I may be going offline in a week or two for a time.
I received a foreclosure notice from Bank of America about three weeks ago.
So why this word “trust” in the title?
Because I’ve been working on a loan modification for over 18 months, and it’s becoming very apparent to me that BoA has no intention of working things out. Let me give you two examples.
Example one, today. I got a phone call from the BoA team that informed the house was still under foreclosure. “What about the foreclosure freeze?” “It’ll end November 1st.” Wait, what? See, in Georgia they can only sell the house on the second Tuesday of the month. They announced the freeze just after the first Tuesday of October, and they’re telling me (but not the press) that they’re going to end it on the first Monday of November — meaning the sale isn’t delayed at all. But I was speaking of the home workout.
(following is paraphrase)
“I’ve got a loan workout in progress.” (they check)
“You’re missing documents. You don’t have your bank statements.”
“Three months ago I sent them in for the third time, and was told everything was complete.”
“They’re not. You can’t send in internet printouts, you have to send the ones you got in the mail.”
As I just noted I sent them three months ago and was told it was complete. And for the past three months, right up to the last time I checked (last Thursday) they were still at the reviewer. For three months everything has been fine, and suddenly they’re not only not fine we’ve backed up a step.
But I said I’d do two examples. We’d done everything and received our final document for signature in January. There was one tiny error – my wife’s name was misspelled. Odd, since the security deed from which they’re working has it spelled correctly. I called and asked if they’d send another. No, I just needed to line through the name and correct it, with both of us initialing the change, and I needed to include a statement why the change. I did so, we both signed it, I put it in a FedEx envelope, and we followed the tracking till it got to BoA.
In March I received a rejection of the loan modification. Two reasons: it was late, and a unilateral change had been made on the contract without getting approval from BoA. Yeah, read that again and look above. “Nobody should have told you that, you should have requested and received a corrected document, and besides, our records show that spelling as what’s on the title.”
If this were a judicial state, by the way, that would be enough to challenge the whole issue of foreclosure on the question of where the note might be. It would be enough to do so in many other non-judicial states as well. Here in Georgia it’s not enough. Servicer can proceed. Trust me, I’ve asked.
It’s quite apparent BoA doesn’t want to do a workout, and will reject even due to its own mistakes.
I expect to lose the house – I’m rather resigned to it, actually. Angry, but resigned. But I will never trust any of the banks that are involved in this mortgage mess again. I cannot trust them to act in good faith.
I suspect I’m not alone.
I’d like to add my inevitable digression. Just a question, for those who are paying faithfully into their mortgages. If the banks have lost all these deeds and notes, what makes you think they have yours? Remember you cannot trust their word. Perhaps you should, while you’re in good standing, make sure the document exists. You know, so that when you’re supposed to be done you get clear title to your home instead of a questionable Lost Note Affidavit that is insufficient to register with the county.
Bank of America. JP Morgan and Chase. Citibank Group. Wells Fargo. Deutsche Bank. Those are the top five, all five have been caught using robosigners, and all have been claiming tens if not hundreds of thousands of mortgages are lost. I will not trust any of them with my money any more.