Bank of America story 12/10/10
In 2004 I purchased a cluster home in Woodstock, GA for myself and 16 year old son. We outgrew the home after about a year with my daughter coming a lot to visit so I thought, why not invest in a larger home to house the youth and rent out the cluster home.
So I invested in a larger home and rented out the cluster home. I had two tenants rent my home; one for a year, the 2nd one broke his lease in June (?)
We had been having financial difficulties and had to short sell my other home and were currently renting ourselves. We were behind 2 or 3 months with Bank of America and I thought maybe we could move back into the home and work something out. Sure enough when I called BAC in July they were happy to work with us as my husband had obtained a very good paying job and after spending time doing a financial statement, told loan modification was possible. The lady even gave me the new payment amount, which was great, we were excited!
We got to move back into a house we owned and I loved. So we went and occupied the home. I have documentation of the phone calls I made to BAC waiting on the package they were supposed to send me. I called about every 2 weeks for a while. Then in September it seemed our file got shuffled into another department. I would call that department, they had no record. I would call the original lady and she said the other department had the file. On and on. They kept telling me to wait.
Then I get a letter from an attorney house was scheduled for foreclosure October. I did get the original lady to get it cancelled at that time at least. Oh yeah, they called the other department The Hope Team. Right. The HOPE team said I should be getting a FEDX any time. That was in October. Checked back in November, nothing. I got tired of checking, thought I will sit here and wait.
Then in May I get a call from a BAC employee saying they wanted to send a notary out to my house to do papers. Now keep in mind, I never heard the details of the new HOPE deal they had worked out. And told BAC I wasnt signing anything until I knew what the details were. I was also told file had been sitting since Sept they were expediting the file and I should hear something in a couple weeks. Their records showed that loan was in a workout, so I felt relieved.
June get a letter from BAC saying loan modification agreement cancelled due to underwriting not approving. So we will have to start over with the process. At this time, my husband had to leave his job due to fraud there and we were self-employed with no guaranteed income, so I thought, they wont approve us now. And figured that was it.
June 11 got a letter from the attorney saying foreclosure on August 3. We had some income coming in that if BAC would have worked with us, we probably could have stayed in the house. Of course it had dropped in value and there was a 2nd mortgage on it of $45K. So BAC had a hefty amount of equity in the home even though its value declined some.
I had so much mental duress with the whole issue because now our credit was ruined to where we couldnt apply for a rental house; our income was not consistent, so honestly, we didnt know where we were going to live! I went on medication for my stress level.
Thank God we found a lenient landlord thru a friend that didnt ask any questions, just let us move in. A week before we had to be out! Now that I realize what happened, I would have fought harder to stay in the home as I didnt realize what BAC had done to many, many others. But in the mental condition I was in, I wasnt thinking straight. So thats our story and I want Bank of America to pay, pay back the many its has ripped off and caused do much heart ache to. To lose your home is an indescrible feeling! I am still not over it totally. But grateful I do have a roof over my head that is warm and not leaking. Robin PS If anyone knows of a class action suit starting in the state of Georgia, please contact me!!
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