When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

People, if you're going to act on what some goober told you on the phone, you're a dolt. Have them put the advice in writing. Judges and lawyers like things that are in writing.

/BoA should be killed and its seed wiped from the earth and so forth.

FiendishFellow05: When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system.

When you look back at some of the great empires they failed because because they were to big to communicate and broke up. Part of BoA needs a loan to be behind to start a modification, unfortunately BoA is too unwieldy for the foreclosure department to get the message.

FiendishFellow05: When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

I stopped paying on my mortgage last year. But, mine was paid off.

I think this should be the new ruler to use for what is a slow news day.

The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

Hmmmm. Who to hate? BoA or some guy that bought too much house?

cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

Yeah! What kind of an idiot trusts a bank with financial matters?

/when did predatory lending become the norm?

cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

I like how the neighbors are concerned about the "blight" from the message, but no-one is up in arms over the fact that BoA screwed this guy over.

This is why I have no BoA holdings. Now they're getting NO payments, and the empty place is bringing down the value of all the other houses they have mortgages on AND rotting away into sawdust so they will have to sell it at an even bigger loss.

ghare: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

FTFA:

"He says Bank of America representatives told him in order to qualify for a loan modification, he should stop mortgage payments for three months and then call them back."

Ignoring the, "you bought a house now pay for it regardless of your personal woe"...over and over, story after story this is what we read that the banks tell the owners. Time after time the owners lose their home. How many times can the banks pull the rug out from people and get away with it? Every time, it seems.

Debeo Summa Credo: ghare: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

Wow. Did you even read the article before your blame the victim routine? Guy was making his payments. He wanted modification and calls the bank. Bank says stop paying your mortgage for three months. He does so. Now he's getting foreclosed on.

For doing what the bank told him to do while he was still making payments. Did that sink in or are you really just pants on the head retarded?

Debeo Summa Credo: ghare: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

Well, you've convinced me. We don't need government at all. Cops, firefighters, army, whatever. Don't need NONE of it. Because if you can't afford to hire cops, firefighters, warriors on your own, I GOT MINE fark YOU.

s1ugg0: ... are you really just pants on the head retarded?

You're talking to a teabagger. Does that answer your question?

/I know, I responded to the stupid too.

When we contacted Bank of America, staff told us the home foreclosure wasn't complete. But that doesn't jibe with the work order we found for the painters, showing Bank of America itself paid rush order to cover up Bengal's words -- ASAP.

If the forclosure wasn't complete, then wouldn't this be trespassing or vandalism by BofA to repaint this guys house in some way that he did not want?

BoA is a criminal enterprise.

I had a friend who worked in loan modification for a summer job and he would always tell me that there was no way to help people unless they were behind on their payments and once they were behind the companies would start foreclosing.

So basically if you need your loan modified, say refinance the remaining principle over 30 years at the new lower interest rates you needed to stop paying for 3-6 months, but if you stopped paying for too long, well tough shiat, no more house.
And these would be people who have made every payment on time for 4-5 years, one loses a job, but would completely be able to make payments at the new interest rates.

Talk about a farked up situation.

s1ugg0: Debeo Summa Credo: ghare: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

Wow. Did you even read the article before your blame the victim routine? Guy was making his payments. He wanted modification and calls the bank. Bank says stop paying your mortgage for three months. He does so. Now he's getting foreclosed on.

For doing what the bank told him to do while he was still making payments. Did that sink in or are you really just pants on the head retarded?

Wow. Did you even read the ridiculous post I was responsing to, which talked about appraisals and modified loan terms and 'professional assurance' of value of homes, which of course had nothing to do with TFA?

ghare: Debeo Summa Credo: ghare: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

You mean the loans that were altered after people signed them? The ones on houses that were fraudulently appraised? The houses that all the professionals assured the buyers were worth what they paid?

Wait, you forgot to say how it was lending to minorities that really caused the problem. You know, THOSE people.

Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

Well, you've convinced me. We don't need government at all. Cops, firefighters, army, whatever. Don't need NONE of it. Because if you can't afford to hire cops, firefighters, warriors on your own, I GOT MINE fark YOU.

How the hell do you get from my post that I'd suggest we don't need public services? You seem to think that people who bought homes in the bubble were victimized because 'professionals' assured them that the homes they purchased were worth what they paid. I'm telling you that it is ridiculous to absolve anyone of all responsibility for their own purchases or financial decisions. Absolutely nothing to do with needed social services.

Jibe? You got to be jiving me!!!! lol...... its not enough that BoA should be shut down, but those who thought up all the stupid stuff it does should be drug out into the streets and shot. I imagine alot of the people are somehow involved with Haliburton, an equally farked up company. Just sheer dumbassretardatude.

cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

Bears repeating........

sendtodave: cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

Yeah! What kind of an idiot trusts a bank with financial matters?

/when did predatory lending become the norm?

when they enacted the "Ownership Society" financial reforms allowing banks to make really risky loans to anyone and then play hot potato with them across the globe?

"Wow. Did you even read the article before your blame the victim routine? Guy was making his payments. He wanted modification and calls the bank. Bank says stop paying your mortgage for three months. He does so. Now he's getting foreclosed on."

The guy's a fool. He didn't get it in writing. When dealing with a bank, legal entity, etc, ALWAYS GET IT IN WRITING.

He'd have had at least one leg to stand on. Now, he has none

Fact-poor article is fact-poor.

He says Bank of America representatives told him in order to qualify for a loan modification, he should stop mortgage payments for three months and then call them back.

Followed by

He says he still made his monthly payments, but eventually the bank sent him the foreclosure notice.

and

When we contacted Bank of America, staff told us the home foreclosure wasn't complete.

followed by

Bengal says he's living somewhere else now.

Soooo.... he may or may not have been told to stop making payments which he may or may not have done which may or may not have led him to vandalize someone else's property which is dependent on a foreclosure that may or may not be finalized... and it's implied at the end that the guy's neighbors may not have a whole lot of sympathy for his plight to boot, so he may or may not be a particularly upstanding fellow to begin with.

The quality of BoA hate stories has gone waaayyyyy downhill over the last year or so. I want another one where they send an armed sheriff to foreclose on a house that they not only don't have a lien on, but that has no lien at all.

cherryl taggart: The battery in my clock needs changing. I didn't realize it was already time for the daily 2 minutes of hate towards the banks that forced everyone to sign lopsided contracts for overpriced houses.

Excellent point! Except for... you know... the claims about the banks and originators intentionally misleading and lying to customers, illegally robosigning paperwork, "misplacing" paperwork and then undertaking foreclosures on that basis, illegally preventing people from qualifying for mortgage adjustments...

But, yea, you'd have a perfectly valid point if, you know, what you said made any sense.

AngryDragon: I like how the neighbors are concerned about the "blight" from the message, but no-one is up in arms over the fact that BoA screwed this guy over.

Hey, it's bringing down their property values! They have their own houses to sell. They're all underwater, too, and it's a tough market!

Hobodeluxe: sendtodave: when did predatory lending become the norm?

when they enacted the "Ownership Society" financial reforms allowing banks to make really risky loans to anyone and then play hot potato with them across the globe?

Well, yeah, OK. I'll rephrase that. When did the mentality of "if the bank screws you, it's your fault" become the norm? The mentality that expects banks to be predatory?

Seems like blaming the victim to me. People should be able to trust their lenders.

Death_Poot: "Wow. Did you even read the article before your blame the victim routine? Guy was making his payments. He wanted modification and calls the bank. Bank says stop paying your mortgage for three months. He does so. Now he's getting foreclosed on."

The guy's a fool. He didn't get it in writing. When dealing with a bank, legal entity, etc, ALWAYS GET IT IN WRITING.

He'd have had at least one leg to stand on. Now, he has none

Yeah, like this. This is what I'm talking about. "The guy was a fool for trusting his bank."

Debeo Summa Credo: People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

What a childish, hysterical leap you've made there, in the name of absolving predatory lenders from responsiblity for their actions. Your overblown "financial and governmental overlords" was icing on the cake.

Um, y'all realize the bank usually loses money on a foreclosure, right? I don't think it's usually a sensible business move to tell a guy to stop making payments on an underwater house and then foreclose. You can only blame this on incompetence, not greed.

Barricaded Gunman: absolving predatory lenders

Banks absolutely should have faced the consequences of their stupid loans, which is why I opposed TARP and the other bailouts.

"When the graffiti was still up, people who live on the block expressed their frustration at having this blighted property in their neighborhood. Thanks to Bank of America, the paint is no longer a problem."

Aw those nice people at BoA always helping!

First off, I understand BofA is evil, so I am not trying to defend them but:

Dumbass likely gets a loan he can't afford on a bubble priced house (I admit this is an assumption).

Bengel says this came at the end of a three-year back-and-forth battle with Bank of America. He says Bank of America representatives told him in order to qualify for a loan modification, he should stop mortgage payments for three months and then call them back.

Dumbass doesn't get this in writing.

Dumbass doesn't put those mortgage payments he isn't making in the bank just in case. (TFA made it sound like he could have made the payments but choose not to in order to qualify for restructuring).

BofA is evil but dumbass screwed dumbass out of his own house.

Okay, I have a stupid question. What is the difference between a modification and refinancing? Why go the modification route? It seems like it would be a lot easier just to do a refi, either with BofA or with another lender that isn't evil personified. I understand some people wouldn't qualify for refinancing because of credit issues, etc., but the article really doesn't mention any of that. If the guy was current on his mortgage when he asked for his modification, one could reasonably assume that his credit probably isn't/wasn't complete trash. Getting a point or two knocked off your interest rate can make a huge difference in your payments and, assuming he's been paying on it for a a least a couple of years, you could reset the timeline and stretch the loan out a few more years, resulting in lower monthly payments. I'm sure I'm probably missing something here.

mod3072: Okay, I have a stupid question. What is the difference between a modification and refinancing? Why go the modification route? It seems like it would be a lot easier just to do a refi, either with BofA or with another lender that isn't evil personified. I understand some people wouldn't qualify for refinancing because of credit issues, etc., but the article really doesn't mention any of that. If the guy was current on his mortgage when he asked for his modification, one could reasonably assume that his credit probably isn't/wasn't complete trash. Getting a point or two knocked off your interest rate can make a huge difference in your payments and, assuming he's been paying on it for a a least a couple of years, you could reset the timeline and stretch the loan out a few more years, resulting in lower monthly payments. I'm sure I'm probably missing something here.

When the value of your home drops, banks don't want to finance more than 85% of the homes value. Modification is often the only option.

FiendishFellow05
When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

As a former BoA mortgage customer his story is not out of line. I attempted a loan modification in 2009 and literally had to send ans resend the paperwork 4 or 5 times to the same people who kept on "loosing" it because they never attached it to the account for reference.
When I was on my "trial payment" period which was suppose to be 3 months but ended up almost 11 I was told something different by each representative that I spoke with. Everything from you owe X amount, you are right in line with your contract, ignore that foreclosure letter you got it is just a formality, our systems update only every 3 months, hung up on, another foreclosure letter delivered by the sheriff.
I called a realtor and walked away from the house, a year later it short sold..
F-off BoA

stuhayes2010: Hmmmm. Who to hate? BoA or some guy that bought too much house?

Yeah fark that guy.
We should all live in favelas or be ruled by landlords or be debt slaves.
Here's an idea: you can find usually find shelter categorized under needs. The logic of the system and the law enforced by the government notwithstanding, you don't morally owe the bank shiat. Debt is just the new false obligation to reign in the peasants, like duty to the king, or being racially inferior to your slave master.
Would you get mad if someone broke into your house and kicked your family out and told you to go live on the streets? What about if the bank does it? Or is it more justifiable for the bank to do it because they're enforcing an exact numeric principle?
Not only that, where did the concept of economic risk go for the banks? If you really must pay off your debts, what was 2008 and all the bailouts about? This is really just another form of class warfare on the not-rich for behaving too uppity. Obviously, they don't deserve homes. They're so entitled, unlike the upper class creating a homeless caste so they don't lose out on a few loans.

Debeo Summa Credo: Exactly. People who buy things are never responsible for those purchases. Our financial and governmental overlords should make all personal financial decisions for us, for we the citizens are too stupid to be held responsible for our own finances.

The financial and governmental overlords are the ones who created this situation, and the ones attempting to keep their positions by raiding people's homes.

so wait... I pay my mortgage, I keep my property looking ok, some dude says "the bank told me to stop paying" (are you kidding me? I want that in writing!) then gets booted from his home, and thinks it's a good idea to spray paint an angry message on his garage door?

Obviously, I'll side with the 'precious snowflake.'

Random Anonymous Blackmail: FiendishFellow05
When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

As a former BoA mortgage customer his story is not out of line. I attempted a loan modification in 2009 and literally had to send ans resend the paperwork 4 or 5 times to the same people who kept on "loosing" it because they never attached it to the account for reference.
When I was on my "trial payment" period which was suppose to be 3 months but ended up almost 11 I was told something different by each representative that I spoke with. Everything from you owe X amount, you are right in line with your contract, ignore that foreclosure letter you got it is just a formality, our systems update only every 3 months, hung up on, another foreclosure letter delivered by the sheriff.
I called a realtor and walked away from the house, a year later it short sold..
F-off BoA

Per my later comments, I watched the same thing happen to someone who wasn't dealing with BoA(well, no directly anyway, but they may have been the note holder). And as I said earlier, the lack of communication is ASTOUNDING. None of the divisions talk to each other; you might be working on a loan modification, but no one tells the foreclosure division, so they start sending out their letters; meanwhile, another division is telling you something ELSE. It's asinine. And I believe it's a big reason so many people are ending up in foreclosure.

But we'd rather blame the person who was told "Hey, don't worry, you can afford this", by someone they thought was trustworthy and on their side, instead of the lenders, whose sheer incompetence is incomprehensible.

/Not saying that was the case in the linked story, but it looks like it was a factor.

mod3072: Okay, I have a stupid question. What is the difference between a modification and refinancing? Why go the modification route? It seems like it would be a lot easier just to do a refi, either with BofA or with another lender that isn't evil personified. I understand some people wouldn't qualify for refinancing because of credit issues, etc., but the article really doesn't mention any of that. If the guy was current on his mortgage when he asked for his modification, one could reasonably assume that his credit probably isn't/wasn't complete trash. Getting a point or two knocked off your interest rate can make a huge difference in your payments and, assuming he's been paying on it for a a least a couple of years, you could reset the timeline and stretch the loan out a few more years, resulting in lower monthly payments. I'm sure I'm probably missing something here.

If the house is under water, meaning you owe more than it's worth, you aren't going to get a refi. Hell even Chase won't refi me, and they already hold my mortgage.

I don't qualify for a modification (this guy didn't originally either), because my credit is good, I'm current on my mortgage, and I have a job.

So in order to take advantage of lower rates or even lower home costs and sell/move somewhere with more space since I didn't buy above my means but now wish to have 2 children which = more space needed. I have to A) Hope Chase figures out that allowing me to refi means I still owe them the same amount just at a lower rate. B) Hope some other bank takes the risk of having a mortgage that is higher than the value of the asset C) Get "qualified" for modification by quitting my job, sending my credit down the drain, or withholding payments.

It's an awesome position to be in.

FiendishFellow05: When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

The best place to start is "pay your mortgage" or GTFO and let BOFA take the farking on their overvalued collatoral, wait 7 years and buy a house you can afford.

Next time Use break fluid.

mekkab: so wait... I pay my mortgage, I keep my property looking ok, some dude says "the bank told me to stop paying" (are you kidding me? I want that in writing!) then gets booted from his home, and thinks it's a good idea to spray paint an angry message on his garage door?

Obviously, I'll side with the 'precious snowflake.'

I'd imagine the effort you'd have to go through to get that in writing would be far more than you'd expect. IF the lender would provide that in writing(because I can't imagine them stating " 'so-and-so' was told to stop paying their mortgage' on the record).

It should be mandatory that these types of stories should have the number of mortgages on said house, whether or not it was an ARM, and the number of times money was borrowed against the house...

Wait we can't do that because it would just destroy the narrative that banks are just taking homes!

AcneVulgaris: FiendishFellow05: When the BANK tells you, "oh, yeah, just stop making your mortgage payments for three months, and then you'll qualify for a modification", something is SERIOUSLY WRONG with the system. I don't know exactly what the problem is, but I suspect a good place to start would be the paperwork practices most large lenders have in place; that seems to be a big part of it.


/The bank basically told him to default on his loan; think about that for a minute.

The best place to start is "pay your mortgage" or GTFO and let BOFA take the farking on their overvalued collatoral, wait 7 years and buy a house you can afford.

Did you even read the article? Do you have any clue what the reality is for most people? I'm willing to bet no on both.

This guy WAS PAYING HIS MORTGAGE ON TIME. He didn't CHOOSE to stop paying it; BoA TOLD HIM TO.


I'd like to see you deal with a situation where the BANK THAT HOLDS YOUR MORTGAGE is acting like a hydra: telling you something different from each head. I've seen it firsthand; when the borrower is in that situation, it's easy to get screwed because the lender has three divisions that don't talk to each other.

And not everyone wants to walk away from a mortgage - it's a big hit to your credit, and it's essentially giving up part of the American Dream. I've seen people do it, because they realized they had no choice. But that doesn't mean it was easy.