BofA’s Brea Center May Be Able To Help With Your Mod
March 16th, 2010
At a seminar last Wednesday in Lake Elsinore Chris mentioned a company in Santa Ana, Ca. that helped deal with Bank of America home loans/Modifications. I was hoping to get the info for that company/office so I can move forward with my home situation. Thank you!
Thank you for the nice comments. It is very rewarding to know that we are reaching people.
Under the Real Estate Settlement and Procedures Act (RESPA) Title 12, Section 2605, (e), a lender who offers credit must keep a file on you. The fact that they do not have the Note, may or may not force a lender to take action.
I do agree, that in the event one has been a victim of predatory lending, or mistakes were in fact made in the Truth In Lending Act (TILA) disclosure requirements, this may be a good way to bring the lender back to the negotiating table.
If one were to write a “qualified written request” to RESPA Inquiries at their lender and site what violations occured, the lender has 20 days to acknowledge the inquiry. Then, they have 60days to take action, which could be nothing. Now, you need to file a claim/motion against the lender requesting a court to set aside the note. **I am not offering legal advice, only my humble opinion.** The challenge is that it is near impossible for me to locate Court cases in which this has actually occured.
What can occur, is this may bring the lender back to the negotiating table and if this helps you achieve the ultimate goal of a note modification, well then great. I just wouldn’t bank on owning your home free and clear of they can’t produce the note. Bottom line, justice cost money and they (Lenders) have more of it than most.
Hi Every one great class on the 18th and 19th. Very informative. I went home with some great information as well as some new people to network with. Have a FAB week everyone.
Chris and Christine Thank you very much for your efforts in informing all of us with the update’s and changes that are happening in the Real Estate industry. It is really refeshing to know that there are still people really out there willing to help. Good luck with you all
If the bank has lost your paper work and this refers to the original note. Then according to RESPA section 6. They are in violation and wont be able to validate the note. Send the a QWR and see what happen in the next 20 days they may one all of a suden come up with a per Mod . or nnot respond. If this is the case you dont have to pay anything to them and they cant report anything to the credit beauros. They will either eventually have to produce the note or write it off the books. NO JOKE!
Okay, if you are only paying $50.00 a month under an agreement with the bank, I might consider staying and saving.
The only real motivation to speed things up is if you want to begin the healing process of your credit, sooner rather than later. It might also depend on how much money you are actually being able to put away under this arangement.
Great seminar last week at Lake Elsinore, thanks Chris- you are a book of knowledge- I have been waiting for lona mod for over 12 months, paying a very minimum “trail “paymiet of only $50 , basiclly becasue they lost my paperwork on a paymennt that should be around $2200- first question, is there a benefit to contacting them and trying to get an approved short sale, or stay as long as possible at the very low $50 per month, the end result we want is to short sale, but at $50 a month , we could stay here - we just dont know whats going on- thanks for your help
Here is a link to a post I did on BofA’s Brea center. This same information is also posted here in the HELP Blog, but to make it super easy, here it is on Trulia, an industry site I post on as well;
http://www.trulia.com/blog/chris_sorensen/2010/02/bank_america_has_center_in_brea_ca_for_face_to_face_help_learn_to_prepare#comments