Loan Modification – Alright Things Are Going Great

According to reports, to Feliciano Mendez’ delight, Bank of America sent him a letter stating that his loan modification was approved.  Of course, he began making payments, as this was most certainly a great relief to he and his family.  Like many other hard working Americans, he ran into financial hard times because of a decline in his trucking business.

Feliciano stated that he begged the bank to work with him. Bank of America sent him a loan modification that looked good, so he signed it and sent it back to them.

Loan Modification Docs Again?

Sometime later, Bank of America sent him a second loan modification document. It looked just the same to him and he says his loan officer assured him that it was simply a duplicate loan modification and therefore, he didn’t need to sign it if he had already signed the first loan modification.

Well for the next nine months, Feliciano Mendez paid the loan modification amount with a money order, as the bank had directed.

Loan Modification Ends in Foreclosure Anyway – What??

He then called in May, asking whether he could start paying the loan modification with personal checks instead the money orders he was sending. Mendez says that the bank informed him it had decided to foreclose on his home and had already posted a sale date of June 10.

Needless to say Mendez said he and his wife were shocked when he was found out about the bank’s decision.  Actually his wife took it harder then he did.

Even today, he said, his wife loses sleep, can’t concentrate on work and sometimes can’t bring herself to answer the front door because she is so distraught over the possibility of losing her home.

Mendez successfully filed a lawsuit, which temporarily blocked the foreclosure. But lawyers for Bank of America  are trying to dismiss the case.

Mendez’ attorney, Brian Andrews, said Bank of America blames the foreclosure on Mendez [what else is new!] They say that it was his failure to sign the second agreement for loan modification. However, Andrews says that before filing suit, he called four (4)  Bank of America employees and they all confirmed Mendez’s account – that he had been told not to sign the second set of loan modification documents since he had already signed the first set.  Andrews stated that they say it’s all a ‘mistake’ on the part of the bank.

Are you thinking about doing a loan modification?  Well, please think again and watch you back.  Do your best to not let this happen to you.  Instead of, or along with, a loan modification, you may have other avenues.  I provide a Free No Obligation review of homeowner’s loan documents to help you with other options and lots more.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/

Resources:
http://www.signonsandiego.com/news/2010/aug/31/mortgage-modifications-still-lead-foreclosures/

Are you thinking about doing a loan modification?