About This Site
Originally this site was for people who have a story to tell about their mortgage problems with Bank of America and need moral support and a place to tell their story. In June 2012 my web site, letters, emails brought plenty of attention from the bank and people who try to protect BofA’s social media reputation. I learned there are so many gripe sites and posts about BofA that mine is just another voice they can ignore and so they do. I’ve learned that nothing will change until Congress passes some bill that’s sitting in the dust along with other multiple issues. While DC plays politics innocent people are losing their homes and credit ratings.
Biggest banks that service loans and who are being accused as the biggest offenders
Bank of America
GMAC, the General Motors Acceptance Corporation, now Ally Financial.
Important thing to know about your state: Judicial v. Nonjudicial Foreclosure:
There are two types of foreclosures — judicial and nonjudicial. A judicial foreclosure goes through court. A nonjudicial foreclosure does not. Some states require that all foreclosures be judicial; others set forth procedures for nonjudicial foreclosures. Whether a foreclosure is judicial or nonjudicial is significant- it affects the foreclosure process and procedures, how you can raises defenses, and often whether you’ll be liable for a deficiency after the foreclosure sale.
If your foreclosure is judicial it has to go before a judge before the bank takes your house. It becomes the bank’s responsibility to take things to court and the burden is on them. Keep all your paper work in order and do not be intimidated.
If your foreclosure is non judicial the bank does not have to go through court to get your house and the burden to take things to court falls on the homeowner.
Foreclosure Laws and Procedures By State: http://www.realtytrac.com/real-estate-guides/foreclosure-laws/
*Bombshell: Bank of America whistle-blowers detail horrid schemes to fleece borrowers, reward foreclosures (UPDATED)
“And they would have very specific targets: the ex-employees listed specific executives by name who authorized and directed the fraudulent process. “The delay and rejection programs were methodically carried out under the overall direction of Patrick Kerry, a Vice President who oversaw the entire eastern region’s loan modification process,” wrote William Wilson. Other executives mentioned by name include John Berens, Patricia Feltch and Rebecca Mairone (now at JPMorgan Chase, and already named in a separate financial fraud case). These are senior executives who, if this alleged conduct is true, should face criminal liability.”
*Watch Dylan Ratigan is right on target with the two biggest problems in the US: Bad Banks & A Corrupt Congress. It is about both parties.
(about Larry Summers… a man who made a lot of money with deregulation)
How can you help?
–Support restoring Glass-Steagall legislation. America’s banks were solid for 50 years until Glass-Steagall was repealed.
-Support Elizabeth Warren of Massachusetts. She’s the only one fighting for fair banking practices.
-Participate in deomonstrations. Write letters. Fire your bank.
-Support jail time for CEO’s of banks who are known to commit fraud.
“Even when caught red-handed and nailed by courts for behavior like this, Bank of America has remained smugly unrepentant. As part of an $8.4 billion settlement it entered into with multiple states over predatory lending practices, the bank agreed to provide homeowners with modified loans and promised not to raise rates on borrowers. But no sooner was the deal signed than the bank “materially and almost immediately violated” the terms, according to Nevada Attorney General Catherine Cortez Masto. It not only jacked up rates on homeowners, it even instituted a policy punishing any bank employee who spent more than 10 minutes helping a victim get a loan modification.”