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Bank of America rejected loan modification despite mediation help

Bank of America rejected efforts of NJ homeowner to get a loan modification

New Jersey homeowner, Monica Parchment, has been trying for a year to keep her home from going to foreclosure.

She is behind $19,000 on her mortgage and trying with no success to negotiate mortgage relief with Bank of America, which assumed her mortgage when it merged with Countrywide Home Loans.

In a short span this nurse, who at one time held three jobs at once, has fallen into desperation. Life came at her hard.

Unexpected circumstances put her in financial difficulty

She was diagnosed with coronary disease in 2003. Her father died in 2004, her sick mother passed four years later after a long battle with sickness. Parchment said she cared for her mother and worked as a full-time registered nurse while holding two part-time gigs as nursing supervisor and instructor teaching nurses aides. But Parchment was stretched so thin she couldn’t work the hours demanded so she lost her two part-time jobs.

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Parchment said she tried to make partial mortgage payments, but the bank kept rejecting them. She went to Essex-Newark Legal Services and New Jersey Citizen Action for help.

Mediation with bank broke down

The consumer watchdog group came up with a proposal, but Abbie Gorin, an attorney with legal services, said the bank rejected the terms. Gorin said a mediation session with the bank was held that seemed to favor Parchment getting her loan modified. All she needed to do was submit additional financial information.

But for some inexplicable reason, Gorin said the bank took the position that Parchment’s financial information wasn’t sufficient to warrant a loan modification. And since she was behind more than 12 months on the FHA loan, Gorin said the bank told him that it is not obligated to modify the loan under federal loan guidelines.

Gorin, however, said he proposed that Parchment buy back some of those months, because she had a lump sum of $6,000 to pay down the debt. He said the bank declined that offer.

Thomas Brodowski, the attorney representing Bank of America for Phelan Hallinan & Schmieg in Mt. Laurel, said he could not talk about the case.

“I am unable to discuss any details regarding our files with you,’’ Browdowski wrote in an e-mail. “For your record, this is an official no comment.’’

Parchment said she has always worked since she came to New Jersey from Jamaica in 1986. She was a banker there, changed careers here. She started out as a nurse aid, working her way to become a licensed practical nurse and a registered nurse. And she has found another part-time job.

“This woman is a perfect candidate to be able to keep her home,’’ Salowe-Kaye said. “Her finances have improved. It’s my feeling that this should be the kind of case that the servicer should be jumping over backward trying to figure out a way to make this work.’’

But they’re not. And because they‘re not, Salowe-Kaye said Parchment has to start the mediation process all over again. The next available opening is not until February. In the meantime, she said late fees are accumulating everyday that Parchment is responsible to pay.

“This doesn’t make sense,’’ Gorin said. “If they take it to foreclosure, they’re going to get less and they force Monica out of the house.’’

Distressed homeowners treated like cattle

She tried one more time recently on her own by attending a conference at the Jacob Javitz Center in New York which offered free counseling for homeowners seeking mortgage relief.

She arrived at 10 a.m. The crowd, easily a thousand people, she said, moved like cattle herded into sections around the convention center, stopping at different stations until they were assigned to a bank representative. When she finally got to speak to an official from Bank of America, Parchment said the lady told her that she needed to submit her financial information to the bank for review.

Stunned, Parchment got up and left. It was 9:40 p.m. She waited over 11 hours to be told what she had already heard. She looked around, if there were thousands like here here, how many in whole the country, she thought.

“I’m back to square one,’’ she said. “Unless something drastic happens, it looks like she will be next.”

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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Technorati Tags: bank of america loan modification, home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program, Essex-Newark Legal Services, New Jersey Citizen Action

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5 Responses to Bank of America rejected loan modification despite mediation help

  1. Home Buying and Home Selling Tips » Blog Archive » Bank of America rejected loan modification despite mediation help on 14/02/2010 at 23:54

    [...] Full story is available on Loan Modification Homeowner Resources [...]

  2. j on 06/06/2010 at 15:46

    I thing people should fight back the evil financial banks like bank of America wells Fargo and chase they should not open an accounts with them or do any kind of business that will benefit them shame on the us government for not doing their job to insure the people in stress get the help they deserve so much for the American dream, they been crashed by corrupted, greedy ceos of these evil banks

  3. Debt Help on 26/07/2010 at 16:46

    That is some inspirational stuff. Never knew that opinions could be this varied. Thanks for all the enthusiasm to offer such helpful information here.

  4. Brant Landram on 26/07/2010 at 19:06

    Are you the only person who posts on this blog?

  5. Wesley Mohair on 29/07/2010 at 11:42

    To secure loan modification approval, make yourself aware of all the new laws and regulations for preparing loan modification in you area and for your particular lender having assistance from an experienced who is knowledgeable in submitting successful loan mod applications. Don’t also forget to get all the necessary docs ready prior to submitting the application to your mortgage lender .

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