Hi, Mommies. I just got off the phone with my mortgage company in tears. We have been going through the modification process for over a year and have done and paid everything we have been told. Today, I was told that they finally finished the modification and oh, by the way, your 3 months behind due to paying the amount I was told I needed to pay when I called in my payment on 3 different occasions.
I think I need an attorney, there have been several class action suits in other states against this particular bank. Thank you for any advice and help I receive.
Just wanted to add that it is Bank of America, I have called some attorneys but, they want more than I would have to pay to get my mortgage caught up. I'm located near Dallas, TX if you know of someone reasonable or that works on contingency.
Maybe you could become part of the class action suit, but I have no idea how you'd go about it.
To help protect your credit, I would write a letter to the 3 credit bureaus enclosing the notification from BOA advising you of the amount to be paid and proof of your payments. Also, send a copy to BOA advising them that you are making the payments as per their instructions.
We're in the same boat but we didn't go delinquent on our loan as advised by our attorney. He was straight up and told us that you will either make too much money, too little or they always find something to string it out until they can start foreclosure process. It sucks...CITI MORTAGE SUX! THE WHOLE MODIFICATION IS A SCAM...I cried everytime I hung up with those people. We are currently seeking legal advise as we were part of the subprime mortgages when we purchased our home. GRRRRRRRRRRRRRRRRR I FEEL YOUR PAIN HUN!!! :/
***UPDATE***
I just googled both Citi Mortgage and Bank of America have class action lawsuits out. They are for like you who paid their "trial period" amount and are now faced with the difference, plus late fees and having your credit destroyed so you couldn't refi at a good rate. I would def look into it. We would have done the same thing if we didn't have a real estate attorney we were already dealing with when we were trying to do something (refi or modify) with our current mortgate.
I am sure there is something to this story that is missing. I checked into a modification and they were very clear what would take place and I said thanks but no thanks.
Yes, Bank of America, and I even have one of the mortgages that were not securitized properly. I digress...
If an attorney will not take a case like this without a retainer you don't have a case, end of discussion. I know too many attorneys, they don't work for free. If there is going to be a good settlement they will take the case for a percentage, if there is not a good case they want all expenses up front, a retainer.
Definitely talk to an attorney! I've heard this story one too many times! My cousin is about to lose his house because of this, it's ridiculous. Just last night I talked to a real estate agent friend and asked what the hell is going on?!?! She said one hand doesn't know what the other is doing, and it's really scary right now. My cousin did contact an attny. who told him to stop paying his mortgage at all, and start putting the money away. He said it will take them a year to actually foreclose on him, but at least this way he will have something to start over with. It's really scary. I wish you luck...
p.s. My cousin is also with citi...
T.
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Which bank is it? My neighbor had a botched loan.
I have a second mortgage with Citimortgage. The interest rate was 8.00% and I called a few months ago to ask if we could get the mortgage re-financed at a lower rate. I didn't even bring up modifications, they did. I didn't know much about them at all. They said we were eligible so we gave the go ahead to get the paperwork going. We never paid them anything, so I'm not sure what you needed to pay for. I kept on making the monthly payments. I think the whole thing may have taken 3 or 4 months and I just kept sending them whatever they asked for as far as you know, tax forms or check stubs, that type of thing.
Well, in the end, we went from monthly payments of $1,104 down to $483. And the interest rate went from 8.00% down to 2.00% for the life of the loan. And if we keep paying on time, every 5 years they will knock $12,000 off the principle or something to that effect.
So not all are scams. I definitely think it depends on whom you speak with. It's almost the luck of the draw when you call. Some of the agents really know what they are doing, some really don't.
I don't know what to tell you other than work on getting caught up with your payments. I'm not in Texas and can't help with a lawyer. Good luck.
