CHARLOTTE, N.C. — Bank of America’s top mortgage executive, testifying today before Congress, will release sobering details of home-loan delinquencies, including that “hundreds of thousands of customers” haven’t made a payment in more than a year.
Barbara Desoer, president of the home loans unit, will update the Charlotte bank’s progress in mortgage modifications. She will offer suggestions for improving the federal modification effort and explain programs the bank is developing, including more help for unemployed and poor borrowers.
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Loan # 70595401 – Mamie Bostic. For the past three mos. I’ve r’cd repeated requests, to resubmit the same doc.s. I’ve spoken maybe some seven or more Hope Reps.
Last, Thurs., Mr. E. Alfonso transfered me to a Rep. Angela Fox, who advised that a standard letter dated April 9th, fed ex r’cd April 12, probably wasn’t clear. She advised that this letter should have indicated that updated info was required and that I needed to fax this to her quickly. I faxed these doc’s, thru UPS the next day, Apr 23 & again on Apr 26, to confirm receit of Fax # 1-888-258-7329. After no response, called BAC & was given this e-mail to use, afox2@BankAmerica. This morning I rec’d a returned mail notice, saying the email sent yesterday, 4/26 at
5:27:12 was being returned as undeliverable. I would truly like to speak with someone, whom can assist me.
Thank you.
Mamie Bostic
(H) (732) 833-9094, (C) 732-787-9527 April 27, 2010*** ATTENTION ***
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From: JoeBurnsBostic@aol.com
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Date: Mon, 26 Apr 2010 17:27:12 EDT
Subject: RE: LOAN # 70595401
To: afox2@BankAmerica.com
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I am not sure if my letter to you is relevant to the current story on bloomberg report, however my hope is that my story will somehow help others facing the same issues I have with Bank of America. My mortgage loan originated with 1st Franklin Bank. In January 2009 I was sent information regarding the government Home Affordable Mortgage Program. I returned the required documents and entered into a trial period plan agreement with the bank. I made all of the required payments of $704 in a timely manner. At the end of the trial period I did not hear from the loan negotiator so I contacted 1st Franklin Bank and was advised by the negotiator that he apologetically had dropped the ball and did not submit my documents to the government on time as needed and I would have to start the trial period again to begin 8/1/10 and the amount had increased by $400 to $1102. I made the initial payment and then received documentation from Bank of America that the loan was sold to them and they would now be servicing the loan effective 10/1/10. At the beginning of September 2010 I contacted both Bank of America and 1st Franklin to inquire as to whether I would remain in the HAMP program since I was in the middle of the trial period and also who I was to send the payment to. 1st Franklin advised me that everything should transfer over smoothly and I should have no problems and that the new bank was aware of what was going on with each customer. When I contacted Bank of America I was initially told that the document from 1st Franklin had not transferred over and even though I had a new account number they could not see any records either by the account number or my social security number. Bank of America customer service representative advised me that it may be a few weeks before they would be able to correctly see any information and payments should go to the original servicer (1st Franklin Bank). The negotiator called me on approximately 9/21/10 to notify me that all records would transfer to Bank of America with no problems and as long as the payments were made they would continue with me in the HAMP program. I advised him the 9/10 payment was not made yet and he stated I had until the end of the month to make the payment to remain in the program. On 9/28/10 I mailed the payment and trial period coupon to 1st Franklin whose servicer was in my local area at the time. The check did not clear within a week so I started calling all telephone numbers I had available for both banks. The numbers for 1st Franklin transferred you directly to Bank of America. When I finally reached someone at Bank of America they still did not have any account information and I was advised by customer service that it may take more time and please be patient with the process. I called several times throughout the month of October with the same response. At the end of October 2010 I received a notice in the mail from Bank of America with the check that I sent to 1st Franklin indicating that the home was in foreclosure and they could not accept the payment unless it was for the full amount. I immediately called Bank of America and was transferred around numerous times just to be told that they did not have any record of me being in the HAMP program with 1st Franklin and the information they had was that the loan was in default. I was escalated to Home Retention Department and spoke with a Portia Hazelwood who advised me that she would find out personally what happened to the documents and attempt to get the situation resolved. She stated that the company policy was to update the customer every 72 hours and that I would hear from her in the next 3 days. I asked her if I should continue to send payments and she advised me that unless it was for the full loan default amount the bank would not accept it since the system status was in foreclosure. The 3 days passed and I consistently left messages for Ms. Hazelwood to return my call. Each time I called customer service I was advised that I could only speak to Ms. Hazelwood. Finally in at the beginning of December 2010 I was able to reach Ms. Hazelwood who advised me that she needed to see the documents I had from 1st Franklin. I faxed them to her on 12/3/10. I called her several times to ask if she received the documents and was transferred to her voicemail each time. She never returned my calls but mid December I received a new application in the mail via FedEx indicating I had to apply again. I submitted all documents back to the bank. Miraculously Ms Hazelwood called to see if the documents had been mailed back. At the end of January I receive notification that I was denied as I did not complete the previous trial period plan. I immediately called Ms. Hazelwood who was unavailable- voice mail again. I called the 800 number provided for the HAMP program and spoke with a representative who contacted Bank of America and was told that I remained in the HAMP program and that when the loan initially transferred over to their bank it was encoded wrong in the system. The representative Ryan stated he would call me on the next evening to make a payment which would take care of everything. He also stated that because of obvious reasons that the bank dropped the ball he could not notate the account the way he wanted but he would definitely call me. Needless to say Ryan never called. When I called back irate at this time and extremely frustrated I was transferred to the Office of the President. I spoke with 2 different representatives who sent several emails to Ms. Hazelwood regarding the situation. Ms. Hazelwood was to speak to her supervisor and see what could be done and she was to call me the following Monday. Of course once again I called her because she did not follow up with me. She finally returned the call after an email was sent to her supervisor and advised me there was nothing she could do I could either do the short sale or deed in lieu of foreclosure. She offered for the loan to go to in house modification team. The team initially declined any modification because they said the current household income was too low even at the lowest rate of 2%. I had secured a second job but did not want this income included in the event I could not maintain working both jobs. I submitted that second job information and miraculously I was approved to do an in house modification only it was basically for the same amount of the original loan agreement $1600/month. I spoke with a non profit advocate who advised me that she has several cases from Bank of America where either they lose paperwork, do not submit documents to the government for processing or have not placed consumers in the permanent plan that they were to go in months ago. The advocate advised me that although this was a beautiful plan presented by the President it was not executed properly nor were people servicing customers trained properly for the influx of applications they received. The bank became overwhelmed with applicants and just started declining individuals without even really looking through documents thoroughly. I love my home and because of my preschooler I accepted the in house plan just to be able to remain in the home. My problems with the banks include: unorganization and uncoordination as one department does not know what other departments are doing nor can they see the notes from other departments so they give incorrect information to the consumers, unprofessionalism based on the return call and follow up service received. Had Ms. Hazelwood looked into things as she stated she would she would have seen that after some time the system of records from 1st Franklin was uploaded correctly and she would have contacted me to notify me that I remained in the program and the payments that were needed. Furthermore Bank of America initially had no knowledge of me being in the HAMP program with 1st Franklin until I faxed them my documents so to say they are declining me on the fact that I did not continue the payments as requested. To add fuel to the fire even after speaking to the in house modification negotiator Andrew Giordano and advised that he reviewed my 2nd job information and I should be receiving documentation of going into this program I received a notice in the mail stating I was declined for the in house modification. He had no knowledge that the letter was even mailed because it was mailed from a different department. I finally received the paper documents of approval to a new trial in house modification period as of 3/15/11 to begin on 5/1/11 with a payment of $1486 per month. This is ridiculousâ€&brkbar; It gets better because on tonight I received a telephone call from Bank of America servicer AMS and to return a call at 877 863 9324. When I called back I spoke with a Jennifer who informed me that Bank of America wanted to offer a short sale and relocation monies of up to $3000. Didn’t I just say the right hand does not know what the left is doing. Had Jennifer had knowledge that I just entered into the trial period in house modification program she would not have been calling to offer me a short sale. I am so frustrated with this whole process that has been going on since 1/10 and this is now almost 4/11. I politely as possible advised Jennifer to please not take my following comments personal but that my perception of Bank of America is that they are the most unorganized, uncoordinated and unprofessional bank I have ever had the displeasure of working with and I wish they had never been allowed to assume my loan for servicing and that if I hit the powerball I would be so happy to pay off the entire loan and never work with them again. If anyone ever asked me about them I would say I would never ever deal with them again not even for a checking account, saving account or anything. I am currently in the process of seeing how I can make the President and the public aware of the servicing problems with a bank who received federal monies to help consumers in need and are failing to provide this service in a satisfactory manner. I wish they were made to pay back all/or some of the federal monies received as they did not diligently prepare themselves or assist the consumers as the program intended. It is here say that a class action suit may be forth coming and I will definitely be in with the rest of the consumers who had the misfortune of this dilemma with Bank of America.
Thank you
Kesha Jackson