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If you took out a mortgage since 1987 or so and if it was not with a local bank, you are probably in trouble. Do some research on how MERS has screwed over 60 million propertys. The big banks( we all bailed out) used that computer system so they could gamble with our homes.
There is fraud from the bottom to the top. You have lost clear title to your homes. You could pay 30 years and not get clear title. You could be foreclosed on by the wrong bank, several banks or foreclosed on even without a loan on your house. No one knows who owns what.
Finally, this fraud has come to light to many judges, attorneys, title companys and many in the realestate business. And now the congress.
The only hope I see at this time is to get a good realestate attorney
who is up on MERS and sue. Give them your payments instead of the corrupt banks. Only do this if you have an attorney or your home will be taken!
If everyone would do this, we could break the big fraud banks. They have screwed us and I have no mercy for them. How dare they think they could take our property so they could gamble with our homes? I AM SO FREAKIN MAD THE MORE I LEARN!!!!!!!!!
Here is a local link about this http://www.lahainanews.com/page/content....tml?nav=19
We have all been had.
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Mr Orts, After sending in the required documents a total of 6 times, and finally sending a letter into the President of BofA, our documents were finally processed, then we were told that the U.S. Treasury denied our request for loan modification. We asked for proof that they had actually sent our request for loan modification
to the U.S. Treasury, that was deinied. Then BofA sent a sorry note and a $100.00 Target gift card for our inconvience.
We are going to send a letter to the new Attorney General in hopes of helping people who may not be as lucky as we are,(still current on our mortgage). Everything is not as simple as you and Bullwinkle seemed to think it is. It sure would be nice if people like you who seem to have the facts would help others instead of trying to put people in their place. Merry Christmas. quote:
Originally posted by Bob Orts
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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Please contact Hawaii's Attorney General as he is among those investigating all this.
The whole modification deal is a joke. It usually triggers foreclosure, another piece of the fraud.
The whole "its the borrowers fault" is not correct. This is fraud.
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B of A steals from the unsuspecting. They swindled me out of an investment years ago. Later, I noticed questionable fees deducted from my account. Numerous calls and visits to the office got me nowhere, but while at the bank, all 4 people waiting to see the manager had the same problem I did. One man had fees deducted to the tune of a couple of thousand in the course of a few years and did not notice until later. Finally, only after a letter to the president of B of A threatening law suit did I get the money refunded. I no longer bank with B of A and am working towards removing myself from the banking system altogether. Crooks!
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I have a home loan with BofA. The property is an investment property out of state (AZ). I obtained the loan thru a broker who sold it to Countrywide. Then of course BofA bought all of Countrywide's loans. I put 50% down on the house and now the value of the house is at par with what I owe. Not whining or complaining just stating fact. Have never missed nor been late with a payment. I have been told by another bank that I qualify for a HARP loan on the property. When I attempted to call BofA to inquire how much I could lower my payments with a HARP loan I spent over two hours and was sent on 8 different wild goose chases trying to find the right person to talk to. Seems that BofA has a different set of phone numbers (some don't even work) and a different department to deal with all of us ex-Countrywide customers. In the end the last person told me to call the first number I tried which means I had come full circle with them. Needless to say I gave up trying. BTW, I got the first number from a letter they continually send me telling me I can lower my payments.
Recently, due to the lower valuation of the home the property tax payments have gone down. And in return BofA sent me a check out of my escrow account for overpayment. And they have lowered my monthly payments based on the revised tax payments.
This is the only experience I have with BofA loan department. While I lived on the mainland I used BofA as my bank for over 15 years. Due to some underhanded tactics and then poor customer service I dumped them and swore I would never go back.
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Thanks Konadave for your comments, Merry Christmas and a Happy NewYear to you! quote:
Originally posted by konadave
I have a home loan with BofA. The property is an investment property out of state (AZ). I obtained the loan thru a broker who sold it to Countrywide. Then of course BofA bought all of Countrywide's loans. I put 50% down on the house and now the value of the house is at par with what I owe. Not whining or complaining just stating fact. Have never missed nor been late with a payment. I have been told by another bank that I qualify for a HARP loan on the property. When I attempted to call BofA to inquire how much I could lower my payments with a HARP loan I spent over two hours and was sent on 8 different wild goose chases trying to find the right person to talk to. Seems that BofA has a different set of phone numbers (some don't even work) and a different department to deal with all of us ex-Countrywide customers. In the end the last person told me to call the first number I tried which means I had come full circle with them. Needless to say I gave up trying. BTW, I got the first number from a letter they continually send me telling me I can lower my payments.
Recently, due to the lower valuation of the home the property tax payments have gone down. And in return BofA sent me a check out of my escrow account for overpayment. And they have lowered my monthly payments based on the revised tax payments.
This is the only experience I have with BofA loan department. While I lived on the mainland I used BofA as my bank for over 15 years. Due to some underhanded tactics and then poor customer service I dumped them and swore I would never go back.
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I was a Countrywide customer after my original loan sold to them. Then, like many became a BOA one. I wanted to refinance and started the paperwork with BOA, after a week of or so of collecting, scanning, and email I found the loan would not close for two months. BOA told me no one else would do a re-fi after having been less than 6 months off the market.
Unhappy with that, I called up and found another company, American Equity Mortgage, and for virtually the same cost I got my refinance in about 3 weeks. AND for that price I also got a real appraisal, which BOA would skip (but somehow that didn't lower the cost) because I was already on the books, and have a lot of equity. What a whopping lie the loan guy told me.
I keep their credit card because I have a good rate, but wouldn't choose them for a mortgage. They used to have a "mortgage adjustment", cost $400 and lowered your rate on the original loan, no other paperwork. The loan weasel said oh, yeah, I did that. We don't do it anymore....
Life goes on, with you or without you.
Peace and long life
wecelli,
I highly encourage you to check out the forums and topics I linked. There are people there who have successfully navigated the loan modification process, even with BoA. BoA and Wells Fargo are probably the worst lying bastards of the bunch in terms of processing loan modifications.
Bob Orts, deceptive is when a lender tells a person who is on track to foreclosure due to a loss of income, that they are working on the application, when they are not. Deception is telling people who have submitted documents that were submitted that the fax didn't arrive, or the mail (even certified) didn't arrive. Deception is forwarding a loan to the foreclosure process without notifying the homeowner -- when the Fannie Mae/Fannie Mac guidelines clearly state that no foreclosure steps are to be taken while the application is under review.
Certain banks took the bailout funds and agreed to participate in the Obama program, and are not acting in good faith.
All this is not really related to experiences with underwriting new mortgages, or even refi's -- different branches of the organization.
However, it is not true that there's nothing to the loan modification program. People do get them, but most have to apply themselves to figuring out a hellish system. The ugly truth is that homeowners with equity are told the bank wants to foreclose. If the home was purchased with little or no down, the bank doesn't generally want to foreclose, because the value isn't there.
Short sale, great, the homeowner loses the home and all equity, and then gets a whopping tax bill from the IRS for having debt forgiven.
This is why I get annoyed with people who take the moral holier than thou view of the modification and foreclosure issue. Virtue and thrift are NOT rewarded. Get sick or laid off, and you're out on the street no matter if you've paid for years and put a conventional down when you bought.
The mortgage bundling to investors brought down the real estate market in a very direct way, the rating of subprime mortgages as AAA ... when failing, caused credit to tighten. Tight credit meant loans choked. Loans choking meant no buyers. No buyers meant excess inventory. Surplus inventory led to prices dropping in freefall. Freefall prices meant that people who needed to sell due to death in family, illness, relocation, change in circumstances, divorce, and on and on, could no longer sell and get their equity out.
People can't afford to sell and lose it all, and can't afford to stay ... more and more foreclosures, recession, towns with boarded up houses and blight ...
Going back to the beginning, we had Greenspan using the housing bubble to ward off a recession.
Banks do not want bad loans if they have to keep those loans and share in the loss if they fail. With the new scam of bundling loans bound to fail along with good loans, the groups of loans were sold to investors who paid for solid value and got taken. The banks who originated collected the points and fees, and the servicers stood to make money on foreclosures. They get paid for all that.
Yes, the American people were taken for a big ride, and everyone loses who ever thought they had equity in property.
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"The mortgage bundling to investors brought down the real estate market in a very direct way, the rating of subprime mortgages as AAA ... when failing, caused credit to tighten."
Here is my take, liberal democrats pressured the lenders to lower their standards to allow everyone to own a house.Flippers took advantage of the ease of obtaining loans and the race was on.
Bundling came about to spread the risk and lower the losses when it crashed.
A lot of the people complaining about all of this have themselves to blame.Those who lost jobs or were ill have my sympathy, but why should I as a taxpayer have to pay for your house ?
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All goes back to the infamous Community Reinvestment Act.
http://www.businessinsider.com/the-cra-d...ide-2009-6
-Veritas odium parit”(Terence 195–159 BC))-"Truth begets hatred".
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