the death certificate. And she is the sole trustee of their trust so it actually should not make a difference.
I told her straight up last week, if it isnt through by Christmas, pull out and go to First Hawaiian or Bank of Hawaii or ANY ONE ELSE. The really stupid thing is they called her about a re-financing.
So Bank of America is looking pretty bad if my mom cant get a loan with them in a reasonable amount of time.
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My experience with a BOA loan has been fine.
Just like our loan from First Hawaiian, there was a large pile of papers we had to sign, but I didn't find anything deceptive.
What exactly did you find to be deceptiveabout the loan process from BOA?
You signed a paper that said you would send X amount of money to the bank each month and now you can't afford the payment and its the banks fault?
-Veritas odium parit”(Terence 195–159 BC))-"Truth begets hatred".
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Dear Bullwinkle, I am current with my BofA home loan and have never been late, ever. My husband was laid off as a mortgage underwriter and we were having trouble paying our bills at that time. BofA took one year to finally tell us we did not qualify for the home modification program. By the way Bullwinkle, we put down $90,000 on our $200,000 home. One should try to put themselves in someone elses shoes for once and see that others don't live in the perfect world that you must be living in. One must also hope that their neighbor does not go into foreclosure and one's home value drops...One seems to have no compassion for others, I am sad for (the real whiner) Bullwinkle, who assumes alot...Merry Christmas quote:
Originally posted by Bullwinkle
Does it not stand to reason that if one borrowed money to buy a house in Hawaii.... one owes the note, regardles of loopholes.
I was tought intent is everthing in a contract - minor paperwork issues/ mistakes not the issue here or then.
Bortom line one signed on the dotted line accepted the money - just give it back if you have an issue with the note.
There is just too much weasel wording on both sides of the issue imho.
For those of you upside down crying foul - how about those of us that saved all our lives and laid down the cash in 2006 - do we get a rebate?
enough whining all ready
Posts: 1,581
Threads: 26
Joined: Jun 2007
quote:
Originally posted by wecelli
BofA took one year to finally tell us we did not qualify for the home modification program.
During that year wait, did you:
1. Not pursue a short sale due to the potential of a loan modification?
2. Not refinance the loan due to the potential of a loan modification?
3. Held off on bankruptcy filing due to the potential of a loan modification?
4. Not ask for a Deed in Lieu of Foreclosure due to the potential of a loan modification?
Or anything like these?
If not, simply going for a modification and it taking a long time to hear back, is not deceptive unless you relied upon some form of statement as to timeframe of that modification that cause other options to be abandoned.
As Cagary asked, what is the deception you talk about?
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