I hope this is the right forum for this information. I thought maybe I should place it in Other Current Events, so, Mods, please move where ever you
Some of you may be aware of my battle with BOA and I've started several threads pertaining to the mortgage crisis, but it seems as though I've held
on long enough that BOA, as well as other financial insititutions, are being investigated for their business practices regarding people's mortgages.
I'm happy to announce that my dilemma is finally coming to an end. I hope others' battles are, too.
I finally feel as though I have some peace of mind. For several months, I've been checking the mailbox and bracing myself for a notice of property
auction, but not anymore. I can finally breathe a sigh of relief.
Yesterday, I received a letter that my mortgage and BOA's treatment of my mortgage is finally being investigated by The Board of Governors of the
Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators - every state has one). These two entities are
requiring an Independent Foreclosure Review to identify customers who may have been financially injured as a result of errors, misrepresentations, or
other deficiencies made during the foreclosure process.
The letter goes on to say that Bank of America's records indicate that my loan may meet the initial criteria:
1. Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010
2. The property was your primary residence
Yes and yes.
So, this is what I must do:
-- submit a Request for Review Form for an Independent Foreclosure Review by a consultant outside of Bank of America
The letter I received already included this Review Form, so all I have to do is fill it out and return it by April 30, 2012. It says that the
investigation will be thorough and complete and BOA will have to answer questions and submit documents, too. It also states that the review process
could take several months.
Here is a link to the website associated with this investigation:
This is great news for me as well as many others who have suffered for criminal banking practices and have lost their homes even though they tried to
bend to the banks wishes.
Here are the qualifications under which an investigation can get underway:
1. The mortgage balance amount at the time of the foreclosure action was more than you actually owed.
2. You were doing everything the modification agreement required, but the foreclosure sale still happened.
Check (but I'm still in my home. I know others who are not)
3. The foreclosure action occurred while you were protected by bankruptcy.
4. You requested assistance/modification, submitted complete documents on time, and were waiting for a decision when the foreclosure sale occurred.
Check and check (again, I'm still in my home, but others aren't)
5. Fees charged or mortgage payments were inaccurately calculated, processed, or applied.
Check, check, and check.
6. The foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9
months after the active duty ended.
The letter goes on to say that once the investigation is complete, I may be eligible for financial compensation or some other remedy.
Honestly, I'm surprised that I haven't been put into a mental institution because of BOA's repeated lies, false promises, and mental torture. To
give you a better idea of how the bank has treated me, BOA even called the police and told them I was suicidal simply because I told them they could
have my home when the peeled my cold, dead body off the floor. This was one month after my bankruptcy hearing and the bankrupty petition specifically
stated that BOA had to modify my loan. They didn't care about the judge's ruling and insisted I choose a short sale or foreclosure.
BOA -- You are not above the courts and you're in for a very rude awakening! You should also be charged with making a false police report during the
act of violating a judge's ruling. You should all be ashamed of yourselves!
If BOA has to pay restitution and/or lower the mortgage values of the homes for several thousand of its customers, this may just break them. At least
I hope so.
Although my letter specifies foreclosure proceedings between January 1, 2009 and December 31, 2010, I would like to know if anyone else has received
one of these notices for other months.
Please help me keep this thread alive. If you or someone you know gets one of these letters, please post to this thread. Also, if you feel that you
deserve to have your mortgage situation investigated, write to your state's Comptroller of the Currency and request an investigation.
These investigaitons are not based solely on BOA. It involves all of these other institutions:
America’s Servicing Co.
Aurora Loan Services
Bank of America
EverBank/EverHome Mortgage Company
IndyMac Mortgage Services
National City Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.
Also, this is the first time that I've ever considered the Federal Reserve a friend instead of an enemy. It's nice to see them stepping up to the
plate rather than backing their banking buddies.
Be well, everyone. May the force be with us all during these corrupt times. Sometimes good does prevail. It just takes longer to get to us sometimes.