posted on Feb, 15 2010 @ 10:50 PM
I did a Loan Mod Agreement with BoA on 1-24-08. From the time I originally took out the loan in 1999, the balance went down about 5k. In the new Mod,
after late fees and escrow fees from forced flood, the amount was 2.5k more than the original taken out in 1999.
So I'm keeping up on payments now for almost 2 years. Not 1 late payment.The strange thing is that during the 2 years my principal didn't go down 1
cent. All my payments went to interest.
10-21-09 I get this letter in the mail from BoA, stating that they are pleased to have me as a BoA customer and are excited to introduce me to BoA
The next sentence they want to let me know that the servicing of my BoA mortgage will transfer to their subsidiary, BAC Home Loans Servicing,LP as of
11-06-09. They then issue me a new Loan #. So I go along with this.
Then 11-24-09 I get a letter from BAC Home Loans saying they are a debt collector; and telling me I owe an amt 7k more than the original loan in 1999.
I paid 2 yrs on time and they tacked on 4.5k, and still my balance was the same as the Loan Mod 2 yrs prior.
It also said the name of the creditor to whom the debt is owed is CIG HFI 1st LIEN MORTGAGE and to please note that BAC services my loan on behalf of
my creditor. So now I wonder what the heck is going on and who is the creditor. It also said I had 30 days to write a letter to dispute the validity
of the debt.
I called and they said they see the problem and will fix it.
12-7-09 I get a Certified Letter from BAC with the Title of NOTICE OF INTENT TO ACCELERATE. They told me that if I did not make the default payment
by 1-6-10 they will FORECLOSE. They said basically if the amount I paid was a penny short, they would keep the money and FORECLOSE also. Then they
said they would enter the property and conduct inspection. It said if I didn't cure the default prior to inspection, other actions to protect their
interest in the property, such as winterization, securing property, and valuation services, may be taken and the costs of the above described
inspections and property preservation efforts will becharged to my account as well.
Now the funny part. The balance they said I owed was ($2,338.41). I called them up and told the guy to cut me a check for that amount so I wouldn't
be in default.
The guy, Steve, said he had to check and put me on hold. He comes back and tells me that it's a good thing for me. He said I owed about 8k and I
have 11k in the holdings?!? which means I have 3k in my account.
I told him I don't owe anything, let alone 8k, and that he made no sense to me. Then I asked when do I get this 3k and why did my principal not go
down. He said they will leave my principal balance the same and I will get a interest reduction break. I said when. He said in a national emergency.
I said, I don't think so dude.
Then he looks and says, Wait a sec. You have an interest only loan. I asked him what the hell was that? He said that all my money will always go
toward interest. So I asked him if any will ever go to principal and he said no. I asked him what kind of moron would do that type of loan and never
own the home. He said my loan was that way since its inception in 1999. I told him it wasn't.
I asked him to look at the Mod copy. It not only states a maturity date 30 yrs later but it also reflected that 5k was paid off from its original
1999 date. So, I asked him how can it be interest free loan.
He said, this is odd. He said it was marked interest only but that it wasn't possible for the 30 yr mortgage.
He said he would get it fixed. Now I got a notice showing I owe $4,400 in escrow.
Also, they did make the change to reflect the correct principal balance but just by lowering my fictitious escrow bal. Also right at Tax time. My
2009 mortgage interest statement said they gave me a refund of $277, which sucked for taxes. Also on the statement it showed my ending prin bal as the
amt before they fixed it?! Can they lie on that Fed form?