So yesterday we had the story of the little guy foreclosing on BoA. Next, BoA sends a man a notice of intent to foreclose if he fails to pay them $0, and then does not respond to his queries:

http://www.wwlp.com/dpp/news/i_team/I-Te....

Quote:

The letter clearly stated if they didn't get his money, or lack thereof, by February 4th, his lender could seize his home.

To make matters worse, his credit score was downgraded and getting in touch with someone at the bank to help him was no easy task.

There is something seriously wrong at BoA.

I'm surprised no one has walked into a BofA and leveled it.

$0? No problem! Just send them one of these:

I wonder if you can buy a money order with $0 on it.

Send 'em this:

I C NO TIP 4 U

I actually have handful of these that I keep for "special occasions"

'Helen Waite - Where to Go'

Last year I tried to get into contact with BofA about a foreclosure. The loan had an outdated legal description on it and the bank was foreclosing on a portion of land secured by a loan from my employer.

They were imposible to contact and I had the borrowers loan & SS numbers.

I went to the local branch and the manager couldn'nt contact them either.

They have a national account set up with First American Title to handel their NV foreclosures. The state underwriting manager was the only person who had the phone number for the foreclosure division who was handeling the title work.

Still had to fax them a request no email or phone numbers.

After that they still foreclosed on the wrong description. I hope to work on fixing it this summer and will keep everyone posted as to the out come.

Good thing they have people locked into 30 year loans and it costs so much to change servicers. They'd never be able to stay in the business otherwise. That and the fact that your loan can be sold and the borrower doesn't get a say over who they have to deal with. Maybe it is time to address that issue.

Anybody think that if a consumer is limited to dealing with only one company that it could be construed as an anti-trust issue?

In Utah its illegal to have a mortgage lien on a property at any time if you don't have a trustee with an in-state place of business where interested parties (including the borrower) can go in and get information and questions answered by a real person face-to-face. It doesn't matter whether the loan is 100% straightforward from a lender who answers their phone & all questions super-quickly or not. It doesn't matter whether the loan is brand new or decades old. It doesn't matter whether the loan is in default for years or paid on time every month. What matters is that its a mortgage with a lien on real estate and thus they have to have an in-state trustee from the time of origination until the time of reconveyance. That's why Bank of America is in hot water there right now. This law has been on the books for a very long time. Yet they've purposely chosen to break the law so they can screw over the customers by giving them the runaround.