Bank of America Mortgage Complaint

Bank of America Mortgage department,

FHA mortgage Loan modification,collection,foreclosure New Mexico

We have not made a home loan payment to Bank of America ( our home loan carrier ) since -, -, and that payment was late ; for -. I was told by - - - - - that for $2400.00, we could stop making payments and get an amended or refinance for our home loan. So in -, -, we stopped making pmts to BoA. Several months later, - was shut down for operating illegally, and I found a non-profit corp. in our town to help us deal with BoA on saving our home. A few things contributed to our inability to make the 5 % fixed 30 year payments of - $ - ( incl. late fee ) - a death in the family and a forced early retirement for me. We had about $ - in other debt, which ( with help ) - got settled with each lender for ~ - total and then built up a $ - savings toward a new home-loan modification, and worked to pay off the final -, which is


would increase when the - payments started to arrive each month. We could easily save our home, but BoA said they did not have a program to make adjustments, or have a balloon pmt due later, or whatever we could have done, so i worked as hard as i could to get all other debt down, and prepare to make much larger home-loan payments. - The thing is, for the previous 20 years, I had always financially prepared for any financial hit, such as happens to almost everyone at some time ; Loss of a job, or death in the family, etc.. I had an old radio/junk collection, as an inventor, just glancing at parts & pieces of it would inspire me for electrical/mechanical design, product designs, style.. Well, weeding that collection out on - could always get us thru the rough spots when unforseen bills would arrive, etc.. But, when the Banks ( BoA, etal ) threatened to crash the - economy if they did not get their - emergency loans in - -, and our economy went into a tailspin anyway ... It was MY credit rating that became affected, not theirs, and the - market collapsed too. I stopped under that situation and burned out. In -, an application to BoA for loan mod included $500.00 sales in - weeding out of junk, so that after expenses, $ -/month more was available, and from -, - to - -, I proved I could do that, while weeding out my collection of - junk. I could show BoA that i could do that, but they never asked for my records, and so then, in - -, my mom gifted me $ - for 18 months, payments to help us qualify for a loan mod. & signed a letter to that effect. BoA wanted her financials with only # - & # - pmts remaining. There was so much foot-dragging by BoA, but I just kept my mouth shut and hoped for enough delay that our - pmts would arrive before foreclosure time, and they did, but the delays kept being. In all the time we have tried to deal wht BoA thru our local legal non-profit, they would accept to review the case, but would try to engage us, and did -3 times ), by going around the - to dealing directly with my wife & I. Everytime we sent in a new application that showed an improved financial picture, BoA sat on it until the bank statements needed updating. Delay delay, .. But, that dual avenue approach was not right. IT was also very stressful. My wife and i are now separated and I '' m still trying to same the home for her and our daughter. It has been a long & stressful 5 years, but now BoA is selling the complete file to - Bank, and all this time, they managed to not lower our 5 % fixed loan to easily under 4 % any time in the last 3 yrs, and we will be fleeced for every last dollar while BoA takes their profits all the way to themselves.