Bank Of America Lawsuits Highlight Broken, Ineffective Mortgage Modification Programs
The Attorneys General of Nevada and Arizona last week slapped Bank of America with lawsuits alleging widespread fraud occurrs in the bank’s mortgage modification programs. BofA, the nation’s biggest bank, has consistently lagged behind the other big mortgage servicers in successfully modifying mortgages for troubled borrowers. Andrew Jakabovics and I also caught the bank violating the contract it signed with Treasury to participate in the Home Affordable Modification Program (HAMP) by siphoning borrowers into its own private modification program without determining their HAMP eligibility.
But these lawsuits allege an even bigger mess, with BofA accused of giving deceptive and inaccurate reasons for rejecting modifications, and stringing borrowers along in the modification process for months, allowing them to continue making futile mortgage payments before ultimately foreclosing on them:
As a result of Bank of America’s misrepresentations, many Arizona consumers stopped making mortgage payments in a perilous attempt to qualify for help. Others waited for months for — or never received — answers on their modification requests, all while fearing that they would lose their homes; many actually lost their homes. Some consumers were misled to continue making payments in the belief that they would be able to obtain modifications and keep their homes.
Had they known they would lose their homes despite making payments, some consumers might have sough short sales or other foreclosure alternatives or simply allowed their homes to be foreclosed, saving the money from the additional payments for other necessary expenses. Other consumers lose willing buyers who could have mitigated their own (and Bank of America’s) financial losses by stepping in to purchase their homes.
Nevada’s attorney general told a very similar tale, accusing BofA of “misleading consumers with false assurances that their homes would not be foreclosed while their requests for modifications were pending, but sending foreclosure notices, scheduling auction dates, and even selling consumers’ homes while they waited for decisions.” The Upshot describes the “Boschian hell” that one Arizona family went through before having its home sold out from under it while waiting to see if it qualified for a modification.
Unfortunately, this story is all too common for homeowners seeking modifications. As Shahien Nasiripour noted today, 29,000 borrowers participating in HAMP have been stuck in the “trial modification” phase of the program for a year or more, unsure of whether they will ultimately keep their home, when that phase is only supposed to last three months. If those families are foreclosed upon in the end, they will have wasted months and months of payments that could have been used for something else.
HAMP, at this point, badly needs to fixed, and other foreclosure prevention efforts need to be undertaken. If they aren’t, the sorts of horror stories outlined above won’t stop, and the economy will continue to be weighed down by preventable foreclosures.
Scores of HOMEOWNERS DO NOT CONTEST FORECLOSURES BECAUSE:
1. They don’t have knowledge of the law in order to recognize which aspects of foreclosure are legally challengeable or even fraudulent.
2. And even those who identify wrongdoing lack funds to pay for attorneys to represent them.
3. Homeowners are told to come to foreclosure auctions with $$$$$$$ that they do not have, SO THEY STAY AWAY from foreclosure auctions.
These homeowners are oblivious about sometimes “straw buyers” and sometimes lawyers in charge of foreclosures, obtain ILLEGAL ownership of people’s homes; and pay literally nothing through “credit bids;” and that those recorded deeds from such auctions are null! For these very reasons, there needs to be a probe of lawyers who file foreclosures. http://chn.ge/eU2zAm
Also, the average lay person doesn’t know about legal REQUIREMENTS of “standing” that prevents their homes from being repossessed via non-existent lenders or via lenders which have no ownership of promissory notes.
Yet, COURTS ARE SUPPOSED TO ENFORCE STANDING and compliance with established laws! Illegal, defective, fraudulent foreclosures are the cause of useless property deeds for real estate sales; title insurance companies refuse coverage on foreclosed properties –and more!
Further, after certain foreclosure auctions (via simulation) result in fraudulent – NOT LENDER ACQUISITIONS, by lawyers or straw buyers, the common scenario becomes property flipping, neighborhood blight, rodents, and so on!
*Sample of fraudulent foreclosure acts:
–Deliberately use defunct lenders, lenders without “standing” for false civil and bankruptcy foreclosure proceedings.
– Create and conceal malpractice foreclosure delays and engineer billable litigation.
– Orchestrate sham foreclosure auctions; property never acquired by lenders, but ‘straw buyers’
– Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
– Self-dealing foreclosures which certain lawyers themselves obtain foreclosed properties for flipping.
–Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities.
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar.
– Intentionally false BANKRUPTCY COURT “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders which conceals fact of “NON-SECURED” mortgage debt.
–Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance.
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
– Thousands of families made unlawfully homeless from null foreclosure proceedings.
Foreclosure lawyers are officers of the court. Lawyers are required to know applicable laws and civil procedure; this knowledge is not required from mortgage lenders, nor loan servicers. Lawyers are the ones who file those inadequate or questionable foreclosure which lead to useless property deeds and impediments to real estate sales; title insurance companies reluctance to cover foreclosed properties; mortgage default claims disputes due to defective foreclosures.
*MORE info: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
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