In Jan of 2011 went to a NACA meeting meet with a Wilshire banker work out a modification 2 percent fixed rate for 26 remaining years and past due payments on the rear a great deal we had a balloon at 8.5 our payment went from 1550 to 818.33 P and I . My wife and I was so happy Wilshire fedx our paper work to us we had 3 days to sign and send back 1st payment due March 1st 2011.That was in January on Feb 20 2011 got a letter Wilshire had sold our mortgage to Bank of America Wilshire was going out of business . Bank of America would not honor the Wilshire terms WE even sent them copies of our agreement BAC said the agreement is not in our file so after 33 months of 8.5 percent late fee's this fee and that fee our mortgage went from 203000 to 313000 in 3 years . We now have 10 days to leave
I'm so sorry this has happened to you, but unfortunately it's not a unique story. You should hire a good foreclosure defense attorney immediately to see if you have any right to set aside the sale (I'm assuming the foreclosure already occurred). This sort of abusive "loan modification" scam by Bank of America and other lenders is well known by consumer protection attorneys and agencies. It's a long shot that you can successfully fight this, but it's worth a try. Legal Aid of NC might be able to help, or other organizations such as nchousing.org or Home Ownership Preservation 888-995-HOPE. But a good foreclosure defense attorney is the fastest solution and may allow you to pay their fee in monthly payments that would be less than the expense of moving and paying rent elsewhere. Find someone who genuinely cares and knows how to turn around a fast moving train. You can't do this yourself and you must act VERY quickly. Best of luck.
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This is a terrible situation that you find yourselves in, but not at all uncommon. Many lenders and servicers are absolutely terrible about documentation. There are ways to fight this. I do not agree that is a long shot at all. If you have a properly documented loan mod (not just a trial plan, but an actual modification agreement signed by the two of you) and Bank of America failed to honor the obligation as successor-in-interest to the mortgage, BANA could be in serious trouble on several fronts.
You need to go to a local attorney, and have all of your documentation ready to show him or her.
If the foreclosure has occurred, I would seek out a litigation attorney immediately. You may have some very strong claims that could be used to keep you in your house and force Bank of America to work something out with you. Good luck.
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