Family pays mortgage 1 week early and bank forecloses

[PingSpike]

You can see the issue here. With our lawsuit-driven culture, you have to try and follow regulations to the very letter, especially if they are dictated by an entity like the government.

If the bank doesn't foreclose on this house for not following the rules, then they could be in a tricky legal spot when they do need to foreclose on a different house that demands foreclosure for failure to follow the rules. Rules and regulations must be applied uniformly to all people.

Damned if you do, damned if you don't.

Come on. That's bullshit. This is just standard BOA incompetence with maybe a sprinkling of malice thrown in. There's no vast company wide plan to protect themselves from future precedent. The company is run well enough for there to be that kind of forethought, even if it actually made sense. Look at the company's track record. If BOA was a person (and thanks to a recent supreme court decision they legally are) that person would forget to drop their pants before they sat down to take a shit half the time.

And why would they bother to run it any better? If to many customers stop doing business with them because they're awful the taxpayer will just bail them out again because they're to big to fail. That's American capitalism! Fail big and fail often.

 

[actuarial]

Like someone else said, it's actually impossible to make a payment ON January 1st. You can't go into any branch (they're closed), and any payments made on that day are posted the next day (or the following Tuesday if the 1st falls on the weekend).

So based on BOA's interpretation of HAMP, is it not impossible to qualify?

 

[QuantumPion]

Many people have been forced to.

I had Countrywide Mortgage and BoA took it over.

They have since raised my monthly mortgage twice over $100 more a month.

I am stuck just as many are because the mortgage is upside down due to the corrupt real estate and banking thieves.

Wow you must live in a huge house for your property taxes to have increased by $1200 in one year ($100/month increase), since by law property taxes can only increase at maximum by 2% per year (meaning your total property tax is $1200/2%=$60,000, which means your house is worth $3,000,000 at 2% property tax). And since you are a rich bastard I have no sympathy for you. :sneaky:

 

[soulcougher73]

Because Chase, Citibank, Wells Fargo or any other bank NEVER EVER make mistakes either, right???

Outhouse did not say that, but i assumed its implied that all big banks suck. Everyone knows this.

 

[Darwin333]

You can see the issue here. With our lawsuit-driven culture, you have to try and follow regulations to the very letter, especially if they are dictated by an entity like the government.

If the bank doesn't foreclose on this house for not following the rules, then they could be in a tricky legal spot when they do need to foreclose on a different house that demands foreclosure for failure to follow the rules. Rules and regulations must be applied uniformly to all people.

Damned if you do, damned if you don't.

bullfuckingshit

New Years day is a bank holiday so the payment couldn't possibly have been made or posted on the day it was due. The best she could have possibly done was pay it in the month of December (still early and not in the month it was due) or pay it on Jan. 3rd which would make the payment late.

If the bank can't figure this shit out then they have no business whatsoever being a bank. If the regs are that f'n bad that they put homeowners in a situation in which there is no possible way they can abide by the rules then the bank shouldn't be offering the mods until such time that they can get the regs fixed.

Any resident ATOT lawyers on hand? If you enter into a contract in which you know or should know that the other party can not possibly perform is that contract valid?

 

[PingSpike]

Wow you must live in a huge house for your property taxes to have increased by $1200 in one year ($100/month increase), since by law property taxes can only increase at maximum by 2% per year (meaning your total property tax is $1200/2%=$60,000, which means your house is worth $3,000,000 at 2% property tax). And since you are a rich bastard I have no sympathy for you. :sneaky:

While I'm sure this is just a standard mccowenism, not everyone lives in California so that price protection doesn't apply to most of the country.

 

[brandonbull]

You are stuck because you paid what you felt was a fair price for the property. Now you are whining that it was not.

Upside down is because the value has fallen, it is not the banks fault.

Who put a gun to your head to agree to the price?

Apparently, you have an ARM or your escrow has jumped; they can not adjust the rate on you for a fixed.

If you took an ARM; you knew what you were getting into. And ARM rates have been dropping.

Actually it is the bank's fault for manipulating the housing marking by giving away mortgages that had not been approved in the past. If the average person had the knowledge that there were so many shaky loans, there would have been a lot less home purchases.

 

[QuantumPion]

While I'm sure this is just a standard mccowenism, not everyone lives in California so that price protection doesn't apply to most of the country.

I think most areas of the country have a similar law or at least practice it de facto. I don't think any locality would tolerate their local gov increasing property taxes by 50% in a single year.

 

[TheSlamma]

My neighbors are dealing with these losers right now, they can't get anything back from them, every call is the same thing, fax us this, fax us that again and again, same things they already faxed. If they are laying off 3500 more people and can't even handle the load they have now they are going to fail hard.

 

[nick1985]

Many people have been forced to.

I had Countrywide Mortgage and BoA took it over.

They have since raised my monthly mortgage twice over $100 more a month.

I am stuck just as many are because the mortgage is upside down due to the corrupt real estate and banking thieves.

You have an ARM? You are dumber than I thought

 

[the DRIZZLE]

Actually it is the bank's fault for manipulating the housing marking by giving away mortgages that had not been approved in the past. If the average person had the knowledge that there were so many shaky loans, there would have been a lot less home purchases.

I didn't fully understand the mortgage situation, but I knew that there was no way a lot of people could afford their mortgages at their income levels. This wasn't some super secret information. Median income and median home price data is and has been widely available.

 

[TheSlamma]

Many people have been forced to.

I had Countrywide Mortgage and BoA took it over.

They have since raised my monthly mortgage twice over $100 more a month.

I am stuck just as many are because the mortgage is upside down due to the corrupt real estate and banking thieves.

LMFAO.. you banked with Countrywide!!?? Have you ever picked ANYTHING right in your life?

 

[nick1985]

LMFAO.. you banked with Countrywide!!?? Have you ever picked ANYTHING right in your life?

He picked the right school to install a DC project on all the computers on the network.

 

[waggy]

wow what a screw up. at least it got fixed.

i remember reading about a bank forclosing on a home that they didn't own. in fact the house was paid off.

Even after the couple showed them it was paid off they still had to go to court! The couple won a judgement against the bank who refused to pay. so what did they do? forclosed on the bnak LOL it was a great story

 

[Jeffg010]

Ya BoA sucks but the alternatives are just as bad. Everyone one of them tries and cheats you out of money.

I had my house through Pennsylvania housing finance agency and was late on a payment when I did not have enough cash in my checking account. I had it set up to auto take it out. Ya I know bad choice. Well my next paycheck cleared and I sent in the money 2 days later.

Well the fuckers tried to take the money out of my account again and I did not know it would try that again and bounced my checking account twice. Two $50 charges were put on my savings account and two $50 charges on the house loan. Well PNC Bank was cool about it and dropped the second charge.

Pennsylvania housing finance agency would not budge on the Two $50 fees they said I owed. I argued that they bounced my account twice even after I already send in the money though a check. They even confirmed that they received the check. I got pissed and said they were crooks and I was not going to pay that last $50.

They then tacked the $50 on my next payment and I got pissed again. I paid that payment. I said fuck them and cashed in a stock I had and paid off the house guess what they lost out on over 30k of interest. I fucked them pretty good there. Even when I paid them off everything was good but 3 months later they sent me anther bill for $200 not ever sure what it was for. I wanted this to be over and sent in the money and then they sent me the deed that was stamped paid in big fat red letters that was one of best days of my life.

 

[brandonbull]

I didn't fully understand the mortgage situation, but I knew that there was no way a lot of people could afford their mortgages at their income levels. This wasn't some super secret information. Median income and median home price data is and has been widely available.

Once banks started handing out loans like Halloween candy, they were manipulating the housing market.

 

[dmcowen674]

You are stuck because you paid what you felt was a fair price for the property. Now you are whining that it was not.

Upside down is because the value has fallen, it is not the banks fault.

Who put a gun to your head to agree to the price?

Apparently, you have an ARM or your escrow has jumped; they can not adjust the rate on you for a fixed.

If you took an ARM; you knew what you were getting into. And ARM rates have been dropping.

6.5% fixed. They have added all kinds of new fees and requirements.

If it is not the banks fault for the value dropping then why is it OK for them to apply new requirements at appraisal that FEMA came in with that is 20% higher than what I paid for the house but Real Estate appraisal 20% lower than what I paid for it?

FEMA took over the Flood insurance for the area. My house cannot flood, it is higher than the top of the dam.

If it flooded that means something has happened to the planet and we are all gone anyway.


The system is so corrupt and crooked it's unreal.

 

[Dulanic]

6.5% fixed. They have added all kinds of new fees and requirements.

If it is not the banks fault for the value dropping then why is it OK for them to apply new requirements at appraisal that FEMA came in with that is 20% higher than what I paid for the house but Real Estate appraisal 20% lower than what I paid for it?

FEMA took over the Flood insurance for the area. My house cannot flood, it is higher than the top of the dam.

If it flooded that means something has happened to the planet and we are all gone anyway.


The system is so corrupt and crooked it's unreal.

Explain what "fees" they are adding on after the fact? You have a written contract you signed that they can not change. The only "fees" that can change... as you call them are not fees from the bank, AKA HOA fees, property taxes etc...

So now explain which one "they" are fucking you over? I am not going to bat for banks, but take responsibility for what you signed up for. I have a BofA mortgage myself that is a fixed rate and the only changes that can and have gone through are for my escrow due to my property taxes going up and/or down. Everything else I pay on my own... so again what "fees" did they magically add that the bank added that you aren't just responsible for because you own the home?

 

[EagleKeeper]

Late payment fees would be the only thing outside escrow that the bank can add.

Check out the flood zone maps. If they show you are not in a flood zone; you can get the requirement for Flood insurance dropped.

Flood Insurance itself is only a couple of C notes at the most.
Now if you do not have it and it is required; then the bank may purchase it for $1200 and charge you for it;even though it can be obtained for $200.

They tried to do that on me in Fla; I pulled the new zonign maps and told the load people to shove it.

 

[Jaskalas]

Sounds more like incompetence than maliciousness.

Maliciousness is to allow incompetence to throw people out of their homes.

 

[SagaLore]

What is wrong with people? An elderly couple pays their mortgage a week early,

Well, not quite:

Sharon made her first payment under the new arrangement--due January 1, 2011--on December 23. Court records show it was accepted. She then made her February payment, but it was not accepted. Why? The bank explained later that the check had not been signed, and, as a result, had been returned.
By not making January's payment on January 1st, the Bullingtons had failed to comply with HAMP's terms. Facing denial of their eligibility for reduced payments, Mrs. Bullington appealed to the bank for a review of her case. In response, she got a letter dated July 1, 2011, from Customer Advocate Ana Olivera in the office of the bank's CEO and president.
Olivera informed the Bullingtons that review had been declined "because the first Making Home Affordable Trial payment was due on January 1, 2011, and the payment was made on December 23, 2011 (sic)."

Double oops.

Hopefully they can get this reversed, as those would be incredibly costly stupid mistakes.

 

[Pens1566]

6.5% fixed. They have added all kinds of new fees and requirements.

If it is not the banks fault for the value dropping then why is it OK for them to apply new requirements at appraisal that FEMA came in with that is 20% higher than what I paid for the house but Real Estate appraisal 20% lower than what I paid for it?

FEMA took over the Flood insurance for the area. My house cannot flood, it is higher than the top of the dam.

If it flooded that means something has happened to the planet and we are all gone anyway.


The system is so corrupt and crooked it's unreal.

Google escrow

 

[wetech]

bullfuckingshit

New Years day is a bank holiday so the payment couldn't possibly have been made or posted on the day it was due. The best she could have possibly done was pay it in the month of December (still early and not in the month it was due) or pay it on Jan. 3rd which would make the payment late.

If the bank can't figure this shit out then they have no business whatsoever being a bank. If the regs are that f'n bad that they put homeowners in a situation in which there is no possible way they can abide by the rules then the bank shouldn't be offering the mods until such time that they can get the regs fixed.

Any resident ATOT lawyers on hand? If you enter into a contract in which you know or should know that the other party can not possibly perform is that contract valid?

I think you're reaching on this one. Most mortgages are due 1st of the month. there's usually a grace period (10 days) after which the payment is considered late. I have mine auto-deducted from my checking account on the 10th, even through it's "due" on the 1st.

 

[Darwin333]

I think you're reaching on this one. Most mortgages are due 1st of the month. there's usually a grace period (10 days) after which the payment is considered late. I have mine auto-deducted from my checking account on the 10th, even through it's "due" on the 1st.

And if you change it so that it is auto-deducted on the 29th (a day or two before it is due) it is considered "late" if you do not make an additional payment in a day or two? I don't think so, I ain't the one reaching here. They paid their bill on time, it is that simple.

Seriously, never in my friggen life have I heard that paying a bill a few days early = paying late or not paying at all.

 

[sactoking]

I'm actually going to defend Dave here. I'm in a similar situation, I bought a house on a 30-year fixed and it was immediately sold to Countrywide and BOA picked it up in the liquidation. I had no intention of banking with either Countrywide or BOA, but now I'm stuck.

Like Dave, my payment has gone up, though not to the extent he claims; mine's closer to $50/month. I have a fixed rate, like Dave. My property taxes are level. I did some checking, and here's the culprit: as a result of the mortgage meltdown the federal government has tightened escrow restrictions so that banks are allowed to adjust escrow payments to the point that they cover not only property taxes, PMI, etc but that they also never come within a couple hundred dollars of a zero balance at any point in the year.

Previously, the escrow payments were calculated based off of cash flow so that the account would be even at the end of the year. This meant that in some instances the balance could be negative, since property tax payments often don't come at equal intervals. In 2009 or so the gov't mandated that escrow accounts couldn't go negative. Banks adjusted escrow payments to compensate and borrowers ended up giving the banks loans for a couple hundred dollars. In 2010 banks were allowed to charge a cushion against escrow, so payments went up again so that borrowers could loan more money to the banks interest-free.