Comments on: Lenders distract homeowners with modifications while foreclosing as fast as possible

By: Noname

Noname — Tue, 01 Feb 2011 14:41:25 +0000

I totally agree with this article. We are going though the same thing as I write this. These banks especially Bank Of America, all they do is play games. We are in the Modification process and they are putting our house up for auction today. I am so frustrated with the bank. We are a family with 4 children and our whole lives are in thier hand. They don’t care!!!

By: Anonymous

Anonymous — Fri, 30 Jul 2010 01:56:22 +0000

I have had the same problems. Now I have 5 days to move out of the home that I have lived in for 15 years. Don’t we have the right to sue for at least mental anguish or negligent misrepresentation? Has anyone done so?

By: Kerrie

Kerrie — Thu, 08 Jul 2010 02:13:27 +0000

Had same problems with BOA them telling me not to pay then sending a modification that they then told me I should pay insurance and another rep told me not too. Every rep tells me something different. I then got a letter of foreclosure sale coming up. I called attorneys they said I had to negotiate with BOA. BOA said home not on foreclosure sale and to send in more information as I had started a job and added income and due to change in circumstance. I looked at county records and saw for sale at auction. I had a friend going to auction to buy my home but did not know how much so was going to arrange a wire. Must be cashiers check or cash so lender said no sale. Banks bought every foreclosure back. Something is fishy. BOA is now calling me all day saying hold for important message, I hold for 20 minutes then they just hang up! I called them entered info they asked for, again held for a time then call dropped. Have an attorney trying to contact someone to buy my house back cash before eviction. Noone will talk to him. How can this be in the best interest for people. The banks want us to feel sorry for them, my home has equity in it, they just want the money!

By: Sad mom

Sad mom — Tue, 18 May 2010 02:40:49 +0000

I was surprised when reading this article how it almost described exactly what happened in my situation. I was going through a divorce and told that I would qualify for a loan modification without a problem. I could provide all the paperwork which was requested except an actual signed judgment of my divorce as it was not final yet. I needed this for proof of income to show what I was being awarded in child support & alimony. The part-time job I have was not enough income on it’s own. I still do not understand why the bank statements I provided could not be used at least temporary proof of the income my ex-husband was paying me.

I received a letter of “Notice to Vacate Premises” stating that the house had been sold at foreclosure (actually it is an REO). I immediately called the loan modification department because I was under the impression my loan was still being worked on. After being shuffled to 3 different agents, I was told that my file needed to be reviewed by a supervisor then I would be called back. For three days afterward I left messages for the last modification agent I spoke with, that’s when I received the letter stating that they were unable to help me and my loan modification had been closed. You’ve got to be kidding?!

I had two friends who both told me they would purchase my home and I could rent it back from them. One of them got pre-qualified and we found out that it would require a 20% down to purchase my home because owner would not be occupying the house. In today’s economy not may of us have $35,000 laying around. (Would also like to add that the sale price will most than likely be for more than I owed on the home.)

So here I am, ruined credit and most recently staring at a new letter which pretty much states I’m going to be sued by Fannie Mae for unlawfully detaining a residence.

I had been promised the world on a loan modification which never went through. Now I’m really not certain where my son and I are going to live. I will never wonder how people become homeless again.

By: sheila

sheila — Fri, 02 Apr 2010 02:30:55 +0000

so true. I was told not to pay as it would “screw up the plan” for almost 9 months. I was stalled at every turn, receiving opposing information from different reps and no paperwork. During that time I was on HAMP & later got letter that I qualified. A few days later, Mortgage phone rep tells me she doesnt see that anywhere & is calling to collect debt ! Meanwhile I lost my job & she said plan was cancelled. I was under some form of “Modification” for 9 months.

Recently taken out of “loss mitigation”, then BAM. I just got my first letter from Attorney dated 3/25 to pay. (lets say “step 2″). Says 30 days to respond.

Meanwhile, I also rec’d summons on 3/30 that they filed Petition with the Court already on 3/24!! (before the letter was even sent.), telling me I have 20 days to answer. (lets say “step 3).

Can anyone tell me how they can skip a step ? What happened to my having 30 days to answer their letter first ??

By: Anonymous

Anonymous — Fri, 05 Mar 2010 21:48:50 +0000

This article is so true.
Homeowners need help now from the Federal government.
Lenders are taking advantage and forclosing on properties that could have been saved.
As counselors we see this everyday. In Washington State we do have the help of attorney’s through the Attorney General’s office so we are lucky and with their help we have postponed sale dates which give us more time to do our jobs.
Now all we need is the help from the government and lenders to keep everyone in their homes that have a budget showing that they can affored reduced payments.
Many of these families have reduced incomes due to job loss and family emergencies.
Lower interest rates means lower payments and that’s a simple solution. Housing Counselors can help with budgets and counseling.

Lenders need to Modify loans, lower interest rates, get rid of predatory interest only loans, pick a pay loans, and high interest loans and just have a normal interest rate fixed for 30 or 40 years.
EVERYONE WINS! Simple Solution, why can’t they see it???