MORE MODIFICATION VS LESS MORTIFICATION

On September 1, 2012 The New York Times Sunday Review ran in an editorial entitled "Still No Justice  for Mortgage Abuse" that indicates we are nowhere near seeing the light at the end of tunnel in the foreclosure and mortgage mortification scandal.  Please see the excerpts from this editorial.

“It has been six months since the big banks settled with state and federal officials over evidence of widespread foreclosure fraud, promising to provide $25 billion in mortgage relief in exchange for not being sued over past foreclosure abuses.  The type of relief provided — mostly short sales, in which a bank allows a homeowner to sell for less than is owed on the mortgage — had become increasingly common before the settlement.  Short sales are better than foreclosures, in part because they prevent vacancies that depress house values. But they are not punishment for wrongdoing in any meaningful sense; rather, they allow banks to get higher prices for underwater properties than they could have gotten in foreclosure sales. Nor do they fulfill the settlement’s main purpose: to keep underwater borrowers in their homes by reducing the principal on their mortgage loans. According to the monitor’s report, $8.7 billion of debt has been written off in short sales versus only $750 million of principal reduction from loan modifications.  Even the relief that is provided may turn out to be less than meets the eye. That’s because much of the debt forgiven in short sales and loan modifications will be counted as taxable income to the borrowers, creating huge tax bills they will not be able to pay.” 

Banks continue to show irresponsibility/deceit towards the government in their lack of bailout to the homeowners.  Most importantly, the banks made an unprecedented legal maneuver carving out a shield of protection for themselves from the homeowners by restricting legal recourse for their wrong doings.

HOMEOWNERS BEWARE:  Short sale may place you in a precarious taxation position if your property is sold for less than you owe and the debt is “forgiven or written off” by your bank.   The amount that is “forgiven” by the bank is taxable by the IRS.   Your short sale my negatively impact you in the long run.  The bank is not telling you that you will be taxed on the money they "forgive."  It is not the bank's responsibility to educate the public. The bank will ultimately financially benefit from a short sale and you will have lost your home and be held responsible for taxes on the "forgiven mortgage."   The banksters just got away again!

FORECLOSURE THE NEW “F" WORD

This era has seen its share of the “F” word.  When I say this, I am referring to “foreclosure.”  The new "F" word has become so popular that everyone knows someone that has fought or is currently fighting foreclosure, the new "F" word.   Sadly enough we will continue to see the “F” word until our elected officials hold accountable and imprison Bank of America’s Brian Moynihan, new CEO, Ken Lewis, Retired CEO and their bankster cronies.  Then we can go back to using the old "F" word but now that I think of it, when I see either of their pictures, I really want to say the old “F” word.    

KEN LEWIS AND BRIAN MOYNIHAN

FINANCIALLY SUPPORTING YOUR OWN FORECLOSURE ?

My mortgage is held by Bank of America.  My personal checking, savings and my husband’s business (now closed) accounts are with Bank of America.   The same bank that holds my mortgage and my bank accounts  was found guilty of committing fraud (MERS) and more personally, fraud against me.  

I am financially supporting Bank of America's fight against me.   When I deposit my money into my accounts at Bank of America they use my money to pay for MERS, refuse to modify my loan (and yours) and ultimately take my home. 

Do the words modification and foreclosure pain you when you hear them?  Is your mortgage company and bank one in the same?  If you answered yes, please stop and analyze the following situation.   You are giving your predator enemy money to use against you in their plans to take your home away from you.   You would not give a thief the keys to your home or car as the thief will use them to rob you.  Your mortgage company is doing exactly that.   Bank of America is taking homes from homeowners and we are funding them by depositing money in their bank.  In my case I am funding a felon institution and my worst enemy to take my home away from me. 

BANK OF AMERICA, LISTEN CAREFULLY, I REFUSE TO BE YOUR VICTIM.  I WILL UTILIZE MY FIRST AMENDMENT RIGHTS TO SPEAK OUT AGAINST YOU.  I WILL NOT BE QUIETED BY FEAR, INTIMIDATION OR HUMILIATION.   I AM CLOSING MY ACCOUNTS AT BANK OF AMERICA.  I URGE EVERYONE THAT IS READING THIS TO DO THE SAME.  

Thank you for reading.   

Stand Strong Against Foreclosure Eviction

FORECLOSURE.   If this word sounds all too familiar to you please take time to tell your story to the world by leaving a comment on this site.  This blog is an attempt to bring attention to the injustice that plays out on a daily basis at predator banks, such as BANK OF AMERICA.  Your Big Bad Bank and its employees may have a different name or title but if you are trying to save your home from foreclosure, I can guarantee you are facing the same unfair, uneven playing field that millions of others agonize over daily.

Are you in the midst of losing your home to foreclosure?  Have you repeatedly tried to save your home to no avail?   Foreclosure and modification are painfully synonymous these days.  We need a resounding voice and a platform to stand up against all the Big Bad Banks that pursue foreclosure over modification resolution.   These predator banks were bailed out but we the homeowners were not.  Big Bad Banks are ruthless and abusive in regards to making decisions that ultimately could leave you homeless!  They are fully aware, that as homeowners we are easily quieted and taken advantage of.  We are small, financially challenged, emotionally drained and anguished by the fear of losing our homes.

We have a human story that must be told and a voice that will be heard.  We must speak up to bring attention to this terrible injustice.   Please join in spreading the word through all social media avenues that are available.  Name your bank and call out the employees that are jeopardizing your well being.  They rest at night, enjoy outings and have status in their communities.  Hold them publicly accountable.  Make their friends, family and community aware of the damage and hardship they causing.   Stand up, speak out and be heard.  There is power in numbers and together we can make a difference!

Death, divorce and loss of income lead me to request a refinance. Declined, “not making enough.”  I requested a modification, again BANK OF AMERICA declined, “making too much.”  Ran behind on my mortgage so I cashed in my 401K and two days after I got up to date, BANK OF AMERICA foreclosed on my home.  Their third party administrator or servicer failed to notify them in time.   I begged, pleaded, fought and tried to reason with everyone at BANK OF AMERICA.   They received the money; cashed the checks but it was not applied to the account and would not be.  I was losing my home.  MERS bit me, I was robo-signed.   I qualified for the US Department of Justice (DOJ) and State Attorney General global settlement program against BANK OF AMERICA. I applied for the DOJ program through CARLOS TORRES at the Dadeland office.   I was declined, "not enough money." I was unable to reach my Relationship Manager, LESLY RABOUIN (Ft. Lauderdale office) for two weeks. TASHA with BANK OF AMERICA called asking that I bring my mortgage up to date.    I explained that BANK OF AMERICA and I had the perfect opportunity for a relationship, they wanted money and I wanted to keep my home.  Please modify I insisted.   Sadly we could not reach an agreement.  TASHA sent an email to LESLY RABOUIN and he finally returned my calls.   Polite, well-spoken and seemingly knowledgeable, LESLY RABOUIN is very much in control of my destiny.   That is of no comfort.

BANK OF AMERICA fraudulently subscribed to “MERS” and ROBO sign foreclosures and they are not obligated to reverse the decision.   If we conspired to deceptively take someone’s home from them, there is no doubt in my mind that not only would we would be facing a jail term but the government would not bail us out!  So I propose all top bank officials, middle management and their underlings that participated in illegally foreclosing on homes, be jailed.

The bank bailout was myopic indeed.   No accountability, just free money for all.  For every foreclosure that takes place and modification or refinance that does not get approved, a fine should be levied against the predator banks that took government money and did not help anyone but themselves.  Shame on you BANK OF AMERICA and all your cronies at the other BIG BAD BANKS!