I know someone whose mortgage loan is serviced by Bank of America and guaranteed by Fannie Mae.
For months and months, she has been going through various processes and jumping through all sorts of repetitive pointless hoops to try to get a loan modification or at least a temporary forbearance. More on the process in a moment, but I want to lead with this piece because it is so amazingly disgusting to me:
Today, Bank of America offered this mortgage holder a piece of deception so blatant that ... I don't even have words to describe it.
They offered her what they deceptively name a "three month forbearance" on the loan. The Bank of America agent explained to her, on the phone, what this thing they call a "forbearance" actually entails. Here are the details of this "offer":
- If she chooses to accept this "offer", they will send her account to collections immediately upon the account being past due - meaning, not paid DURING what they call forbearance - and she will then be hassled by debt collectors during the three months that she is in what Bank of American claims is a "forbearance."
- The money she does not pay for her mortgage during this time of supposed "forbearance" will be considered due during the three months of the forbearance AND will officially come even more due in a lump sum (somehow this is possible) at the end of the three months, along with various late fees.
- If she does not pay all the money from the three month "forbearance" plus late fees back immediately at the end of those three months (during which they will have already sent her account to collections anyway), plus pay her mortgage from there on out, they will initiate foreclosure proceedings right away.
This disgusting faux offer was delivered verbally, via telephone, today, by a Bank of America employee. This employee outlined the details above and wanted a decision immediately. The mortgage holder said she wanted to think about it, the employee told her she has 24 hours to let them know if she accepts the "offer" or not - which they want her to do verbally by phone. She has received nothing in writing.
I am at a loss here.
More below the fold.
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