Family pays mortgage 1 week early and bank forecloses

[sarsipias1234]

Bank of America is good.

 

[blackangst1]

Bank of America is evil.

I dont like em, but Warren Buffet does...announced he is investing $5 billion in BofA.

 

[mizzou]

The bg problem is that your average bank employee handling these situations is incompetent at basic accounting

 

[Fern]

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."

Looks to me like the problem was a basic key-punch error.

The December 23 payment was keyed-in by a bank employee as 2011 when it was in fact 2010.

Fern

 

[sarsipias1234]

I dont like em, but Warren Buffet does...announced he is investing $5 billion in BofA.

The fact that Warren Buffet would invest $5 Billion into Bank of America says more about the state of the economy than about BofA.

This is obviously a desperate attempt by Warren Buffet to restore confidence to the markets.

Markets are nothing without the confidence of investors.

In the face of $16 Trillion of debt $5 Billion seems minuscule by comparison.

I do not think this will restore confidence in the markets simply because the root of the problem is the corruption in the government and business.

 

[blackangst1]

I believe Bank of America is corrupt to the core.

The fact that Warren Buffet would invest $5 Billion into Bank of America says more about the state of the economy than about BofA.

This is obviously a desperate attempt by Warren Buffet to restore confidence to the markets.

Markets are nothing without the confidence of investors.

In the face of $16 Trillion of debt $5 Billion seems minuscule by comparison.

I do not think this will restore confidence in the markets simply because the root of the problem is the corruption in the government and business.

Wow...thats a serious allegation. Why wouldnt Buffet do this when the market actually crashed? Why now?

 

[DCal430]

BofA like all banks are rotten and corrupt to the core. They build their wealth off the back of the working people. I am reminded of two quotes by a great president:

"These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people's money to settle the quarrel"

and

""I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. . . . corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed."

We must stop these banks and greedy capitalist from destroying this country. We need to seize their assets and make this country for the people and not the rich greedy capitalist. No more greedy private banks, no more greedy capitalist pigs who steal from the poor and give to the rich.

 

[sarsipias1234]

Wow...thats a serious allegation. Why wouldnt Buffet do this when the market actually crashed? Why now?

The corruption in our government and business is obvious and transparent to all people.

What is also obvious and transparent to most Americans is that people with money do not suffer the consequences of their actions.

The banks' corrupt business practices have decimated our economy and yet not one bank executive has been brought up on charges of fraud and corruption.

This will have more impact on the markets than any other aspect of finance.

Warren Buffet is not blind to the corruption in our country.

 

[Zargon]

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.

a) didnt you just move out of an apartment in the last year that was near downtown to elgin? if so how the hell is your rate 6.5%?

b) you just said you are moving to near rockford which means you sold your house anyways? or you are you commuting from elgin to rockford>

c) why the hell wouldnt you refi? my rate is lower than yours and I am refinancing down a whole interest point and my payoff point is less than a year

You have an ARM? You are dumber than I thought

I dunno man, I have 3 friends with ARM's, and they have sub 4% rates from their most recent adjustment. its not a bad time for an ARM

 

[EagleKeeper]

You have an ARM? You are dumber than I thought

I dunno man, I have 3 friends with ARM's, and they have sub 4% rates from their most recent adjustment. its not a bad time for an ARM

ARM are fine if you catch them on the downswing and the lock in when the uptick starts.

 

[werepossum]

Wow...thats a serious allegation. Why wouldnt Buffet do this when the market actually crashed? Why now?

Supposedly BoA is in serious trouble. Buffett throws in some cash, stabilizes it, the economy doesn't take another hit, and Obama doesn't look worse. When Obama gets re-elected, he bails out BoA and Buffett cashes out for a profit.

/speculative tinfoil hat

 

[WackyDan]

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

Do a google on BOFA and wrongful foreclosures. Compare against finds for Chase, etc. Bank of America is leading the pack and isn't even consistent in what triggers it.

They are well know for foreclosing on houses that have been paid off for years, or on houses they don't even hold a mortgage on.

 

[Fern]

Supposedly BoA is in serious trouble. Buffett throws in some cash, stabilizes it, the economy doesn't take another hit, and Obama doesn't look worse. When Obama gets re-elected, he bails out BoA and Buffett cashes out for a profit.

/speculative tinfoil hat

Buffet's money+ overt Obama support+ willingness to get into the public light may be starting to draw questions.

Fern

 

[JeffreyLebowski]

I love the story about the bank that foreclosed on the wrong person's house--on someone who never even had a mortgage with the bank. He sued and was awarded damages which the bank didn't want to pay. He was then able to get a foreclosure order for one of the bank branches and the sheriff came down to the bank and chained the doors shut.

That was such the win. Now to only get a judgement against the White House and have some chains put on it's doors.

 

[JeffreyLebowski]

I dont like em, but Warren Buffet does...announced he is investing $5 billion in BofA.

It's simple. Invest in a company that has been deemed "to big to fail". Next time there is a problem, the government will just throw money at BofA. Buffet can't loose.

 

[Eug]

This is not only incompetence, but also management refusing to take responsibility. Stupidity and apathy make for a really bad combination.

OTOH, local lender did something worse to someone a few years back, because it combined incompetence and IMO severe malice:

http://www.thestar.com/News/article/179022

Basically, there was a forged sale and property title transfer, and the forger managed to get the mortgage company, Maple Trust, to advance him the money for the mortgage. Then he took off, leaving the mortage company on the hook for hundreds of thousands of dollars.

Being the complete a$$holes they are, they said the mortgage was valid, and thus they now own the house... AND TRIED TO EVICT THE REAL OWNER... despite the fact she had absolutely nothing to do with the fraudulent sale and it was Maple Trust who totally screwed up.

This was eventually settled in the courts, but it took the province's intervention to do it. Any half decent company wouldn't have gone after the innocent party of course, but obviously Maple Trust wasn't a decent company.

 

[jayzds]

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.

It's not for WF. I have paid early and didn't pay till the next month and it was never considered late.