It Is Clear Bank Of America Is In Support Of Investors Not It's ConsumersA

I have not written in awhile, it can be depressing constantly writing that I still have no answer and am supplying all my financial documents timely and efficiently in hopes for a successful mortgage modification.
I also do my best not to read any news about the current mortgage modification process and specifically anything about Bank Of America. It is even more depressing, there are so many reports about families losing their homes after a long await for a modification even when these home owners are just as compliant as myself.
So the bottom line is there is no rhyme or reason as to who gets a modification and who does not. I have received mortgage statements from Bank Of America asking for late payments at the original payment which in my case is a principle and interest payment only. Not including any taxes and insurance. From what I have been informed by my HUD Counselor Andre, I qualify for the HAMP because specifically the taxes and insurance take me above the 31% debt to income ratio among other requirements that I meet. And I have said time and time again to Andre, to Wilshire the previous note holder and to Bank Of America, let me make the payment just modify the loan to include the taxes and insurance... This I agree I can afford! Why is this taking so long? is the Banking institution really holding the note and extending a mortgage modification in order to reap the benefits of late fees? According to Yahoo Finance's posting on December 27th at 08:08 am EST written by Gretchen Morgenson who writes about a young couple Robert and Amy that had the rare positive results of a mortgage modification. Gretchen writes about "some who are prospering from foreclosures, loan servicers can charge lucrative fees when pushing borrowers into foreclosure so there is little to no incentive to modify any mortgages when the outcome is financial loss in income from fees. so the reality is that the HAMP is INEFFECTIVE! I repeat INEFFECTIVE and this is according to the Congressional panel..."
Again I ask you the people what are we going to do about this? I for one will not be quiet. I will talk to anyone who will listen and will help anyone that I can.
This past Saturday I received another late payment statement only this time it was asking for a much larger payment $2878.28 to be exact. What did Bank Of America just pop this number out of a machine? This is so random, where did this number come from? My past monthly payment was only $1464 and now I am billed
an amount that makes no sense. I was never called, never contacted via mail or otherwise. No explanation just a statement for $2878.28 it also states a negative escrow balance of $12,307.21 which by the way I was paying my homeowners insurance through my insurance company but Bank Of America cancelled that. Andre told me that is so they can sell my home if need be! So does Bank Of America want to help home owners? NO
The statement also showed a past due amount of $35,463.50 now Andre assures me that's nothing compared to some of the numbers he has seen and has still been able to get modified. So I am hopeful. But what of this amount has been added on since I have been "in review" for a modification? This is exactly what the article I speak about on Yahoo Finance is talking about. Why do we have to pay the late fees that accrued due to the banks poor processing of our modifications?

Trying To Get A Home Modification & Having To Start Over!

This past week I received two separate packets from Bank Of America. Both appeared to have been automatically generated and mailed. By that I mean there was no letter written personally to me that was clear as to why I was receiving a packet not once but twice. With a generic letter saying If you are interested in being considered for a Bank Of America Home Modification or to be considered for the HAMP program to follow the instructions and complete the documents supplied and return with all supporting financials. When I received the first packet I contacted Andre who chuckled when I said no to his question of did I fill it out? I had dropped the packet off to his office. I was a bit perturbed with Andres response since common sense tells me not to waste my time with paperwork I'm not even sure is necessary yet. Right? I reminded Andre that Bank Of America had all of my financials to date and that nothing has changed except for my auto insurance up by like only $50 or so. Andre said he had all the information in my file and would call BOA the following day and get back to me. I of coarse would complete anything necessary to get this moving. Well two days later I did not get a call and I received the second packet, exactly the same documents inside but this one had a return Fed Ex packet. So I call Andre and we meet the next morning complete the documents and provide all the financials requested. We do this because according to Andre it is not uncommon that I would receive an automatic computer generated packet. And that it is essentially better safe then sorry so follow the redundancy and complete the packet...
Andre has been working with a different department assigned to his company Sacramento Urban League HUD Counseling and said that he has had good results so far and a fairly prompt response when working with a regular bank modification (non HAMP). The HAMP still is taking too long. So many of the banks are offering "inside modifications" and this is comparative to the HAMP or in some cases better. I am hopeful to get a response toward the end of February. But I'm not going to hold my breathe.

Is Suing Bank Of America The Answer?

I am so frustrated and angry at Bank Of America and the Corporate machine the bank is all about. Clearly it is an institution which the sole focus of making money for it's share holders. And do you believe it those shareholders are crying foul and expecting the public to view them as victims also! read about it here Really!? I say no way. The Shareholders, The Investors and everyone who had a hand dealing with mortgages. From solicitors to closers everyone is under the umbrella of the code of ethics. Now let's enforce this code and hold them accountable. If anyone is going to invest there hard earned money into something, anything they should understand and know what the legalities are behind their investments.

I am so angry with how American Citizens are being treated and families are being discounted like spoiled food in a refrigerator and thrown out because you can't serve it up to eat! I haven't the words appropriate to share that are not clearly said just to hear myself expressing the hostility I feel towards "the system"...
Enough rambling. Below is a copy of my email to Andre my HUD Counselor that was emailed just before this post.

email;
"Hello Andre, I stopped by your office today and left a packet with the Receptionist. I received yesterday a Fed Ex packet from BOA. Probably a computer generated marketing ploy. But it sure made me angry. My biggest fear is that I will end up like so many others you hear about that have been told their information was never received or was lost. And the homeowner ends up having to constantly fax and re fax information only to end up foreclosed upon. I am wondering why after being in their system for a year and never getting any contact or response to my inquiries with any substantial information other than "all my information is up to date and nothing more is requested at this time" which I know because I am diligently faxing in any updated financial information that might get my account closer to a modification. Why am I now getting letters in the mail? To me, this tells me my account information can not be updated in the Bank Of America system or I would not be getting letters from BOA that are soliciting something I have been asking for for a year now and at least a year with my previous Investor which was bought by BOA.

I ask you Andre who do I contact to straighten this out? What information have you been provided with so far? Is this common practice? I do not want to end up like so many having to provide documents that have already been provided..."

Phone Calls Are Of No Use

I am now not getting timely return calls from my HUD Counselor. I imagine he is swamped with his case load of homeowners in the same situation as I am. And I also imagine his phone calls to Bank Of America like mine are also not returned in a timely manner... All I can think is common sense tells me my HUD counselor has not received any response to his telephone calls either and therefore has no new information to provide me with.
I try not to read the news on home owners struggles with their banks as I rarely come across any positive out comes. I am reading things like the bank reneged on the agreement and foreclosed the home right under the homeowner who made all the agreed upon payments...
What are we too do? Suing has not made any welcome changes for the communities. Who will give us the help we need to take back the homes we have lived in for years or even decades?

Faxing Financials Diligently And Getting No Where.

When I have not posted to this blog for a few days it is because I have no news to update with. For now my life consists of weekly to bi weekly faxes of any and all financial documentation that I have or receive. I forward everything to Andre at The Sacramento Urban League HUD Counseling Center. I have started to receive monthly mortgage statements, I got another one in the mail yesterday. All I can do is fax to Andre and continue my prayers that with my due diligence and commitment I will eventually get a satisfactory modification from Bank Of America. I am as terrified as the next home owner in my situation.
Nothing makes sense, I read so much in the media, on other blogs, in the newspaper but nothing gives even a hint as to how we are all going to reap the benefits of the financial bail out. What I am reading is how "the investors need to approve the modifications". How "it must look good to the investors" when really I think why is the investors bottom line the deciding factor? Why if the government bailed out the financial institutions and are holding them accountable to providing homeowners with modifications. Shouldn't "the investors" that bought up mortgage bundles in droves hoping to capitalize on the homeowners long term payments also be held accountable? By not examining those bundles closely before buying they were telling other investors it's safe and lucrative follow my lead all they cared about was their bottom line and that they make money. This drove the market "Those investors" should also be held accountable and not be protected by our government. Bottom line is homeowners need to stay in their homes and the ones that need to take a loss if any should be the financial institutions and the investors. People that not only themselves but the community hold to a higher standard of education and understanding of long term effects for the global financial future of our country.

Still Getting Nowhere With The CEO Asst. at BOA

I spoke with Alicia Corosco yesterday and she had no information for me on my account. She did say she left a voice message for Colby Gilbert my account reviewer and that she has not received a call back yet.
I told Alicia that I had faxed copies of letters I received on Friday the week before from Bank Of America. One that looked like it was one of those automatic computer generated letters. It was an "important message from Bank Of America about my loan saying that if I was having problems paying my loan to give Bank Of America a call right aways so that I could consider several options 1. loan modification 2. repayment arrangements 3. deed-in-lieu 4. short sale/ payoff. Really are they serious!? And also on Friday I received a second letter. This one is a mortgage statement, yes a regular mortgage billing statement. I wondered if it would be to my benefit to mail in a payment and see if they would accept. But of coarse I fear never getting a resolution which would be a travesty and BOA would keep my payment...
Of coarse I'm angry that it is clear BOA is so disorganized and the departments do not communicate with each other that it is a waste of my time and theirs. Imagine the costs involved. BOA is paying out thousands to unqualified account "reviewers" that do not even know what their doing. If this were not the case why then are home owners still up in arms going nowhere, life on hold, unable to make important decisions while putting everything on hold awaiting the outcome of their future? A decision made my half a system half un educated people many of whom don't even live in America!?
At one point in a conversation with Alicia she had noted "maybe the investors had not made a decision on my account yet" who are these investors and why can't I speak with them? If Bank Of America is going to blame the hold up on "the investors" shouldn't we be communicating with them and hold them accountable?
I told Alicia I faxed copies of everything to Andre my HUD Counselor. This time Alicia was not so personable or professional. She seemed annoyed with my call Alicia told me " well Bank Of America is not going to stop what their doing just because you asked for a modification" I don't think she understood what I was asking. I wanted to know why a letter and bill would be generated when I was never in their billing cycle in the first place and that since being bought from my previous lender had been in "modification review" again Alicia was condescending and said "even if you ask for a modification the bank is not going to stop what they do" And this is the Assistant to the CEO! WOW doesn't that say a lot about the kind of people and there level of professionalism? Just who do these people think they are? I bet if they were in our shoes they would be just as desperate as the rest of us for answers.
I didn't even tell explain to her that my life is on hold until BOA makes a decision. I can not enroll in college classes, college is expensive these days and I need to know what I can afford to make those kinds of choices. I would like to purchase a used motorcycle ( a longtime dream) but of coarse that would be deemed a frivolous irresponsible purchase...
It seems the David Write lawsuit is not fearing any better.
Would standing out in front of the banks with huge picket signs naming names of those we spoke with that are getting us know where help?

Wrong Alicia at Bank Of America

My last post talked about Alicia the Assistant to the CEO of Bank Of America. After a bit of phone tag I finally spoke with Alicia yesterday and it is Alicia Corosco not the one named in the last post. i explained to Alicia C. My predicament and Alicia was very professional(maybe on the first call she was having a bad day. But at first she said she could not find my account as even being in a modification review. But then she finally did find my file. She said that there were no notes in my account stating that I have been reviewed and denied for any programs. She did state she was glad to hear I was now being reviewed for an in house modification as opposed to the HAMP. Alicia confirmed what Andre my HUD Counselor said which is that an "in house modification" is usually quicker and per Andre in some cases can be a better modification in terms then the HAMP. Alicia said that she would see if she could get more information on the status of my modification process "maybe the investors had not made a decision yet" And that she would get in contact with the third party helping me, meaning Andre. So today I spoke with Andre who said he has not received any messages or calls from Alicia yet. And all Andre could tell me is the same thing he has been telling me since I started working with him. Which is "he has not heard anything new yet, I am still in review, no new documentation is needed at this time and my sale dates has been postponed. I am hoping that with the actual complaint filed directly online with the bank as well as to the CEO bryan.t.moynihan@bankofamerica.com and the mention of the lawsuit that I support John Write vs. B of A lawsuit. I will get some finalization. Alicia at least was understanding of my dilemma and gave some comfort in that. I now await a phone call from anyone that will help me.