Complaint Review: Bank of America - NC

This was a Va loan.We can prove that BOA went to court claiming to be the owner when the notice we got was that the Va owned the house.  Well, if you were in default, which is why people generally go through a loan modification, ownership reverts to the bank. 

The VA is not in the business of owning homes or issuing loans - the VA has a program in which they partner with banks to allow veterans to be able to purchase a home with lower interest rates, down payments, etc...  The VA legally cannot own a home.

Here's another really important element.  We brought the house with Countrywide. in 2012.  Then in the next sentence...In 2014 we requested a modification and was approved.  That means 2 years after you bought the house you were in default on your mortgage.  That should have been a sign you could not afford the house you purchased in the first place.

We have proof we were fully paid up in our payments, with the help of Senator Carper office we still lost our home.  Not according to your narrative.  You indicate after the loan modification was approved:    "But the payments were $300.00 more. We were like , no way. we cannot afford that.So we decided to continue the payments we were making. Because we would not sign the final papers."  After that, you kept saying, you would not sign the papers.  Let's be really clear here:

You were in default of your original VA loan.  That is abundantly clear from your narrative.  You needed a loan modification in order to keep the home.  You called a politician's office to help you keep the home - they helped you get the loan modification you needed to keep the home.  Once they helped you get the modification, the politician's job is complete. 

If you chose not to sign the modification, then you are still in default - at which point the bank can take possession of the home.  The politician you called for help did exactly what you needed.  By opting not to sign the loan modification, you basically declined the help of both the bank and the politician.

Nobody cares about how payments were allocated, or that people were hiding from you.  All of that is completely irrelevant.  What you needed to do is sign the loan modification and start making the increased payments.  If you could not afford the payments, then you should have thought about either selling the home, or obtaining help from family for the payments.

Is it not illegal to claim that you are a federal employee for profit.  If they were actually claiming to be a federal employee, then possibly.  However, if they were working for the bank and representing the VA in this process (which the VA can allow them to do), then no it would not be.  It would also not be illegal for BOA to change the letterhead either. 

BOA purchased Countrywide when Countrywide went bankrupt.  So BOA didn't take over the loan from Countrywide.  They purchased your loan when they purchased Countrywide.  This is not a matter of fraudulently putting their letterhead on your loan docs.  Countrywide and BOA are exactly the same in this case.

My husband is a veteran and should not had to deal with this kind of greed from his country.  Normally, I would say this is irrelevant, but in this case a point should be made.  As a veteran, you and your husband were afforded the ability to obtain a low-cost loan through BOA using the qualification standards established by the VA, which allows veterans easier access to loans they otherwise could not get. 

The ability to obtain such a loan is something I could not get, as a lot of others who have not served could not obtain.  Because of your husband's service, you got a home loan more privileged people in this country could not get.  You called a politician to get some help because you were in default after only 2 years of being in the home, and you receive that help, but because it isn't something you like, you refused the help. 

It isn't greed that is the issue here.  You believe you are privileged and you just throw the veteran card out like some kind of get out of jail free card.  There is a limit to how much privilege you are afforded.  You have reached the limit of that privilege.

We walk by faith,not by sight.  Great.  God delivers you a loan modification and you refused to sign it.

Here's the simple truth:  You needed help because you were in default on your mortgage.  You called a politician to help you.  The politician helped you and the bank issued you a loan modification.  You chose not to accept that help - which meant you were in default.  When everyone was urging you to sign the loan modification, you refused.  The foreclosure process began and you lost your home.  You are now blaming the bank, the politicians, and greed for your inability to sign the loan modification.

There is no one at fault here, except you.