#bac home loans
I have been through 18 months of living HELL with BAC HomeLoans LP! AND I have documented the entire Sham with hours of recorded calls and a 3 inch thick file. They are shameless bullies and the abuse needs to be stopped. If anyone is interested in my story please contact me I would greatly appreciate the opportunity to be part of a Class Action suit against them. Corporate giants like BAC WILL take our country down if they are not exposed
I have a very well documented story to tell, and it’s lengthy, but if you’re interested, please read on. This is my personal interaction with BAC Home Loans Servicing. Like so many of you, our loan was with Countrywide, and later went to BAC Home Loans Servicing.
We were behind on our mortgage by 2 months when BAC Home Loans Servicing got ahold of our loan in May 2009. By June 2009, they had begun foreclosure proceedings on the house. June 4, 2009 I called in and spoke with a repesentative who told me that we would be able to do a partial reinstatement of our loan, only having to come up with half the full reinstatement price. He couldn’t give me those figures because they didn’t have them “just then”. They had to be ordered. Well, we ordered the reinstatement figures, which takes them anywhere from 7-14 days. And the darn figures are only good for 14 days. So by the time you get them, you have a matter of days or hours to pay it before they tack on more money!
I called back the next day and talked to a different representative, who told me we were lied to. We had to pay the FULL reinstatement amount in order to stop the foreclosure, or try to qualify for a loan modification. Well, the guy ran the figures we gave him up the flagpole, put us on hold for a few minutes, and came back on the line and said we qualfiied for loan modification. we needed to send in a hardship letter, copies of both mine and my husbands last 2 paystubs, our last 2 years tax returns, and copies of our bank statements for 2 months, plus copies of our bills. Well, they got all that information faxed to them the next day! Within 60 days (we are now in late July/early august at this point), we were called and informed that we were approved for a loan modification, and to expect a FedEx package in the mail. We were also told we had 10 days in which to review the agreement, and to send it back, signed and notarized. We got the package 3 days later. Inside was our so called “loan modification”. It was more like a repayment plan, but it said “Loan Modification Agreement” at the top. Basically what they had done was to keep us at our current interest rate (7.5%), hike our monthly payments up from $859.19 to $935.17, and tack one year onto the back of our mortgage. BAC also wanted up front funds to the tune of $877.17 to process the mod. They had us by the crotch at this point, so what could we do? Be foreclosed on? I dont think so.
We took the loan modification document to our bank to have it signed and notarized. We also had a cashiers check cut for the upfront funds. We federal expressed the package with the check and the document back to BAC. We did keep a copy of the loan modification agreement for our own records, and I’m glad we did. They cashed the check in 3 days, and took almost 2 weeks to “scan” the document into their system. Well, when you call to check on the status of the modification, you get a nice little recorded message telling you that they are working on your loan modification and to not call them back before a certain date, because they will not have any updated information until then.
Our first payment of $935.17 was due Sept. 1, 2009, we sent in $1000.00 the last week of September, and again for October, November and December of 2009. In January 2010, we noticed that our past due balance kept going up, and that we now had property taxes that were being escrowed on our loan. We signed, with Countrywide, a non escrow loan. Now, well, it seems we have property taxes escrowed. I also notice that the amount we owe in fees is to the tune of $3, 000.00. Every time we called in to speak with a representative, they tell you that your loan is still in the loan modification process. You’d figure from August 2009 to January 2010 was plenty of time to process a simple loan mod, but obviously not.
Well, we keep sending in payments, Feb. 2010, March 2010, to the tune of $1200. Then in April 2010 we get a call from a repsentative in the Loan Modification dept. saying she needed updated financial information. She took this information over the phone, thanked us for the information, and hung up.
In June 2010, after receiving payments from us for April and May 2010 ($1000 each month), we get yet another call from another representative that tells me the workout negotiator needs us to fax him all new information: a hardhsip letter, copies of paystubs, our tax returns, all proof of income, copies of bills, etc. I told her if this workout negotiator needed all of this AGAIN, he could sent me a written request for the information, I wasn’t sending them anything or faxing them anything else to possibly lose. I also wasnt sending anything to them at a verbal request. It had been a year at this point since we had jumped through hoops to qualify for this darn loan mod. Needless to say, a written request for the information never came, so they never got it.
In July 2010, the latter part of that month, they “cancelled” our workout/loan mod. Didn’t tell us they were doing it, never called never wrote us saying WHY it was being done. It had to be a surprise. WE had to call in and find out they had done this, and that now our loan had been accelereated, and showed over $14, 000.00 due. I asked the rep, on that day, where the heck all the monies we’d sent in were going, and she told me they didn’t show our first payment to BAC until Feb. 2010. They had gotten some $7200 from us from July 2009 up to Feb. 2010. where was all that money? She couldn’t track it down, so she had to transfer me to payment research. Payment research said it was sitting in a “Fees Due” account, and they were waiting until enough funds were sent in to cover my fees. meanwhile they fully intended on foreclosing on my house if we didn’t send them the $14, 000.00 to pull it outta the hole.
Well, they got $1800, and let the acceleration ride for another month. The next month, got another acceleration letter. Paid them $1800 more dollars. They let it ride again. This went on until December 23, 2010. We got our final acceleration letter that month. That month, they got another $1900.00. I called in and hounded the s#$t out of some poor rep that works there, and she found out why they cancelled the loan mod in July 2010. There was a note on their system, dated for 12/14/09, that said “error on loan modification documents. Must resend documents to homeowner to have resigned.” THOSE DOCUMENTS NEVER LEFT THEIR BUILDING. The rep could not see where they were ever sent out.
So here I am, with the fate of my home in their incapable hands. In January 2011, they got another $1800 payment. At the end of January, fearing they would foreclose on my home, I called them to make payment arrangements. I spoke to their Advocacy dept. (the only thing they advocate is taking people’s homes). A lady named Cathy asked me exactly how much I could put forth in “up front funds” that day, to set up payment arrangements. I told her we could put up $2200. Ok, that was agreeable. She told me our monthly payments, to get us caught up, would be $2653.87 for 5 months and that the first payment would be taken out of my bank account on Feb 9, 2011, and each subsequent month on that date for 5 months. She took my checking account information over the phone, experienced “computer issues”, and never finished the transaction. She told me, “I will have to take down your telephone number and call you back. I’m having some computer issues”. (which, for them, is quite typical.).
Well, I gave this woman 7 hours to call me back that day. She never did. I called BAC back and asked the rep on the line at that time if he saw a note where this woman was supposed to call me back. He said she did notate she was having issues with her computer, and would follow up with us at a later time. Well, today’s date is 3/10/11, and that woman has YET to call us back.
In February, I decided to take the bull by the horns and send them $2800. They cashed that check, waited about 2 weeks, and on 2/28/11, put my house BACK INTO FORECLOSURE. This makes TWICE!
We have hired an attorney that is damn good in these types of cases against BAC Home Loans Servicing, and this MERS bullcrap. MERS is listed as nominee on my mortgage. They have no LEGAL right to foreclose on jack crap. MERS was created by these major banks and Freddie and Fannie as a means to make recording an easier task. However, it seems to me that this is just another scam to screw the homeowner out of more money. MERS is run by the banks, for the banks. The banks are simply using the name MERS as grounds to foreclose on homeowners. MERS is the big banks (Fannie Mae, Freddie Mac, BAC, GMAC, etc.). The banks are hiding their dirty deeds and loan transfers, and transfers of ownership of your mortgage and note, under this MERS name. They are also using this sytem because the city/state/local/federal authorities cannot track their wrong doings, because of course, in order to use MERS you gotta be a member. it’s all a scam.