UPDATE for Lawmakers: Why don't the laws better protect the little guy from these massive entities with their armies of lawyers? They have protection. It's us who are vulnerable. It's us who need your help. For instance, why are there so many ways lenders are allowed to skirt presenting the actual ORIGINAL loan agreement in court to prove they even have the legal right to foreclose? Allowing them to show copies of an agreement, instead of the actual original, is why robo-signing exists. Other options allow them to get around showing any proof they actually have the original document, at all. That protects them, not us. It's one of many ways you protect them, not us.
I'm asking you.....Why?
UPDATE: Bank of America sold my loan to Ocwen Loan Servicing. So now it is up to Ocwen, and it's CEO, Ronald Faris, to right this wrong done by Bank of America. To my knowledge, they are not filthy like the bank, so here is their chance to show that some mortgage servicers are run by good people who can obey the law. It was pointed out to me previously that the Garn-St. Germain Depository Institutions Act of 1982 required the bank, by law, to accept my payments without having to do anything accept call the bank to inform them the original borrower passed, and start making payments. None of this other stuff the bank claims I am required to provide to them, not according to the law. So Ocwen, the ball is in your court, lets rewind to the day the bank broke the law in refusing my payments. I can more than afford this. I can send you the first payment today. Stop the auction, let's fix this.
I need help getting Bank of America to stop from taking my home. My situation is far too common, but not discussed. The law should be fixed to prevent this from hurting anyone else.
My mama got sick almost 5 years ago and passed away just 2 weeks after we discovered she had cancer. At that time, she had a mortgage. I thought I was doing the right thing to call and inform the bank of her passing and letting them know that I would be assuming her $800 monthly mortgage payment. But I never should have told them.
From that point on, they absolutely refused to accept any payment. By law, as the heir, if I had tried to pay off the mortgage in full, they would have had to accept it, but if the heir can only afford to continue the payments, it is up to the bank's discretion as to whether or not they will accept payment, or foreclose on the home.
In my case, they chose to take my home. I tried everything..I tried paying over the phone, they refused. I tried sending in a check, they returned it. I begged and pleaded and screamed at them for 3 months. They didn't care. It was not until after they officially filed foreclosure that I understood why. This is when they called trying to arrange a deal, after I was backed into a corner with no way out.
This "deal" included higher interest and a higher payment (more than triple), which I just don't have the income to afford to agree to. It is a common "deal" they try to force on people who find themselves in my situation. I have not been able to grieve in all this time because my stomach has been so wound up in knots worried about my future, where I will go, what I will do. The home has been in my family since it was built. It is full of the memories I shared with my mom. This home is so much more to me than just a house.
I am not asking for a handout. All I want is for the bank to stop this foreclosure and let me pay the same $800 monthly mortgage payment my mama was paying. That is what I have been fighting for the whole time- the right to assume my mother's debt and pay it. My mama took the homeless and unwanted into her homes (she had 2, I already lost the other. The bank bought it at the foreclosure auction in September..it was used purely to take in folks down on their luck, and help them get back on their feet, housing as many as 11 people at a time).
Since her passing, I have done the same. Now I am the one seeking out someone who will take me in, and it's for no good reason. It is purely because the bank got greedy and wanted more than what was originally agreed on. There are enough homeless disabled veteran's put out on the street, why add two more for no legitimate reason? Please help me put pressure on them to do the right thing. Please sign this petition.
The photo is of my mom and grandparents, the day they brought my mom home, to the house I am losing, for the first time in 1954.
To the lawmakers, change the laws to prevent this situation from happening to anyone else. This situation should never have been possible in the first place.