We received a letter in the mail saying that we qualified for a new loan under the new Obama legislation. We were a little leary at first, especially the "upfront" cost of $3500, but what we checked out seemed really and we truly believed that they were legit.
My husband and I are both in education and needless to say, money has been tight. This opportunity to save $1,000 per month on our mortgage would have been a huge relief. They had us fax over several personal documents and told us that we would have a low interest rate of 2.5%. The strange part, which did send up a red flag, was how quickly we had to wire the money, but knowing very little about this new program, we believed them. They also told us that it would only take 30-60 days and that we would be skipping a mortgage payment, so like fools, we didn't pay our mortgage. For the first time EVER we have a late payment and now our credit is SHOT for 7 years!!!
I couldn't believe how similar our story is to the stories that have been posted on this site. We too were given an appointment for an appraisal, that later turned out to be a "drive-by". When my husband called to confirm with John, he said that it had been done, which happened to be minutes after I had left for work? Really??? That's when I knew we had been had.
I called Bank of America and tried to file a claim for fraud, but because I wrote the check and requested that the money be wired (based on CSFA's Escrow Instructions), it is labeled a scam and there is nothing they can do. I did find out that their accounts are still in tact, so they haven't skipped town YET!!! They are REALLY good and they are stealing THOUSANDS OF DOLLARS!!! BofA recommended that we file a police report. Which is what we plan to do. We need EVERYONE to file police reports to stop this from happening. We desperately need our money back so that we can get back on track with our mortgage.
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