All Forum Posts by: Melvin Flory

First off, I'm very sorry to hear about your predicament. While I'm not an attorney, I do have over a decade of mortgage experience and I'd seriously suggest you talk to an attorney about your options regarding legal action.

Regarding a refinance, based on your loan amount and income amount alone, you would likely qualify depending on what other debts you have. Also, the fact that you collect disability is actually something lenders prefer, as long as it's permanent disability, as this income is guaranteed for life. The issue is going to be the late mortgage payments that show on your credit report. If Bank of America has been reporting you as behind for the last 8 years (which is referred to as a "rolling" late payment) then that alone would be enough to disqualify you for almost every loan program that I know of that is available today.

I would strongly advise you to reach out to a licensed mortgage loan originator in your area who can look at your entire situation and let you know what your options are.

I hope this has helped you and I sincerely wish you the best of luck.

My current annuity is over $31,000. I easily qualify on income. The issue is just as you stated. The lack of payment history with BOA.

The debt was actually discharged in Chapter 7 BR almost 4 years ago. I'm not sure how discharged debt is reported. I believe it just states that it was discharged in bankruptcy.

The Bankruptcy Trustee Abandoned interest in the property in his final notes and left the case open for 30 days in case there were objections. I get contradictory information on exactly what this means.

Thanks.

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Originally posted by @Wayne Brooks:

With 28,000 of income, you're not going to qualify for any refinancing, based on income alone, let alone any foreclosure related credit issues. Your best bet is to sell, don't lose your equity, even though you probably don't want to hear that. Forget all the "illegal" assignments and everything else you hear about, it's mostly propaganda crap, promoted by people with Their own agenda, or just ignorance of the law. I see homeowners in court all the time, flailing their arms against all the "injustices", as the judge, as required by law, sets their auction date. Don't go down like that.

That was my annuity 8 years ago. Currently it is just over $31,000. I qualify with every lender I have tried. The issue is just as the other gentleman stated. The lack of payment history with BOA.

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Originally posted by @Bob B.:

Google: couple wins lawsuit against bank of america

Document everything you just posted.

Find their attorney and talk to him.

I hope you no longer bank with BofA.

Good Luck and keep us posted

Thank you for your suggestion. I did print out the article but have not had time to read it yet. Been dealing with local law firm running me around in circles to determine if they want to take on my case. I am so tired of these (so called) lawyers who have no idea.

I've tried the law route but seem to keep hitting a brick wall. Virginia laws require the consumer to prove that the bank does not have the right to foreclose. The bank is not required to prove anything Their robo-signed documents, their illegal "Reassignment of Beneficial Interest" claim to my home and good luck finding a "real" lawyer to litigate against this in Virginia.

Thanks for your reply. Still looking for stability in Virginia, 8 years, 4 months and counting.

)-:

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Originally posted by @Dion DePaoli:

A couple thoughts. Prior to your federal discharge, where you an active military member?

- If so the Soldiers and Sailors Act protects you from default actions taken by a Mortgagee. The path there for you would be to contact the credit bureau and simply send in proof of active duty and ask that any derogative credit lines be removed. It will take around 45 days. If not an 'active' military member, this will not work.

Contact the Consumer Financial Protection Bureau and ask them to investigate the servicing of your mortgage account. Explain what happened. They will likely request you send written correspondence to the same so they can take some action. If the account is being mistreated they can help you fix it.

Have you applied to any Lenders?
- There is a chance that due to your equity and perhaps any credit that you can clean up that you simply just qualify for a new loan. Sometimes they are tough but it all starts with an application to see what you do qualify for and what needs to be done if you are denied.

Virginia has a Hardest Hit Fund program which you may qualify for that will provide money to bring arrears and advances current. Search the web for the Virginia Hardest Hit Fund and do some research and contact them to see if it is a possible solution to cure any default.
- this will not get you a new loan but bring the current loan out of default. You may need to do this in order to refinance in the future if you so wish under the possibility of not qualifying for a loan today.

I am a disabled/retired 26 year Federal Employee, not military, most of my bosses were Officers, I received my pay from the Department of Defense but I do not qualify for any of the military programs. The best part is that part of my disability is "Work Related, (10 knee operations)" but no help for me! My salary dropped from $65,000 working to $28,000 upon disability retirement.

*Filed 3 complaints with the CFPB. The result was I provided all of the evidence collected over several years and Bank of America was allowed to respond with, "we don't find anything to substantiate his allegations". I disputed this and their response was, "we stick by our original answer".

The CFPB has no authority in relation to individual consumer violations by the banks. Even if they take the bank to court or charge them the chances are they will not disclose this to the consumer.

*No Hardest Hit Fund in Virginia." The last help available that I can find expired in 2011.

Please point the way if you know of a Fund in Virginia.

Thanks.

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I became permanently, totally disabled from 26 years of Federal service in January of 2007. Remained current for approximately 1.5 years, middle of 2008. Bank of America/Countrywide told me I had to be 3 months behind in order to qualify for any assistance. I reluctantly did as Countrywide asked and fell behind. Almost immediately CW sent me a letter of intent to accelerate.

- I paid the arrears and made numerous monthly payments, none of which CW/Bank of America would apply to my mortgage therefore keeping me in default.

- After about 8 months of this I stopped paying since the funds were not helping my mortgage situation. That was August of 2009.

- BOA wrote counter checks to themselves against my checking account even though they told me I couldn't make individual payments. They took at least 8 payments, one per month.

- BOA has not fabricated a "payment history" that is clearly not accurate.

I have been dealing with this now for 8 years and need to get this off of my back.

Are there any lenders out there who will refinance my mortgage even though I am in default?

BOA's last payoff was in January 2015 and was $108,000. The value of my home is $170,000 giving me approximately $60,000 in equity.

Can anyone help me find a lender who will provide me with a refinance?

I am on permanent Federal Disability Retirement and can easily afford the monthly payments.

Thanks everyone.

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All Forum Posts by: Melvin Flory

Melvin Flory has started 1 posts and replied 5 times.

Post: BOA Scammmed Me into Default, Who Will Refinance Me with $60,000 Equity

Post: BOA Scammmed Me into Default, Who Will Refinance Me with $60,000 Equity

Post: BOA Scammmed Me into Default, Who Will Refinance Me with $60,000 Equity

Post: BOA Scammmed Me into Default, Who Will Refinance Me with $60,000 Equity

Post: BOA Scammmed Me into Default, Who Will Refinance Me with $60,000 Equity