I know EXACTLY what that MODIFICATION CONTRACT from Countrywide and the cover letter look like and say. I have my own personal copy that was also dated in February with the April 1 as the start at the new lower rate.
They never have denied GETTING my package, they just refuse to implement it. I know of at least one other of these contracts where they quickly honored the contract when they saw the lawsuit.
In my case, the added to the mischief by transferring the note to Litton on the very day my new payments were to start. Litton would not take the lower payments. I had been in contact with BofA/CW and had been ASSURED that the mod was 'mine'. I was even initially assured by Litton that they would honor the contract. Now they won't. Employees with BofA have said there are many of these 'refused without reason' contracts. They also say that transfers of notes should not be allowed to occur while there is a mortgage modification contract 'on the table'. I wonder if there is actually any rules about this practice. Looks like regulators may have another loophole they need to close if not.
Certainly the failure to notify is just part of the legal issues. They are also breaking basic CONTRACT LAW.
The first you get any notice from BofA/CW is if you try to make payments according to the agreement. They wait almost 90 days and then want you to pay up all the difference.
The ones that they transfer? Litton seems to have that all cooked up in advance that they will not work with you and you are on a fast-forward to the foreclosure line.
That also means you have grounds to sue for damages since in that nearly 90 day (or more) period, you typically have made other monetary decisions based on the assurance of having a modified mortgage contract.
These contracts are the ones that were issued to comply with the SETTLEMENT agreement CW made with 11 state AGs after CA AG Jerry Brown sued CW.
MI has already forced BofA to honor a modification contract. I know of an additional mod that suddenly occurred after being denied when a law suit was served. Again it was one of these modification contracts based on the settlement.
I have already contacted my state's AG office. Jerry Brown's staff say mine is the first complaint they are aware of that claims a breach of the settlement agreement has occurred. That plus a NUMBER of new charges can be brought. Given the following: 1) that there are MANY of these dishonored contracts, 2) that BofA has NO valid CONTRACTUAL REASON to dishonor them, 3) that BofA DOES KNOW about them (stories to the contrary are more of their lies) and 4) yet BofA refuses to honor the notarized contracts issued by CW. That all spells out INTENTIONAL FRAUD on top of BREACH of the Settlement agreement.
Litton, bless Larry Jr's little pea-pickin' sole has failed to comply with the new state laws regarding what they have to do in attempts to work out a modification PRIOR to filing any NOD. The NODs now must STATE what they did to comply with the law also. I don't know if they intentionally disregarded this so that I'd spend money on the lawyer sending them notice of their legal GAFF. I believe that the improper filing of the public notice is only going to add to the the ire from the AG's office.
The AG out here is coming down hard on the fake mortgage mod cottage industry.
I'll bet the AG will not like having CW/BofA thumb their nose at the settlement agreement, nor Litton thumbing it's nose at the new law.
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