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Bank Of America


fraud in loan modification

Complaint Rating:  83 % with 35 votes
83% 35
Contact information:
Clearlake, California
United States
Phone: 7073505783
bank of america has consistantly failed to negoiate home loan modifications again and again .they nee to be prosecuted to the fullest extent of the law/which they think they are above. how many people do they have to screw over before the california department of corporations and the attorney generals offices do something to them.THER FAILURE TO NEGOIATE LOAN MODIFICATIONS IS HUGE WITH LESS THAN 4% OF THERE LOANS MODIFYED AND FORCED FORCLOSURES UP .THEY SUCK .IF YOUR IN THE MARKET FOR A LOAN LOOKING ELSEWERE WOULD BE TO EVERYONES ANDVANTAGE!
Complaint comments Comments (62) Complaint country United States Complaint category Loans


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A  19th of Sep, 2009 by    +1 Votes
I have been working on a loan modification under the Obama Home affordability program through Bank of America ( formerly Countrywide Home Loans) for the past 5 months. I was to have sent my mortgage payment via Western Union such that it would be there BEFORE the first of the month. This was supposed to have been resolved August 1. I have made multiple phone calls and not one phone call has been returned. I received a letter dated August 31 on friday Sept. 4 indicating that they needed over 100 pages of documentations ( 2 years of tax statements, 3 months of bank statements, and pay stubs). I was told in the letter to call the person, Gina Williams directly. In the letter it stated they must have the documents by Sept. 7 which was Labor day, which by the way they were closed and they are closed on weekends. I spent 5 hours gathering everything and had to label each and every page with the loan number. I sent it off next day UPS delivery with a guaranteed delivery of Sept. 8. I also called Bank of America, told them that I was not getting return calls and made them write an internal e-mail requesting that Gina Williams call me immediately, that they UPS package was being sent that day and gave the tracking number. I continued to call and leave messages for 2 weeks.
Yesterday, exactly two weeks after I sent the package I called to complain that I am not getting return messages from Gina Williams. I was told that my loan modification was denied August 11 and that the package did not arrive until August 15 and that there was nothing that could be done. I am furious !! Also they informed me that even though I was told to send my payments via Western Union such that they would arrive BEFORE the FIRST of the month they applied the payment towards that month ie. sent the payment August 31 and they applied it to August not Sept as they were supposed to.

Here it is the weekend and I am left hanging until monday waiting for Gina Williams supervisor to call me back and to continue working on getting they to re-open my file for loan modification. I am about ready to spit nails...

Anyone being successful with getting a loan modification through Bank of America ?
A  15th of Oct, 2009 by    +1 Votes
I am suing B Of A...anybody with me contact me at fprents@msn.com...I am speaking with a high profile attorney today! They are saying that a modification I had done by Countrywide March of 2009 (mind I got a call from the home retention depart. saying my modification was approved and that I will be recieving doc fedex which I did, I recieved the remod docs had them noterized and returned in March by the deadline and started making my first revised payment on May 1st as stipulated in the loan agreement and I've been paying this . Last week, after making payment for now almost 6 monthsI got a statement from now B of A (who took over countrywide) saying we are behind on the payment. I called only to be told by a Rep that out modification was cancelled in August due to some doc they requested having not been turned in...That is ludicrous! We never heard of any missing doc and turned in everything, additional that were requested The rep said they never recieved copies of the docs which we we were instructed to send to fedex to pennsylvania!
So we fax them to her. Then she say, the remodification had been denied in August...And that we were issue a "preliminary modification". That is BS! I am not taking this any longer...If you have been GIVEN the run around and your home is in foreclosure or teetering, on in danger of beeing taken please e-mail me!
A  27th of Jun, 2010 by    0 Votes
We are in a similar position. BAC Home loans was in the process of finalizing our modification and sent an agreement of a new lower payment on a trial basis for three months. After faithfully paying the new modification amount, they said they needed additional documents and that we may qualify for a "better" deal. We recieved a call from someone at BAC that we only needed two more documents to be approved, and two weeks later they sold our loan to IBM LBPS. Now IBM is giving us the run around and claims that they did not get any infomation from BAC about the fact that we were paying the new amount for six months. They have sent default letters and refered us to a local housing department ("i.e. legal aid) to see if we could make a deal with them. Is it legal for them to keep re-selling our loan? This is the fourth lender. First it was Greenpoint, then Country Wide, The BAC, now IBM.
What can we do now?
N  3rd of Jul, 2010 by    0 Votes
your and my condition exactly same
N  3rd of Jul, 2010 by    0 Votes
your and my condition pretty much same. i made 11 trail pament with boa . they send me latter i was approved for permanent modification. next month they sold my loan to lbps. now i am calling every day lbps . but i never reach my loan office.
A  12th of Jul, 2010 by    0 Votes
Seems to be a pattern here. I too sent them ALL the docs they requested 5X! Each time I double & triple checked everything. If there was a question, i.e. 2 mo bank statements, I sent 4. 4 check stubs, I sent 8 & so on. They can't keep anything straight, this was evident by the 2-4 duplicate Fed-exs sent each time. The final said I had 14 days to get them the docs or I would be disqualified. I called to see what exactly I was missing, they could not tell me & stated I had to send them everything again. 2 months later & a worn out printer, I'd heard nothing & tried to make my normal online payment. This was blocked because of the process & I had to pay by phone (no small feat getting through). They told me on the phone to continue my trial payments & my review was complete. 3 more months & I get a letter saying I did not qualify because I didn't send them all the documents required! BS! I feel they purposely put me off till the deadline so they didn't have to qualify me. Now I'm over $2k behind. I have never been behind ever ever on any payments before this fiasco!
In short, it's not in their interest to modify a loan & these steps are a loophole they are taking full advantage of.

No more bailoiuts!
N  12th of Jul, 2010 by    0 Votes
Actually they made interest on it before the gave it back. I will tell you what, if they give me 45 Billion of Tax Payer money, I will gladly give it back in a few months too :)

Maybe you should stop putting things in that pot pipe and check your facts first :)

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    +1 Votes
Well to a point I agree with you. There are certainly those that needed to balance their check book. However, the fact is that Countrywide and Bank of America played a greedy roll in causing this whole crisis, by giving people at Burger King loans for million homes, that they knew they would default on. Why? Basically because they knew they could sell it to Wall Street and leave the American people holding the bag. The result of what they did was instant foreclosures flooding the market, driving down the values of houses pretty much over night. It was a game of musical chairs, but these fat piggys were sitting down before the music stopped playing. They put our country into the worst economic crisis since the depression. Only Bin Laden could appreciate the damage that they did to the American economy with their greed. Not to mention making us weaker and more vulnerable as a nation. Lets not forget that not one nuclear bomb was dropped in Russia, but it was an economic war that brought them down. With that being said, these little piggy banks threaten national security with their greed, while they hold our President potentially hostage. If the President does not do what they say, they have the power to cause our country economic crisis with one stroke of the pen. This is why they are called “Too Big To Fail.”

This crisis has nothing to do with balancing check books. Small companies that had been in business for 50 years were lost over night when people stopped spending money. You see, when people watched the equity disappear their homes, they stopped spending money. When they stopped spending money, the companies had to lay people off. When they people were out of work...they also had no money. The reason I know, is because I own several of these companies that have been in business for around 25 years. I balanced my check book just fine and actually made the income to qualify for my house. At any rate, what they did has a slow trickle down effect, that will effect even you in a few years. No companies...no jobs...no money...no America.

Here is the thing that I do not understand. This is a room for people who have been a victim of Bank of America fraud. Now it would stand to reason why I am here, but why would be here? How does a person who does not have any problems with the bank, end up here?

At any rate, history will show they tend to stutter without their heads. That is smart at all :)

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    +2 Votes
I meant to say" not smart at all :)" I am typing and doing 10 things at once here. I apologize for the choppy writing.

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    0 Votes
N  13th of Jul, 2010 by    0 Votes
I am just kidding.

I was of course giving an exaggerated expression when I said "Burger King." Never the less, it is all over the news and it is not a hidden secret what caused it. You can read all the stuff on my site and watch all the congressional hearings.

Just because you can not see air, does not mean it is not there.
N  13th of Jul, 2010 by    0 Votes
I mean you do understand that the things I am telling you are unsubstantiated facts right? I mean, congress had Alan Greenspan testify and comment on it. All the worlds economists, Presidents, ect comment on it all the time. So it is not like it is one of those things that are opinion based here and nobody is arguing if it what I am saying really is true. I show you congressional hearing after congressional hearing proving it. The CEO of Citigroup were just before congress admitting it. So I am not sure why you are trying to say I am wrong. I mean, after all I am suing them. I would like to think I know a little bit about what I am talking about :) My best friend is an Economist for crying out loud...lol

I am JohnWright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    0 Votes
Here is Alan Greenspan testifying before congress

N  13th of Jul, 2010 by    0 Votes
Here is some links that might help you understand:

Alan Greenspan admitting the fact: http://www.youtube.com/watch?v=R5lZPWNFizQ

Who caused the crisis: http://www.piggybankblog.com/2010/05/22/blank-20/

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    +1 Votes
Show me one person that gave one of them alcohol! I was not meaning to be snarky, I was kidding, and hoping that you had a sense of humor. I mean, lets not forget that you came out here telling me that I did not know my facts, when it sounds like you are completely out of touch with the facts. I mean some of the stuff you state is common knowledge. With all do respect, it appears that you have brought a knife to a gun fight here when you say that the home owners benefited. That is the most outrageous claim I have heard. Not even the banks are making this kind of claim.

“Maybe you should check your facts before coming out here making an [censor] out of yourself.”

Let’s face it, you have no idea what you are really talking about. I mean some how you heard that they gave the money back, and now you have qualified yourself as expert. It just goes to show that the old saying is true “A little bit of knowledge is dangerous.”

Never the less, I seriously did not mean to hurt your feelings. I was kidding.

Do you own a home? The reason I am asking is because it is beyond me how myself losing 400, 000.00 is was a benefit? How do you figure? Not even the banks claim that is a benefit to us.

With all do respect, it does not sound like you are as educated on the facts as you claimed you were. I mean some of this stuff is basic knowledge, and you seemed to claim that I as making an [censor] out myself by knowing the facts.

Have you seriously calculated how much interest the bank could have made on just 1% interest? Well that would be 400 million dollars. In which, I am sure they were probably making more like 5%. Why should they make money off of our tax money? They are private company. I noticed they did not give me a bail out when my company was not do well.

Listen, I did not mean to hurt your feelings. So if I hurt your feelings, I am sincerely sorry:)

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    +1 Votes
Oh ok...good :) I try to always keep a good sense of humor too, especially these days.

Well I guess it depends on how you look at though. You see, someone like me could have rented a much a bigger and nicer house, but I was in it for the investment part. Especially being in the California market. I would have never purchased the house if I knew what I knew today. So I guess each persons circumstance is different. The issue is not so much if Bank of America should have been able to get a bail out or not from the Govt. The issue is that they did and they insinuated they would do more. Now if these little piggy banks did not go and use our tax dollars, I guess I would have no issue. However, they did and feel it is up to everyone to go and get the money that our tax dollars made. But I guess each persons situation is different.

I am John Wright and I AM FIGHTING BACK!

John Wright
N  13th of Jul, 2010 by    +1 Votes
That is not true. It is not because people over everybody over extended themselves. There is always going to be those types, but this is different, because you would be insinuating that 3-4 million people all decided to over extend themselves at the same time. Once again, the banks drove down the price of homes and people lost hundreds of thousands of dollars. So basically, it was the bank that caused people to be over extended. This is no secret and this is not even an opinion based conversation. It is fact and the banks are admitting it.
A  21st of Jul, 2010 by    +1 Votes
OK...the fact that John is not afraid to state his name is one huge point in his favor! Mr. Stealth Pilot speaks volumes in his/her name alone, afraid to reveal who they are. John never said that EVERYone should qualify for a loan modification. The banks still will stand to make billions upon billions of dollars when they modify the loans for those who have been good, solid, pay-on-time customers. They have made multi-billions off of them already. The financial institutions and the government have been largely, arguably primarily responsible for the false economic boom and crash.

My family did NOT overextend themselves, we did NOT max out the equity in our home or even take ANY of it out when it more than doubled in it's declared value during the crazy real estate boom. However, our small business took a HUGE hit when everything came crashing down. It wasn't our fault. We did everything right, as far as conservatively using debt to float a small business as is commonly necessary, and not living extravagantly or beyond our means.

The government and the banks came up with this loan modification plan, NOT the consumers. We didn't demand it. It was offered as this "great saving plan for the economy." Isn't it slightly strange, even in the least bit Mr. Stealth Pilot, that B of A (and I imagine the other instituitions, as well) are giving 96% of the applicants the run-around. We all have the same stories of sending in our documents, again and again. We spend countless hours making sure everything is properly done, sent multiple times, verified (though they REFUSE to confirm they have everything in writing! Isn't THAT unethical at all, Mr. Stealth?) that they have received it, call every 2 weeks month after month to check on the progress and see if anything else is needed, and are told it all looks fine and to just wait for the modified loan documents to arrive "any day" so we can sign and return them, send every single "trial" payment on time. ALL this only to receive the SAME FORM LETTER that we don't qualify for the program because "documentation that was previoiusly requested was not received."

I received our form letter today, called immediately to inform them that this was untrue. They claim that their request 5 months ago for more documentation (which I provided at least 2 more times, with verbal comfirmation of their receipt of it) is what we did not comply with. How can it be that I can send everything that was requested, THREE TIMES, be told every 2 weeks that they have everything, send more bank statements and paycheck stubs, call TWO DAYS AGO and be told they have everything...yet yesterday they send out this letter that is pure fabrication. So now they tell me to fax ALL of it back in again, but this time dated and signed with TODAY'S date, because now it has "expired." They NEVER mentioned that the documentation would expire before! Their explanations use convoluted circular reasoning. They can't even answer my questions when I ask them how what they are saying makes any sense. I ask them if what they are saying makes any sense to THEM and they say "no" and then start repeating the same stupid request to send it all back again, etc.

Mr. Stealth Pilot, this isn't a question about whether or not people should pay their bills. This is a question about the ethical business practices of financial institutions such as B of A when offering these programs to their customers, then mislead them by pre-qualifying them over the phone, drag them on and on over months of "trial" payments with no intention of really modifying any of the loans. They only serve themselves and rip off the public even more by adding several thousand dollars into a "late payment" status, obviously making it even more difficult to be current on the payments when they deny the loan modification.

They are scamming people, and it isn't right. Mr. Stealth Pilot, why don't you put your nose back where it belongs. I wouldn't be surprised if you work for B of A or one of the other [censor] institutions that are behind the scam.

Thanks to you, John Wright, for not being afraid to fight back. I will be on your team as soon as I have a minute to go to your website, after taking care of my family and trying to figure out how to get this forced late balance paid up so we aren't at risk of foreclosure. I am tempted to just let them push it to foreclosure, because our home is in an area glutted by foreclosures and our particular house isn't highly marketable at all!

N  21st of Jul, 2010 by    0 Votes
I don't know how my comment came up with a disagree symbol when I clicked "agree" but I clearly DO agree with the complaint against B of A!
A  21st of Jul, 2010 by    0 Votes
Stealth a "SHE"...she has bragged before about her "tits" (her term) on another post. Don't feel bad about upsetting her, she's only on here to snipe and put people down to make herself feel more important. Glance at her posts and see if you can find more than 10 out of 1100 that are helpful..seriously..she's posted nearly 1100 comments since she joined 60 days ago.

BoA customers, I feel for you...same story, different bank. And no...I am not behind on any payments, I have never been late, and I pay all my bills and have good credit. Does not mean I am any less pissed about buying a house I was told was worth twice what it is now worth just 4 years later. Bank owned properties all around me...someone bought a place next door to me, twice as big, with payments about 2/3 of what I pay for my mortgage.

I love my house, but if I could do it again I would not have bought when I did. I will of course continue to do the right think and pay the banks 3 times what it's worth over the next 26 years...because, like she said, nobody held the gun to my head and they are a business and deserve to make enormous profits at the expense of responsible homeowners.

Hang in there...YOU ARE RIGHT!

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