T1B

RACK!


No fan of BoA here.

Rack! Talk about your average corporate jack-offs with low-paid morons at the helm trying to take care of business. Just beautiful. put down the clubs and get your ass back fom Cabo and do your jobs.

Feel free to call "bullshit" on this one... I would, if I wasn't privy to it unfolding...

About 4 years ago, give or take, a friend of mine bought his first house. Got an absolute "liar loan,"and if I remember right, din't even have a job at the time (or had just started a new one). Got himself a good job, has never missed or been late on a payment. His loan wasn't with BoA, but they apparently got it in the musical-loans game.

His plan, like everyone else buying during the boom, was to make the payments, get some equity, and refi.

Then came the crash, which hit this area harder than most. Still, he never missed a payment.

So BoA calls him, and tells him "you have a balloon payment coming up in a couple of years, and that's when houses get foreclosed on. The government wants us to ditch the 'troubled assets,' and get out of upside-down loans."

And here's where the story starts testing the limits of believability, but I'm not making this up.

So my friend tells them: "I agree. Since I make good money and have never missed a payment, I'd love to refinance with you -- make it longer, make the payments a little higher... whatever -- let's just ditch the balloon, and we're good."

BoA: "Uhm.... no. We can't loan more money than the house is worth. Got $40,000?"

Friend: "Would we be having this conversation?"

BoA: "There's a government program for people in your situation. It's called a HAM, which you qualify for. Instead of getting foreclosed on, you'll walk awat with about 4 grand."

Friend: "If I can't get refinanced, I guess I'll take it, although I'd rather keep my house. Sign me up."

OK, this is where shit gets crazy...

BoA: "In order to qualify, you need to be at least 60 days behind on payments. You need to be at least 60 days behind in payments, so you need to stop making payments before we can sign you up."

My friend found this pretty odd, but since his bank told him to, and was offering him cash to walk away, he did as told.

60 days later, he calls them up.

Friend: "It's been exactly 60 days, let's get this ball rolling."

BoA "Uhhhh..... yeah, about that HAM/buyout dealio -- you make too much money to qualify."

Friend "You knew how much money I made when you told me to stop paying."

BoA: "BUT... we do offer our own private version of the HAM."

Long story slightly shorter -- the new deal they hit him with has higher payments, and a bigger balloon. While not a financial guru, he ain't an idiot either, and told them to go KCScott themselves.

Their response was the jaw-dropping part...

BoA: "Well, since you're not going take the new deal... you're 60 days behind, so we're starting foreclosure tomorrow."

Again -- dude was never so much as late with a payment until they told him not to pay them.

I think there's some lawyers involved now.

And no, I didn't make this up.


Our fine government took a super-shitty company, and created incentives to transform them into Satan Junior.

words ^ google


Get fucked

Dinsdale wrote: Their response was the jaw-dropping part...

BoA: "Well, since you're not going take the new deal... you're 60 days behind, so we're starting foreclosure tomorrow."

Again -- dude was never so much as late with a payment until they told him not to pay them.

I think there's some lawyers involved now.

And no, I didn't make this up.

We know you're not making this up. This has been reported in the news for almost years now. "We can't help you unless you are 60 days in arrears. Now you're 60 days behind? TIME TO FORECLOSE!"

Screw_Michigan wrote:

Dinsdale wrote: Their response was the jaw-dropping part...

BoA: "Well, since you're not going take the new deal... you're 60 days behind, so we're starting foreclosure tomorrow."

Again -- dude was never so much as late with a payment until they told him not to pay them.

I think there's some lawyers involved now.

And no, I didn't make this up.

We know you're not making this up. This has been reported in the news for almost years now.

Most trends take a little to make it from the heartlands out to the coasts, you know.

Oregon foreclosure filings up 236 percent in April
http://www.komonews.com/news/local/123278908.html

PORTLAND, Ore. (AP) - Oregon is bucking a declining national trend in new foreclosure filings with a big increase in April, all of it from one loan servicer, The Oregonian reported.

The surge in "notices of default" by Bank of America Corp.'s foreclosure arm, ReconTrust Co., boosted the number of notices in Oregon by 236 percent, to 3,700 from 1,100, according to figures from ForeclosureRadar.com.

Another foreclosure data tracker, Realty Trac Inc., showed 3,200 notices in Oregon. Nationally, Realty Trac said the number declined by 14 percent in April.

The increase in April filings follows a jump in cancelled foreclosures filed by ReconTrust in late February and March. Those came after rulings by federal judges halting out-of-court foreclosures in Oregon, saying lenders failed to follow state recording law.

The judges said documents showing the successive chain of mortgage ownership had not been publicly filed in county recorders' offices.

Bank of America spokesperson Jumana Bauwens said the withdrawals and new filings resulted from a review late last year of its foreclosure process when it halted sales in all 50 states.

"We wanted to provide our customers with every opportunity for home retention as well as ensure all foreclosure filing were completed with our improved process," Bauwens said in an email to The Oregonian last week.

"As we entered April, we began initiating filings with that improved process. The filings in April may or may not be those held back in February and/or March," Bauwens said.

But real-estate experts say little changed with the new filings.

Phil Querin, a real-estate attorney and critic of the finance industry's handling of foreclosures, say ReconTrust's new foreclosure starts are no different.

"They're doing the same thing they were before," Querin said. "They've not recorded successive assignments."

The bank also might have been running up against a legal deadline that limits postponed foreclosures to six months, he said.

"We don't really know too much because the banks aren't talking," Querin said.

Last month, the rate of new foreclosure starts slowed but remained higher than in February, according to recorders' offices in two Portland metro area counties.

In Clackamas County, new foreclosure filings totaled 151 in March, with only 17 from ReconTrust. In April, filings spiked to 560, with 432 filed by ReconTrust. The trend was similar in Washington County, where new foreclosure starts jumped from 208 in March to 656 in April.

Attorneys say it's not clear when Oregon judges will rule definitively on the legality of mortgage recordings, many of which involve the Mortgage Electronic Registration System, or MERS.

Title insurance attorneys have suggested that lenders might start foreclosing in court, but other real estate attorneys say lenders don't want to spend that much money and will face a formidable fight from borrowers.

Goober McTuber wrote: Most trends take a little to make it from the heartlands out to the coasts, you know.

Really? The trendsetters come from the gene pool that heard the call "go west" ..............and got lost?

R-Jack wrote:

Goober McTuber wrote: Most trends take a little to make it from the heartlands out to the coasts, you know.

Really? The trendsetters come from the gene pool that heard the call "go west" ..............and got lost?

That was sarcastically aimed at Dinsdale. Go tidy up the neckties already.

KC Scott wrote:BoA / Countrywide idiots have their paper so fucked up they don't even know what they don't own.

Hit close to home?

Does with me. But I got myself into it and figure it's up to me to deal with it as best I can.
And I have.

I'm not asking for any favors. Are you?

I've been telling you people about the banking deadbeats since the days of Scobode and RTT. About 75% of my business comes through from banking institutions. They are the biggest deadbeats and most delinquent asshats to have ever existed. I have two banks that I do work for out of over a dozen who I can actually expect to pay me within the typical thirty day arrangement after I accept a letter of engagement from them TWO out of over a DOZEN! Most of these assholes are regularly 90 to 150 days behind paying me AFTER the thirty days. The real kicker for me was in 2008 and 2009 when many of the smaller banks were being gobbled up in swarms by the bigger fish. Assholes like Wachovia and BOA acted like the debts they consumed from these smaller entities when they bought them just vanished. The only solace I was able to take for myself was threatening shove a legal boot up their asses if they didn't make good within 30 days; I'd simply explain to them how I was going to file in court on them and make sure the proceedings were published here locally, in the hometown of the branch who engaged my services (if it were out of town) and in their own headquarters operating areas as well as being reported to Florida's DPBR. I'd usually have a check in my P.O. Box within 3 days afterward.