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Confused

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Confused

About 7 yrs ago, we lost our house. It was foreclosed. We had a second on it through Bank of America. We continue making our payments on the second. We have never been late with these payments. This month, Bank of America returned our payment and said they wiIl not accept payments any longer. They are demanding the full amount. It's been years since the foreclosure and we have repaired our credit. Can they destroy our credit again like this. We have never been late with our payment to them. Why would they do this if we are making our payments?
Message 1 of 14
13 REPLIES 13
Moderator Emerita

Re: Confused


@ckubant wrote:
About 7 yrs ago, we lost our house. It was foreclosed. We had a second on it through Bank of America. We continue making our payments on the second. We have never been late with these payments. This month, Bank of America returned our payment and said they wiIl not accept payments any longer. They are demanding the full amount. It's been years since the foreclosure and we have repaired our credit. Can they destroy our credit again like this. We have never been late with our payment to them. Why would they do this if we are making our payments?

Pull out a copy of your second note and mortgage paperwork and read it. Does it have a balloon (early maturity date)?  Some of those seconds were amortized over 30 years, for example, but the whole balance was due in 10 or 15 years.

 

You may want to speak to an attorney. Not the banks attorney, but one of your own to help you with BOA.

Message 2 of 14
New Member

Re: Confused

No, there is no balloon payment. They told me it's the law that when someone has a foreclosure on a first, the second also has to foreclose because there's nothing to back up the loan. I don't understand why they accepted our payments all these years till now if that is true. I think they were waiting to foreclose the second until they got all the money they lent us minus the interest. End of year, they have a write off now. We just have to start all over with another foreclosure. It's not right. We are going to talk to a lawyer. I was hoping to get some input as to whether we would have a case. Thanks for the advice!
Message 3 of 14
Established Member

Re: Confused

The date of foreclosure should still be the date that the deed was transferred in foreclosure regardless of the date BofA stopped accepting payment I would think. Curious to know how this turns out.
Message 4 of 14
New Member

Re: Confused

I would think it would still backdate to the original foreclosure. Did you get your consultation or tried escalating this with the bank?

Message 5 of 14
New Member

Re: Confused

I spent 6 hours on the phone trying to fight this. All they could say was "I'm sorry you feel that way." I talked to Quicken Loans about it and they told me BofA has large corporations lawyers that protect them from anything. We can't win. They have their tax write off and we continue to live this nightmare.
Message 6 of 14
Moderator Emerita

Re: Confused


@ckubant wrote:
I spent 6 hours on the phone trying to fight this. All they could say was "I'm sorry you feel that way." I talked to Quicken Loans about it and they told me BofA has large corporations lawyers that protect them from anything. We can't win. They have their tax write off and we continue to live this nightmare.

Report BOA to the CFPB.  Make sure you have all of your documentation so you can attach it to the complaint.  http://www.consumerfinance.gov

 

The CFPB has teeth and can get this resolved or point you in a direction to get it solved. GL.

Message 7 of 14
New Member

Re: Confused

Thanks so much! I really appreciate this info. I just figured the big corporations could take advantage of who ever makes their pockets bigger.
Message 8 of 14
Senior Contributor

Re: Confused

Let us know how things go.  

Message 9 of 14
New Member

Re: Confused

I submitted a complaint about BOA to this company. Will let you know if I hear back from them. I also called BOA again to try to get it in writing why they will not accept our payments anymore. They told me it just took a long time to finish their paper work and they don't have to give me anything in writing. And once again let me know it was my obligation to make my payments until they decided to finish up their part of the foreclosure. So now, after several years of the foreclosure behind us, we have to start it all over again with BOA.
Message 10 of 14
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