This post is to inform you all how much bank of america sucks and if you’re trying to do a loan modification through them, known as HAMP loan modification, please don’t waste your time! The Bank of America foreclosure process is always against you.
This post isn’t written out of anger (well part of it is), but, more importantly, to inform you what I have learned. I have read hundreds of bank of america reviews and stories from homeowners that bank of america (BOA) has put through hell and back.
Bank of America is nothing short of evil. Back in the 2007 housing crisis, recession, BOA was failing and crashing. The government didn’t want bank of america to fail since it would disrupt the economy, so they gave BOA 5 billion in funds to help bail out their mortgage loans. This money was supposed to be given to BOA’s homeowners to help lower their monthly payments via loan modification known as HAMP loan modification.
The HAMP loan modification is nothing more than a scam by bank of america. THIS IS FACT! Bank of America took the 5 billion and never helped anyone to save their home!
BOA kept the 5 billion and setup the fake HAMP loan modification scam.
Here’s what Bank of America says you need to do to get approved for the HAMP modification:
- You must miss 2 mortgage payments to show a hardship (ridiculous)
- You must fill out a mound of paperwork and mail back to them
- You must report to your modification rep
- You will be notified if approved and a lower mortgage rate is given
While you miss 2 monthly mortgage payments, they are starting the foreclosure paperwork since you missed 2 monthly payments! THEY WANT YOUR HOUSE!
All the paperwork you fill out, all the pay stubs you copy and all the tax records you submit are either “lost” by them or they claim you didn’t fill it out properly. This adds at least another month of stress and more paperwork for you. Meanwhile, you’re 2 months late on your mortgage, approaching 3 months late on your BOA mortgage!
THIS IS ALL OVER THE INTERNET! Do a search for BANK OF AMERICA SUCKS!
The rep you are assigned will never take your calls and never return your voice mails.
You are stuck doing paperwork for weeks that will never be seen. Bank of America is doing nothing more than stalling in order to force you into foreclosure.
If you are lucky enough to speak to someone about your situation, you will find out you will either need to submit the paperwork a third time or you weren’t approved. Now you’re 2 months or 3 months late and must pay that back within a month or you’re screwed! If you do not pay the money you are behind within a month they send a letter of intent to foreclose.
How do I know all this? I went through it and am still battling Bank of America now. I have also read for hours all the Bank of America horror stories from thousands of other homeowners.
What can you do?
If you file for bankruptcy (chapter 7), your debts will be wiped out including your home. The bank cannot come after you for the balance of the loan. You are not responsible for the balance of your mortgage if you file chapter 7 bankruptcy. In fact, the bank will stop reporting your monthly payments on your credit report. This is good if you decide to walk away from the mortgage due to foreclosure. The foreclosure will not be reported on your credit report if you file chapter 7 bankruptcy before foreclosure.
I know you may not want to file for bankruptcy but it’s a fast easy process and your debts will be gone. You can stay in your home with bankruptcy as long as you continue to make your monthly payments.
If the bank wants you to reaffirm your mortgage, this puts you back into being responsible for the mortgage even though you filed for bankruptcy. This also includes refinancing the loan. Once you file for chapter 7 bankruptcy it’s important to NEVER sign anything from the bank that may hold you responsible for the loan moving forward, erasing your bankruptcy protection.
If you receive an intent to foreclose from the bank it is highly recommended you get a foreclosure attorney. Get a GREAT foreclosure attorney. They can fight the bank every step of the way and keep you in your house RENT FREE for months. You can then save all the money you would be paying towards your mortgage every month for another home with another bank.
Once you file bankruptcy, if you go that route, get a small credit card after a few months just to help build your credit. Use the 2 years in your home to save all that money before moving out.
I received a letter of intent to foreclose from Bank of America through no fault of my own! I missed the 2 months mortgage payments to show hardship and don’t you know it…they lost my paperwork. The second time they said I didn’t fill everything out in full. I know this is a lie. I filled EVERYTHING OUT!
The third time, 2 years later, Bank of America had a clerical error and didn’t apply my monthly mortgage payment properly. They said it was their fault and apologized but unfortunately their mistake triggered the intent to foreclose letter. They said there is nothing they can do to stop it! REALLY?! They admitted their error that caused this mess and they can’t stop it.
THEY WANT THE HOUSE and WILL NEVER WORK WITH ME. I have fought them for years for help, always to be refused.
Bank of America wants houses. They want your house. If they take your house, they are reimbursed by the government for it. Bank of America gets paid to collect houses. Bank of America loses no money.
I am not an attorney. Do your research. I wanted to spread the word on Bank of America like so many other homeowners have online.
I’m not sure if I want to find another lender to refinance with or let the house go into foreclosure.
Find yourself a good foreclosure attorney. They can help you to stay in your home for free until the foreclosure process is over. Most banks, especially Bank of America are incredibly disorganized and they rely on your fear of losing your home.
This is all true. Protect yourself and don’t let Bank of America win. They have been sued big time by mass class action suits for this HAMP loan modification scam.
When I call Bank of America they always record everything you say. I make it a point to say I know this is a scam and I know what you are doing is wrong. I mention the class action lawsuits and bring up every time their clerical errors they admitted to. Whether the BOA rep cares or not, you are on audio stating your facts.
Bank of America has foreclosed on the wrong homes in the past as well. They have bad records and very bad business practices. In fact, many Bank of America employees have been fired because they have morals and refuse to lie to customers. If you don’t follow what Bank of America tells you to do, you’re fired.
All these are facts. Look it up and protect yourself!
I write about anything techy, music, photography, artsy and whatever I think you may find interesting.
I’m a GUITAR PLAYER. Check out my music and purchase here:
ON iTunes: WRAITH https://itunes.apple.com/us/album/wraith/139284491
MIME RIOT https://itunes.apple.com/us/album/fear-ep/793322130
I’m a video editor of 25 years, computer technician of 25 years, audio engineer 20 years, photographer 25 years and guitarist 20 years. I post photography and stop motion animation videos, but mainly guitar playing. This post may contain affiliate links to products I use and review.