Our journey isn’t much different then the prior entries I have read here. Definitely am not breaking any new ground. It’s just a little different scenerio. No question to ask, this is just forwarding my situation.
Oh golly, where to start, hmm. Well it started back in Feb ’07 by trusting people in the “business” and paid them to advise in my best interest. I failed there and that pretty much started this whole mess. The second start came in Sept. ’08 with my first contact with Countrywide. Budget cuts at work significantly reduced my income and expenses for living increases I started dipping more and more into my savings to cover the mortgage payment. Unfortunately, most conversations with Countrywide ended the similar way, “You don’t qualify for any programs right now but we have a new one coming soon and you must be current with your payments to qualify” There was a shred of hope so another mortgage payment was made.
There were many, many phone calls made to Countrywide and later BoA all ending in disappointment. (Insert the reoccurring, “please fax/refax us this “ ”) One conversation ended quite chilling, frustrated I asked a Rep if BoA would rather foreclose than work with me, the gentleman said “Yes”. By May ’09 my savings about tapped, I contacted an attorney to discuss options. In the consultation, it was mentioned that BoA isn’t going to help me because I am current. For some off the record advice the attorney said to get any help I would have to go to the dark side.
He never said to stop paying but implied it heavily. No mortgage payment was sent for May ‘09, I didn’t have the funds for a full payment anyways. On June 2nd, fed ex dropped by the house with an envelope. The envelope contained a single piece of paper, Notice of Intent to Accelerate. Quite alarmed initially until I found out it was automatically generated and considered just a formality.
However, things changed in late July, I received another fed ex package from BoA, and this one was a little thicker than the previously sent. Slightly shaken, I opened it to find a letter and other documentation stating I had qualified for MHA program. I consulted with another attorney to discuss some more options. This is where the idea of bankruptcy first came into any conversation.
I didn’t like the idea nor did I want anything to do with a bankruptcy. I then filled out associated documentation for the MHA program and sent it back. The “trial” payments started in August and ended in October without missing a payment my trial was over. In the meantime, I did finally warm up to the idea of bankruptcy to get out from under a lot of other debt. Filing would come after the MHA paperwork was finalized.
Then in late Novemeber I received yet another fed ex package, thinking it was final papers to sign, it wasn’t. It was the new Step Rate Mod prompting a phone call to BoA and they confirmed it was an actual offer. Off to my attorney I go. We agreed, the step rate was a sweet offer and jumped on it, sent all the paperwork back and also sent the newer payment before the stated date of Dec 14th, oddly enough both were sent to two different addresses. The rest of December rolled by without hearing a word from BoA, January rolled by too.
New payments were sent for both months. Along comes Feb ’10, still no word so I contacted BoA to find out the status. Low and behold, they had no record of any new program nor ever receiving any documentation from me back in Nov. After many other phone calls over the next few days, I finally got a friendly voice (non pre scripted dialog). This woman was able to find “in the system” that BoA had sent a fed ex package in the timeframe I had referred to but what was in the package was unknown to her.
Following a little more research, she could see a fed ex was received from me in the timeframe I referred too and its content was unknown also. More research was conducted, turned out the Step Mod wasn’t suppose to be sent in the first place and all record of it had disappeared, it was sent by “mistake”. When I asked, “How will this affect the MHA program, since I missed three payments?” The individuals replay was “It shouldn’t affect it”. Now that sure gave me a warm and fuzzy feeling, “It shouldn’t?” Forward this a bit, since last contact with BoA I have received two letters of denial due to failing to make my “trial” payments.
Both prompting calls to BoA where the Reps could clearly see all trial payments were made and on time. Their only concern was with the original three payments, Aug-Oct. Both time the Reps said they would make note of this and resubmit for appeal. Here is where I sit, limbo. I can see at anytime I will be getting the fated Notice of Foreclosure… Oh yeah, bankruptcy is still pending. Hindsight, I have learned a lot over the last few years. One, I most definitely shouldn’t have been approved for this loan nor should it have even been placed in front of me to sign.
Two, I shouldn’t have agreed with the terms. Too many things changed when I went for the signing but felt I was too far into it. Plus my prior house was already sold. I talked to my attorney about going after the loan originators, broker, underwriter, title company, even my realtor and just about anyone that was involved. He said could pursue predatory lending but it could set me back $50k+. In all this, it’s still the home owner that is hung out to dry. I had to verify (several times) why I couldn’t keep up with the payments, why don’t banks have to verify why the loans were given in the first place. Answer, they don’t have to.
My rant here is now over, moving box saving continues…
Soap box is available to anyone else.