Court: Woman Can Keep The Mortgage Modification Bank Of America Said Was An Error

The Consumerist:

What happens when Bank of America offers a customer a mortgage modification then tries to foreclose on her home anyway? In the case of a New Jersey woman who was paying her mortgage when BofA claimed her modification offer had been an error, a court took her side, allowing her to keep her home.

The appeals court said it was puzzled why the lender would even try to foreclose on the woman, because she “unlike many, is actually paying her mortgage,” reports the Associated Press.

Sylvia made payments on her $591,913 mortgage as part of a loan modification program that Bank of America said she qualified for in March 2010.

Despite her consistent, timely payments, the bank claimed the letter of acceptance into the modification program was an error and that she was never supposed to get a permanent modification.

Too bad, said the court, as to “eventually pull the rug out” after having debtors make payments with the promise of a modification bordered on being “unconscionable.”

Wells Fargo Sued for Offering Homeowner’s Temporary Mortgage Modifications With No Long Term Plans To Make Them Permanent, according to Courthouse News Service

A case has been filed against Wells Fargo by a group of struggling homeowners. The accused bank is being sued for offering homeowner’s temporary mortgage modifications with no long term plans to make them permanent, according to Courthouse News Service.

The courts are taking notice of the wide spread practice of deceptive behavior on the part of the big banks; including Wells Fargo for offering consumers temporary mortgage trial period modifications.

Lenders are in affect leading struggling homeowners on to believe that if they make their trial period mortgage payments they will be able to keep their homes. However, Colin Banyon, a foreclosure defense attorney at The Mortgage Law Group, says “the entire time the lender was accepting these payments from the homeowner they knew that they were not going to offer these same homeowners a permanent modification and only intended to foreclose on the home.”

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Homeowner battles Bank of America for 2 years to get modification – www.ktnv.com

Homeowner battles Bank of America for 2 years to get modification – www.ktnv.com.

Las Vegas, NV (KTNV) – A homeowner emerges bruised, but not beaten after battling Bank of America. It’s a story Contact 13 Chief Investigator Darcy Spears first reported two years ago. Now, she sits down with the family again as they begin to recover from their mortgage meltdown.

“It’s one big rollercoaster. It just took way too long,” explained JoAnn Licko.

The ups, downs, twists and turns of the last two years have left JoAnn wondering whether it was worth the fight.

“They just don’t have anything rolling smoothly. They really need to figure out what they’re doing wrong,” said JoAnn.

JoAnn’s been battling Bank of America for her brother, Bob Gratzke, to help him hang on to his modest, East Valley home.