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Bank of America Loan Modifications Upset Hawaii Homeowners

Some Hawaii homeowners feel that having a Bank of America mortgage is not a day at the beach!

Well, I knew this for awhile now, but recently, I was traveling from a regular visit on the north shore of Oahu to see my daughter when I read an article in the Honolulu Weekly about Hawaii homeowners and their gripes with B of A. Seems it really is a reality for many folks and it includes all of those old countrywide mortgages that B of A inherited. Ouch!

Too much to process. So, the foreclosure documentation got rather rushed. From my vantage point, the foreclosure process seems preferred by this huge lien holder, and these Hawaii residents with mortgages with B of A really feel like they are talking to people on the phone that know less than a monkey about the situation. These homeowners are more than frustrated; some are researching alternatives.

I am familiar with these frustrations, as there are more than 2 or 3 B of A loans in my family, so hearing that B of A Bank reps are actually coming to the islands doesn’t bring a warm and fuzzy feeling unless something radically changed somewhere and well…

It is not just in Hawaii because back in the mainland 2 weeks ago, federal regulators hit B of A along with 13 other mortgage services for unsafe and unsound foreclosure practices! Going so far as to say that they would have to repay homeowners wrongfully foreclosed. Hmmm, sounds ugly. Some homeowners are joining the bandwagon to fight back.

I wonder what the future holds?

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Katie Minkus, R(BIC)

May 6, 2011

Wow, Heidi… if we thought the times we lived and worked in were already a little nutty… this takes the cake. And didn’t we bail these guys out just a few years ago?? Wonder if the CEO of BofA will be in DC next week…

Katie Minkus, R(BIC)

May 6, 2011

Wow, Heidi… if we thought the times we lived and worked in were already a little nutty… this takes the cake. And didn’t we bail these guys out just a few years ago?? Wonder if the CEO of BofA will be in DC next week…

Pam Deery, R(B)

May 7, 2011

Working with so many short sales over the past few years, I can honestly say that B of A, although it may seem like it, is not the worst to deal with in short sales. As far as foreclosures, however, they definitely missed the mark with regard to servicing and notifying clients properly of upcoming foreclosure procedures.

I cannot tell you how many times we have come to 24-48 hrs before a foreclosure auction on one of our listings only to find the owner had never been notified (mandatory 60 days prior in Hawaii) of the procedure. How very frustrating for all involved…and they wonder why people hate short sales with any bank!

Pam Deery, R(B)

May 7, 2011

Working with so many short sales over the past few years, I can honestly say that B of A, although it may seem like it, is not the worst to deal with in short sales. As far as foreclosures, however, they definitely missed the mark with regard to servicing and notifying clients properly of upcoming foreclosure procedures.

I cannot tell you how many times we have come to 24-48 hrs before a foreclosure auction on one of our listings only to find the owner had never been notified (mandatory 60 days prior in Hawaii) of the procedure. How very frustrating for all involved…and they wonder why people hate short sales with any bank!

Niki Hill

June 16, 2011

This was a really great post.Thanks a lot for spending the time to provide such a detailed and informative article. It has given me lots of inspiration. In reality I’d like to write something like this also – taking time and real effort to make a good article… but what can I say… I appreciate a lot and never seem to get anything done

Niki Hill

June 16, 2011

This was a really great post.Thanks a lot for spending the time to provide such a detailed and informative article. It has given me lots of inspiration. In reality I’d like to write something like this also – taking time and real effort to make a good article… but what can I say… I appreciate a lot and never seem to get anything done

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