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Stories like this are becoming more and more common. And oddly enough, BofA is a name that appears in a lot of them. You'll hear about people who've already paid off their mortgages being foreclosed on or the bank getting the address wrong and beginning foreclosure proceedings on the wrong customer. I had one friend who sold her house just as the house was set to go into foreclosure. Long after the buyer closed on her house and moved in, the bank was still saying that they had begun the foreclosure process. It's funny how people say the government is too bloated to be efficient. Sounds like it's the banks who don't have a clue what each department is doing. Or perhaps they really do know, but just hope they can get away with squeezing people for more money.
Exactly, I think the banks know exactly what they are doing. We tried our darndest to get the bank to help and they just didn't care. They would not help us. I feel really bad for other people out there that are trying to do the right thing, BofA will only scr*w them in the end like they did us.
Stories like this are becoming more and more common. And oddly enough, BofA is a name that appears in a lot of them. You'll hear about people who've already paid off their mortgages being foreclosed on or the bank getting the address wrong and beginning foreclosure proceedings on the wrong customer. I had one friend who sold her house just as the house was set to go into foreclosure. Long after the buyer closed on her house and moved in, the bank was still saying that they had begun the foreclosure process. It's funny how people say the government is too bloated to be efficient. Sounds like it's the banks who don't have a clue what each department is doing. Or perhaps they really do know, but just hope they can get away with squeezing people for more money.
It's really not BOA that is the culprit. It's Countrywide's mess BOA assumed that's cause this. Thank Angel Mozilo and gang.
Same thing with Wells Fargo...not Wachovia mortgages but Golden West Financial/World Savings that causes many of the mortgage problems.
The reason you don't hear much from Chase/Bear Stearns mortgage problems is because when Chase took over BSC, the US govt assumed many BSC's mortgage liabilities.
Funny how I never had a single problem with BOA when I had their mortgage.
With that one person who accidentally got foreclosed one, that's a shame...crap happens in life. But there is more to the story. Many people get warning letters to their homes and they always avoid it/throw it out. Even if you are the wrong party address, you need to be proactive.
I've had court documents handed to me with my address...I quickly call the lawyer's office and say I am not that person. Problem solved.
That person got notice that their home was being foreclosed on months before. They just ignored it because they just "assumed" it was clerical error (which it was) but they never took action. Now it's a major mistake they got thrown out of the house, but they could have stopped the accidental foreclosure months before.
With that one person who accidentally got foreclosed one, that's a shame...crap happens in life. But there is more to the story. Many people get warning letters to their homes and they always avoid it/throw it out. Even if you are the wrong party address, you need to be proactive.
I've had court documents handed to me with my address...I quickly call the lawyer's office and say I am not that person. Problem solved.
That person got notice that their home was being foreclosed on months before. They just ignored it because they just "assumed" it was clerical error (which it was) but they never took action. Now it's a major mistake they got thrown out of the house, but they could have stopped the accidental foreclosure months before.
More blame-the-victim mentality. Why do you assume that the people who got notices ignored them or were slow to respond? If someone sent me a letter saying I was being foreclosed on or that I owed 100K, there's no way I'd just sit on that or throw it in the trash. The problem here isn't that people aren't taking action. They are. The problem is that the banks are deliberately dragging their feet, probably in the hopes that the person will just get tired and give up. If you think that all it takes is a quick phone call to clear things up, think again. You're lucky if you even get through to someone who knows what they're talking about. Most of the time, you'll just be passed along to someone else.
Exactly, I think the banks know exactly what they are doing. We tried our darndest to get the bank to help and they just didn't care. They would not help us. I feel really bad for other people out there that are trying to do the right thing, BofA will only scr*w them in the end like they did us.
Bank of America is now dumping any loan that "might" be looking for assistance over to GreenTree for servicing. You still owe the money to BOA, but now they have the attack dogs at GreenTree doing the harrassing.
More blame-the-victim mentality. Why do you assume that the people who got notices ignored them or were slow to respond? If someone sent me a letter saying I was being foreclosed on or that I owed 100K, there's no way I'd just sit on that or throw it in the trash. The problem here isn't that people aren't taking action. They are. The problem is that the banks are deliberately dragging their feet, probably in the hopes that the person will just get tired and give up.If you think that all it takes is a quick phone call to clear things up, think again. You're lucky if you even get through to someone who knows what they're talking about. Most of the time, you'll just be passed along to someone else.
This is SO true! When we found out we were being transfered and would not be getting per diem I contacted BofA immediately to try and find a remedy that would work for both the bank and us to no avail, but I kept trying. When we got a notice of default I contacted them again to see if there was anything we or they could do, again the bank said no. I would contact them at least once a week and every time I would get different answers, some would say we would qualify some said we don't, so we went ahead and filled out the paperwork anyway and sent it in, nope we didn't qualify. When we got the notice of foreclosure, I contacted them and told them we were in the process of a shortsale and I had a company helping us through that process, gave them the number. They didn't care, they forclosed anyway. We had been working for 6-7 months trying to get BofA to approve the Shortsale and in the end all of our work was for nothing.
They didn't care, they forclosed anyway. We had been working for 6-7 months trying to get BofA to approve the Shortsale and in the end all of our work was for nothing
What no one understands is the banks make more money if they foreclose on you. Let me repeat, the bank makes more money if they foreclose on you. The idiots in washington gave 100% guarantee on 99% of all these home loans with Fannie mae, freddie mac and FHA. No matter how bad the bank messes up, they are guaranteed their money by the us government. Worst mistake ever.
So you ask yourself why isn't the bank working with me? Thats why.
What no one understands is the banks make more money if they foreclose on you. Let me repeat, the bank makes more money if they foreclose on you. The idiots in washington gave 100% guarantee on 99% of all these home loans with Fannie mae, freddie mac and FHA. No matter how bad the bank messes up, they are guaranteed their money by the us government. Worst mistake ever.
So you ask yourself why isn't the bank working with me? Thats why.
I was wondering how long it would take for someone to blame this all on the government. Next you'll be telling us that the financial crisis was the result of The Community Reinvestment Act calling for loans to be issued to communities banks normally don't want to lend to, which of course is code for "it's the fault of minorities getting loans they shouldn't have because, you know, blacks and Hispanics are irresponsible with money".
Your argument falls apart given that most of the loans people took out weren't issued by Fannie Mae or Freddie Mac, but by private banks. The bad lending practices began long before Fannie and Freddie entered the picture. The real reason the banks don't want to work with people is because they have no incentive to do so. I'm a bank. I loaned you 200K for a house. Now that house is worth 100K. You lost your job, ran out of money, and can't pay back the money you owe me. I can take possession of your house, but since it's only worth 100K, I'm going to take a loss on that loan. Now multiple that by a 1000 and you'll understand why the banks are giving people the runaround. Cause they have no good solutions.
the financial crisis was the result of The Community Reinvestment Act calling for loans to be issued to communities banks normally don't want to lend to
Re: 399083453...lenders make money on a foreclosure, etc if your loan is backed by Freddie, Fannie, FHA...maybe. the big question is...are you paying PMI? if no PMI, why would a lender go through a FC rather than a SS especially if a SS would bring in more money...
Denny Crane...you gotta wonder if taking a loss, spread out over many years (if the lender drags it out that long) makes good financial sense to the lender? In our convoluted tax, which is even more messed up for businesses, corporations, etc, a lender may have a great tax right off for years to come....Sounds a lot like GE: major international corporation that hasn't paid US taxes in years and is actually "owed" money...after recording major profits? Yep, I bet GE's lending arm is righting off bad mortgages slowly but surely
I couldn't beleive it, we were almost done and they foreclose? Then I come to find out that the different departments have no idea what the other is doing. So the legal dept that foreclosed had no idea the shortsale dept was almost done approving the shortsale.
No they don't. There were things you could have done to prevent that, to protect yourself, but it really doesn't matter at this point. I wish you the very best as you go forward!
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