I now understand how people lose their houses, I have been off work, due to an injury, since Oct 14, and fell behind on mortgage payments, I have been trying to call them to make arrangements, they set up these phone appts, and don't tell you they have a 2 hour window to call, Well I had an appt. at 10am to make arrangements to fix this problem, while waiting, my short term disability guy called me and right about the time, I was wrapping things up with him, the lady from the mortgage company called, I didn't get off the phone fast enough before she hung up, I called right back, and I mean right back.....I was told I had to make another appt. ARE YOU FRICKING KIDDING, as the person I am, I started getting angry and started to cry. I don't understand how in 3 seconds they are too busy to take your call. I just want to fix this. I don't want any hand outs either, just a forbearance, which just tack those payments to the end of my loan. They say they don't want your house, but yet they make it extremely impossible to fix it. Sorry I just had to get this off my chest.
The real estate and mortgage loan system is broken, far as I am concerned. There is no one person who's job is to car about the individual. They don't want to take anyone's home bit they don't care enough to do much to prevent it. You have to fight through the system. Good luck. Hope you can reset the appt fast.
Unfortunately, you are but one of many thousands of people who are getting screwed by banks and if you think you are the only one frustrated by the arrogance of these banks, then think again. I am handleing a foreclosure matter on a pro bono basis for a Mexican couple who bought their house in 1992 and for 18 years without fail they made every mortgage payment, until, like you, due to a family emergency they missed two payments. They had been in contact with the bank the whole time and said they would make up the payments but before they could the bank filed a foreclosure action even though they had begun making the payments again and were prepared to make up the late payments. They tried everything in their means to cure the default and get reinstated and this went on now for three years and during all that time the bank has refused to even talk. I took over their case becasue they were getting hit by not only the bank and their lawyers, but also by their own lawyers who just charged them a monthly fee and did nothing. When I took over the case they had paid over $5000 in legal fees alone. Keep in mind that this was not a loan that was under water as the loan balance was only $24000 at the time the foreclosue started and the house is valued at $75000. The bank has now added on more then $28000 in fees and costs. Also, keep in mind that over the many years that they paid their mortgage and reduced the principal they also paid to the bank over $38,000 in interest alone. That sum is more then the original loan amount. On Monday morning, December 3rd I am going to a final trial on this matter and I can in no way predict what will happen but I will be embarrased for my profession if I do not win. The bank has been arrogant throughout. So much so that every attempt I have made to resolve the matter has gone unanswered and ignored. These banks and the lawyer mills that represent them in these foreclosures are the true terrorist in this country and to the OP I really hope that you have better luck in finding someone who can resolve your situation. The bank on the other side in this matter is Bank of America and its name alone is an insult to this country.
I do not understand the banks' eagerness to foreclose, and eager they are. They are even eager to foreclose on properties where the payments are up to date, and properties that are not theirs to foreclose on in the first place. There has got to be some incentive that I am missing. For instance, my late husband and I owned property in California. After he died the bank flatly refused to talk to me or to renegotiate the loan in any way. Had they been willing to do so, they would have received all their money. As it is, the man who eventually bought that particular property from the bank paid less than 20% of what was owed. Please don't misunderstand me. I was glad to let the bank take the California property. I am now in Missouri, and I like it here. But I am still wondering how it was advantageous for the bank to repossess that property and sell it for 20% of what was owed. I mean they couldn't wait to take it over. There has to be something I'm missing. Anybody here in the world of finance who knows?
Only thing I can think of is that they maybe get a tax break for the 'loss' that would outweigh the loss? I don't know tax law but it seems possible.
Wow, Bank of America! I heard their name mentioned today. I have a friend who just purchased a 'foreclosed' home in Tennessee. As soon as B of A found out that he was paying cash and not mortgaging through them, they tried to stonewall the sale. Only after the owner threatened going to the Tennessee Board of Realtors and my friend threatened to kick the agent's butt was the sale completed. At one time all of our accounts were with B of A. Their arrogance was the reason we no longer do business with them. Don, right on the money 'their name alone is an insult to this country'. I wish you and the couple that you are representing the best of luck on Monday.
Bank of America tried to foreclose on us...we've never had account with them...*cough* or a house. Neither did our landlord. Screwed up our credit report, and has happened to plenty of others who also have never even delt with them. I'd hate to see how they and their ilk treat those who actually do own a house.
