For two years, Presley Obasohan says he has begged Bank of America to modify a mortgage on a home he bought in Dorchester at the height of the housing bubble.
And it isn’t a mere matter of backlogged paperwork that’s holding things up.
And even though the person they talked to at BofA said she couldn’t legally tell them to skip payments, she made it clear that the only way they would be able to get an adjustment is if they missed payments.
And so they stopped paying the mortgage, but when they applied for a modification, they got what is now a typical story from BofA customers.
“we would send in the paperwork. They would say they never got it,” the husband tells King5 News.
But while no one at BofA had a clue as to how to process the modification, the bank was making swift work of moving forward on foreclosure.
Mr and Mrs Vos have remained in the home since the foreclosure sale; and as long as a viable home retention solution may be available, Bank of America will continue to work to keep them there.
When they contacted the bank, the husband says it was BofA asking him if the sale had been rescinded.
A few weeks later, the bank decided that it didn’t actually mean it when it had told the couple the sale had been rescinded.
Proving the old adage of “If at first you don’t succeed, contact your local news station’s consumer reporter,” the couple called King 5.
Magically, once the news folks talked to BofA, the eviction was put on hold and the matter was escalated to the office of none other than Chief Executive Officer Brian Moynihan.
In a statement to King5, the bank writes:Bank of America is confident the 2010 foreclosure was properly conducted.
The bank had been unable to qualify Mr and Mrs Vos for a modification, based on the financial information available to the bank at the time, leaving no basis to postpone the sale date.
Based upon updated financial information provided after the foreclosure sale, Bank of America began the process of rescinding the foreclosure and reconsidering a modification.
They digitized the words of a handful of homeowners who have either have been foreclosed on or are facing the threat of losing their homes and projected those messages onto the Bank of America building.
The bank says it will continue to work toward a resolution that will keep the family in its house for as “long as a viable home retention solution may be available.
Bill Vanzyl is a business journalist based in Tokyo, Japan. Bill has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Bill spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.