From the Loan Mod Nonsense Files: Bank of America class action lawsuit asks where are the mods that were promised??
ByBank of America Chintzy with Mod Money Lawsuit
Well, as we have been saying all along, the lenders (who got their happy meal bailout – BofA got 25 billion dollars – go red, white and blue) have been a bit too chintzy with loan modifications even where it pretends to be committed to applying federal bailout out funds to help homeowners. In Washington state, homeowners have had enough of the runaround. The class action lawsuit filed claims Bank of America is intentionally withholding funds provided under TARP and failing to modify loans. Apparently there are about 1 million loan that qualify for help under BofA, but only about 12,000 permanent modifications have been provided. It will be interesting to see what Bank of America does in regard to the lawsuit. In my experience, I am sure they will give the usual lip service: “we are doing everything possible to help Washington homeowners and this lawsuit has no merit.” That is typical of what you can expect to see.
I like many others have been ripped by Bank of America. I started a modification program in Sept 2009. They sent me a modification agreement in Dec 2009, which I signed and returned. They sent me another one 3 days after I sent this off saying they could get it approved without the ARM. I was approved in March 2010. They said I would recieved my package in a few days and get it returned immediately. I called in June 2010 because I hadn’t got the package yet. They assured me it was approved and if not recieved by July 2010 call back. They said they were way behind. July 23, 2010 I called again and again was assured I had been approved and should have my package soon.. This week, Feb. 2010 I recieved a call saying I had been turned down. They said I may be forclosed on. What a bunch of lying bureaucrats. I explained I had the letter they had sent, and they said they sent it by mistake. I even explained the calls and they were also mistakes. Someone needs to pull their ticket for doing business. They even tacked on over $18,000.00 in additional interest.
These are the types of abuses that are going on and I am sorry to hear this.