Saturday, April 14, 2012

Bank of America Forecloses On Homeowner With Disabled Daughter After Offering Her A Modification

A California woman is facing foreclosure from Bank of America after taking out a loan to make her home more accessible for her disabled daughter, shining light on yet another improper foreclosure practice perpetuated by America’s largest banks.

Dirma Rodriguez fell behind on her original loan after spending thousands of dollars installing tile floors and a wheelchair ramp to make it easier for Ingrid Ortiz, her daughter who has cerebral palsy, to move around the house. When Rodriguez fell behind on her original loan, Bank of America offered her a trial modification. Even though Rodriguez kept up with those payments for more than a year, the bank sold her home at auction, and the new owner is pursuing eviction, the Los Angeles Times reports:

Rodriguez took out a loan to retrofit her house for her special-needs daughter. After she fell behind on her payments, the Bank of America lowered her monthly obligation, but then sold the house at a foreclosure auction last September. The new owner, a house flipper from El Segundo called West Ridge Rentals, moved to evict the family. [...]

Bank of America inherited Rodriguez’s loan from Countrywide. After her payment jumped, and she fell behind, the bank placed her in a trial loan modification. She made her payments faithfully for 13 months and was awaiting a permanent modification package when the bank sold her home out from under her, she says.

Rodriguez’s story, unfortunately, is not unique. Thanks to the process known as dual-tracking, banks have thrown thousands of homeowners into foreclosure even while offering those same homeowners loan modifications. As a result, homeowners who were willing to make new, lower payments to stay in their homes are often evicted anyway. Dual tracking, along discriminatory, fraudulent, and deceptive practices, led Bank of America and other Wall Street banks to settle a $25 billion suit with the federal government last month.

Trial modifications like the one given to Rodriguez, whose loan is backed by Freddie Mac, are supposed to last three months before the terms of the modification are made permanent if all payments are made. Rodriguez says she made 13 consecutive payments, but Bank of America told the Times that it still wants to be sure she can afford the payments before it makes the modification permanent. “I don’t want a free house,” Rodriguez told the Times. “I just want to make my payments.”

Luckily for Rodriguez, local activists have taken up her cause. Occupy Fights Foreclosure helped her stave off a scheduled eviction on March 26, and the company that bought her home at auction is willing to return it if Bank of America pays it back. The bank, which set the whole process in motion, is now considering giving her a modification that would allow her to keep the home.

--------

Solve Your House Centipede/1000 Leg Problem


The Beginners Guide To Minecraft - Minecrafter Secrets

This Is The Minecraft Guide Everyone Is Looking For! Get The Jump On The Hottest Game Online Right Now With Millions Of Fans And Literally Over 20,000 People Searching For A Strategy Tips Guide To Help Them Every Month!

Hood Estate The Manual

The Objective Of Hood Estate Is To Attract More Then The Obvious To The Whole Real-estate Game. Hood Estate The Manual The Book Comes Into Play Teaching The Urban Community How To Financially Empower Them Selves By Buying, Flipping, And Selling Property.

Ultimate Laptop Repair Videos Collection In Hd

Want To Know How To Fix Laptops? Check Out Over 12 Full Hours Of High Clarity Hd Videos Recorded By A Well-known Professional Repair Technician. This Is A Master Course In Fixing Laptops.

No comments:

Post a Comment