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Outrageous loan modification conduct by BofA
I just sent the following email to Carrie Ebert, who is involved in NACBA's effort to pass the cram-down legislation. I'm sure there are at least a half dozen of you who would love to help these folks out. I'm on my way to see the grandkids out of state for a long weekend so I may be slow in getting back to you. But WOW! this tops all the other stories I've heard to date.
David Commons
I don't know if there is any way that you can use these folks in the cram-down battle, but here's their story (they just came in to see me for a Ch. 13 but cannot afford to do it because the arrears are so big they cannot afford to pay them off over 5 years): They have a loan that was originally with Countrywide. They began negotiating with Countrywide 25 months ago. After Countrywide was purchased, they kept on working with BofA. According to them, they offered multiple times to make the payments on the loan but were consistently told not to, because all the arrears would be added to the end of the loan. A Notice of Default was filed in June '08, but they were consistently told not to worry, that they would get the modification. Recently they talked to BofA who told them that unfortunately, the amount of their loan was now so big that they no longer qualified for the mod. They could, however, pay the arrears (now about $128,000 with late fees) and then they would qualify. This is the family home, owned for about 25 years, with kids living at home. They are willing to go public with their story. I recommended they call the local TV consumer affairs reporter and our local congresswoman, Lois Capps. If you have any other suggestions, please let me know (I'm sure there must be several causes of action of one sort or another, but I'm so busy filing bankruptcies I don't have the time to research or pursue it). No notice of trustee's sale has been filed.
David Commons
Law Offices of David B. Commons
5901 Encina Road, Suite B-3
Goleta, CA 93117-2271
Tel (805) 967-1222 ::: Fax (805) 967-1220
Certified Bankruptcy Specialist,
St. Bar of CA, Bd. of Legal Specialization
*We are a debt relief agency.
www.consideringbankruptcy.com
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