I called the bank on 26 April. I tried the new number (888-325-3120) for Default Prevention, which was given to me by the Home Retention Department. Home Retention said Default Prevention would have more options, but when I called, Default Prevention said Home Retention would have more options. I was transferred back. Round and round we go in the circular waste of corporate banking.

Speaking of waste, we keep getting the same mailers from the bank. They are from the USPS and from FedEx. I would assume they cost money. But the problem is that the mailers are the same, and we don’t qualify for what they offer anyway. Double waste. Where does our money go? Answer = Waste.

Back to the call:

I found out that we can’t qualify for Making Home Affordable since we are past due over 29 days. But our income to mortgage percentage take us out of the program anyway. Why keep offering it to us? Answer is above.

Let’s get back to the corporate phone call and back to the same process outlined in their training manual. I update our financials (conservatively) again. The numbers indicate clearly that we have more expenses than income. The BofA employee informs me that modification depends not just on financials but also on whether or not the investors would approve. Interesting that he admitted it this time. Even in our current national situation, they are still trying to hang onto the fraudulent practices that warranted so much profit. Why can’t they reduce profit and help their customers?

Short answer – We are not their customers. Our mortgage was purchased off the open market (I assume somewhat illegally, but that is not up to me to decide.). So, in essence, we are not people to the corporation or to their stockholders. We are numbers. And anytime people are reduced to numbers, horrible acts can be committed with no guilt (historically accurate and disillusioning). And the main problem here is that we hate Bank of America. We always have. From charging my wife to talk to a bank teller to other aspects of their horrible service, we don’t want to do business with them. We never have. But we are trapped by the system. Bank of America bought our loan (mainly our interest payment) without out our consent. Actually, without our knowledge. We found out after the fact.  Is this fair? No. But we have to keep sending them our money or we are the ones “breaking the law.” THIS IS RIDICULOUS.

After I finished everything I could with this particular BofA call-center employee, he told me that the bank has no programs to offer. The only option for us is to liquidate. Translation – short sale, deed in lieu, or foreclosure.

This week we finally received a certified letter (it was at the post office for over a week). It is a “Notice of Intent to Accelerate.” This means that if we do not pay “good funds” of about $3,000.00 (the amount we haven’t paid), “the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time.”

The main problem here is that we live in Florida. The notice states, “If your property is foreclosed upon, the Noteholder may pursue a deficinency judgement against you to collect the balanace of your loan, if permitted by law.” In Florida, it is permitted. We also have PMI, so the bank will most likely come after us and then when they are done, the insurance company holding the PMI will send their lawyers after us as well. As of this time, I can’t find any PMI policy or specific information. It is all general and vague. I’m not sure why.

I am now going to seek council…

On a brief preview of services in the area, I found that lawyers’ websites have some helpful information. Information that comes from the other side of the discourse. It is rhetoric intended to inspire homeowners to fight (and, of course, to pay for the services):

Jeffrey A. Klein
Parker and DuFresne