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Florida homeowners have filed hundreds of loan modification complaints against Bank of America

Hundreds of complaints about Bank of America have been filed with the Florida attorney general over delays and cancellations in loan modifications.

Hundreds of struggling Florida homeowners have filed complaints with Florida Attorney General Bill McCollum in the past year about failed or stalled home mortgage loan modifications with Bank of America.

Angry borrowers, desperate to hold on to their homes, say they’ve made dozens of calls to their lender and spent months asking for a change in their loan terms, only to be denied or to learn that Bank of America revoked their loan modifications a few months after they reached a deal.

“I wrote letters to the governor, I called the bank every single month,” said Yvonne McBride, a disabled former state worker who received a loan modification for the Sunrise home she shares with husband Herman Acosta. But the bank retracted the deal – after, she said, she’d paid more than $9,200 to cover mortgage payments through next January.

“When they said I was noncompliant [with the terms of the loan] I said, ‘What?’ ” McBride said.
// Article continued below video //


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In the video, Mike mentions a government agency you can contact to complain, namely, The Office of the Comptroller of the Currency (OCC). Click here to read more about OCC agency and what it can do for you

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The Attorney General’s Office has logged 452 complaints about Bank of America, Florida’s largest mortgage lender, concerning mortgages and loan modifications. With its acquisition of Countrywide Financial last year, Bank of America had almost 82,000 mortgage loans outstanding in Florida worth $15.3 billion in 2008, according to National Mortgage News.

Next largest is JP Morgan Chase, which had almost 69,000 mortgage loans in Florida. JP Morgan Chase has 69 complaints on file at the Attorney General’s Office. Wells Fargo, which acquired Wachovia, has a combined 51 complaints on file and almost 57,000 mortgage loans in Florida.

The Attorney General’s Office is responding individually to those who complain, providing borrowers with information on mortgage fraud, the state’s legal settlement with Bank of America calling for foreclosure relief, and suggesting that borrowers contact federal regulators and local attorneys. The complaints are also being sent to the lender involved.

Spokeswoman Ryan Wiggins of the Attorney General’s Office said the complaints are being reviewed to determine the validity of the claims.

In Washington, the Obama administration has promoted its program to entice lenders to offer loan modifications as a key tactic to turn around the troubled housing market. The Making Home Affordable program – which says payments are past due on 3.1 million loans nationwide — pays lenders to offer modifications.

But borrowers in Florida have run into a logjam. Stories abound of loan modifications taking months or even a year to complete.

The complaints at McCollum’s office also include those from borrowers like McBride who say they completed a deal, only to have a bank revoke it..

McBride provided the Sun Sentinel with copies of notarized paperwork showing the loan modification process had been completed for her home. It took place in February.

Of McBride, Bank of America spokesman Simon said in an e-mail, “The loan modification had to be declined because the borrowers did not provide necessary documentation of financial information in a timely fashion, despite three contacts with a home retention specialist over a 12-day period.”

McBride said she doesn’t know what the bank is talking about.

Nicholas Gonzalez-Pardo has filed complaints with the attorney general and the federal agency that regulates national banks, the Comptroller of the Currency, over a similar story, saying Bank of America accepted his payments for six months for his home in Sebastian and then told him he did not qualify for a loan modification.

“I feel like I have nowhere to turn, the deck is stacked against me,” he said.

Source: http://www.sun-sentinel.com/business/sfl-loan-modification-103009,0,2675667.story

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

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Also get the latest foreclosure news around the country, read Q&As and other resources.

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Technorati Tags: home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program

Related posts:

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  4. New Florida law requires mortgage broker license to stem loan modification scams
  5. Florida loan modification company faces class action lawsuit

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2 Responses to Florida homeowners have filed hundreds of loan modification complaints against Bank of America

  1. Pat G on 11/03/2011 at 09:02

    ;} I used Universal Lending to execute a modification (FTC closed their operations for fraud), then had to do it on my own. I had a friend who offered to finance the home, but after three months Bank of America still hadn’t responded to multiple requests for payoff. We contacted the attorney in Monroe Louisiana who was handling the forclosure and was told they couldn’t get an answer either. They finally sent me a modification just days before my home was up for auction. I signed them and sent them back FedEX. Two days later I recieved another offer. I called and told them I had sent the package off, and was told that it contained an adjustable rate and they could get it waived.. It also added back interest of over $18,000 to the balance due of $118,000 making the total due of over $145,000. Since I was caught between the old rock and hardplace, I told them to go ahead with it and was put on a trial period. I fulfilled the period, (supposedly 3 months, but took over 6 months) and was sent a letter saying I qualify for the modification. The letter also in multiple places said they were preparing Agreement papers and as soon as I got them get them back in the time period stated. The wording actually was “to accept this offer, you will need to sign and return a Modification Agreement that includes the terms and conditions of the permanent modification. We are in the process of preparing your Agreement and will be sending it to you soon. Please be on the lookout for a package in the mail and return the Agreement to us by the requested date so we may finalize you loan modification”. I did not recieve them within 4 weeks so I called on and was told if not recieved by June 23, 2010 call back. I waited til June 23 and still no packet. I called and was assured it was “APPROVED” but they were running behind pretty badly. They said call back if not recieved by July 23, 2010. No packet so I called on July 25,2010. Again I was assured it was “APPROVED” and not to worry, it was taking several months to get all the paperwork out. I was told to just continue making the modification agreement payments as I had been doing. I was disabled in Janruary of 2010 and put on weekly disability payments. In Oct 2010 I was put on monthly payments paid on the 21st day of the month so I called and talked to John on the 5th day of December at 12:53 CDT. I explained the situation and he said don’t worry, it would not change anything. He asked if I could afford the modification payments where they were and I told him yes. He also told me I could use direct pay by my bank at that time. He also assured me I was approved for modification and would see my paper work soon. On February 23, 2011 I recieved a call from BOA. I returned the call and was told I had been turned down. They transfered me to the DESIREE TEAM. I talked with a supervisor named Julie Nye. She said my payment was $1184.96. I explained that I had been approved each of my statements showed to continue the $983.32 Payments. She asked me to fax all that to her and she would post it to my folder. I also asked her about the turn down, and she said it did not reference that in my account. She said it showed I was still under “REVIEW”. I explained the approval letter and she asked that it be sent also. Then last night, February 23, 2010 I recieved another call from another dept of BOA. I was told I had been turned down and I would be sent another packet. She also said not to be surprised if I recieved a forclosure notice and not to ignore them. She said they were sending me another package to see what other program I qualify for. So eleven months after I was sent an approval letter , and over 18 months since the process started they are now wanting to steal my home. I am now on permanent disability and would probably not qualify for any program. Where do I go from here? I have already went to the Federal Trade Commission and Louisiana’s AG

  2. Gail Simmons on 18/03/2011 at 14:01

    You need to get legal leverage over BofA using the 3 weapons I explain in the free report, Mad As Hell.

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