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BANK OF AMERICA BAC Home Loans How homeowners are fighting back at foreclosure. Charlotte, North Carolina |
| 9th of Aug, 2010 by User349703 |
February 4, 2011, is a day that Angie and Mark Garcia will never forget.
That's the day Bank of America sold their triplex on the steps of the county
courthouse.
Angie and her husband Mark worked hard since they got married back in 1996,
saved up some money and bought a cute little 3-unit apartment building in the
outskirts of Los Angeles. It was their children's happy home for fifteen years
,and was also to serve as the family's income legacy for future generations. And then, the mortgage crisis hit. They lost two renters in late 2008 due to
the recession, which tanked almost $3,000 of their income. They couldn't find
employed renters to fill the units for almost a year! Then, Mark lost his job
at the aerospace plant. For the next two years it was touch and go and month to
month. Luckily Angie made a good living as a bookkeeper for a Hollywood
agent, and held things up...but things were still very uncomfortable. But the Garcias didn't give up. They had a good credit score, paid all their
bills on time, and were very bright-eyed and hopeful when they called Bank of
America for help. Besides, they were never late on mortgage payments. Surely
Bank of America
would help them now, right?
Bank of America put the Garcias on two trial payment plans spanning over 14
months. It was never explained why they were put on a second plan, but at the
end of the trials, they paid $25,000. On December 15, 2010, Angie called Bank
of America because the second trial plan had come to an end, at which time Bank
of America told her to keep making payments until a decision is rendered.
In the meantime, the Garcias were to send in yet another round of
documents...for the fifth time this year. During that conversation, Angie was
not given a deadline in which to send in the documents. Bank of America,
however, actually attached a deadline of January 5, 2011.
What happened next is the subject of a civil suit that was filed in
February, 2011, in Los Angeles County Superior Court. Mark Garcia was called
away out of state on a job that he needed very badly, and was not in a place
where he could fax in his pay stubs that Bank of America required. Once he
arrived home, Mark and Angie immediately set about to fax in the 50-page
documents package to Bank of America. The documents were received by Bank of
America on January 12, 2011...exactly seven days past the deadline. Of the incident, Angie said, "B of A never gave me a deadline. If that
were they case, don't you think we would have moved the earth, sun and moon to
fax them in?!" Angie called Bank of America on January 16th to make sure
they received the faxed documents. She was told, "Too late. Your documents
were due on January 5th and there is now a sales date attached to your property
because you were seven days late sending us the documents." Angie had a
breakdown that day and couldn't go to work. Mark called Bank of America and demanded more information. This time Bank of
America's answer MORPHED into yet another reason for the foreclosure. "We
denied the modification because your mortgage is too far gone and cannot be
salvaged."
To this Mark asked, "Wait a minute! I thought it was because we were
seven days late faxing in documents! And furthermore, what happened to the
$25,000 in trial payments we paid you over the past fourteen months? Didn't you
apply that to our mortgage account?" Bank of America's answer to this question was a bunch of indecipherable,
over-the-top gobbledy-gook designed specifically so that no one could
understand ever it. But no worries. Bank of America will get the chance to
explain it to the judge, later this year. No doubt, the investor took the
$25,000 and ran off with it. The triplex was sold on February 4, 2011. Okay, so why did Bank of America put the Garcias, and thousands of other
homeowners on trial payment plans? An insider working for Bank of America came
forward last month and told federal investigators what really happens with
trial payments sent to Bank of America. If you've been sending trial payments
to Bank of America, you may want to get some smelling salts, and sit down,
because this could make you collapse! The following is true, not just of Bank
of America, but all banks currently accepting trial payments from homeowners.
Here's what really happens to your trial payments: Let's say your regular mortgage is $2,000 a month Three month's delinquency of your mortgage is $6,000 Let's say your bank puts you on a trial payment plan at $1,500 a month The difference between the true mortgage and the trial payment rate is $500 Now, take this $500 and multiply it until it equals $6000 ... which is 3
months of your regular mortgage The bank took $500 out of every trial payment until it equaled $6000 ...
which is 12 months ($500 x 12 = $6000) They paid the investor each month, to keep them quiet so
the investor or would not sue the bank.
Now, because you were "short $500" on all your monthly payments
over that 12 month period, you are now naturally delinquent on your
mortgage...and you will never be able to catch up. Thus, the bank now has the
so-called legal right to sell your property. After all, you've been short on
all your payments for a whole year! Because the banks have been misappropriating trial payments this way,
homeowners everywhere became severely delinquent on their mortgages, even though
many of them were NEVER DELINQUENT BEFORE...like the Garcias!! A year ago, homeowners thought this mortgage nightmare was never going to
end. But now, law suits are erupting all over the country. Washington certainly hasn't helped anyone,
so homeowners are fighting back on their own ... and guess what ... they're
winning! The Law Office of Kramer & Kaslow, Newport Beach, California, recently
filed massive lawsuits against all the big banks…Bank of America, Chase, Wells
Fargo, Citi, GMAC and IndyMac (theirs' must be made of brass), based on the
following violations: 1. Malfeasance (hostile, aggressive action taken to default the homeowner) 2. Statutory Violations 3. 3rd Party Beneficiary Claims (that you never authorized) 4. Phantom Investors and Beneficiaries (that you never authorized) 5. Unfair Business Practices (breaches of "implied contract" ... ie:
taking trial payment money and causing homeowners to believe trial payments
were a pathway to modification) The following are added foundational elements for the additional suits
pending: 1. MERS (Robo-signing of documents) 2. Proof of Note (Failing to prove they own your note, thus, the right to
foreclose on homes) 3. Proof of Funds (Patriot Act Violations) So far, Kramer & Kaslow has 1,600 clients on the plaintiff list and the
number is growing daily; such is the outcry against these banks. Further, as
soon as clients sign up on the case, the attorneys file the classic Form 998 on
their behalf. (Form 998 - Offer in Compromise.) Once the 998 is filed, lenders
are literally STRAPPED and cannot foreclose on the property for the duration of
court trial. Is your bank foreclosing on you? Run to your nearest real estate attorney
and ask them to file the Form 998. Or, if you 1)live in California, 2)your property is listed on the
MERS (Mortgage Electronic Registration System?, and 3)your loan is with one of
the above-referenced banks, contact the email address below. You qualify to
come on-board this legal action, and we'll put you in touch with the attorneys. Kramer & Kaslow's attorneys expect their clients could be awarded large
settlements, to the tune of about $50,000 per client for the above violations,
and subsequent damages. To learn more about the suit and how you can join,
please visit: http://class-action-against-banks.weebly.com/index.html Then write: [email protected] |
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