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Why is Bank of America so difficult to deal with when it comes to modifications, short sales, and foreclosure?

Last October, I began the process of attempting to get a loan modification from my mortgage holder, Bank of America. I was told on more than one occasion that I qualified for a modification, only to later be declined for one reason or another. I hired a company to work with the bank on my behalf to try to get a modification done. They were forced to jump through hoops, with no results. (Good thing I didnt have to pay unless they got the modification.) Then, in the end of January 2010, I lost my job and made the decision to list my house as a short sale at the end of February. The paperwork was submitted to the bank by my agent and soon an offer was made and subitted as well. I was told the trustee sale was on hold, due to the short sale. Then, 3 days before the scheduled trustee sale date, Bank of America canceled the short sale and never notified me or my agent. It wasnt until the middle of April that my agent was notified that the property was foreclosed on 3 weeks prior. Oddly enough, the same week I was told this, I received a letter from Bank of America stating that I didnt qualify for a loan modification and they recommended I do a short sale. I made several calls to Bank of America, FHA, and HUD to try and get the foreclosure reversed so the short sale can proceed. But I had not luck. After accepting the fact that I lost my house to a foreclosure, I asked the bank about the cash for keys program. I was told that I didnt qualify because I am the owner. I called HUD, the new owners of the property, and was told that I do qualify and that it should be offered. I contacted Bank of America again, but got the same answer from them. HUD is now looking into it for me. Do I have any rights? What else can I do? Why is Bank of America like that?

Public Comments

1. Is there only one bank named bank of america? If so it is because of our stupid president. When i was starting my loans and stuff for school they were one of the banks that could help you with all of that. Then out of no where i was told that i had to choose a different bank like in feb. then a few days ago i was told by the school it was because the president made a law where they can no longer help with certian stuff any more!! here is something i found on your situation The reason i said that was because if they are all the same then he is the reason that they are not helping any more with different loans and such http://industry.bnet.com/financial-services/10001994/bank-of-america-defends-its-record-of-helping-homeowners/
2. who asked for the shortsale who was negotiationg the shortsale who was buying the existing morgtage it seems to me that nobody was negotioating the shortsale did you try to do a shortsale on your own home---you can't do that because no mercy shall be given to the borrower this can only be done by a third party who must negotiate / mitigate with the banks mitigation department in order to purchase your home in a shortsale deal--Didn't the realtor tell you this? If he didn't it's because he is a real estate agent not a shortsales expert-- a real estate agent doesn't know half of what a shortsales agent knows about shortsales and helping to save your credit, your home or to save you from a foreclosure, and the bank will not tell you much either because in fact they want to recover as much of the loan amount as possible so to the bank it's best if you try to sell the home properly to get as much for it as possible. if you do a short sale someone will negotiate with them to buy the mortgage for a pennies on the dollar deal and this will not let them make much money. can you see what happened to you now.
3. I do not know why HUD told you that. No bank is mandated to offer cash for keys, and most do not to the people that have thousands of their dollars in their pockets already. You already took them for a huge chunk of change, you are not entitled to take more. Different departments handle delinquent payments, short sales and modifications, that is why the mail can sound weird, you are dealing with 3 different parts. Unless you were paying your mortgage or will pay it off in full, there is no way to reverse a foreclosure. You can not keep the banks money and the house too.
4. This article might help you to understand how these programs work. It's a long and ponderous process. BofA has done hundreds of thousands of modifications. There are so many people trying to do them, that they don't have enough processors. Plus they have to connect with the investor of each loan to see if they're willing to participate. I've known people who got them done but it took most of a year. I don't know why you had so much trouble. Bank of America has done more modifications that any other lender in the country. http://finance.yahoo.com/loans/article/109577/loan-aid-leaves-some-worse-off?mod=loans-home I don't understand the comment about one bank being named Bank of America, and how that relates to the president. Obama wasn't born when the Bank of Italy became Bank of America in 1930.