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Couldn't get past the advertisement on the article, but, you are right - the title and premise of the thread make no sense. A bank foreclosure of a mortgage doesn't just happen because the bank decides to send a letter. This sounds more like another "outrage of the week" -- which is long on outrage and short on facts.
It left out a lot of the details. The crux of the mater is BofA was required to offer loan modifications to people and played games like deliberately tossing paperwork and claiming never to have received it to avoid really doing it. My guess is she started making payments based on the modified schedule when in fact it never went through. Didn't she see the bills still reflected the original monthly payment?
However, yea slimy bank behavior pretty typical of many of the big banksters especially BoA and WF.
It left out a lot of the details. The crux of the mater is BofA was required to offer loan modifications to people and played games like deliberately tossing paperwork and claiming never to have received it to avoid really doing it. My guess is she started making payments based on the modified schedule when in fact it never went through. Didn't she see the bills still reflected the original monthly payment?
However, yea slimy bank behavior pretty typical of many of the big banksters especially BoA and WF.
Yes, tough to tell what actually happened from the article. Bank of America is a notoriously terrible bank though so I am inclined to side with the homeowner.
It sounds fairly cut and dried in the article as to what happened..
Quote:
Shibles said Bank of America sent her an offer she simply couldn’t refuse, the chance to modify her loan by as much as $600 a month.
“It was a godsend actually,” Shibles said.
It was part of HAMP or the Home Affordable Modification Program, required of the banks by the government after the $700-billion bailout.
In many cases it left the homeowners who applied worse off said Tirelli, an attorney who specializes in mortgage abuse.
Rather than streamline the loan modification process, several former bank employees testified they were actually encouraged to sabotage it.
Forensic accountant Jay Patterson serves as an expert witness in cases involving loan modifications.
“They send in paperwork, paperwork gets lost, they say they never got it, just keeps going on and on,” he said.
The end result? Homeowners like Shibles who were told they were approved, were months later told they did not meet the requirements.
Not only that, but they would have to reapply and were on the hook for the difference in the modified payment and the original mortgage.
“I’ve been lied to, I’ve been deceived. There’s no words to say what they’ve done. It’s been so wrong,” she said.
So, certainly seems that she was sent the loan modification paperwork, never got approved, but started paying the new payment amount.. Months (or years) down the road, the bank came back saying she was not approved, and she was on the hook for $600 times the number of months she had been paying less.. Didn't have it.. Foreclosure.
I sympathize with the woman, but the part that smells fishy is that the article makes it sound as if the bank mistakenly foreclosed.. They did not. I would think that the bank would work with her on a payment plan, but.. That's the part that's left out.
Looks like she sued Bank of America in US District Court in 2016, and the case was dismissed, so now she's trying again in the court of Public Opinion. She also didn't show up at the foreclosure hearing (NJ is a judicial foreclosure state) so BoA got a default judgement.
The agreement that BOA made with the Plaintiff was:
Quote:
After all trial period payments are timely made and you have submitted all the required documents, your mortgage will be permanently modified. Once you make all of your trial period payments on time, we will send you a modification agreement detailing the terms of the modified loan. Any difference between the amount of the trial period payments and your regular mortgage payments will be added to the balance of your loan along with any other past due amounts as permitted by your loan documents. While this will increase the total amount that you owe, it should not significantly change the amount of your modified mortgage payment.
The findings of fact by the Judge was that the Plaintiff had timely filed the TPP for the three months stipulated to by BOA.
What the Judge didn't find, or omitted from her finding of fact was that BOA did not hold the right to the mortgage to the property at the time the BOA entered into the TMC (Three Month Constract)with the Plaintiff, but did BOA did obtain acquire by 'value received' the assignment of mortgage from Greenpoint Mortgage who did hold the Plaintiff's mortgage until 7-6-2011, a copy of the assignment of mortage which was filed for record in the County of Cape May, New Jersey on 7-26-2011. Not ain't nothing but a reason to believe they intended to be the servicer of the HAMP contract too, or at least until they deceived the Plaintiff into making a payment in excess of the TPP amount since that would have required a re-evalution of eligibility. LOL
Here are the attorneys of record for BOA, they not only knew, well one did anyways, but should have known that they were perpetrating a crime by covering a criminal act which someone craftfully entered into the record so that by seeing they won't see and if they do all then all the credit will go to Heather cause they're a team. Secrets
WINSTON & STRAWN LLP
200 Park Avenue
New York, NY 10166-4193
(212) 294-6700 Heather Elizabeth Saydah hsaydah@winston.com
NJ Bar No. 033572005
WINSTON & STRAWN LLP
200 Park Avenue
New York, New York 10166-4193
(212) 294-4729
Stephen J. Steinlight
Attorney for Defendant Bank of America, N.A.
So if the BoA attorneys committed a crime (and I agree that BoA has history of bait and switch mortgage refi cases like this for a decade) then why didn't the judge call them on it???
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