Complaint Review: Bank of America

Depending on the length of your delinquency many lenders are known for having padded the mortgage debts. In many cases we have uncovered thousands of dollars in Junk Fees and attorneys fees; not to mention, late charges.

You must be able to effectively DEMAND that your mortgage lender respond to requests, and to prove up such fees.  Some loan modifications that are offered to borrowers just simply dont make sense.

Many lenders use Trial Payments and Deposits as a ploy to collect money; rather than to structure a realistic Foreclosure Prevention Plan.

In many cases that we review, there was no amortization schedule, no TIL and balloon payment riders with no defined terms at the end of the loan.

In short, these are financial paths that lead to nowhere. We are noticing that more of these mortgage debt buyers are abusing the homeowners by putting them in alleged modifications that are a long run financial disaster.

Keep in mind that MOST of these loans were originated in the SUB-PRIME MARKET and shady broker shops selling loans that didnt fit the borrowers needs for long term goals.

Most of these debt buyers just keep adding fuel to the fire. In some cases you will even need to file strong letters of dispute to management and the research departments in the various areas of the restructuring process.

If you are tired of being beaten down by the banks, please feel free to visit our website for further details on avoiding a Pending Sale Date.

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Good Luck Homeowners.

Derrick ****
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