Where is Common Sense? Where is Morality?

It’s an election year.  Nothing is being done.  Example of why common sense should rule.  Bank of America: Stops paying taxes in full, and homeowner finds out about it when the payment goes up $1,000 a month.

Homeowner wants to save the home for his daughter and her husband and their four small children. Homeowner calls and asks for a modification because they can’t afford it. Homeowner has a perfect credit rating. Homeowner is told by Bank of America that if they do not stop paying they cannot show hardship for a loan modification (if you are current you can’t show that you have an inability to pay). Homeowner stops paying at Bank of America’s request. Bank of America declines the modification. Bank of America puts homeowner through two more modification rounds and forces homeowner to spend hundreds of dollars on faxes, etc. to them. Bank of America refuses to allow homeowner to resume making payments. Then Bank of America files for foreclosure. Homeowner says “why? You are the one that made me stop paying and refunded what I did pay after that.” Bank of America says “Because Freddie Mac owns the loan”. Homeowner says “but you are the Plaintiff?”. Bank of America says “we are just the servicer. Freddie Mac owns the note and mortgage.” Homeowner’s lawyer says “how can Bank of America sue and say they own a note and mortgage that they do not own?”. Courts say it doesn’t matter. Bank of America tries another modification and forces Homeowner to quit claim the deed to daughter and son-in-law who have to pay $1400 for the deed in order to be considered for the modification.

Meanwhile, Bank of America admits in an Amended Complaint in Court that they bought the loan from Countrywide FSB who merged with Bank of America in 2009. Homeowner challenges how Countrywide then assigned the note (according to court documents) in 2012 if they didn’t exist after 2009. Courts say it doesn’t matter. Bank of America says daughter and son would qualify for a modification, and we had them execute a quit claim deed for that, but the Homeowner has to qualify after all and they can’t. Sorry. Then why the $1400 for the quit claim deed? This is the worst scheme that I have ever seen.  Freddie Mac and Fannie Mae are exempt from the Attorney General Settlement.  The federal government has forced these banks (and Fannie and Freddie) to lower their debt.  NO other way than to stop paying insurance and taxes and force payments up through escrow shortage and then wrongfully foreclose.  Something has to be done.

This is the way they go:  check your escrow accounts.  They stop paying taxes and insurance on purpose – they have to get the bad loans off the books.