Bank of America Complaint

Bank of America Modification Scam - Home Loans

- Simi Valley, CA

I went through mediation with BofA and their law firm, Potestivo to secure a home loan modification. I was granted a trial mod with the Home Retention dept. I completed the trial mod exactly as ordered (Feb-Apr 2011), but was denied a permanent modification in May 2011. I was told by my “Negotiator” (Andre) that I was $600 short in income per month to qualify. Three months ago, when I started the mod, my income was right on. My financial situation has not changed since the trial was granted. He said that there were “no guarantees,” and that I was told that my “final modification would ‘probably’ be the same as my trial – key word probably”. But, hey, I could begin another “brand new” trial modifcation with Making Homes Affordable, and pay a new trial payment of $1,160.00 instead of the $820 payments that had been agreed to in mediation. $340 MORE per month than my previous trial payments. So let me get this straight-I have to make MORE $ to pay LESS, but if I make LESS $ I have to pay MORE. The Home Retention program is based on your NET income, but the MHA program is based on your GROSS income. A third grader could figure out that this doesn’t make any sense. It is a huge scam. I have been led around like a dog on a leash by this bank. I have faxed them close to 1000 documents over the past 1 1/2 years…duplicates over and over because they claim they don’t have them. They are either incompetent or criminal. They are not helping customers with modifications. Just look online at the similar stories from victims of Bank of America. America is not in a conspiracy against Bank of America. The taxpayers that bailed this bank out have enabled the very same coporation that brought this country to it’s knees to take advantage of the American people yet one more time. There is no logical explanation as to why Bank of America would set up a mediation with me (with their attorney present), grant me a modification with a 3 month trial, and deny a permanent modification on month 4. Yes, if I lost my job, ran up new debt, or had a life changing situation, I can see how this could affect the outcome. That's why the 3 month trial seems to make sense. But this does not make sense. And there are thousands of BofA consumers out there just like me that have experienced the same "bait and switch" modification practices from this bank. After all this time, and all the hoops I have been forced to jump through, It is not sufficient for some guy named "Andre" to call me up on the phone and say "Sorry." When I asked why I was approved for the trial modification, he said that it wasn't a guarantee. What does this mean? There is no other explanation than to assume that Bank of America is capitalizing financially on these games that they are playing with their loan modification customers. With the government stepping in and bailing this bank out, there needs to be some justification from their actions.

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