BAC home loans / Special Bank Event in Detroit
I attended an event on March 3 at Cobo Center in Detroit Michigan. My loan officer was Jason Mathes [protected]) at this event. I brought all the requested documents to this meeting and met with Mr. Mathes for about 3 hours. I was offered a mortgage rate of 4.5% which would gradually rise to 4.875% maximum with a balloon payment of 160, 000 in 2035 if the home has not been refinanced before this date of 2035.
I agreed to pay the 3 trail period payments of 1448 for 3 months at which time official paperwork will be mailed to my home (according to Mr. Mathes) making this interest rate and payment official. I also expressed the need for my 2nd mortgage (#[protected]) to be modified as it is currently at 11%. Mr. Mathes assured me that while this event was for 1st mortgages only, someone from BAC would contact me within 30 days to “aggressively” modify the 2nd mortgage rate.
Week of July 18th: I have since been in contact with Mr. Ongchango, a mortgage service manager for BAC [protected] ext.: 14465). He sent me a Fed Ex package requesting 15 various documents some of which are not relevant to my file such as divorce decree and child support. All of the relevant documents have already been given at the March 3rd event and I also sent in updated bank statements and pay stubs per the June 17th request stated above. I explained my file to Mr.Ongchangco and he researched the file and gave me an update yesterday.
Mr. Ongchangco stated that the notes on my account from Mr. Mathes (dated June 23rd) state that I refused the modification due to the 2nd mortgage not being modified. This is false. I would have never refused a permanent modification just because the smaller 2nd mortgage was not yet modified. The words decline or refuse never entered into our conversation during this event on March 3rd. BAC policy is to modify the 2nd mortgage only after the 1st mortgage modification is official although this information was not known to me during the event. Mr. Ongchangco told me that my offer has expired and that I will need to start the modification process all over again. This outrageous and completely unacceptable.
The status department at BAC and specifically Erica [protected] ID: 6167) is the only department to my knowledge that has access to the notes made by Mr. Mathes during the March 3rd event. I do not have a copy of these notes as I am only allowed to be read the notes over the phone. These notes confirm the fact that I am approved for the trail period payments from April –June and upon successful completion of the period official documents will be mailed to make the modification official. The notes that state I refused the modification were added to the system and they are dated June 23rd. How is this legal?
I have a few questions about this turn of events:
1. When was I given the opportunity to refuse or accept the terms of the loan? Where does it state this? I have no official documents from this event. Mr. Mathes stated there would not be any until the trail period ended.
2. What is successful completion of the trail period? The payments were made and arrived on time to BAC. I was asked for additional information only at the end of June.
3. What were the dates a.) Beginning the trail period and b.) Ending the trail period?
4. Why was my “refusal” added in June (23rd) after the event in March? If I refused the loan terms (which I did not) why wouldn’t this be stated in the original notes?
Addendum: My last notice from him was on July 21st at which time he stated that he was researching my file and would get back with me at the beginning of this past week (25th or 26th). I have not heard from Mr. Ongchangco as of July 30th. In addition, I have called Mr. Ongchango each day since the 22nd of July and he has not returned my phone calls. I have also called his supervisor Marie Castro ex: 14435 and their manager Mary [protected]) none of which has returned my calls.
Today 7-30-11 I received a “Notice of Intent to Accelerate” my mortgage. I must pay 26, 000 before Aug 25th in order to avoid foreclosure. I have not had any due process nor have I had an opportunity to discuss my file and be updated regarding my questions above. The questions left unanswered above suggest that as a consumer I was not properly informed of my obligations and due dates. This is unconscionable.