Bank of America Complaint - Nightmare of the loan modifiation process
DALLAS, TEXAS -- Last year we received a Fed Ex packet from bank of America home loans, at the time we were three weeks behind on our mortgage, due lack of work in the automotive dept. and to a custody case with my older son with lawyers fees, court cost, and paying for an ad litem, money was tight but we were still able to pay our bills just a few weeks behind, As my wife and I read through the packet it said that we were pre approved for a mortgage reduction for six months @ about half of our mortgage payment, then after that bank of America would try to work out a new or reduced loan for us, the packet claimed to help out during these tuff times if you were approved! Not knowing if we were already approved for this program or what this packet was really saying we contacted the number given to get all the information that we needed to confirm if we were already approved for this program at the reduced payment or not, also what actually happened at the end of the six months would we have to pay the other half back or what! The women we spoke to told us that we were already approved for the six months reduced payment, I asked her at the end of the six months do we have to pay the remainder of the partial payments back, she said no that we would be reviewed for another loan to reduce payments, I asked if we were not approved what then happened, she told us that the remainder of the unpaid partial payments would go to the end of our loans. To be assured before we accepted the reduce payments we went through the whole process again, she assured us that we would not be stuck with the remaining balance and that it would not make sense to do that if they would just charge us at the end of six months a large sum. So for six months we made payments to the rentention center address as told we would get calls periodically from bac, and we told them what program we were on and they stated that was fine to keep making payments as told and everytning would be fine, at the end of the six months we started receiving packets stating that our house was going to have the intent to foreclose if payment of all the past partial payments and late fees were not paid, Once again I called went over what we were told and once again we were assured just to go through the program and everytning would be fine. Seventh month came and we started to get calls like crazy from bac(bank of america) we told them that we were in the making home affordable program and were waiting to hear about what was next, they were threatining to foreclose and we explained what we were told at the time of excepting the program, we were told sorry you were told wrong that the loan modification was not garunteed and that if it was not approved that we owed the total remaining partial payments plus late fees, I asked when would we know if we were approved or not, bac stated that once the packet was received that they would review it and it would take 30-60 days, I told them that we never received a packet, bac told me that a packet should have been sent out, I told them we never received one and I would call fex ex to verify that we never received anything from them, they sent the packet in which my wife and I filled out got all the paper work needed and sent it back to the bac retention team, we continued to make are normal monthly payments at the initial terms of our loan, and every month were given intent to forclose papers with our loan payments, two months past and we called and were told that the paper work was at the underwriters and would be a few more weeks, that was the first week of September. I called at the end of September and was told the same thing that it was at the underwriters, I asked why we were still getting foreclosure papers and was told that they would not foreclose until they found out the decision of the loan modification. The beggining of November we received a packet from bac home loans stating that they did not get our tax records from the previous year after they stated they had all the paper work needed numerous times and that we would have to wait for the decision of the underwriter, I called to confirm this and told them that we were told that they received everything and that it was at the underwriters, the gentleman on the phone asked if we received two packets I replied yes both stating the same thing, he said it was a mistake that they were accidentaly sent out to everyone in the program, two weeks later we were called about the missing paperwork, I told the guy on the phone what we were told and he said to just send the paperwork in to be safe in case there was a mistake, after sending that info in the faxing that in the next day we received another phone call stating they needed another pay stubb from my wifes employer I told the lady that we would get one Monday because she is paid every two weeks, she said that was fine and to call her to verify that I sent it in, faxed the copy of pay stub on Monday and called her later to confirm that they received it, she said they did and that it would be a week or two and we would hear something, called after two weeks and told that nothing was decided it was at the underwriters still, got packet from bac stating that we would have a decission within 30 days, got call today saying that it was the last day before they continued the foreclosure process I stated that we were told that the process wouldn't start until we had a decissoin from the modification team, they stated that they would not give a sale date but could continue with the process. We have been lied to, have been run around, nervous and freaking out that we might lose our home, my wife had a miscarrige last month from all the stress and when we try to explain what we have been put through by bac to the people we are talking to they just say nothing was garunteed when you excepted this! I told then it doesn't make sense to take a parial payment then at the end of six months have to pay it back with late fees on top of that, how is that benifiting us, they tell us good luck!!
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