Why the ****ing hell would anyone still bank with these scumbags?

http://c****chdog.com/2010/12/24/ban...payment-missed

n one of the more bizarre foreclosure cases, Bank of America is
threatening to throw a West Hartford family out of their home even
though the couple never missed a mortgage payment.

The largest bank in the United States earlier this month notified
Shock Baitch and his wife Lisa (Friedman) Baitch that foreclosure
action will start today – Christmas eve – unless the couple agrees to
put their home up for a forced sale.

Why?

Because another unit of Bank of America erroneously reported to credit
agencies that the family was seeking a loan modification, ruining
their credit rating and as the result putting their mortgage into
default.

All this is happening even though the bank – after admitting it erred
and sent a letter of apology in September – handed this case to a
special unit at Bank of America that is charged with dealing with
severe customer issues. It promised to notify the credit reporting
agencies that the couple were not deadbeats, but were good credit
risks.

“I have never seen a case like this,” said Manchester attorney Wendell
Davis, whose office handles many foreclosures.

Lisa and Shock

Before taking the case, Davis said he thoroughly checked Baitch’s
records and found that all his and his wife’s allegations were
accurate.

“They have never even been late on a mortgage payment,” said Davis
this morning in an interview.

Davis, a member of the Ct Bar Association’s foreclosure committee,
said he is preparing a lawsuit to protect his clients because it’s the
only way to hold Bank Of America accountable for its actions.

Bank of America representatives have yet to respond to the last issue.
As soon as they do I will update my column in C****chdog.com. (In full
disclosure I own several hundred shares of BofA stock).

I have forwarded the documents in this case to Attorney General
Richard Blumenthal’s office.

I guess what they are doing to his couple is not as bad as what Bank
of America did in Florida where it seized a house which a
Massachusetts couple had paid cash for. The bank removed belongings
and changed the locks on the doors, according to a lawsuit the couple
have filed in federal court.

Baitch’s story began about a year ago when he and his wife wanted to
refinance their home in order to pay for improvements and to
consolidate their debts. Baitch is a firefighter.

They spoke to a BofA loan specialist and asked for the cheapest
refinance option. The loan specialist tentatively put them into the
“Making Home Affordable program,” which unbeknownst to the couple
would signal to the credit world that they were in financial straits.

When the couple received a package of papers to sign, they decided to
go with a conventional mortgage because they did not want to have to
add escrow costs and home insurance to their mortgage payments, not
because they were aware of the ramifications on the loan program.

But it was too late. Shortly after that, in April, Baitch’s wife
(whose name is on the mortgage) received a letter from BofA telling
her that the credit limit on one of her credit cards was reduced to
$18,800 from $30,000. The two weren’t worried because they had plenty
of credit available on other credit cards. Baitch said he just figured
that the bank was tightening everyone’s credit.

It was only after his wife started receiving notifications from other
creditors that several of her other accounts were being closed that
the couple discovered what had happened.

Their bank, Bank of America, had reported to credit bureaus that they
were in a loan modification program. That was a red flag to many
creditors, which either cut their lines of credit or placed their
debts in the highest interest rate category – the Universal Default
rate.

Baitch met several times with Bank of America managers who promised to
correct the erroneous credit report, but were told it was too late to
refinance her mortgage because their credit scores had been damaged.

“I begged them that they can’t do that in this case since they
destroyed our credit scores,” Baitch told me. “Although they admitted
to making the mistake, I was told they cannot change the underwriting
rules. So, in a nutshell, the other creditors will not reinstate the
old credit limits because they use the current credit reports, BofA
will not help because they use the current credit reports, and my
monthly minimum payments have more than doubled because of the
Universal Default rate.”

“Bank of America lied and submitted fraudulent information to the
credit bureaus and now I am literally and financially paying for it,”
Baitch said. “I looked into help with a consumer counseling service,
but we can’t participate because our income is too low to meet the
payment requirement. I looked into bankruptcy, but we have too much
equity in the house. I cannot meet the minimum payments now on the
credit cards and may have to default. I am in a situation that I
should have never been in since [the bank] destroyed our credit and
ability to refinance. All our debt should have been consolidated and I
should have positive cash flow monthly not negative.”

Bank of American spokesman T.J. Crawford confirmed Baitch’s story last
fall when I wrote about it.

Once the call was made about the Home Affordable modification, “her
account was coded as being in current status on payments but in a
trial modification making partial payments,” he wrote.

“Bank of America apologizes for any inconvenience this has caused,”
Crawford said, adding that the bank is working on restoring the credit
limits on her Bank of America accounts and that the couple can later
ask to have their credit limits reviewed by other credit card
companies.

That is not enough for Baitch, who calculates that the false report
has cost them $150,000 in lost credit. Earlier this week he tried to
find out how he could avoid foreclosure so he started calling Bank of
America offices.

“I contacted the number provided and someone named Brenda from
collections answered the phone,” Baitch told me.

“She asked if I wanted to make a payment to make my account current.
As she looked into it she saw, and admitted, that we were NEVER late
and our account is not delinquent. I asked her why I got this letter
and she said she would have to transfer me to home retention.”

“I then spoke to Rebecca from home retention who then verified that
our account was still showing as ‘under review’. When asked for
further details she advised me that she did not have any more and
could forward me to escalation.

“I then spoke to Debbie Lambert from the Office of the CEO and
President. Debbie advised me that, in fact, my account is still “under
review” and has a “work out negotiator” assigned to the case. She
could not explain why the letter of foreclosure was issued, but, did
confirm that our status is that we are still in the loan modification
process. A process we NEVER agreed to or ever entered and were
PROMISED that it would be corrected!”

“So, in summary, BOA is threatening to proceed with foreclosure on a
house that was NEVER late or in risk of default. No one at BOA can
find where this letter came from, but admits, that somewhere in there
system, some department at BOA thinks we are to be foreclosed on. This
is just proof that BOA is far too large to be of any benefit to
themselves or the consumer.”
--


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On Tue, 28 Dec 2010 20:15:15 GMT, (zeez)
wrote:

Why the ****ing hell would anyone still bank with these scumbags?

http://c****chdog.com/2010/12/24/ban...payment-missed

n one of the more bizarre foreclosure cases, Bank of America is
threatening to throw a West Hartford family out of their home even
though the couple never missed a mortgage payment.

The largest bank in the United States earlier this month notified
Shock Baitch and his wife Lisa (Friedman) Baitch that foreclosure
action will start today – Christmas eve – unless the couple agrees to
put their home up for a forced sale.

Why?

Because another unit of Bank of America erroneously reported to credit
agencies that the family was seeking a loan modification, ruining
their credit rating and as the result putting their mortgage into
default.

All this is happening even though the bank – after admitting it erred
and sent a letter of apology in September – handed this case to a
special unit at Bank of America that is charged with dealing with
severe customer issues. It promised to notify the credit reporting
agencies that the couple were not deadbeats, but were good credit
risks.

“I have never seen a case like this,” said Manchester attorney Wendell
Davis, whose office handles many foreclosures.

Lisa and Shock

Before taking the case, Davis said he thoroughly checked Baitch’s
records and found that all his and his wife’s allegations were
accurate.

“They have never even been late on a mortgage payment,” said Davis
this morning in an interview.

Davis, a member of the Ct Bar Association’s foreclosure committee,
said he is preparing a lawsuit to protect his clients because it’s the
only way to hold Bank Of America accountable for its actions.

Bank of America representatives have yet to respond to the last issue.
As soon as they do I will update my column in C****chdog.com. (In full
disclosure I own several hundred shares of BofA stock).

I have forwarded the documents in this case to Attorney General
Richard Blumenthal’s office.

I guess what they are doing to his couple is not as bad as what Bank
of America did in Florida where it seized a house which a
Massachusetts couple had paid cash for. The bank removed belongings
and changed the locks on the doors, according to a lawsuit the couple
have filed in federal court.

Baitch’s story began about a year ago when he and his wife wanted to
refinance their home in order to pay for improvements and to
consolidate their debts. Baitch is a firefighter.

They spoke to a BofA loan specialist and asked for the cheapest
refinance option. The loan specialist tentatively put them into the
“Making Home Affordable program,” which unbeknownst to the couple
would signal to the credit world that they were in financial straits.

When the couple received a package of papers to sign, they decided to
go with a conventional mortgage because they did not want to have to
add escrow costs and home insurance to their mortgage payments, not
because they were aware of the ramifications on the loan program.

But it was too late. Shortly after that, in April, Baitch’s wife
(whose name is on the mortgage) received a letter from BofA telling
her that the credit limit on one of her credit cards was reduced to
$18,800 from $30,000. The two weren’t worried because they had plenty
of credit available on other credit cards. Baitch said he just figured
that the bank was tightening everyone’s credit.

It was only after his wife started receiving notifications from other
creditors that several of her other accounts were being closed that
the couple discovered what had happened.

Their bank, Bank of America, had reported to credit bureaus that they
were in a loan modification program. That was a red flag to many
creditors, which either cut their lines of credit or placed their
debts in the highest interest rate category – the Universal Default
rate.

Baitch met several times with Bank of America managers who promised to
correct the erroneous credit report, but were told it was too late to
refinance her mortgage because their credit scores had been damaged.

“I begged them that they can’t do that in this case since they
destroyed our credit scores,” Baitch told me. “Although they admitted
to making the mistake, I was told they cannot change the underwriting
rules. So, in a nutshell, the other creditors will not reinstate the
old credit limits because they use the current credit reports, BofA
will not help because they use the current credit reports, and my
monthly minimum payments have more than doubled because of the
Universal Default rate.”

“Bank of America lied and submitted fraudulent information to the
credit bureaus and now I am literally and financially paying for it,”
Baitch said. “I looked into help with a consumer counseling service,
but we can’t participate because our income is too low to meet the
payment requirement. I looked into bankruptcy, but we have too much
equity in the house. I cannot meet the minimum payments now on the
credit cards and may have to default. I am in a situation that I
should have never been in since [the bank] destroyed our credit and
ability to refinance. All our debt should have been consolidated and I
should have positive cash flow monthly not negative.”

Bank of American spokesman T.J. Crawford confirmed Baitch’s story last
fall when I wrote about it.

Once the call was made about the Home Affordable modification, “her
account was coded as being in current status on payments but in a
trial modification making partial payments,” he wrote.

“Bank of America apologizes for any inconvenience this has caused,”
Crawford said, adding that the bank is working on restoring the credit
limits on her Bank of America accounts and that the couple can later
ask to have their credit limits reviewed by other credit card
companies.

That is not enough for Baitch, who calculates that the false report
has cost them $150,000 in lost credit. Earlier this week he tried to
find out how he could avoid foreclosure so he started calling Bank of
America offices.

“I contacted the number provided and someone named Brenda from
collections answered the phone,” Baitch told me.

“She asked if I wanted to make a payment to make my account current.
As she looked into it she saw, and admitted, that we were NEVER late
and our account is not delinquent. I asked her why I got this letter
and she said she would have to transfer me to home retention.”

“I then spoke to Rebecca from home retention who then verified that
our account was still showing as ‘under review’. When asked for
further details she advised me that she did not have any more and
could forward me to escalation.

“I then spoke to Debbie Lambert from the Office of the CEO and
President. Debbie advised me that, in fact, my account is still “under
review” and has a “work out negotiator” assigned to the case. She
could not explain why the letter of foreclosure was issued, but, did
confirm that our status is that we are still in the loan modification
process. A process we NEVER agreed to or ever entered and were
PROMISED that it would be corrected!”

“So, in summary, BOA is threatening to proceed with foreclosure on a
house that was NEVER late or in risk of default. No one at BOA can
find where this letter came from, but admits, that somewhere in there
system, some department at BOA thinks we are to be foreclosed on. This
is just proof that BOA is far too large to be of any benefit to
themselves or the consumer.”
--


__________
/ ______ \
/ \____/ \
/ _- o| -_ \
/_.-' | '-._\
.|___o|___|.
0 0
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This must be one big-ass mistake.

After all, such brilliant personages as Dave Heil and "Neolibertarian"
tell me that Bank of America has done nothing wrong at any time in
their entire corporate history.