She’s over 80 years old and Bank of America is Making “One Last Ditch Effort to Help” They tell her…

09 Aug

Some days are just like that.

Not what is expected, and not what anyone asked for…

We had a phone call today from a lovely person who lives in Los Angeles County, California. She is in her 80′s, and she is trying to work something out with Bank of America, the servicer of her Countrywide loan.

She got behind after 3 years of steady payments when things went a little sideways in the economy (did anyone else notice this happening?) and her reserves were wiped out.  She lives on less than $700 a month while she is working to try to get her financial world back in order – has some good prospects with possibilities, but they are going to take a little time.

She has managed to hold off the foreclosure for about six months or so now, and has asked for various documents and things from the lender – and has some very interesting paperwork in her hands… but she is running out of time.

B of A’s idea of ‘helping’ is to offer her a forbearance agreement that she has all of ONE DAY to sign and send back in to them or she loses the chance to get the forbearance… and as it turns out, she may not want it.

Why? Well, for one thing it is only 3 months long. For another it asks for $500/month when she only has less than $700/month coming in right now.  For another it goes back to full payments in December at over $1300/ month and it gives them the power to foreclose on her without any notice if she is even ONE DAY LATE on the new ‘forbearance’ payments. And tell me you don’t know of B of A ever misplacing or losing a payment? Right. I thought so.

Just like our friend Maria, another B of A customer, who got her loan modification (at an upfront cost of over $12,000.00 and who paid her new payments on time each month. A few months into the new plan, she made her regular new payment only to have B of A take the money a second time out of her bank account – and then take over three months to pay it back when they finally got their story straight and admitted they had taken an extra payment. Uh huh.

Nice, huh?

Some days are just like that.

So today we suggested our elderly friend take her forbearance agreement to a local paralegal group we looked up for her online that came with very high recommendations, and was fairly close to her home, so she could get some legal counsel. It’s a crappy suggestion,but it’s worth a shot. And there aren’t any better ones right now. We’re working on that.

If you were wondering what the face of foreclosure looks like, this is it.

Over 80 years old. Still reading and researching and trying to find solutions. Still not giving up, and still being treated like so much garbage by the lenders, er, servicers who just want a little more money to hand out in bonuses, if you don’t mind.

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