Foreclosure and Loan Modification Blog

5 Bank of America Loan Modification Problems This Year

[fa icon="clock-o"] Monday, August 5, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] bank of america loan modification, bank of america loan modification problems, bank of america foreclosure

It's no surprise that Bank of America has been taking advantage of homeowners for years. Now that we past the halfway mark of 2013, let's look at a few Bank of America loan modification problems that have come to light this year.house-fraudclosure-problems

(image source: 4closurefraud.org )

1. Bank of America still foreclosing on the wrong house

Unfortunately, now that the foreclosure crisis has been in full-swing for several years, we begin to think that the Big Banksters know to to handle a foreclosure lawsuit. In all judicial foreclosure states there is an exact structure entailing how and when a foreclosure lawsuit can be brought against any defendant, and still banks are taking homes from the wrong people.

Throughout the foreclosure crisis, more than 700 military families were wrongfully foreclosed.

2. Bank of America makes up their own regulations.

Last month we featured a story about Bank of America representatives lying to our attorney about requirements for a deed-in-lieu of foreclosure on an FHA-backed loan. Even after attorney Alex Pearlberg called FHA to review the exact rules with an FHA representative, Bank of America refused to budge.

3. Bank of America paid their employees bonuses to foreclose on homeowners!

You may have already read this story, you may not have -- either way, it's sickening. Bank of America accepted government money to help homeowners and from the get-go, set out to undermine the Making Home Affordable Program. Former employees have come out, in sworn affidavits, about the unscrupulous practices on the inside.

"Bank of America routinely denied qualified borrowers a chance to modify their loans to more affordable terms and paid cash bonuses to bank staffers for pushing homeowners into foreclosure." bank of america loan modification problems

Perhaps most frustrating is that news media, Bank of America, and the U.S. Government have been saying all along, "Call your lender, they will help you." Now it's more clear than ever that homeowners have been strung along and deceived.

4. 2,215 (and counting!) Bank of America complaints on ConsumerAffairs.com

Bank of America isn't our favorite mortgage lender, to say the least. Among the over 2,000 complaints on Consumer Affairs are issues with loan modifications being denied, trial loan modification payments being refused, and my personal favorite: the loan modification denial letter that came THREE MONTHS after the loan modification was made permanent.

Stores of "the investors denied my modification,"  "these harassing phone calls continue," "send more paperwork," and "they have done nothing but give us the runaround," are all over the pages and pages of Bank of America complaints they have listed.

5. Bank of America lost $27,000 and foreclosed on a a homeowner

In this story out of San Francisco, after acknowledging receipt of one homeowner's $27,777.85 cashier's check, bank representatives "lost" the check and proceeded to foreclose and take the family's home.

"I was forced into this," he said as he cleared the furniture from his home. "I had no other choice."

Although Bank of America has implemented new programs, including the the Hope Loan Portal for loan modification requests, they are still causing undue hardship to many Americans. We are proud to say we have defended many homeowners against Bank of America, and continue to do so with positive results.

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Jake Sterling

Written by Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

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Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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