Sunday, August 28, 2011

NJ Homeowner On BofA: "Better Going To A Loan Shark & Borrowing All That Money" After Getting F'closure Threat Despite Making Continued Full Payments

In Caldwell, New Jersey, The Star Ledger reports:

  • As a real estate agent, Mark Conca has watched homeowners struggle to make their mortgage payments. He’s seen a lot of short sales and foreclosures in recent years, and he’s even assisted homeowners looking for mortgage modifications. He didn’t want to be one of them.

  • But the distressed housing market put a major dent in Conca’s commission-based income. He said he still paid his bills on time, but his savings account was dwindling. He decided to approach his lender, Bank of America, to see if he’d qualify for a modification.

  • After he applied, many months passed and Conca heard nothing from the bank. Knowing lenders had huge backups in modification requests, he remained patient. Conca, 41, continued to make the full payment on the mortgage for his Caldwell home, on time, every month.

  • But that’s not what Bank of America said when it sent Conca a letter about its intent to foreclose. “I would have been better going to a loan shark and borrowing all that money,” Conca said. “At least with the street mafia, you know where you stand.”(1)

For the details of exactly what happened, see Homeowner says Bank of America foreclosure notice doesn't add up.

(1) Mr. Conca noted his frustration in dealing with BofA in this excerpt, which alludes to his seeking out media assistance to shine light on this bankster's practices:

  • The process was a disgrace and it took a threat from the media to get them to move? It annoys me that they have no respect for the common man,” he said. [...] “The least they can do is say now that they’ve screwed up, now that they caused me all this pain, they will modify my loan,” he said.

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