The Emails WORKED, Bank of America Called - What would you like me to ask Dan Frahm?

[Maurice Bedard]

Scurdog - Is this the email to the Arizona CBS new Article. Because, I received a call from De Vaugn, identified as an BOA Advocate wanting me to fax in all my papers again. I will with my counsel Wednesday. Then about an hour later some man from BOA called and seems all interested in talking about my situation. Not complaining but I'm treading thin ice because these bastards have made me gun shy.

This was from emailing the heads of Bof A a pretty nasty email that I did myself.

Frankly - Not to change the subject but could we not do something like this with
each major lender/servicer and including NACA?

We will for sure. Next is Jaimie Dimon and Chase and I spoke to NACA tonight, more on that later, I need some sleep.

CW Why, when American have such high unemployment, are they sending jobs out of the country? Do they seriously think it is moral to have someone in India calling me on my late payment?

All in the name of profits.

AMA - Moe, I like your ideas. I am a stay-at-home mom. I knew nothing about mortgages or modifications until I found myself in trouble. While I'm no trained expert, I think I've done a great job helping others on here and would jump at the opportunity to actually get paid to help others (though I do it now for free because I truly just want to help people save their homes). I was actually going to ask my HUD counselor if her office had anything I could do there since I've gotten further along in this myself than she has. I cannot thank you enough for all of your hard work! God bless you, Moe!

Great and thanks. You are a pay it forward American and would be one of the top at my list.

psdfoley - Moe..........Youre a GENIUS!!! Don't forget to USE me!! I worked there for almost a year!!!!

Thanks and you would also be in like Flynn. Thanks you ALL and good night. We need our rest to get going again tomorrow.

[Maurice Bedard]

Moe - could you also ask if they are participating in the second lien program for HAMP and/or if they are doing anything with second mortgages? I appear to have a modification of some sort on the primary mortgage (this just happened today and I have no idea what it is yet just that it is showing up online now). Thanks!

Will do ama!

[Scurbdog]

[QUOTE=Moe Bedard;126825]This was from emailing the heads of Bof A a pretty nasty email that I did myself.


Got it and I found the correct thread thank you. I'm sending you positive energy your way and prayers.

[MAXIE19]

We will for sure. Next is Jaimie Dimon and Chase and I spoke to NACA tonight, more on that later, I need some sleep.

Moe:

Thank you so much for everything you are doing for us on this forum. May the Good Lord Bless you abundantly and reward you immensely. However, my one little complaint is that you are treating those of us with Chase like "stepchildren". Not enough attention. Get some sleep tonight....however, please focus your attention on how to break through with Chase tomorrow.

[Slim Shavings]

MOe

I think there has to be some kind of carrot for BA. A rating system or some public relations thing. A private forum is good but if they are up right and tight then they should get some credit. Maybe some kind of feed back or something. If they can point to something that says see we do right then it will bring others in also. I'm not so sure if BA should pay for the forum (even though I think it would be right). If things go well and the whole loan safe forum grows and they pull out you could get stuck. Plus it keeps it consumer only. I know that it ****s in a way for us to pay but what we save in time,attorney fees, and such should make it worth it.

You could always ad the few bucks to the price of the loan


By the way I am for reasonably big honest companies and fat salaries. Everyone that makes it means I'm that much closer to getting mine But it better hurry up for this old man

[jinksy]

I think the biggest thing B of A or any of them could do to make it easier is just to tell the truth, quit lying and quit giving people the runaround.

[CWandSLSat619]

I understand, that BofA wants to help, but anytime there's $$$'s involve, one can't help to think if advices are real and unbiased. When I came to this forum, I was educated a lot about the mortgage business and corresponding laws... I feel that there's truth in every posts/thread. I feel the pain and hardship of every member, and yet also relieved to know that someone out there understands you and also share the same frustrations...And I think that's why more and more people has joined this forum, because it's a collection of experiences of different people trying to help each other.... If BofA starts adding people from this forum in their payroll... I'm not quite sure if every advice will be unbiased and every story is real.... Why do we need to have a private forum for BofA? so they can track and use our words against us? It beats the purpose of having a forum and trying to get an unbiased advice... that's just my 2 cents.... But Anyhow, I'm glad that they are showing effort to do something... I just hope they are really sincere about it.....

[Ginger's Mom]

Here is one more question.

Why, when American have such high unemployment, are they sending jobs out of the country? Do they seriously think it is moral to have someone in India calling me on my late payment?

They hire people in India (& elsewhere) because it cheaper than hiring Americans! How disgusting is that? They have someone from a foreign country calling you to grill you about where's your past due payments and they have (indirectly) taken your job, and therefore, put you in the situation where you can't make your house payment!

These banks are really making me sick. Between what they are doing with jerking people around with delaying their loan mods til they can foreclose on them, to jacking up the rates and fees on credit cards and checking accounts; I hope that there will be a full scale revolt against these rip-off banks by huge segments of the American public. If we all stop doing business with THEM, maybe THEY'LL have to be foreclosed on!

[minknmelissa]

I don't trust them at all I think if this forum was paid maybe they would try to publicize it to make it look like the help wasn't legitimate. I hate to be a negative. I too would love to help but they just seem to find a way to twist everything that we think is good

[sparky1loan]

I would like to know:

1. Why when I called six months before I stopped making payments, you couldn't do anything until I got behind.
2. Why I have to fax everything in. This is the 21st century!
3. Why doesn't anyone call with updates.
4. Since BoA got billions of tarp money, you know, the money that the tax payers, like me, supplied, why you aren't willing to come up with a reasonable principle reduction plan

The thing that irritates me is that I know how mortgages work. The majority of the payments made in the first ten years on a thirty year loan go to the lender/servicer. If you were in your mortgage for five years, they have already made, on a 300K loan, 90K, and you still owe areound 295K! And just imagine if you got an interest only loan!

It would make sense to just bite the bullet now, give a principle reduction, and start making money back. By doing that, it would lessen the forclosures, which would inturn, cause the real estate market to rebound quicker. This would lead to property values increasing and then, people would be able to sell their homes for what they are worth, or, actually make some money to buy a larger home.

I would be willing to bet, all of this sudden action is just smoke and mirrors. Then again, maybe I am just being a skeptic!

[ama125]

I don't trust them at all I think if this forum was paid maybe they would try to publicize it to make it look like the help wasn't legitimate. I hate to be a negative. I too would love to help but they just seem to find a way to twist everything that we think is good

I do agree with your point. Every time I post a comment on CNN, I can't help but notice the ads for BofA. And reading about "partnerships" with organizations like NACA does put cast a shadow of doubt in my mind as to their true intentions. I am not saying anything negative about NACA and I have not used them personally, but it does plant a seed of doubt in my mind. So, for the record, I want everyone to know, that my intentions to help everyone here are genuine and from the heart, whether I ever do get paid for it or not. I truly do just want to help in any way I can.

[Kimbly]

I would like to know what they are going to do for the newest wave of "walk away-ers". Someone who looks like this:

Average - high FICO
Put money down on home
Still has employment
CAN afford payment
Realizes that they have been victimized by CW/BoA, the gov't, etc.
Won't stay when they are $xxx upside down
Has never missed a payment or been a day late but has decided to say "f it" and leave for greener pastures.

Do they have any plans to modify these crappy loans WITHOUT the person showing financial hardship? If they don't, the market will continue to fall.


I'd like whatever agreements are made to create a separate space. On this space, people are free to express themselves and be open and honest. Knowing that my mortgage company may now be welcome to check out my posts makes me a bit uncomfortable. Just my $0.02.

[ama125]

I would like to know what they are going to do for the newest wave of "walk away-ers". Someone who looks like this:

Average - high FICO
Put money down on home
Still has employment
CAN afford payment
Realizes that they have been victimized by CW/BoA, the gov't, etc.
Won't stay when they are $xxx upside down
Has never missed a payment or been a day late but has decided to say "f it" and leave for greener pastures.

Do they have any plans to modify these crappy loans WITHOUT the person showing financial hardship? If they don't, the market will continue to fall.


I'd like whatever agreements are made to create a separate space. On this space, people are free to express themselves and be open and honest. Knowing that my mortgage company may now be welcome to check out my posts makes me a bit uncomfortable. Just my $0.02.

I'd like to add to this... considering how many people will just "strategically walk away", why wouldn't the bank try to modify every loan if the borrower truly wants to stay? Look at the bigger picture! Each walk away is a loss to the bank... cancel it out with a mod to someone who wants it and will make you money!

[nativelasvegan]

I think the approach by informing the bank that they can make money is a good approach. I'm sure they want to know what is in it for them. We need to convince them that by doing modifications, they will be able to make more money versus foreclosures.

[art4ari]

On our loan modifications, we have being denied for "not having permanent hardships": No one wants a permanent hardship. And we WILL accept a better paid job, and anything to help us get out of permanent hardship to give our families and ourselves a second chance, even if this means to lose a bunch of stucco and drywall.

Take a look at our employment sectors (unemployment) The people most affected by it: construction, manufacturing, insurance, luxury servicers and products, car dealers, teachers, gov. employees..etc the middle class. Just because your bank employees have a job now, doesn't mean the rest of us have not suffered a job loss or pay cut.

Please do not use this lame excuse of no hardship to exclude us from the help we deserve.

How do you determine our hardship anyways? We have submitted documentation over and over to prove it or dispove it. How long can it take to determine hardship? 10 MINUTES!!. Not months, or years or LIES.

What determines our hardship? How low can we go to get into a real hardship. No full serviced cable?. An illness?. A divorce?. A paycut? My dog died?. Who has determine the guideline in your institution? The programs are very clear about these guidelines.

Exhaust our lifetime savings and retirement plans in an attempt to "maybe" one day satisfy a servicer's idea of hardship? NO. Who did not loose money in their 401k and IRAS? We, as investors of this programs, lost more than 20% of our lifetime retirement funds. And the banks want the rest??? No, you are not luring us into trouble again.


Yes, we got caught in the desire to get a piece of the American Dream, but that is our only accountability. When we got our homes, none of us in this forum tought about profits by extending "offers" of great rates and promises to ususpected customers, and like some of us, ignorant of the real danger and their banks with well "educated" employees who doctrinated us into believing in this well crafted banking (and credit) system. We remember our contract when we signed them: A BIG pile of papers with verbarage only a person with a degree in finance could read. We believed in the ARMS and other funny manipulation of numbers to make them look good to our pocket then. The banks and investors have to take accountability for what they did. Yes Countrywide, you know what I am talking about.


Do you think the banks gave us ARM loans and other things becasue they were generous and nice? Or because the government wanted for everyone to have a home? Investors greed is the word. They have made mistakes by getting in the rush of porfitability and now that we have all been hit, they want the pie. THE WHOLE PIE.


Why do we call so many times?? simply because we never get a straight and truthful answer.

Why do I want to try to keep a house underwater by 50%?, because I see my neighborhood falling apart, with families like mine loosing their homes with a broken heart and tears of desperation. I have seen fathers breaking their backs to maintain their homes working overtime or two jobs and driving long distances to get work. Some families cant take it and they fall apart. Meanwhile, these bankers and investors are comfortably sittinng in their skyhigh offices lamenting a reduction of their millionaire profits, overlooking how the rest of us are being kicked and famined from all fronts.

How many of us have cut our health insurance, sold our cars, cut more than once our expenses, home remedies for our ailments, a vacation? HA.

We dont want our homes for free, we will make our monthly payments, and we know the house will never be ours due to the extension of months and ballon payments in these modifications.

These banks are receiving all the help they can get FROM US! and now they make this modifications sound like a HANDOUT or a charity to us by stating they are doing everything necesary to "help" our economy.

We are educating ourselves now. We do not trust the banks anymore.
We have the right to demand a better service and a fair modification. In exchange, we are willing to prove our hardships, not for the banks, but for our coummunities, our families and most important: for our own tax money!

[waterlogged]

MGIC offers an Advance Claim Program. Why isn't BOA utilzing this tool to help homeowners who "supposedly" don't qualify for modification? Is it because it's easier to give less attention to accounts with mortgage insurance because the foreclosure comes along with and insurance claim?

According to MGIC's Loss Mitigation Strategies Booklet:
"With MGIC’s Advance Claim Program, upon MGIC’s approval, funds are advanced to cure the borrower’s delinquency or reduce future monthly payments. MGIC allows you to use this program on loans with three or more missed payments to bring the loan current as long as all of the following eligibility criteria is met, including after any modification:

• Loan must be owing for three or more payments and the first payment owing must be at least 90 days past due.
• Borrower must have made at least six monthly payments on the loan.
• Borrower must demonstrate their ability to make monthly payments following the advance.
• Borrower must provide financial information which supports their ability to make payments."

Retreived from http://www.mgic.com/pdfs/71-42843_lo...guidelines.pdf

[iulloa]

My biggest problem with the bank is the eternal run around and eternal holds with Indian Call centers that end up hanging up on you!
Another thing that just doesn't make sense is, when your financials are reviewed and you are in the negative, you are told you don't qualify for a loan mod because you have a defecit in your monthly income. WELL DUH you idiots, why do you think we need help!!!! I've been denied at least 5 times because of this! I've always told those idiots when I've been denied "If I can afford to make my payment, and my budget wasn't in the negative, do you think there would be a reason for me to be requesting help?" "If I could afford to pay my home would I be looking to try and save my home?"
BofA also tells everyone that unless the originator on your loan (not the investor) is Fannie Mae or Freddie Mac then you can't go through MHAP.

I've had realtors tell me that if BofA holds my loan, to just let them foreclose, not to bother with a shortsale because they don't approve anyone anyways and they stretch out the process from months and months so why bother to go through the hassle. Isn't that sad?

[BobandArlyn]

ART4ARI!!!!!

Excellent, excellent, EXCELLENT post!!!!!

[Garry]

I got a call from BofA today from a guy named Chris Rose and he wanted to go over my docs with me. I'm going on my third trial payment and now I'm really afraid to make it. I have a strong feeling I'm going to loose the house. I'm done fighting, if I get denied for the MHA mod I'm giving up the house. I cant take the stress, this has been the ultimate nightmare for me and I would have been much better off walking away.

[lisasxr]

Great thinking.

I would go so far as to suggest that some be trained in Freddie's procedures/documents, others in Fannie's, etc. I'm sure each investor is setting their own yes/no guidelines and it probably takes additional time for negotiators to verify who investor is, review investor's requirements, etc etc.

How about we do this easy solution?:

1. Private B OF A forum with B of A reps and only certified B of A members and clients are allowed.

2. Each member is identified by loan number or name if they wish

3. A groups of governors here manage the process and LoanSafe is 100% third party that acts as a mediator.

4. Clear guidelines on loan modifications in the private forum and no BS.

5. B of A trains out of work homeowners who complete the program to help others that will get paid here on LoanSafe as counselors.

6. B of A pays Loan Safe a fee for this privilege of "$?" a month and it is a month to month deal.

[Melanie702]

My biggest problem with the bank is the eternal run around and eternal holds with Indian Call centers that end up hanging up on you!
Another thing that just doesn't make sense is, when your financials are reviewed and you are in the negative, you are told you don't qualify for a loan mod because you have a defecit in your monthly income. WELL DUH you idiots, why do you think we need help!!!! I've been denied at least 5 times because of this! I've always told those idiots when I've been denied "If I can afford to make my payment, and my budget wasn't in the negative, do you think there would be a reason for me to be requesting help?" "If I could afford to pay my home would I be looking to try and save my home?"
BofA also tells everyone that unless the originator on your loan (not the investor) is Fannie Mae or Freddie Mac then you can't go through MHAP.

I've had realtors tell me that if BofA holds my loan, to just let them foreclose, not to bother with a shortsale because they don't approve anyone anyways and they stretch out the process from months and months so why bother to go through the hassle. Isn't that sad?

I agree with you 100%! This happened to me about 5 or 6 times as well. I heard, "You don't qualify because you have a deficit." NO SH!T. That's the reason WHY I need help! If I had a freaking surplus I wouldn't need help!!!! What don't they get?!?! I finally read the guidelines for FHA-MHA that said if I don't qualify for any of their in-house mods, I have to be reviewed for MHA. I told this on Monday. Supposedly we're being reviewed for this now, but when I looked at my status today, it's saying Special Forbearance Type II

[shay01]

I agree with you 100%! This happened to me about 5 or 6 times as well. I heard, "You don't qualify because you have a deficit." NO SH!T. That's the reason WHY I need help! If I had a freaking surplus I wouldn't need help!!!! What don't they get?!?! I finally read the guidelines for FHA-MHA that said if I don't qualify for any of their in-house mods, I have to be reviewed for MHA. I told this on Monday. Supposedly we're being reviewed for this now, but when I looked at my status today, it's saying Special Forbearance Type II

HI Melanie,

I see you like me have an FHA well i have been getting the run around now since June. I qualify, i dont qualify, denied everything. Then they also had TYPE II special forebearance in mine and that also was denied. So i dont know I am now waiting so they say to be assigned a neg. Who knows what will happen seems they do not want to help or for sure get me the FHA-HAMP. What is going on with you?? I am getting further and further behind this is so stressful..

[BobandArlyn]

Moe, any chance of getting a conversation tonight with Michael Moore???

[Mountain life]

MOE:
Great work. Can you PLEASE try and coordinate some similiar communication plan with CHASE????

[Maurice Bedard]

Still no call from Don Frahm of Bank of America. I am going to keep the questions off the forum (in case they are watching), but I have taken extensive notes on what most all of you would like. I just am condensing it. I also plan to ask them to implement what I proposed and some of you agree.

1. Private B OF A forum with B of A reps and only certified B of A members and clients are allowed.

2. Each member is identified by loan number or name if they wish

3. A groups of governors here manage the process and LoanSafe is 100% third party that acts as a mediator.

4. Clear guidelines on loan modifications in the private forum and no BS.

5. B of A trains out of work homeowners who complete the program to help others that will get paid here on LoanSafe as counselors.

6. B of A pays Loan Safe a fee for this privilege of "$?" a month and it is a month to month deal.

I have been writing a large article all morning on the recent court decision in Kansas that may have a huge effect for you all. The facts are that if your mortgage is securitized, they may never have a right to foreclose if you fight.

More to come later in the Unite and Fight forum.

[Maurice Bedard]

Not sure if Michael Moore would speak with us here, but this forum would be the perfect place for him to continue the message.

Yes, Chase is next on my list.

[nativelasvegan]

mike@michaelmoore.com -- I am going to send him an email. If he gets a lot of emails about this subject.... who knows?

POWER IN NUMBERS!

[Melanie702]

Thanks. I'm sending Michael Moore and email too!

[dropped9]

Why #6? Anyone else preturbed by that one?

Also have you thought of it from boa's eyes. Why do they need your forum? Forum software and what not is easy to come by.

Who says they wont take your thoughts and run with them?

[nativelasvegan]

Thank you for all you do Moe. You are very much appreciated.

[survivor]

I wonder too dropped9. can't anyone sign up for the forum and read the posts? actually, you can read the posts without signing up. do they just want to know who we are? why? so they can help us? hmmmm, thats scary..

[azhardspot]

Moe, the point to convey to the bank is that we have to work on finding a Win-Win situation for the Bank & the borrowers.
After reading most of the posts this is what we can summarize

1. A Foreclosure results in the most amount of loss to the Bank and the borrower.
Foreclosures only help investors with Cash who make money on people's hardships

2. Short Sales will help the banks by minimizing the losses that a foreclosure might have caused. Will also help people since they have a less damaging effect to the credit score

3. Loan modifications is the most effective win-win situation. No short-sales of foreclosures needed. Homes are saved, families are protected and our childern still have a roof of their own. The key message here is that the banks have made money on interest payments since 2005, so if they simply reduce the principal and adjust the interest rate to a manageable extent, the bank will essentialy loose less money than short-sales. home prices will stabilize and the real estate market in general will start rebounding. If more people want to buy, they will go back to the banks.

IMO, the banks already know this
this is no rocket science

THEN, WHAT PREVENTS THEM FROM DOING LOAN MODS?
IF FORECLOSURE IS SUCH A NEGATIVE TO THE BANKS AND THE BORROWERS - WHY DOES'NT BOA STOP IT?

I SIMPLY DONT GET IT !!!

DOES ANYONE KNOW THE ANSWER TO THIS SIMPLE QUESTION ????
Moe ....may be thats what you need to ask BOA .

good luck and god bless

[mintdeer]

Yes BobandArlyn! Michael Moore would be great, Heck I've thought of contacting the Daily show with John Stewart, HA HA HA! Anything to get us some publicity! I'm not with BOA but what ever changes happen with them should hopefully happen with every other lender! Good luck everyone! Ps I have been denied once after trying for 6 months to get a mod, now they say I need to be further behind than two months for any of their programs??? They are all crazy!

[BobandArlyn]

mike@michaelmoore.com -- I am going to send him an email. If he gets a lot of emails about this subject.... who knows?

POWER IN NUMBERS!

You bet nativelasvegan! DONE!!! If we send enough letters to him before the Larry King Live segment, PERHAPS he might refer to LoanSafe or problems with Banks and mortgage modifications--and that he will next be looking into that!

[Kimbly]

Why #6? Anyone else preturbed by that one?

Also have you thought of it from boa's eyes. Why do they need your forum? Forum software and what not is easy to come by.

Who says they wont take your thoughts and run with them?

This forum has tens of thousands of members, the largest lender being CW/BoA. Why shouldn't the site receive some compensation for making this an EASY route for BoA?! Notice I say "the site" not Moe because honestly this site costs money to maintain. People don't host websites for free. And, the larger it gets, the more it costs.

Why do they need this forum? Because there is no way in ____ BoA could set up and manage such a site. They can't even keep track of our freakin' faxes!!! Could they employ an IT guru? Yep, but you'll notice they haven't yet.

On a related note, we all want Moe and Evan to be here. We want the site to be here. But how many of us have contributed to the costs to keep it running? This site is helping many save their homes, and is helping others through their foreclosures. The advice we receive here is not readily available anywhere else and we get it FOR FREE. Sure we're appreciative. Sure many of us have little in our pockets and some even wonder where the next meal will come from. But, many, many, many others are living relatively comfortably, relying on this site for aid and not giving back in any way.


...sorry, I get a little defensive because I am forever indebted to Moe...

[Pants]

Yeah Moe, lose #6. It looks bad, real real bad.

All the sudden I have a bad feeling in my gut.

[Melanie702]

This forum has tens of thousands of members, the largest lender being CW/BoA. Why shouldn't the site receive some compensation for making this an EASY route for BoA?! Notice I say "the site" not Moe because honestly this site costs money to maintain. People don't host websites for free. And, the larger it gets, the more it costs.

Why do they need this forum? Because there is no way in ____ BoA could set up and manage such a site. They can't even keep track of our freakin' faxes!!! Could they employ an IT guru? Yep, but you'll notice they haven't yet.

On a related note, we all want Moe and Evan to be here. We want the site to be here. But how many of us have contributed to the costs to keep it running? This site is helping many save their homes, and is helping others through their foreclosures. The advice we receive here is not readily available anywhere else and we get it FOR FREE. Sure we're appreciative. Sure many of us have little in our pockets and some even wonder where the next meal will come from. But, many, many, many others are living relatively comfortably, relying on this site for aid and not giving back in any way.


...sorry, I get a little defensive because I am forever indebted to Moe...

I agree with you. I have even donated myself to this site. Not a whole lot, but it was something to help keep the site going. I hope others can do the same as well. Every little bit helps. I appreciate all the FREE help I am getting here and am so grateful for Moe.

[ama125]

mike@michaelmoore.com -- I am going to send him an email. If he gets a lot of emails about this subject.... who knows?

POWER IN NUMBERS!

I sent one too!

[nativelasvegan]

Thanks ama!

[Maurice Bedard]

Thanks for the support . Everything helps. We on Main Street are all in this together. Dont let the media and different views divide us, we need to unite like we are in on the forum.

Hey, I need ALL you input if you would be so kind. This will rock the banks worlds.

I think NOW we are so POWERFUL it is unbelievable.

This article I wrote says it all.

Please read this post and join the discussion here.

Breaking the Bank News: Millions of Fraudulent Mortgages