Loan Modification Candidate-Denied-Sues The Bank
A Detroit homeowner is suing Bank of America and Fannie Mae for being denied a Home Affordable Modification Program as reported in the Detroit Free Press.
Due a divorce this homeowner could no longer afford the payments on her mortgage and turned to Bank of America for help. The Bank told her to stop paying on her mortgage to qualify for a modification program. The bank also told her to pay down her debt and find some way to earn more money. She took on pet sitting to earn the extra income per instructions from the bank.
According to the homeowner, she received approval from Bank of America, I am assuming verbal, then later received a letter denying her the modification stating she made too much money. “Too much money – didn’t the bank tell her to make more money?”
Her one time excellent credit has now been tarnished for following the bank’s instructions to stop paying the mortgage and her home is now in foreclosure.
There are so many cases like this. A program is introduced to help and in the end doesn’t help anyone and as stated in this case, did more harm than good.
So much mis-information. If this woman wins her case, how many other homeowners will file suit against the lenders?
Filed under: Real Estate
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