Letter to BB&T regarding modification attempt since December 2008:
April 24, 2009
BB&T Loss Mitigation
P.O. Box 2067
Greenville, SC 29602-2067
I am writing this letter to BB&T requesting pertinent information regarding my tentative modification. In the body of this letter there will be a summary of the contacts, content of them, subordinate’s in this forum, details discussed, and relative documents to any and all parties subject to control or information regarding Federal/Government TARP monies and conditions. It is my opinion that the summary of fee’s and charges should be disclosed much like a mortgage origination; whereby, a quasi-HUD statement be provided prior to any agreement being approved by “both” parties for their perusal, under the law. BB&T’s behavior in this regard and the pervasive, lack of concern attitude to its consumers and customers is emotionally draining and cumbersome, making positive outcomes near impossible and very time consuming.
It is my stated opinion BB&T is making a modification extremely difficult or maybe impossible due to the financial demands they have made on me to perform this modified mortgage, given their lack of timely and relative communication, and the pervasive attitude of BB&T and its subordinates, condemning the mortgagee, and changing all of the rules of conformity. I have filed a “formal complaint” with the FTC, as the date of this letter.
BB&T Credo: "John William’s extensive commercial knowledge and career accomplishment make him an excellent choice to succeed Dixon as president of our Blue Ridge Region, " Brown said. "As a longtime senior manager at BB&T, John has a keen understanding of what it means to deliver the BB&T brand of highly personal and competent client service."
My first communication about the arrearage was in November 2008. At that time I received an offer of modification which raised the payment over $300.00, which they said was “just an estimate and could be higher”. (See enclosure) I wrote a written response and asked for the payment to be lowered, maybe by lowering the interest rate or extending the time frame of the loan. Currently, I have a jumbo loan for $300, 000 and an adjustable ARM, interest only for five years @ 6.75%. I also questioned the validity of the appraised value @ $498, 000, given the current value being 50% less than the original appraised value.
I waited about 4-5 weeks before contacting BB&T to elicit their responses and I was told “you refused our modification offer”, so we are proceeding with the default and subsequent foreclosure. That was in early January 2009. This statement is completely untrue. (See enclosure) I have a letter, signed and dated with a receipt of mailing, proving this is incorrect. Since that time I have been getting forms for financial statements and letters saying we have tried to contact you and have gotten no response, “we are here to help” please fill out these forms and send them back to loss mitigation, SC and we will reply promptly. Since January 2009, I have sent the paperwork 5 times. Every time I sent one of the forms back I get the same form again and again. The last time I sent one of these forms and followed up with phone calls was in early March of 2009 and flat out refused to send them again, as they kept me chasing my tail.
By late-march I finally contacted a fellow named Adam Mills over the phone he offered me a modification, in which the payment seemed fair, so I tentatively agreed. The date to submit the papers and monies was April 06, 2009.
Prior to remitting the monies and final paperwork, it came to my attention that BB&T was asking for 2 months mortgage, which I thought was fair, but also wanted up front fees of $1425 for the attorney and $300 for an appraisal, plus late fees, interest etc… At that point I asked for a reasonable accounting of these monies.
I immediately called BB&T and left a message with this request for Adam Mills on April 05, 2009, he did not return my call. It is my opinion the call was not returned due to the resistance of BB&T to be honest about these fees. As the days went by, I left several messages and finally left a final angry message stating “I guess if I do not comply with your demands, you are going to continue the foreclosure. Why don’t I just bring you the keys and let me get my belongings out! The original message included these questions:
1. In the past, I have paid for full appraisals, which include an interior measure; upgrades, lot size, etc…cost $350.00. To my knowledge their, BB&T”s appraisal was only a drive by. Why is this fee so high?
2. As far as the attorney fees; I questioned my personal attorney and he stated “if all you have gotten to date was the registered letter”, it should have only cost $300.00; hence $1, 425.00?
3. Additionally, I have called HUD, the FDIC and the FTC and have been told there should be “no fees” of this kind upfront, and the amounts seem out of range as well as the payment structure set forth in the modification (1st payment 23 days after the $3, 000.)(See Enclosed).
I never heard back, so I called BB&T again and this time I spoke to Tiffany Whitmore. She relayed to me that I left a message agreeing to give up the keys and I no longer wanted a modification. Well, somehow the other messages either got deleted or were not relayed to Tiffany, which escalated the anger regarding the message about giving back the keys, etc…this was wearing me out! These things were said in frustration and emotional distress, as this has been going on since November 2008. And further, why can’t I ask/contest the fees, interest, the appraisal cost and the attorney’s fees?
After some dickering on the phone with Tiffany we were finally able to come to a conclusion. We agreed to a modification with a payment of $3, 000.00 on or before April 22, 2009 and 3 monthly payments of $1, 700, till July of 2009, totaling $8, 100.00. The $3, 000 was made on April 22, 2009, and then the next payment of $1, 700 is due on May 14, 2009, 23 days after the $3, 000.00 payment. I did the math on this and when I complete the modification contract BB&T has asked for (with some of the monies being put at the back of the note), with accruing interest and the additional attorney fees, I will have paid over $23, 000, to them by July 2009. Also, my flood insurance which was late due to this whole process taking so long and never knowing the outcome was not paid on time. I got a letter from BB&T placing the insurance, knowing full well I was in loss-mitigation, for the premium of $1, 235.00, a 410% inflated rate, as the original insurer’s premium was $309.00. Harley Insurance, the original insurer states “It is 99 ¾% unlikely in the location and district of this property there would ever be a flood”, and it is on 15 ft. of pilings.
In the conversation with Tiffany, she specifically advised me that there would be no further foreclosure advances by the attorney or BB&T if I agreed to the modification; verbally I did, on April 14, 2009. I received an email with the terms on April 15, 2009. She said she would make contact with the officer in loss mitigation and have the attorney contacted and hold off further work on the file, until the time period had elapsed by which I was to perform. The agreement was made April 14, 2009 and I had until April 22, 2009 to supply the paperwork and funds. Until that time expired had I not sign the modification or remitted the fees, all bets were off, and they would proceed to acquire a court date. Well, I performed; on April 21, 2009 a fax was sent to BB&T with the signed modification and on April 22, 2009 a payment of $3, 000 was taken over the phone by, DEE conf # 475647 @ 10:26 a.m. EST.
Can you believe, on Thursday April 22, 2009 I indeed did receive a court date, by certified mail! The attorney and BB&T went ahead after our agreement and filed the date and time of hearing, which is May 21, 2009. On April 22, 2009 I also received a letter from BB&T thanking me for my payment to “my account”. There was never any mention of the modification/new contract payment and it did not come from loss mitigation it was generated by the loan customer service office. When I realized the attorneys’ were still working on this and the monies may not have been put toward a modification, I immediately started calling BB&T for clarification. I left messages for Dee on 04/23/2009 and 04/24/ 2009; Tiffany 04/23/ 2009 and 04/24/2009; sent emails to gloria.smith@BBandT.com and spoke with Glen Milsap on 04/24/ 2009. No one has done anything to quell my distress and clarify the situation. I subsequently have spoken to my personal attorney, Jeremy Williams and contacted John Ceruzzi of Jacksonville, NC for advisement on how to proceed, alas I do not have the monies for this and the ongoing fees associated with their counsel and interest running at $54.20 per day. This lack of due diligence, timeliness, feedback and consideration is unconscionable.
Since the inception of my job/income loss and the tragic events that have besieged on me, I have done my level best to accommodate those I am indebted too. I have reduced my life style and spending to bare minimums, sold every worldly possession, (even thought everything I had was paid for) except my credits cards and mortgages, which I used for business. I have availed myself of counseling at GreenPath Debt solutions, as requested by HUD and its affiliates. I have remitted over 450 resumes and flyers to retain gainful employment. FYI: I hold an MBA, 2002, a BS in Marketing and a Paralegal Designation, in addition to 15-18 years of HR experience/Management and for 18+ years I made six (6) figures consistently. I “do not” expect this situation to continue and I do believe it is not my fault employment opportunities are not readily available.
At this point I need someone’s help. The reason all parties are being sent copies of this letter is because this situation is dire for many of this countries citizens. The banks are not “helping people”. They are helping themselves at the expense of consumers. Even though President Obama has flooded the banks with funds to alleviate this situation, the banks continue to make it next to impossible to get assistance in a timely, honest, and favorable manner. Foreclosure is a lose-lose situation for all and I wonder if they have and or are receiving TARP monies, saying they are suffering losses; why would they continue to exaggerate those losses by continuing practices that are unnecessary? A modification should allow the banks to recover any past due monies, and if done properly the bank should not suffer any loss on accounts receivables. Even if they did lose a small percentage of the monies, isn’t that what the taxpayer’s monies were for “to clean up the toxic assets”? I have to wonder, with all this foreclosure business…could these foreclosures be the “toxic assets” they speak of…all SELF CREATED and By DESIGN? There must be some reward for this behavior!
In closing, I request BB&T supply me:
• With an exact accounting of legal fees, before and after April 14, 2009, broken down to hours, minutes, and any subsequent associated court fees.
• Interest due
• Late fees or misc fees
• A copy of the full appraisal done
One Final question: Is anyone out there overseeing the way taxpayers monies are being used, and are there any rules imposed on the distribution of these TARP monies? Why should I pay all of these inflated fees when this modification has been requested since November 2008?
CC: Hutchens, Senter, & Britton
President BB&T Bank/Dixon Whitworth, John Williams,
Kelly King, Fed Reserve of Richmond, Jeff Nichols, PR…BB&T
Rep. Kay Hagen
US State Senator Richard Burr
Rep. Carolyn Justice
Head of Finance Committee Washington, DC Rep. Barney Frank