Several years ago I took out an Equity Loan on my home to help with repairs from Hurricane Damage. In 2008 I lost my job due to the economy, therefore, struggling to make payments. The maximum amount of the Equity loan that I could borrow was $50,000. I had only borrowed and owed around $40,000. My understanding of the agreement stated that you could defer payments and add them to the loan balance until you reached the maximum allowed to be borrowed before going into default. I spoke with someone regarding the loan in October of 2007. and then did not receive any other communication until January of 2008, when an officer showed up with a summons. I privately borrowed the money to payoff the loan in March of 2008. Since the whole process of lack of communication and Bank of America's mortgage department being unwilling to work with me or release any information regarding the loan, I began writing to the CEO. Once the loan was paid, Bank of America did nothing to rectify the situation. I had to continue to write to the CEO to get the Release of Mortgage from Bank of America. The Release of Mortgage states that Bank of America is responsible for filing the original form with the Clerk of Courts. I have had no other communications from either Bank of America or Orange County court, until Thursday, March 3, 2011, when I received a letter from the Court with a scheduled hearing date for foreclosure with Bank of America listed as the plaintiff. When I pulled up the case number online it refers to this same loan that I paid off three years ago. I went to my local branch and spoke with the Bank Manager, who contacted Bank of America's legal department, and their mortgage division. They deny receiving this same notice, and stated that they have no judgments against me listed, however, refused to send me any paperwork that they filed to close the case. They denied having any knowledge of the case and advised me that I needed to contact a lawyer for something that has been paid. They have been completely obstinate through the whole process. I have also forwarded my copy to the Orange County courthouse, who currently has informed me the document(Release of Mortgage) looks incomplete. Because, I have been unemployed for two years now, I cannot afford a lawyer to help me. What makes me the most infuriated is that Bank of America received $45 billion in taxpayer dollars to process Foreclosures of homes. So anyone other than myself facing a foreclosure from Bank of America paid for their home to be taken away by the Federal Government. If the taxpayers had that $45 billion back, A lot of people could have kept their homes. In my case Bank of America failed to submit the necessary paperwork to close out my case after payment was made.
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