February 4, is a day that Angie and Mark Garcia will never forget. That's the day Bank of America sold their triplex on the steps of the countycourthouse. Angie and her husband Mark worked hard since they got married back in 1996, saved up some money and bought a cute little 3-unit apartment building in theoutskirts of Los Angeles. It was their children's happy home for fifteen years, and was also to serve as the family's income legacy for future generations.
And then, the mortgage crisis hit. They lost two renters in late 2008 due tothe recession, which tanked almost $3,000 of their income. They couldn't findemployed renters to fill the units for almost a year! Then, Mark lost his jobat the aerospace plant. For the next two years it was touch and go and month tomonth. Luckily Angie made a good living as a bookkeeper for a Hollywoodagent, and held things up... But things were still very uncomfortable.
But the Garcias didn't give up. They had a good credit score, paid all theirbills on time, and were very bright-eyed and hopeful when they called Bank ofAmerica for help. Besides, they were never late on mortgage payments. SurelyBank of Americawould help them now, right? Bank of America put the Garcias on two trial payment plans spanning over 14months. It was never explained why they were put on a second plan, but at theend of the trials, they paid $25,000.
On December 15, Angie called Bankof America because the second trial plan had come to an end, at which time Bankof America told her to keep making payments until a decision is rendered.in the meantime, the Garcias were to send in yet another round ofdocuments... For the fifth time this year. During that conversation, Angie wasnot given a deadline in which to send in the documents. Bank of America, however, actually attached a deadline of January 5. What happened next is the subject of a civil suit that was filed inFebruary, in Los Angeles County Superior Court.
Mark Garcia was calledaway out of state on a job that he needed very badly, and was not in a placewhere he could fax in his pay stubs that Bank of America required. Once hearrived home, Mark and Angie immediately set about to fax in the 50-pagedocuments package to Bank of America. The documents were received by Bank ofAmerica on January 12... Exactly seven days past the deadline.
Of the incident, Angie said, "B of A never gave me a deadline. If thatwere they case, don't you think we would have moved the earth, sun and moon tofax them in?!" Angie called Bank of America on January 16th to make surethey received the faxed documents. She was told, "Too late. Your documentswere due on January 5th and there is now a sales date attached to your propertybecause you were seven days late sending us the documents." Angie had abreakdown that day and couldn't go to work.
Mark called Bank of America and demanded more information. This time Bank ofAmerica's answer MORPHED into yet another reason for the foreclosure. "Wedenied the modification because your mortgage is too far gone and cannot besalvaged. "To this Mark asked, "Wait a minute! I thought it was because we wereseven days late faxing in documents! And furthermore, what happened to the$25,000 in trial payments we paid you over the past fourteen months? Didn't youapply that to our mortgage account?"
Bank of America's answer to this question was a bunch of indecipherable, over-the-top gobbledy-gook designed specifically so that no one couldunderstand ever it. But no worries. Bank of America will get the chance toexplain it to the judge, later this year. No doubt, the investor took the$25,000 and ran off with it. The triplex was sold on February 4.
Okay, so why did Bank of America put the Garcias, and thousands of otherhomeowners on trial payment plans? An insider working for Bank of America cameforward last month and told federal investigators what really happens withtrial payments sent to Bank of America. If you've been sending trial paymentsto Bank of America, you may want to get some smelling salts, and sit down, because this could make you collapse!
The following is true, not just of Bankof America, but all banks currently accepting trial payments from homeowners. Here's what really happens to your trial payments:
Let's say your regular mortgage is $2,000 a month
Three month's delinquency of your mortgage is $6,000
Let's say your bank puts you on a trial payment plan at $1,500 a month
The difference between the true mortgage and the trial payment rate is $500
Now, take this $500 and multiply it until it equals $6000... Which is 3months of your regular mortgage
The bank took $500 out of every trial payment until it equaled $6000... Which is 12 months
($500 x 12 = $6000)
They paid the investor each month, to keep them quiet sothe investor or would not sue the bank. Now, because you were "short $500" on all your monthly paymentsover that 12 month period, you are now naturally delinquent on yourmortgage... And you will never be able to catch up. Thus, the bank now has theso-called legal right to sell your property. After all, you've been short onall your payments for a whole year!
Because the banks have been misappropriating trial payments this way, homeowners everywhere became severely delinquent on their mortgages, even thoughmany of them were NEVER DELINQUENT BEFORE... Like the Garcias!
A year ago, homeowners thought this mortgage nightmare was never going toend. But now, law suits are erupting all over the country. Washington certainly hasn't helped anyone, so homeowners are fighting back on their own... And guess what... They'rewinning!
The Law Office of Kramer & Kaslow, Newport Beach, California, recentlyfiled massive lawsuits against all the big banks…Bank of America, Chase, WellsFargo, Citi, GMAC and IndyMac (theirs' must be made of brass), based on thefollowing violations:
1. Malfeasance (hostile, aggressive action taken to default the homeowner)
2. Statutory Violations
3.3rd Party Beneficiary Claims (that you never authorized)
4. Phantom Investors and Beneficiaries (that you never authorized)
5. Unfair Business Practices (breaches of "implied contract"... Ie: taking trial payment money and causing homeowners to believe trial paymentswere a pathway to modification)
The following are added foundational elements for the additional suitspending:
1. MERS (Robo-signing of documents)
2. Proof of Note (Failing to prove they own your note, thus, the right toforeclose on homes)
3. Proof of Funds (Patriot Act Violations)
So far, Kramer & Kaslow has 1,600 clients on the plaintiff list and thenumber is growing daily; such is the outcry against these banks. Further, assoon as clients sign up on the case, the attorneys file the classic Form 998 ontheir behalf. (Form 998 - Offer in Compromise.) Once the 998 is filed, lendersare literally STRAPPED and cannot foreclose on the property for the duration ofcourt trial.
Is your bank foreclosing on you? Run to your nearest real estate attorneyand ask them to file the Form 998. Or, if you 1) live in California, 2) your property is listed on theMERS (Mortgage Electronic Registration System? And 3) your loan is with one ofthe above-referenced banks, contact the email address below. You qualify tocome on-board this legal action, and we'll put you in touch with the attorneys.
Kramer & Kaslow's attorneys expect their clients could be awarded largesettlements, to the tune of about $50,000 per client for the above violations, and subsequent damages.
To learn more about the suit and how you can join, please visit:
Http://class-action-against-banks. Weebly.com/index.html
Then write: [email protected]
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