Posted by Dawn Barrier on December 16, 2009 at 4:00pm
The suit was filed on behalf of homeowners facing foreclosure who say there has been no progress made with regard to negotiations with their lender."And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."The class-action suit against Bank of America represents about 30 people so far; it alleges that the bank has failed to act in accordance with a section of the government's Making Home Affordable program, saying the lender has "refused to evaluate loans" and "failed to suspend foreclosure proceedings."Many of the customers' stories are similar; they attempt to negotiate with their lenders but are passed around to different representatives. In some cases they think the negotiations are going well yet come home to find a foreclosure notice on their home.This is an open class-action complaint.Read the whole article at:Channel 3 News...Local attorney files suit against Bank of AmericaIt will be interesting to see what happens with this!Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice
Hi all,
I have a client who applied to do a loan mod. the loan mod was denied. the bank said, becuase the house was not depreciated as much. She is in the position that she can't sale or refi. becuase she owes what the house is worth. The bank gave her the option to short sale and/or deed in lieu. My client doesn't want to do neither. Any suggestions?
Put out of business? Come on, a bit harsh. And wishful thinking anyway? Also, how would that help things? Would it magically creates hundreds of trained, experienced short sale and loan mod managers? No.
I understand the frustration. I have the same problems with them and many other lenders as well. But I have also seen what they are going through on their end. Years ago I was a corporate relocation homes manager for a smaller 4 office real estate company. I was nearly driven crazy with 40-50 files. 9-10 hour weekdays and coming in on weekends to catch up when it was "quiet". I lasted three years. Cause I'm stubborn. But I finally figured out while the guys who had my job before lasted an average of 18 months.
Now think about someone with 300 files. Constantly hounded to get things done. Inefficient systems because the industry had never seen volumn like this before (or even close). Watch as the managers change around you like a game of musical chairs gone mad. You learn as you go because no one had any kind of training in this in the first place. Oh, and you are just out of college and get about $25,000 to $30,000 a year. Because those are the kind of cannon fodder they can hire without going overseas.
Shoot, in some ways we are lucky they are as good as they are :>)
I still have hopes that REOTran and other platforms will help. And that the guys here at REO Pro will be successful in offering alternatives to these lenders to get them through the next several years.
But again I will say the unpopular thing. Don't think a lawsuit will be particularily helpful. Looks good to consumers. Feels good to zap those nasty lenders. But is good? Just don't know.
BOA needs to be put out of business. I really cannot understand how a bank with this much clout and notariety can allow such lack of expertise to continue. I know they are overwhelmed with the whole Countrywide saga, but they shouldn't have taken on Countrywide if this were the results they were going to get.
I have a loan officer that is working for BOA and she herself said that the BOA & Countrywide managers still cannot come to some type of agreement as to how they will handle their Short Sales & REOS.
Yesterday I was talking to a neighbor about Short Sales and possibly doing one on her home. When she told me her mortgage was with BOA, formerly through Countrywide, I almost screamed. But she is a neighbor and I willing to go into battle for her.
Yes, I did have that thought as well, but since it is for LM's I'm hoping it won't affect current short sales side. The folks who want to short sale have usually decided to leave or they can't qualify for a loan mod, bankruptcy, etc..
One other thought (and I won't be popular). Loan mods and short sales are largely voluntary. Yes, these guys and most of the lenders are very slow. We know that they are overwhelmed. But could this actually slow things down even further?
Just thinking out loud, lawsuits can cut two ways.
I think this is something we will see more of. I have a seller whose attorney is trying to put together a class action suit against Emigrant. My seller says that they won't even talk to her. She now has 2 jobs and can afford to modify her loan, but she is only months away of losing her home. (She is not in a short sale position)
Yes, Jesse. Maybe someone should contact the attorney and ask if he wants to expand his lawsuit to cover SS's. It is ridiculous what we have gone through to get some of our cases approved. In one case, a whole year, 12 months+ working the file. The only reason it didn't go to foreclosure was when they denied the short sale the first time, we said our client wanted to go deed in lieu and bought a few months time till they came to their senses and got a negotiator who knew what to do.
Comments
I have a client who applied to do a loan mod. the loan mod was denied. the bank said, becuase the house was not depreciated as much. She is in the position that she can't sale or refi. becuase she owes what the house is worth. The bank gave her the option to short sale and/or deed in lieu. My client doesn't want to do neither. Any suggestions?
I understand the frustration. I have the same problems with them and many other lenders as well. But I have also seen what they are going through on their end. Years ago I was a corporate relocation homes manager for a smaller 4 office real estate company. I was nearly driven crazy with 40-50 files. 9-10 hour weekdays and coming in on weekends to catch up when it was "quiet". I lasted three years. Cause I'm stubborn. But I finally figured out while the guys who had my job before lasted an average of 18 months.
Now think about someone with 300 files. Constantly hounded to get things done. Inefficient systems because the industry had never seen volumn like this before (or even close). Watch as the managers change around you like a game of musical chairs gone mad. You learn as you go because no one had any kind of training in this in the first place. Oh, and you are just out of college and get about $25,000 to $30,000 a year. Because those are the kind of cannon fodder they can hire without going overseas.
Shoot, in some ways we are lucky they are as good as they are :>)
I still have hopes that REOTran and other platforms will help. And that the guys here at REO Pro will be successful in offering alternatives to these lenders to get them through the next several years.
But again I will say the unpopular thing. Don't think a lawsuit will be particularily helpful. Looks good to consumers. Feels good to zap those nasty lenders. But is good? Just don't know.
I have a loan officer that is working for BOA and she herself said that the BOA & Countrywide managers still cannot come to some type of agreement as to how they will handle their Short Sales & REOS.
Yesterday I was talking to a neighbor about Short Sales and possibly doing one on her home. When she told me her mortgage was with BOA, formerly through Countrywide, I almost screamed. But she is a neighbor and I willing to go into battle for her.
Yes, I did have that thought as well, but since it is for LM's I'm hoping it won't affect current short sales side. The folks who want to short sale have usually decided to leave or they can't qualify for a loan mod, bankruptcy, etc..
Just thinking out loud, lawsuits can cut two ways.