Bank of America Forecloses on Santa Clara Woman After Telling Her to Miss Her Payments | | St. George News | STGnews.comSt. George News | STGnews.com (via )

How many times do we have to read this same story? Telling someone that they have to stop paying to access a federal program, encouraging them to believe that they are going to get a loan modification, when your bank has already decided that no one is going to get this kind of deal, and then foreclosing on them when they fall for the bait – is this they way banks are supposed to make money?

James Pilant

SANTA CLARA – Bank of America foreclosed on a Santa Clara woman’s home, despite her doing everything she was instructed to do in order to prevent it. Annette Lake resided in her house in Santa Clara from 1986 until May 24, 2011, when Bank of America foreclosed on her home. Just after her divorce from her husband was finalized in 2008, Lake was diagnosed with breast cancer. She was laid off from her job during chemotherapy treatments. She began ha … Read More

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2 thoughts on “Bank of America Forecloses on Santa Clara Woman After Telling Her to Miss Her Payments | | St. George News | STGnews.comSt. George News | STGnews.com (via )

  1. M

    That’s what GMAC did to me, they wouldn’t even talk to me unless I was at least 3 months behind, would not take partial payments, and even though Ive given them every thing they’ve asked for for a mod, they’ve denied me. In the mean time I have racked up 58k in interest, late fees and attorneys fees on their end and they will only take a lump sum. The house is presently worth twice the loan which unfortunately is still almost 400k lower than what I paid for it and the pay off is now astronomical with all their fees. I now have counsel and we are suing. But still, if we lose, I lose the house. The kicker? I can’t put it on the market to get retail value, thereby paying them off mind you, since that would disqualify me for a modification. The best part is that GMAC received literally billions in bailout money as an incentive to give ppl mods. While I’m eating Ramen. Brilliant.

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