Bank of America meets with states' officials over foreclosures

Nov 9, 2010 | Posted by: Weebles | Full story: www.joplinglobe.com

Bank of America Corp. executives on Tuesday were in Des Moines, Iowa, to meet with state officials investigating foreclosure practices at major lenders, a source familiar with the situation said.

Comments
1 - 4 of 4 Comments Last updated Dec 29, 2010

Since: Jan 10

Des Moines

#1 Nov 10, 2010
They were turning down people for mods as fast as the requests came in. That was when they thought they could get your house with no effort. We hired an attorney and are now no closer to foreclosure than we were 14 months ago. One problem they have is the note from mortgages were bundled then sold then sold again. They can't find the proper paperwork to show where stuff went. We were Countrywide for 15 years. We have 40% equity. They thought (BofA) they could get a house worth 150,000 for what they bought it from Countrywide for 50,000 or so. They worked against our best efforts to catch up or modify. They get what they deserve. We have a good chance of never making a payment ever again. Ownership would be in limbo forever, I plan on never selling anyway, so F them. We only wanted a 30 yr fixed rate instead of the A.R.M. we had been getting hosed on for 15 years. This is the price they pay for being greedy. This is what happens when corporate greed of this quarter verses the long term. How do you lose money when in 30 years the average homeowner pays for their home nearly 3 times over? Greed that's how.
rtraci

United States

#2 Nov 10, 2010
Lucky you to have an attorney for protection, try doing all of this alone, it is the pitts, here in California, forced to short sale 2 properties after fighting with Bank of America for 14 months, they lied lied lied, and won won won, credit destroyed, will look forward too keeping money under the mattresss going forward, although going doean't look so great right now, have spent every penny on properties and trying to save them, what a dummy, you can not beat city hall.

Since: Jan 10

Des Moines

#3 Nov 12, 2010
rtraci wrote:
Lucky you to have an attorney for protection, try doing all of this alone, it is the pitts, here in California, forced to short sale 2 properties after fighting with Bank of America for 14 months, they lied lied lied, and won won won, credit destroyed, will look forward too keeping money under the mattresss going forward, although going doean't look so great right now, have spent every penny on properties and trying to save them, what a dummy, you can not beat city hall.
If you are able to hire a good lawyer ( I know the term is an oxymoron ) They can sue after the fact. If BofA did not have the proper paperwork they are entitled to get the house back. If it has been sold then they are also entitled to sue. Here in Iowa we have a very rigid system for dealing with foreclosures. It is estimated that it could cost nearly 50 thousand per case for them to re-forclose. We will wait and see where things go. Every month puts us in a better position to remedy the problem. A couple of months ago we almost refinanced through our credit union. We decided to wait a couple more months in order to rebuild our credit a bit. I'm glad we didn't panic. I'll gladly go another year or maybe two without a payment. Should they never be able to find the original note,(which was packaged and bundled together with tens of thousands of others) they simply cannot prove we owe them the money. It might be in a safe deposit box somewhere in U.A.E. or who knows where. I wished them the best of luck after trying one last time to negotiate. God bless you and your family, If the loss has changed your attitudes about how we tend to live and spend money then a positive outcome can be achieved. I know before this we spent every dime we had no matter how much we made. We have returned to a much simpler lifestyle, and are tremendously happier. Haven't had direct tv or tv for that matter of any kind in over a year. It's amazing how much can be accomplished when not mindlessly sitting in front of the tv. Human interaction is far more interesting.
Mass Joinder Lawsuit

Irvine, CA

#4 Dec 29, 2010
Mitchell Stein has started a Mass Joinder lawsuit against B of A for illegal mortgage practices. Right now there are over 1400 plaintiffs and we need more. There is strength in numbers. For more info please call 888.486.5612 ext 1017

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