Bank of America — loan modification
Bank Of America has sent me reinstatement calculations (document attached) for my mortgage to prevent foreclosure. I also received a similar letter from B Of A attorneys. I in turn responded by remitting the exact amount requested well within the specified time limit of the letter. To which B Of A cashed the check I sent and applied payment to my outstanding mortgage balance. I have not received any written information from B Of A other than the initial reinstatement so I decided to make the normal mortgage payment about a week prior to its due date of 9 Nov 2011. To date this payment has not been applied to my account. Because of this I called the bank yesterday to determine the status of my account. I was informed that the back was still proceeding with foreclosure. Apparently the bank made a mistake in the amount they initially requested for reinstatement. They now want more money! Also, as an FYI I also filed for loan modification, twice, with them. Due to mistakes made on their end.
Here’s the thing. It isn’t that I don’t have the additional amount of money that they are now requesting. It’s a matter of principle. In the world of business they made me an offer; through the loan reinstatement. I accepted said offer by compliance of their terms by remitting payment within their requested timetable. They accepted the terms of their offer by cashing and then applying payment to my mortgage account. They had plenty of opportunity to mail out a new reinstatement letter and state that they made a mistake as well as to return funds to me; they did neither. I believe that this is a breach of good faith and contract on the part of B Of A. I don’t believe that they have been treating me fairly. My home is almost paid for, 2.7 years remaining on mortgage. I believe that B Of A is targeting me for foreclosure because it’s an opportunity to steal my home from underneath me and make a huge profit in the process.