ALABAMA CLASS ACTION STARTING

I have a horror story as well. This will just add to the increasingly growing list of ppl already on here suffering at the hands of a diabolical, unethical, immoral corporation.

My husband and I decided to try to take advantage of the chance to lower our mortgage interest rate back in April 2009. At that time we were only one payment behind. We were instructed by bac customer care reps that we had to be at least 60-90 days behind and to NOT pay our mortgage for at least 60 days. Well, like dummies we listened to them. At the 60 day mark, they sent out house to foreclosure. I immediately started contacting these non profit credit counselling places for assistance. I was told by one credit counsellor that our only option was to either let the bank have the house or to try to do a loan mod through BAC. Well, he sent a recommendation to BAC that they work with us to obtain a loan modification and to stop the foreclosure. By June 1, 2009 we had been “pre qualified” for a loan mod directly through BAC (their so called HAMP). We were instructed to send in a hardship letter, copies of 2 pay stubs, 2 bank statements, copies of our last 2 years tax returns, and copies of all of our utility bills and anything else we had to spend money on each month. I faxed this information, same day, to BAC. I called back 2 days later to see if they had scanned the information into their computers, and they hadn’t. Was told that day by yet another rep it could/would take up to a week for them to scan the documents. Well, I asked her for a physical address to mail the documents to, and she choked! She didn’t have an address to send me. That should have been my first warning signal. She gave me an address for Houston, TX, which so happened to be for payment processing. It took almost a month for the hard documents to make their way to where they needed to be. Another month went by, and still no word as to an approval on the loan mod. Now we get to July 2009, and we are officially 4 months behind on mortgage payments, still accruing late fees, with no end in sight. July 25 rolled around, and out of the blue we get a call from BAC, stating our loan mod has indeed been approved and they will be Federal Expressing two copies of the final loan mod documents for us to sign, have notarized, and return to them within 7 days. Well, we get the loan mod, and it’s not a loan mod at all! Its a darn repay plan, but at the top o the document it clearly says “Loan Modification Agreement”. They kept us at our current interest rate of 7.5%, tacked 8 years onto the back of our mortgage, and jacked our payments from $859.19 to $939.17! They also demanded we send in $855.19 in good faith funds in order to process the modification. Running out of options, we signed and notarized the doggone thing and sent it back. Now, keep in mind we were instructed to NOT pay anything towards our mortgage during the loan modification process, because it would only “mess us up”. We were already so far behind at this point we had no choice but to finish what we had started with this loan mod, no matter what the terms.
BAC got the documents, and a cashiers check for the $855, overnighted to them. They waited an entire week before scanning the document into the system so that it could be seen by all at BAC. I kept calling to make sure they had gotten the doc, but kept getting told “no we don’t have it yet”. However, the cashiers check had been cashed two days after we overnighted it to them, along with the notarized loan mod agreement.(They got the money but didn’t get the document, yeah, I’m sure!).
We were instructed, as per their Loan Mod Agreement, to make our first payment on Sept. 1, 2009 in the amount of $939.17. I sent them $1,000.00! Same thing for the next 6 months. In March 2010 I get a nasty letter stating they intend to accelerate my mortgage! I call them and ask what is the problem, we had a modification in place, we made our payments in accordance with that agreement…what’s the deal. I got told that the first payment they show in their system is for Feb. 2010. When i told them I had physical proof of payments that they had cashed from Sept. 2009 through Feb 2010, they asked if I could send them copies. I told them they needed to send me over to payment research dept. to see where this money was going. Payment research told me the money was being held in a “suspense account” for “fees due”. $6,000 worth!!! I demanded they post these as payments, because the reps in collections showed me as 9 months behind. Well, the lady said she posted them, but she never did.
March 25, 2010 I receive a little chain letter from BAC stating that it’s taking them longer than normal to process our loan modification (ok come on….July 2009 through March 2010 isnt ample time to complete a simple loan mod? It takes 9 months to grow a life inside you and give birth to it, that’s an accomplishment) and to please be patient while they finished it. And it also thanked me for being a loyal customer of BAC Home Loans Svc. LP.
Ok….two more months go by and we are now in May. I get a phone call from a rep from BAC requesting additional financial information over the phone, because too much time has elapsed from the start of our loan mod to current. I told her that if BAC needed updated financial information, that they could request it by mail. I wasn’t giving them any more personal/private information over the telephone. Well, a request never came. I continued to make my monthly payments in accordance with this loan mod agreement, even though the amounts on my montly mtg statements kept getting higher and higher.
Come August 2010, by mortgage payments were up to $1650! A far cry from what we were told to pay on a loan mod agreement. I called BAC to find out what was going on with that, and I was informed that our loan modification was cancelled, they weren’t going to complete it due to lack of updated information and the fact their closing department never finished doing the closing on the mod. I told that rep I never received anything in writing from them requesting updated financial information, nor had I heard from one of the three workout negotiators who had worked on it up to this point. The rep told me my only option at this point was to try and requalify for yet another loan mod, this time one through the Hope For Homeowners. I told her no, they needed to fix the original one they had started, I wasn’t going through this mess with them again. I demanded she send an email to Tom Willets, workout negotiator. She did, and within 3 days Tom Willets had called me apologizing saying he had no clue as to why the closing dept never finished closing the documents, he said they were “worked on but never completed”. I told him I was refusing to do another loan mod, this was his error, and he needed to do his job and get this thing pushed through. He said he was going to get with his supervisor along with one other dept. head to see what he could get pushed through. Well, I will tell you he never did. I never heard from him again. He has ignored requests from me to call, email, all of it. His supervisor never returned my calls, either. He also ignored interdepartmental emails requesting that they contact me regarding this matter. Now, because of their gross negligence, I am now further behind, and owe more money, plus more late fees because my payments had spiked during this time, and I was only paying what the loan mod docs instructed me to pay!
I started doubling up on payments, sending in anywhere between $1700 and $2900 every month. In December, I was still looking for an answer as to why their closing dept. had never finished the closing on the loan mod. Nobody could tell me exactly why. I finally stonewalled them and threatened them with a lawsuit, and the rep took 1 hr 45 minutes to research the entire account, and came back and told me that the reason the loan mod was never completed was because back on Dec. 4, 2009, Tom Willetts was supposed to have sent us corrected loan mod docs to have signed and notarized because there was a “issue” with the first ones. The rep said, and I quote “I’m not saying it was our fault the documents were incorrect, I’m not saying it was ya’lls fault, but they were incorrect.” All we had to do was sign and date the damn things! How could it possibly be our faults?! She apologized, said there was nothing she could do, and suggested we go through the process of qualifying for yet another loan mod. I hung up in disgust.
Meanwhile with all this crap, we are being told we are 9 months behind on our mortgage. They had been stashing the money we’d been sending in back into a fees account, and some of it into back escrow payments. They failed to tell me that once we even applied for a loan mod, they would automaticaly escrow our property taxes. I asked the rep why they didnt stop since I obviously wasnt under a loan mod with them and they had cancelled it, and she told me that they couldnt stop escrowing our taxes once they had started. It was mandatory whether we got approved for the mod or not.
January 2011, we get a notice of intent to accelerate, with a date of 1/20/11 to have $8900 paid by. We got the letter on 1/4/11. That gave us barely 16 days to pay that amount! I sent in $1900 because it’s all we had, and on 1/19 I called in to set up payment arrangements for the rest. The rep told me I did qualify for a repayment plan, and that we would have to put at least $800 upfront, and pay $2650 for 6 months and we’d be current. Ok, that was agreeable. This woman took my checking account information over the telephone, waited and waited for the information to be approved by teh computer, and it took almost 15 minutes. You could hear her huffing and puffing in frustration. She finally says “ok i got it to go through. you’re all set. your first payment will come out of your account on 2/5/11 for $2650, and I also processed the $800 down out of your checking account.” Five days later I call back to make sure the $800 was posted, and it hadnt been! I called back into collection dept. and raised hell with them. They of course apologized and took my checking acct info again! They could see where I had spoken with the lady the week before and they were supposed to be set up. Ok…same computer glitches with this guy processing my repayments again. He gets frustrated, tells me everything is all set, and tells me thank you for calling BAC. I go to the bank 3 days later, and the $800 and the $2650 are still sitting in my account!!!!! Enraged, i called BAC and told them enough of their lying, I was sending in a paper check for $800 and another for $2650, so there’d be no mistake as to my “good faith money” versus that first payment due for Feb. They cashed both checks in 3 days, and on Feb. 28, 2011, started foreclosure proceedings on my home. In the state of Alabama, you only get 30 days before they sell your home on the courthouse steps. BAC takes at least 7-10 days of that time to order what they call “reinstatement” figures to see how much you have to come up with to pull your house outta hock. They will not work on a repayment with you once they throw your house into foreclosure. The foreclosure attorneys will not work on a repayment with you. Sirote and Permutt are the attorneys BAC uses in Alabama to process all of their foreclosures.

These monsters must be stopped. Someone, somewhere has the power and authority to put an end to this nonsense. I live in Northeast Alabama. If anyone in the entire state of Alabama is interested in putting together a class action lawsuit against BAC Home Loans Svc, LP….please do not hesitate to contact me personally at 256-486-8085. My name is Dory Tallent. I look forward to hearing from you.

Posted in bubble, Corruption, Eviction, securities fraud |