BANK OF AMERICA HOMEOWNER DEATH SENTENCE

Hooray!  I finally got my own loan modification from Bank of America.  They agreed to roll my arrears into the back end of the loan.  They reduced the interest rate from 6.25% to 5.50%  The old payment was approximately $3,000.00 per month based on a $353,000 balance.  My new payment is going to be $2,912.46!! WOOOT WOOOT!!!!  Now mind you this is a 3bdrm/2.75 bath home with detached 2 car garage with approximately 1,346 square feet.  The average rent for a similar home in my community is $1,600 to $1,800.00 per month.  So do I bust my behind for home ownership and pay nearly double of what rents are in the community and be responsible for the taxes and my own repairs and maintenance or do I move into a swanky luxury apartment paying $1,000.00 less than the mortgage payment having more money to enjoy my life.  Hmmmmm wow such a hard decision yes? 

I probably will see how long I can stay much like what I do for my clients so I can save some moving money.  I am living what my clients experience.  I guess I do know what I'm talking about when I tell people from time to time. . . .  JUST WALK AWAY . . . . .

Unconscionable Conduct by purported Wells Fargo Collection Agent - Thank them for informing you of the debt then. . . . JUST HANG UP. . . . you don't have to listen to harassment.

It absolutely breaks my heart to hear stories like this.  Mr. Tums (Anonymous Name) age 71 years old and his Wife (Age 73) have been Wells Fargo Customers for over Eleven years.  After losing money on a real estate investment they are contemplating filing a bankruptcy.  In consulting my office, he recounts his experience.  He tells me on Easter Sunday this year, he received a phone call from a collection agent representing Wells Fargo.  After asking to be left alone on that Holy day, the agent insisted upon discussing the account.  He was forced to hang up.  Shortly thereafter, he received another call from another agent representing Wells Fargo again.  In this conversation, he told the agent he was going to see an attorney to discuss his options. The Agent continued to demand that Mr. Tums issue an electronic check.  He asked my new client whether he was going to hold a bake sale, make cookies or go babysit so he can pay his bill to Wells Fargo.  I was reminded of yet another client who was 84 years old and told by a Wells Fargo collection agent to sell his furniture because he was too old to be needing it for much longer!  I just can't imagine how anyone could think that this is going to make someone feel bad enough to issue a check for money they don't have.

Now the other side of the story is that these collection agents often times work in sweat-shops where their livelihood is utterly dependent upon their ability to collect money on these accounts.  They too must be feeling the heat of this difficult economy to drive what is probably otherwise a good person, to vent their frustrations out by their cruel and insensitive tactics to collect money from people like themselves who are similarly suffering.

Under the Fair Debt Collection Act and under the Rosenthal Fair Debt Collection Practices, your lender has the right to inform you of the debt and ask when you are going to pay.  When they call to harass you simply state:

THANK YOU FOR INFORMING ME OF MY DEBT.  LET ME REVIEW MY FINANCES AND I WILL CALL YOU BACK WITH WHETHER I CAN PAY ANYTHING TOWARDS MY DEBT AT THIS TIME.  GOOD BYE.  Then hang up.

They can't send you to jail for doing that.  If you get an aggressive collector just hang up.  They don't have the right to treat you that way.  You can't make someone behave and treat you with compassion.  So Just hang up.