MISLEADING LOAN MODIFICATION.
Complaint
Demetris Aspromallis
Country: United States
On or about May 25, 2010 I called BAC Home Loans to learn if I could get a modification to lower my payments. I was told that I was eligible for loan modification and I agreed to participate in the “Home Affordable Modification Program” (I was never told that BAC Home Loan is a participating servicer for my lender), which is a federal program introduced by the U.S.Department of the Treasury to assist at-risk homeowners restructure their mortgages to avoid foreclosure.
I spend months feeling “harassed,” “like a yo-yo,” and “blocked at every turn.” When I called BAC the information I received over the telephone often conflicted with written statements or prior telephone conversations. In many of the telephone calls BAC spun me in a labyrinth of transfers from one department to another and back again. I spent hundreds of hours on the telephone, explaining my stories to different person each time I called; often I was transferred between departments knowing I would never speak to the same person again, and wondering if the information I was provided would be contradicted by the next person I spoke with. Often, I requested to speak with supervisor or manager was met with resistance. During the course of telephone calls I often found myself disconnected after waiting on hold to speak to a supervisor, or I was told that no supervisors were available. I was asked to send and to sign the same documents three, four or even five times, and I asked to provide the same information repeatedly.
After almost 6 months On January 27, 2011 I received a letter telling me that they received my documents. Two days later on a letter dated January 29, 2011 stating that I was not eligible for a home Home Affordable Modification because I was current with my Mortgage Loan, although I already send a hardship and told that in order to be eligible for Home Affordable Modification I have to be current with my payments.
After that I began having difficulty making my mortgage payments. I made some payments on time, sometimes made partial payments and sometimes missed payments. BAC misapplied some of my payments even refused some of the payments I sent, and the result was to report me as delinquent to the credit agencies. I continue to applies for a Modification only to spend more months being shuffled through BAC “Home
Retention,” “HOPE”, departments with no resolution. I was assigned multiple
“Negotiators” who would not return telephone calls, or provide timely information.
I sought out face-to-face interviews by contacting Bank of America branch office, but simply found myself on speakerphones with the same unaccountable departments that had previously been providing them with misinformation by telephone.
On August 24, 2011 I received another denial the reason this time : “The workout assistance you have requested is not an option”
This event caused me a great amount of stress, over the course of my dealings with BAC, I suffered anxiety attacks for which I sought medical treatment and I am now on a medication.
As of today I received no help. Only to have a serious delinquency shown on my credit report.
I spend months feeling “harassed,” “like a yo-yo,” and “blocked at every turn.” When I called BAC the information I received over the telephone often conflicted with written statements or prior telephone conversations. In many of the telephone calls BAC spun me in a labyrinth of transfers from one department to another and back again. I spent hundreds of hours on the telephone, explaining my stories to different person each time I called; often I was transferred between departments knowing I would never speak to the same person again, and wondering if the information I was provided would be contradicted by the next person I spoke with. Often, I requested to speak with supervisor or manager was met with resistance. During the course of telephone calls I often found myself disconnected after waiting on hold to speak to a supervisor, or I was told that no supervisors were available. I was asked to send and to sign the same documents three, four or even five times, and I asked to provide the same information repeatedly.
After almost 6 months On January 27, 2011 I received a letter telling me that they received my documents. Two days later on a letter dated January 29, 2011 stating that I was not eligible for a home Home Affordable Modification because I was current with my Mortgage Loan, although I already send a hardship and told that in order to be eligible for Home Affordable Modification I have to be current with my payments.
After that I began having difficulty making my mortgage payments. I made some payments on time, sometimes made partial payments and sometimes missed payments. BAC misapplied some of my payments even refused some of the payments I sent, and the result was to report me as delinquent to the credit agencies. I continue to applies for a Modification only to spend more months being shuffled through BAC “Home
Retention,” “HOPE”, departments with no resolution. I was assigned multiple
“Negotiators” who would not return telephone calls, or provide timely information.
I sought out face-to-face interviews by contacting Bank of America branch office, but simply found myself on speakerphones with the same unaccountable departments that had previously been providing them with misinformation by telephone.
On August 24, 2011 I received another denial the reason this time : “The workout assistance you have requested is not an option”
This event caused me a great amount of stress, over the course of my dealings with BAC, I suffered anxiety attacks for which I sought medical treatment and I am now on a medication.
As of today I received no help. Only to have a serious delinquency shown on my credit report.
Comments
I did all the help programs,...i didnt qualify, they basically stole my house back,...and ruined my credit in the process.. they are [***] indeed.
on the lady on escrow acct. thats easily corrected. talk to their escrow dept.
never made a late payment...
we both lost work because of the economic crisis in america....
we went through the "loan mod" process and were told we qualified....
after months of jumping through their hoops and over their hurdles they finally
sent a letter stating congratulations!
here's your loan modification:
but they didn't lower the interest rate....
they didn't put the delinquent payments on the back end...
they didn't help by lowering the balance...
they actually UPPED the mortgage payment and demanded a check to bring the loan balance up to date!
too bad we couldn't afford to retain legal representation...
i KNOW they were just setting us up to foreclose...
so with all the equity we had...
and love of our home and location...
we ended up having to do a REVERSE MORTGAGE just to keep our home!
i think we got away from the evil bank just in time...
but i guess i shouldn't complain....
we're still here where we always wanted to be...
while so many americans have lost their homes after doing business with this bank...
beware!
You can find many consumer reports on how smoothly they are going through.
Their refis have been sailing through smoothly, about 30 days.
Don't forget BOA is being sued by the government for a billion dollars because of the Freddie Mac and Fannie Mae mortgage fraud, so we may eventually see BOA's demise! The government needs to make an example out of them!