I've been reading here for years. I just registered as a member so I could tell my story. I don't think there's much hope at this point. Original price of home was 165K. Countrywide mortgage was 80/20, interest only first two years with penalty for refinancing in that period. Original rate of 7.25%, set to adjust, but locked at the moment. Second has been sold to Real Time Resolutions (11% interest), and I haven't paid in a couple years. At this point the house is worth about $110K, and I still owe BOA $116K. I want to keep my house. I called the "Hope" line, which didn't give me a whole lot of hope! I am now behind since August, so I owe August-December, and my understanding is that my state is a no court foreclosure state, so I would imagine that once the new loan company gets the loan foreclosure is imminent. Anyway, my story in a nutshell letter to the CEO of Bank of America:
Dear Mr. Moynihan,
Back in 2006, I was pre-approved for a mortgage through a reputable local lender. When I went to start looking at modest properties, my realtor insisted that I speak to her “friend” at Countrywide. I was approved for a mortgage, and bought a condo. It was an 80/20 mortgage, interest only for the first two years with a penalty for refinancing during that time. Taxes and insurance were not escrowed. I was so obviously preyed upon from the moment I spoke to my realtor and then to Countrywide.
I have struggled with this loan. I was given the run around for two full years, trying to obtain a modification. I made trial payments. I called daily. I never got my modification. I managed to get the arrearage caught up. I stayed current on my loan until becoming unemployed this past July.
I am now behind on payments since August. I once again decided to try to obtain a modification through the HAMP program. I was assured that I met all the qualifications for modification. I filled out paperwork and dutifully sent it via Fed-Ex. I received a letter from my new customer care manager. I received notification that my packet was received. I received another request via Fed-Ex for more documentation yesterday. Today I received a letter telling me that my mortgage was being transferred to Select Portfolio Servicing.
I am just aghast at how Bank of America has treated me. I bought a modest home, just big enough for my small family. I have struggled to keep my head above water. I owe more than the house is worth. My struggles have ruined my credit, so refinancing is not an option.
I foolishly trusted that your company would help me. I am just another faceless commodity, being put out on the curb like yesterday’s recycling. No one cares. No one will help me. Now I am facing a new servicing company who will undoubtedly foreclose on me.
It is sickening. I would imagine you could look up my loan and read about what I have been through at the hands of your institution. My loan number is xxxxxxx, and my name is xxxxxx. Just another number, and just another name to you.
After all that I have been through, after all my attempts to get help from your company have been denied at every turn, after being the victim of predatory lending which ruined me financially, the final insult.
The house was valued at $165,000.00 in 2006, now it’s barely worth $110,000.00. To me though, it is home. It is walls and a roof and it holds dreams and memories. All the talk of the DOJ settlement helping people like me, and you’re still playing smoke and mirrors games with the lives of real, honest, hard-working people.
Loan # xxxxxxx
I got a response today from Shawana McCleave saying she's my new account handler, blabbity blah blah. I e-mailed her back and said really? Since you've "transferred" my mortgage to another "company", what is the point? She responded and asked if she could call me at 12:30 my time. I e-mailed her back and said unless she was calling me to tell me mortgage is modified, or that they're going to retain my mortgage and actually bleeping help me this time around, I couldn't see the point in another conversation with BoA. I told her I guessed I'd just have to restart the process with Select Portfolio. Smoke and mirrors, and steaming piles of poop. That is bank of America.