Bank of America is out of control

I have been trying to buy a house and in the 4 tries I was involved with they had been short sales and in all four cases was the same scenario. First the owner stops paying for over six months then the short sale goes on another 4 to 6 months of them still living there not paying, and if the house still doesn't sale to the satisfaction of all parties it goes up for auction where it normally does not sale since when they add up the mortgage, fee and fines no one wants to pay that amount. It is at this point the owner is forced out and the house sits empty in foreclose status. In all four cases the owners were there longer than a year and not paying a thing but utilities. In a couple of them when the owner left they did a good amount of damage to the places.

So with that said something doesn't sit right with the story as it seems they are playing the victim card.

[edit on 25-6-2010 by Xtrozero]

reply to post by Xtrozero


Oh I can bet you are stressed out. The Hubby and I are buying a house right now. It's through the VA though. We haven't encountered anything like that yet but we are staying away from the short sales. This is an army town so there's quite a bit of volume out there. We had to give the seller a whole laundry list of things he has to fix otherwise I know the VA won't accept it.

I'm not sure about this lady though. There's something weird about it. You can't just auction off someone's house with them living in it. A foreclosure normally involves a lengthy procedure. Normally papers get served. Granted, I don't like BoA because of the crazy fees they were trying to charge me all those years ago but, my mother has used them for years and never had issues with them. If she's got papers she can sue quite easily. She could just be lying about everything though. I have to say, most people don't like the big banks so it's easy to hate on them right now.

I wish the video where they interviewed this woman had been posted along with the article. She seems quite convincing and is covered in scars from her fall. It is possible that she missed something but if so, it was not done with intent.

This kind of thing has happened repeatedly all over the country with many different lenders. Then you have the flip side where someone who deliberately stops paying stays in the house 2 years before the foreclosure is complete. I think a whole lot of it is improper documentation and other administrative errors being done by the banks.

To Ovelaset... that amplicate.com link you posted is something else.

To those of you who are so confident about local banks and credit unions... they'll do the same if they get the chance. Had a local C.U. post all of my son's debits in reverse charging fees along the way and what should have been a 0.15 overdraft turned into over $120.00. They literally took his grocery money.

I wonder if, when you sign the documents to enroll in the HAMP program is there something in the fine print that would allow this foreclosure to have happened? Does anyone know?

I do agree that if it is erroneous she should be able to get her house back but what a pain in the A@@ when you're already dealing with so much.

Originally posted by CookieMonster09
The woman, after not having made payments in several months, I am sure accumulated late penalties, collection costs, and owed interest payments. Hence, her statement that BOA sold the mortgage note for "more than she owed". More like: "more than she thought she owed".

Until you hear BOA's side of the story, this is just another hyped media play by a deadbeat whining about a big bank.

Work injury, you say? Yep, and my cat ate my homework.

Never received notice that the house was in foreclosure? Does she ever check her mail?

Cry me a river. I am so sick of hearing of these lame, whiny stories about people that don't make their mortgage payments and somehow magically expect the government to bail them out of their unfortunate situation.

Why should the American taxpayer have to fund a deadbeat?

So are you saying then since we're hearing only her side of the story that is an indication she is a deadbeat, liar who has no injury, doesnt check her mail and expects to be bailedout?
I can only gain from this that, compassion and understanding is a rarity.

Originally posted by 1947flxible
local Citizen banks, the big guys are just cutthrought and dont care who they crush, and have uncle Wiskers big hand on their shoulder at all times. Local citizen banks, co-ops, credit unions, when these big banks get confiscated, and so does your cash, its the locals that survive for you the longest, before they are gobbled up too. I was doing research into banks just yesterday for a new account i want and first thing i did was look at which banks in my state took took Tarp Funds, they were disqualified right away. Next i looked for internal institutional ratings of banks in my area, then which of those had a sound foundation of long term private investment in MY local community, i discovered a local bank, i wont name it here, that met all those criterias for 130 years in this community. That is were i will be banking now, think local guys, whats tangable in your area, the big boys will all be owned by the gov soon, think local.

How do you go about finding this information? Do you have a link you could share with me?

Originally posted by antonia

Oh I can bet you are stressed out. The Hubby and I are buying a house right now. It's through the VA though. We haven't encountered anything like that yet but we are staying away from the short sales. This is an army town so there's quite a bit of volume out there. We had to give the seller a whole laundry list of things he has to fix otherwise I know the VA won't accept it.

We actually got a really good deal on a non-short sale from an investor who was willing to take a large lost (250k plus) to get out from under the house, so we were lucky. The four houses I put bids in I lost due to the banks not wanting the offers (kind of crazy since they were good offers and the bank will loose even more in the end) or some strange dealings, so yes it was very frustrating.

I went VA too and they have really made it harder to get done, and I'm a zero debt 800 plus credit rating guy...hehe

I'm not sure about this lady though. There's something weird about it. You can't just auction off someone's house with them living in it. A foreclosure normally involves a lengthy procedure. Normally papers get served. Granted, I don't like BoA because of the crazy fees they were trying to charge me all those years ago but, my mother has used them for years and never had issues with them. If she's got papers she can sue quite easily. She could just be lying about everything though. I have to say, most people don't like the big banks so it's easy to hate on them right now.

As we were looking for a house the house we first rented the owner stopped paying 18 months and was pocketing my rent money until the bank finally kicked us out and put it for auction...hehe

I can't see someone missing a few payments and they come home to a house sold...

My mortgage is actually with B of A for a 4.5% 30 fix rate and it just so happened that their insurance beat out three others I was looking at too, so I'm not unhappy with them though I do not use their credit card anymore since they kept raising the interest rate it seemed every three months. But who cares since my mortgage will most likely be sold over and over.

So are you saying then since we're hearing only her side of the story that is an indication she is a deadbeat, liar who has no injury, doesnt check her mail and expects to be bailedout?

First, she admits she is a deadbeat. She hadn't made a mortgage payment in many, many months. Her excuse is pretty lame: I was "injured".

From the story, we have no legitimate proof that she was injured. That's about as phony an excuse as I have ever heard.

Obviously, when someone is in foreclosure, they get rammed with plenty of collection letters and collection phone calls. To say that her house went into foreclosure without notice and without her being aware of it is absolutely ridiculous. She even admits that she knew she was in trouble, because she went crying to the federal government for one of the mortgage bailout plans. So she had to know that she was at risk for foreclosure.

We have no transparency in this article as to exactly what her true financial condition is. Many of these alleged "deadbeats" have money sacked away somewhere, or they spent their life savings frivolously on drugs, gambling, alcohol, etc.

I just don't buy her story. The media always touts these bogus stories about people whining about losing their house. Well, if a deadbeat is irresponsible, and refuses to make their mortgage payment, what on earth do you expect is going to happen? Of course, the bank is going to foreclose! Duh! What else would you expect them to do?

Typically, when someone is injured, they have disability insurance to cover their salary, either through their employer or through their own personal financial planning. Was she so irresponsible as to not have disability insurance?

What about Social Security benefits? When someone is permanently disabled, they can receive Social Security before the age of 65.

What about unemployment benefits? What exactly did she do with her unemployment check? Gamble it away? Spend it on hard liquor? Obviously, she didn't use any of her unemployment checks to pay her mortgage! Why is that?

What about her personal savings account? Do you mean to tell me she has been working all these years, and hasn't saved a dime for a rainy day?

What about her local church? Typically, in these situations, a community will rally around helping a person in these kinds of situations, by raising money through private donations or charitable means.

What about her inheritance? Did her parent or parents leave her a nest egg? What about her own personal nest egg?

Listen - I get it - Some people are broke and poor. I feel sorry for them - I really do. But most of these stories are pure baloney. And believe me, I am no fan of Bank of America, either.

So, again, I ask you, why should the American taxpayer have to pony up for the irresponsible, arrogant actions of a deadbeat?

[edit on 26-6-2010 by CookieMonster09]