Bank of America SUCKS – HAMP Loan modification scam!

Bank of America sucks

This post raises awareness on Bank of America’s HAMP scam. BOA has a loan modification to help keep you in your home. THIS IS A BANK OF AMERICA SCAM!

Most of you reading this post know why Bank of America sucks! I’m sure you have your story to tell and I urge you to write in the comments below to spread the word.

Bank of America has been on a mission to kick its customers out of their homes since the recession. This is fact! It’s all about money. They get paid whether you live there or not.

This post on why Bank of America sucks is not due to just one incident, oh no! There are MANY I can talk about. The financial industry is filled with corrupt practices but no other bank or financial institution comes even close to Bank of America!

Former BOA employees have confirmed that Bank of America instructed its employees to delay modifications by claiming that it had not received paperwork and payments when it had, indeed, received them. Former employees were also instructed to decline modifications en masse in periods known internally as “blitzes.”

Bank of America employees who questioned the ethics of declining modifications for fraudulent reasons, or of lying to customers, were subject to discipline including termination.

Why is Bank of America so eager to scam you out of your home? Because BOA is backed by the government. You pay mortgage insurance every month in your loan. If you lose the house to foreclosure, BOA gets paid the balance by the government THEN sells your house at auction! They get the balance of the loan plus the sale of your home! This is why they don’t care about you and this is why they have been sued many times and lost.

Instead of using the governments bailout money in 2008 to help their customers, Bank of America pocketed the money and denied thousands upon thousands of loan modifications. Why would BOA want to help you when they can knock you out of your house and collect from the government! Bank of America will deny this and say they value you as a customer. NEVER BELIEVE THEM!

The ultimate Too Big to Fail bank really is America, a hyper gluttonous ward of the state whose limitless fraud and criminal conspiracies we’ll all be paying for until the end of time. Did you hear about the plot to rig global interest rates? The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers? Take your eyes off BOA for 10 seconds and guaranteed, they’ll be into some shit again: Bank of America is like the world’s worst-behaved teenager, taking your car and running over kittens and fire hydrants on the way to Vegas for the weekend, maxing out your credit cards in the three days you spend at your aunt’s funeral. They’re out of control, yet they’ll never do time or go out of business, because the government remains creepily committed to their survival.

Some reasons Bank of America SUCKS

  1. Do BOA employees FOLLOW UP ON THEIR WORD?
  2. DO BOA employees DO WHAT THEY SAY THEY WILL DO FOR YOU?
  3. DO BOA employees FOLLOW THROUGH?
  4. Do BOA employees know what they’re doing?
  5. Do BOA employees care?

The answer is NO to all of these questions

Deceptive loan modification practices result in class suit against Bank of America

Here’s some of the worst advice we’ve heard about loan modifications and foreclosure: 

“Stop paying your mortgage to get a loan mod”

Homeowners who are current on their mortgage have been told that they need to stop paying their mortgage to be eligible for a loan modification.

THIS IS WRONG!

You do need to show that you’ve had a hardship that’s making it hard to afford your mortgage, but you do not have to be in default to get a loan modification.

A consumer banking deceptive practices class action lawsuit has been filed in the US District Court. The lawsuit alleges that Bank of America (NYSE:BAC) created and headed an illegal enterprise that was designed to defraud homeowners who sought loan modifications as part of the government’s Home Affordable Modification Program, or “HAMP.”

Bank of America masterminded a scheme that allowed it to deny giving thousands of its customers help in exchange for the $45 billion it took in bailout funds from the government.

“Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,” said Steve Berman, one of the attorneys who filed the lawsuit. “BofA promised that it would work with homeowners to modify their mortgages under the HAMP program. Instead it took $45 billion in taxpayer money and fought as hard as it could to avoid granting modifications, squeezing every last dollar from its customers and wrongfully foreclosing thousands of people’s homes in the process.”

The lawsuit alleges that Bank of America employed contractors who repeatedly lied to Bank of America’s customers. The suit claims that employees of one such contractor, “Urban,” answered the phone, “Bank of America ??” Office of the President,” when they did not work directly for Bank of America.

Former employees confirm Bank of America delayed modifications on purpose

Former employees have also confirmed that Bank of America instructed its employees to delay modifications by claiming that it had not received paperwork and payments when it had, indeed, received them. Former employees were also instructed to decline modifications en masse in periods known internally as “blitzes.”

The complaint also alleges that employees who questioned the ethics of declining modifications for fraudulent reasons, or of lying to customers, were subject to discipline including termination.

The lawsuit claims that Bank of America is guilty of violating the Racketeering Influenced Corrupt Organizations Act, or RICO and asks for damages to be awarded to a proposed class defined as:

“All individuals whose home mortgage loans have been serviced by BOA and who, since April 13, 2009, (1) applied to BOA for a HAMP loan modification, (2) fulfilled an FHA Trial Period Plan Agreement or any other trial-payment agreement that was not issued pursuant to SD-09 (form 3156), (3) sent documents to, or received documents or other communications from, Urban employees in connection with their attempts to modify their home mortgage, and (4) did not receive, within 30 days after making all required trial payments, a permanent loan modification that complied with HAMP rules.”

During the economic downturn in the 2007-2008 time period, Congress decided to insure the continued viability of certain banks who were failing because of poor choices they had made. As part of the Troubled Asset Relief Program (TARP) program, Congress “lent” billions of taxpayer dollars to Bank of America (BOA) so that it would not fail. One of the conditions of receiving that money was that BOA would help its mortgage customers by participating in the Home Affordable Modification Program (HAMP).

The HAMP program was designed to give relief to homeowners who, because of the economic collapse, could no longer afford their mortgage payments. The program was supposed to provide a straightforward, efficient means of allowing homeowners to modify their mortgages so that they would be able to afford their payments and retain their homes.

While BOA participated in the HAMP program as a condition of accepting the TARP money, it did everything it could to thwart homeowners seeking a HAMP mortgage modification. While other banks’ customers were being approved on their HAMP modification applications almost 90% of the time, BOA customers were being approved at close to 30%.

While other banks’ customers were being approved on their HAMP modification applications almost 90% of the time, BOA customers were being approved at close to 30%.

How did Bank of America prevent mortgage modifications?

What we have learned through former BOA employees and supervisors is that BOA engaged in a scheme of deceptions, misrepresentations and outright lies to keep its customers from getting HAMP mortgage modifications.

Among other things, BOA would:

  • repeatedly and intentionally lose customers modification applications
  • falsely claim that the applications were incomplete or stale
  • tell applicants that they could not qualify unless they were behind on their payments
  • charge its customers unnecessary fees
  • fail to apply customers’ payments to the proper accounts.

BOA did this because it figured out that it would make far more money through foreclosures or less favorable mortgage modification than through HAMP modifications.

As a result of its fraud, BOA has been forced to repay the United States government a billion dollars! What BOA has not done, however, is repay all of the customers it defrauded. That’s what our law firm is committed to do for our clients – getting them the justice they deserve.

WHAT HAPPENED TO ME

Most recently I was informed by Bank of America my monthly mortgage payment was going down by $80. I called to confirm. One rep said yes, a 2nd said yes but not for 3 months, and a third couldn’t find that info in their system.

REALLY?! Before I called I knew this would be chaos. IT GETS BETTER!

I paid the $80 over the phone with a 4th rep who sounded competent. Two days later I get a notice from my bank holding my checking account that bills are bouncing. How could this be? I knew I had a couple hundred dollars in the account.

Bank of America didn’t charge me $80, they charged me over $5600! YES! OVER FIVE THOUSAND DOLLARS! WTF!! I never authorized that and the rep never mentioned that amount!

Luckily my bank stopped payment on that insane transaction. I now have to contact BOA again to pay the $80 difference that I attempted last week. So now, I’m a month late with my mortgage due to their error of “your mortgage is $80 less.” It’s not $80 less but I paid $80 because I was told to by BOA. So now I’m late because of them and this still isn’t resolved.

BOA records their calls, so if needed, I will have the recordings subpoenaed by an attorney. I’ll go after Bank of America.

I’ve done HOURS of research on how Bank of America screws over anyone they can for any amount of money they can.

By the way, this is the 2nd time Bank of America did this to me with the incorrect monthly mortgage amount due. They are intentionally trying to get me out of my home.

During my last call on the $80 fiasco, they informed me a letter with intent to start foreclosure was sent! WHAT!? Over $80 difference, which was their fault?!

The house I have been in for 10 years is looking at foreclosure unless I can come up with $5600! Where did this number come from? They told me a year previous in order to be eligible for the HARP loan modification I would need to skip 2 mortgage payments to show a hardship. I felt very bad doing this and it felt wrong…because it is. I’m fighting this, as I have been for the last 10 years!

For starters I filed a complaint against them with the FDIC online. It’s free and easy to do.

There was a lawsuit against Bank of America in 2018

Bank of America destroyed documents as borrowers tried to save their homes, suit says

Among claims in the latest suit:

Bank of America falsely told applicants they had to stop making regular monthly mortgage payments to be eligible for a HAMP modification. It was part of the bank’s scheme to prevent borrowers from receiving a modification so that it could acquire their homes through foreclosure.

Bank of America employees made homeowners submit applications over and over in order to frustrate them, ensuring that their mortgage would be denied a modification. Applications were intentionally lost or destroyed to prevent borrowers from getting a modification. The bank’s employees also falsely told applicants that documents were not current or were missing, in order to delay modification requests and ultimately deny them.

Bank of America profited from charging borrowers fees for unnecessary and unlawful property inspections. The bank did not tell borrowers the inspections were taking place or that they were being charged for them.

The North Carolina borrower, Chester Taylor, contacted the bank in 2010 to request a modification after experiencing financial hardship in part because of the down economy, the suit says.

Taylor stopped making his mortgage payments on the advice of a bank representative, fell into default and Bank of America foreclosed on his home in 2012. As a result of the foreclosure, a judgment of $117,130 was entered against Taylor, who then filed for bankruptcy.

Bank of America has previously attracted the scrutiny of government authorities for its conduct under HAMP. In 2012, it entered into a settlement with authorities to resolve claims it defrauded the program as part of a landmark $25 billion settlement involving other large banks accused of mortgage and foreclosure abuses.

Deceptive loan modification practices result in class suit against Bank of America

A consumer banking deceptive practices class action lawsuit has been filed in the US District Court. The lawsuit alleges that Bank of America (NYSE:BAC) created and headed an illegal enterprise that was designed to defraud homeowners who sought loan modifications as part of the government’s Home Affordable Modification Program, or “HAMP.”

The complaint alleges that Bank of America masterminded a scheme that allowed it to denygiving thousands of its customers help in exchange for the $45 billion it took in bailout funds.

“We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,” said Steve Berman, one of the attorneys who filed the lawsuit. “BofA promised that it would work with homeowners to modify their mortgages under the HAMP program. Instead it took $45 billion in taxpayer money and fought as hard as it could to avoid granting modifications, squeezing every last dollar from its customers and wrongfully foreclosing thousands of people’s homes in the process.”

The lawsuit alleges that Bank of America employed contractors who repeatedly lied to Bank of America’s customers. The suit claims that employees of one such contractor, “Urban,” answered the phone, “Bank of America ??” Office of the President,” when they did not work directly for Bank of America.

Former employees confirm Bank of America delayed modifications on purpose

Former employees have also confirmed that Bank of America instructed its employees to delay modifications by claiming that it had not received paperwork and payments when it had, indeed, received them. Former employees were also instructed to decline modifications en masse in periods known internally as “blitzes.”

The complaint also alleges that employees who questioned the ethics of declining modifications for fraudulent reasons, or of lying to customers, were subject to discipline including termination.

The lawsuit claims that Bank of America is guilty of violating the Racketeering Influenced Corrupt Organizations Act, or RICO and asks for damages to be awarded to a proposed class defined as:

“All individuals whose home mortgage loans have been serviced by BOA and who, since April 13, 2009, (1) applied to BOA for a HAMP loan modification, (2) fulfilled an FHA Trial Period Plan Agreement or any other trial-payment agreement that was not issued pursuant to SD-09 (form 3156), (3) sent documents to, or received documents or other communications from, Urban employees in connection with their attempts to modify their home mortgage, and (4) did not receive, within 30 days after making all required trial payments, a permanent loan modification that complied with HAMP rules.”

There are HUNDREDS of websites talking about why Bank of America SUCKS

A SIMPLE GOOGLE SEARCH WILL SHOW HOW BOA SHOULD BE AVOIDED!

Bank of America sucks. BOA is the worst excuse for a bank
Bank of America should be avoided at all costs!

It all started with the purchase of our new home in 2007, just in time for the recession, when the banks profited and the government bailed them out.

It was a time of chaos. People were either leaving their homes in droves or being foreclosed on because they couldn’t make the mortgage payments the bank setup for them. Sure, this wasn’t just a Bank of America problem, but they certainly took advantage of the times!

Bank of America sucks and should be avoided. Never use Bank of America for refinance or mortgages.

Bank of America had a plan in place where you could refinance and even apply for a smaller loan with lower interest. For fear of losing their homes, thousands of BOA customers bought into this.

Every story was the same. I even tried, and turned it down. It was scary how my story matched what every homeowner had said about Bank of America. Here’s how they roped you in and forced your home into foreclosure:

  1. You call BOA asking for mortgage assistance
  2. Bank of America offers the HARP plan.
  3. BOA sends you a stack of HARP paperwork to be filled out and mailed back.
  4. If you qualify for HARP your payments and mortgage will be less.
  5. You get to keep your house at a much lower rate.

This HARP plan sounds great doesn’t it? HA HA, that’s what BOA wants you to think. Bank of America feeds off your fear and offers a plan to keep your family safe.

Here’s what happened EVERY TIME a homeowner applied to the plan through Bank of America. When I say EVERY TIME, I mean EVER SINGLE TIME! I have friends who worked there to back this up. Do a google search for yourself. You’ll read thousands of horror stories on Bank of America refinancing through HARP.

HARP THROUGH BOA WAS A TRICK TO FORECLOSE ON YOUR HOME!

  1. Bank of America sends you the stack of forms to be filled out.
  2. You need copies of home expenses, bills, credit cards, pay slips.
  3. You need to make a certain amount of income (most everyone is accepted.)
  4. BOA says to stop making payments on your home during this process.
  5. Stopping payments on your home shows times of hardship, and is a prerequisite for the HARP process.
  6. MOST EVERYONE who applied was told their files were not received or incomplete! This buys Bank of America more time.
  7. You fill out the forms again after they send you another confusing packet.
  8. Without you knowing, Bank of America starts the foreclosure process on your home since you haven’t made payments.

Wait a minute, didn’t Bank of America ask you to stop making payments to quality for the HARP mortgage assistance program? Yes, they did.

Bank of America is EVIL and will do whatever they can to get whatever money they can from you! They want you OUT OF YOUR HOUSE so they can sell it to someone else.

Don’t think for a second they care about you or your family. This is not true and never will be! A google search will show you thousands of BOA complaint websites.

Bank of America sucks and should be avoided. Never use Bank of America for refinance or mortgages.
Google searches show hundreds of Bank of America treating customers poorly.

There was a time I lost my job due to a company going out of business from the recession in 2008. We were thousands of dollars underwater on our home, like most homeowners. We couldn’t afford the house and we had our first child on the way. I called Bank of America begging to let me pay half the mortgage to show good faith because I needed just a couple more months to find a job. I was confident I could find a job in a couple months. I had been unemployed for 6 months at the time and looked daily, for hours.

Their answer, time and again was, sorry sir, anything less than full payment will be seen as not paid and you will be in foreclosure.

I NEVER missed a payment and was always on time as well. I needed help and just asked for a month extension. I called multiple times over a couple weeks with the same answer. I get it, banks need to make money. It’s not like I was going to skip town or screw them over.

No Bank of America employee offered to help. We have always lived very lean. No cable tv, no going out to eat, etc. There wasn’t much to cut back on. It was choose to eat or lose the house. My pride didn’t allow me to walk away from the house and I also didn’t feel that would be right, although thousands of families were walking away from their homes.

THERE HAVE BEEN MANY CLASS ACTION LAW SUITS AGAINST BANK OF AMERICA

Did you know that filing for bankruptcy can include your house? Once that is done, there is nothing the bank can do if you decide to leave. They cannot come after you for the balance. I know a couple people who did just this and Bank of America jumped at the chance to help them with refinancing! TOO LATE! BOA knew they were screwed. They knew they couldn’t go after the balance so they’ll do everything they can to rope you into another mortgage / refinance. Once you sign that dotted line a 2nd time, after bankruptcy, you are obligated to pay.

If you’re with Bank of America and you file for bankruptcy, NEVER REFINANCE through them! NEVER USE BANK OF AMERICA FOR ANYTHING!

Refinancing renews your obligation to the bank and you won’t be able to walk away from the home if you need to. I’m not saying to walk from your home but if you can’t afford it, family comes first and you don’t need Bank of America coming after you for the balance. They screwed themselves and were bailed out by the government. They don’t care about you, why should you care?

REALLY? F OFF! You know why they are desperate to help now? It’s because if I walk from the house they can’t touch me! I’m under no obligation to stay in the house or pay them anything if I want to leave. They can’t come after me for the balance or any legal fees ever! I’m protected by bankruptcy and they know this.

You know why they keep sending letters with “great” refinance options? Because BOA knows once I sign on the dotted line with a new mortgage, I’ll be roped into responsibility for the home again. I will not be able to walk from the house if I sign a new mortgage.

I can stay in the house as long as I want and nothing changes. The moment I walk, there is NOTHING they can do about it. Not sure if I’ll play that card or not but it’s nice to know I have the option.

IF YOU CALL BOA, RECORD YOUR PHONE CALLS!

I won’t waste your time or mine typing all the nightmare hours I spent on the phone with inept BOA reps giving me bogus information.

One last story I will share with you happened just this last week. I have been fighting to get the PMI taken off the mortgage for about 5 years. PMI is mortgage insurance and really just a way to pad the monthly mortgage. Bank of America has been known to keep it on for months longer than what is needed. I have been fighting and fighting to have it removed. This would give me an extra $90 a month.

After 5 years, I FINALLY got a letter from Bank of America saying the PMI has been removed from the mortgage! I couldn’t believe it. All my fighting finally paid off.

I also received a letter stating the change with the new discounted mortgage would begin 8/1/2019.

I called BOA to verify and they said it isn’t in effect yet. It won’t be for a couple months at least. WHAT?! I have 2 letters from BOA stating the new changes take affect 8/1/2019 with the new amount to be paid moving forward.

I was very nice on the phone with the 3 reps I spoke with. One was clueless and made things worse. The 2nd was rude as hell and I put her in her place. The 3rd was nice but I had no confidence in him. The 4th was a manager I demanded to speak to. BOA is filled with idiots and scammers.

So now here we go again! Inept, worthless, incompetent people passing on wrong info to me, or, are they just doing Bank of America’s bidding?

Is it a trick to get me to pay the lower rate so they can catch me and start foreclosure? I took photos of the letters and emailed them to a manager, who I spoke with. I have yet to hear from him.

I paid the lower rate, as it is 8/2/2019, and the letters tell me that’s what it is. Is Bank of America going to argue letters that came from them? I’m sure they will. I will not back down. The letters state the date and I’m following what was sent.

Bank of America is the WORST “bank” and you should avoid them at all costs!

I will leave you with some stories from the web from Bank of America employees:

HARP was created in 2009 to give borrowers who were current on their mortgages but had little or negative equity an opportunity to refinance at lower rates.

The HARP mortgage program was modified over the years and eventually enabled homeowners to refinance up to 125 percent of the value of their homes without primary mortgage insurance.

After being extended twice over the years, HARP expired on Dec. 31, 2018.

BOYCOTT BANK OF AMERICA – YOUR MONEY IS SAFER IN YOUR UNDERWEAR DRAWER.

HOW HAS BANK OF AMERICA SCREWED YOU OVER? LET US KNOW BELOW.

I write about anything techy, music, photography, artsy and whatever I think you may find interesting.

Steve

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2 thoughts on “Bank of America SUCKS – HAMP Loan modification scam!

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