Teets Received Modification
..Experiment officially over 05/27/11
Brian Teets Won!
I am happy to report that, after over a year of trying to get my mortgage modified with Bank of America (BOA), yesterday I was permanently modified. It’s been a long and tiresome process, but I am proof that it can happen. I owe many thanks to Piggybankblog.com and the wonderful people who supported me when I began what I called the “Brian Teets Experiment – a case study in Incompetence & More.” The purpose of the experiment was to document all my communications with BOA and detail their modification process so the pitfalls were clearly transparent. However, it was also an opportunity to prove that BOA was not completely incompetent and capable of fulfilling its obligations with the HAMP program. So I sit back today, and can say whole heartedly from the time I started the blog around November 2010, my Bank of America representatives have been nothing short of professional and on top of things. I didn’t have to send lost documents repeatedly and my representatives were knowledgeable about the process and next steps in the application. They clearly communicated how the program would work and where I was at in the process. So here’s some positive feedback for BOA for doing the right thing by me! As I’ve said from the beginning, I’ve never wanted something for free or for which I didn’t qualify.
I also would like to give a special thanks to Pamela Thievan from my Congressman Frelinghysen’s office, who opened the investigation with the OCC into BOA.
Thanks again to John Wright of Piggybankblog.com for all your support during my battle! I’m forever grateful.
I’m Brian Teets and I fought back and Won! I wish the same for you.
Teets Received Modification
Yesterday, I received a package from BOA in which I was told I was approved to enter a Trial Payment plan. According to the contract, if I pay the three trial payments timely then I will be considered for a permanent Home Modification. After 1.5 years, I was thrilled to finally get a hope that I might obtain a modification. It’s important to note, many times the game is still not over and BOA will attempt to pull the rug out under you. So, I will be continuing the experiment and documenting throughout. I do want to take the time to pay a special thanks to John and the wonderful community of Piggybankblog.com. There were times when I thought I had been beaten down by BOA, but was given the courage to fight on. The politicians served no help and BOA probably has them in their pocket. But sites such as piggybankblog serve as the recourse for homeowners to unite and fight against being defrauded out of their homes.
I am Brian Teets and I am fighting back!
Mr. Brian Teets wrote John Wright:
I know you have tons of e-mails so no need to read this entirely. The gist of it is now after 10 months of incompetence, I’m told BOA doesn’t have my original application and materials and they need me to send it in again. Which my contact indicated it will be 30-45 days, which translates to at least 4 or 6 months. Anyway, I had indicated to the representative I’m going to give them the opportunity to prove they are not completely incompetent and from the point forward, I’m going to be allowed to be a BOA case study. Where all my communications will be documented either by recording or e-mail. I turned it around and said this is an opportunity for them to prove they are capable of getting anything done. I’d love to call these criminals out for what they really are, but try to keep myself contained. Anyway, this letter will be going out to the following:
CC: Isela Gussman (BOA representative)
CC: Your blog
CC: Brian Moynihan
CC: Pamela Thievan (my point of contact at Congressman Frelinghysen’s office)
I have read your email, and I want you to know that you have the full cooperation, support and backing of piggybankblog.com You see, I am not here to bring down Bank of America, but I am here to simply make them better, while I create a win….win…situation for all sides, including Bank of America.
I will be closely monitoring your situation, as well as creating the ”Brian Teets page” for everyone to follow. I will be sending a mass email out to market it. It is important for you to know that the United States Senate is on my blog every day. Therefore, you can count on “my people” being very interested this experiment. It is my intention to create your page right after this email to you.
Well Mr. Teets, it sounds like you are Brian Teets AND YOU ARE FIGHTING BACK! (wink)
Mr. Brian Teets writes Bank of America
Thank you for discussing the status of my modification loan yesterday evening. I will be gathering the below referenced documents which were sent previously on 4/17/10 and should have them scanned and e-mailed to you later this afternoon. However, I still have many concerns about why after 10 months my original documents (RMA Form, 4506T,& HOA Statement) are MIA. What concerns me even more is that two days after I e-mailed Brian Moynihan about the complaint my congressman, Rodney Frelinghuysen, filed with the OCC about my experiences with the BOA modification process I was informed that all of my that all of my documents were received, so where did my application go from there. Even more concerning, you give me an estimated 30-45 days now to process my application. Since I haven’t seen anything done correctly at this point and I know 30-45 days is more like 6 months, I have to escalate this matter further
I know you’re not the person I’ve been dealing with throughout this process, so I don’t expect you to have to take ownership for this incompetence. So don’t take it personal. Look at it like this, here’s your time to shine. So if you, Mr. Moynihan and whatever team you have to assemble manage to do the right thing for my application to be processed, I will not only be grateful but as I’m documenting this on John Wright’s Blog- Piggybankblog.com, look at this as an opportunity to for some much needed positive publicity. That’s all I ask. I’m not a deadbeat looking to skip out on my mortgage obligations or be approved for something I don’t qualify for. So we’re past apologies at this point. Better yet, as when I spoke with Walt Jackson in Customer Affairs, I was extended the same apologies and that I had unfortunately slipped through the cracks. How about the countless times you’ve foreclosed upon people who have slipped through the cracks and have had their lives ruined, Taylor is a good example of this. So your superiors would so owe it’s just the best we can do, we’re swamped. Well it is already acknowledged the system is not working, is it not then the right thing to do is on at least a short term basis work with your customers. Not saying you have to go through a federal application process. But have an intelligent review of your customer; is he working, yes?, does he have a good payment history- yes?, ok while we wait for the application to be processed, perhaps “meaningful” short term relief could be provided. For example, maybe a 6 month reduction of the mortgage by X dollars…You add the debt on the back end so you still make money. However, instead, Band of Abusing Americans prefers to sending goons unannounced to my condo for a house evaluation or daily calls and letters threatening foreclosure, exorbitant fees, etc. If this was an organization which took some personal responsibility and was proactive in addressing systemic failures, I would be more “forgiving” to go along with the “slip through the cracks” of a large volume of work theory.
Thank you and I’ll be e-mailing the documents to you say around 1 pm. Please note, I’ll be contacting you weekly on how my case is proceeding. We can converse either by the phone or via e-mail. However as you will be a case example on Piggybankblog.com, if you call I will need to record the call to document the process. It has also become clear to me that I need to obtain legal counsel which I’ll be pursing later today as well.
Thanks John and everyone else for your support. I’ll be commenting more later this evening, but just wanted to let everyone know the experiment just began at 2:15 EST ago as I sent the application and related documents via fax to Isela Guzman at BOA.
Brian, I just got the card and gift you sent me. I am so humbled, that even the great communicator on piggybankblog.com is at a loss for words. I can not thank you enough, because I do not think you have any idea what a difference this makes in my life. Every time I go to my mailbox, I think I am going to get my bills, as it never even occurs to me that anyone would send such a gift.
Doing piggybankblog.com has been the greatest thing that has ever happened to me, but not just because of your generous gift, but because I have met the most incredible people I have ever met in my entire life. If I died right now, I would be satisfied with my years, because I was blessed to be a part of something greater than myself, while crossing paths with people like you who make this world a better place.
Brian, thank you for making my Christmas. I will never forget what you and the others did for me. I will never forget that you are Brian Teets AND YOU ARE FIGHTING BACK!
God bless you my friend. I wish you and your family a very merry Christmas.
Good evening my friends fighting back against Bank of Abusing Americans,
Well, below, you can see I received an e-mail response from my BOA representative that they have received my additional documents they requested. So we have however many thousands of people who come on the site can see that it has been verified that the following documents have been submitted and have been verified as having been received- RMA Form, 4506T,& HOA Statement, 2 recent paychecks, utility bill,2009 Federal & State Tax return with w2′s, and 2 most recent bank statements). I also have the e-mails with the scaned documents saved along with the confirmation the e-mail was opened by Isela. So I believe I have made a positive impact in the second stage of the game. Every veteran knows stage one is defering you with games as far as qualifications to even complete the HAMP request. The Second stage of the game is losing repeatedly and faxing the same documents over and over and over. So as Isela Guzman at BOA has them now, the only logical thing to be asked fr
om now should be paystubs and bank statements if the application is pending longer than a month.
So the application is on it’s way to the HMA program. After the holidays, I’ll post on my follow up with Isela. I’m willing to give a month for this to be processed, but anytime longer or if I get an imbesall to ask me for the same above referenced documents, then phase two of the Brian Teets experiement will be implemented. That will be contacting every senator and congressman and writing the major newspapers with my story and with reference to others as noted on Piggybankblog.com.
It’s easy to feel very down especially this time of the year when we have financial challenges and without knowing if are house will be stolen from us, but although I’ve had to fight a battle against BOA and felt worn down from time to time, this blog and the inspiration like great people like John Wright has energized and given me great faith of the power of every citizen to fight back.
Wishing you all a Merry Christmas and Happy Holidays.
Until next year,
I AM Brian Teets AND I AM FIGHTING BACK!
Brian Teets writes John Wright: Hi John, Merry Christmas! Well I was on your blog a short time ago and got to reading some more sections than I haven’t had time in the past. I read the section of the Frosts experience with BOA. I got to thinking some more, I know I mentioned in my last posting I was going to give them a month to process things. However, after reading their story it just angered me further. So I think the best Christmas present I can give today for myself and the rest of us is start to work on an e-mail to Brian Moynihan and ask him how he feels what kind of a Christmas Scrooge he has been to all the people he defrauded out of their homes. I’m going to ask not for an apology but a specific outline of how they have addressed their failures. That’s the part that’s really starting to anger me more. I don’t need to hear the apologies, or who slipped through the cracks. They never have anything to say about what steps they have taken to address the problem. So I’ve changed my mind, I am going forward with drafting a letter to all the congressmen and senators as well as copying the major newspapers. As you are the great communicator, I’ll show it to you first for your thoughts if you don’t mind.
Well I can already feel that this new year is going to be starting in the right direction.
I am Brian Teets and I am Fighting Back.
December 25th, 2010
John Wright responded to Brian: That is the spirit Brian! It is time for us to stop being victims, and start getting mad! This is the first step in a person starting to fight back, as you have come to realize that we are only victims, if we allow them to make us as such. Depending on their good nature, which I assure you they do not have one, is about as effective as spitting in the ocean. Bank of Defrauding America is a wild beast out of control, who only looks out for their own interest at all times. This is why there must be accountability for their actions, because they are not going to change on their own, so we have to suggest that it is in their own best interest to bring reform to the American people. Otherwise, the American people will bring reform to them.
Yes, the Frost’s are a prime example of the American spirit, such as you have become too Brian. This is why I featured both of your stories, because you have not only become an inspiration to others, but an inspiration to myself.
Now everyone has a different opinion of what the American spirit is, but I think it looks a little like this:
My name is John Wright AND I AM FIGHTING BACK!
December 27th Brian Teets writes CEO: Dear Mr. Moynihan: Like so many thousands of hard working homeowners, I have been extremely frustrated trying to get a home loan modification through Bank of America (BOA). What I initially thought was the epitome of pure incompetence, after researching further I see it’s much more than just that. However, my intent of this letter is not to restate my experiences (you can review the attached letter I sent to my congressman or review Piggybankblog.com for countless stories of people who were defrauded from their homes, maybe start with Alan Taylor’s story). I’m writing as we deserve an explanation of what the specific steps that Bank of America is addressing to assist homeowners who are working to be able to maintain their homes and complete the HAMP process. I have been afforded numerous apologies for the failures I have encountered throughout, but I’m not looking for an apology. Furthermore, apologies without analysis of the problems and with a good faith intention to correct them, doesn’t mean anything. So we’re past apologies at this point. Rather than allocating adequate resources and working diligently to reduce the number of loans in danger of default by establishing permanent modifications, BOA has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted billions of dollars from the United States. Even a June report from the Government Accountability Office found that potentially thousands of homeowners were improperly denied permanent HAMP modifications. There are numerous lawsuits, complaints to the OCC, and now investigations from the Attorney Generals from AZ and NV and will most likely continue to other states. Even my state of NJ, has indicated a possible foreclosure freeze due to lack of due diligence by “robo signing” of documents. But, I’m not here to be a thorn in the side of Bank of America; I’m looking to see evidence of meaningful change. I’ve heard you speak during some congressional panel in which you did acknowledge there are problems with the modification process and that BOA is taking steps to resolve. That’s the part I’m not clear on. We deserve a detailed explanation of what steps BOA is taking to address the systemic failures with modifications because whatever you claim to be doing obviously isn’t working so well. Additionally, no one throughout BOA has offered to take ownership for their failures. First allow me to pre-empt, we can’t blame this one on the HAMP program as my 10 months of incompetence, my file hasn’t even made it over to HAMP yet. Don’t even attempt to give me statistics of the modifications you’ve done, as that’s another joke. So that’s all we deserve to know how your despicable modification process is being improved upon. Note, I refer to we, as your communications or lack thereof (along with all communications with BOA), are now documented on John Wright’s Blog- Piggybankblog.com, under the “Brian Teets Experiment. Hardworking honest Americans who meet the HAMP guidelines, but were defrauded out of their homes, demand your organization to change and adhere to the federal guidelines when you were award TARP. Or as what I believe is starting to happen now, change will be brought to BOA. So as CEO, the buck stops with you. It’s time to end the lip service and own up for BOA’s failures along with a plan to do the right thing by the homeowners in America. In closing, On November 2nd, after I e-mailed you regarding letters to my congressman and my complaint filed with the OCC, I was provided a direct point of contact. She has continued to be professional, as many of your representatives have been. However, I learned a month later that my original documents needed to be sent in again. After sending the same things over and over, I knew it was just going to be the same old game. Also, when I read stories of numerous individuals who meet the three month trial period only to be foreclosed upon, I know I can’t sit back and wait to see if BOA will get my application right this time. As I’ve stated above, when there aren’t any indications of meaningful change, then one needs to make the educated assumption that BOA won’t change on it’s own. I welcome your response.
To see details of previous lawsuit: Click here
Senator Frank Lautenberg
One Gateway Center
Newark, NJ 07102
Re: Bank of America Home Modification Loan Response
Loan# XXXXX (formerly Countrywide)
Dear Senator Lautenberg:
I’m writing to inform you of the tragedies many hard working Americans are facing with trying to obtain a modification of their mortgage, in particular with Bank of America, “BOA”. While the HAMP program, has been with its own faults and has fallen far below the expected results, there is also a greater problem which concerns the will of BOA to actually comply with HAMP and as a condition when BOA accepted TARP funds. I would hope after you review my story and the countless others as is documented on Piggybankblog.com, you will provide a response of your course of action that as a senator from the great state of NJ will be willing to take to support the millions of individuals being defrauded out of their homes and be willing to do something about it. First allow me to go into a brief summary of my own personal story, which is like so many across this great country.
In September 2009, I lost my full time job and lucrative part time job shortly thereafter, like millions of other individuals. I live in a modest 2 bedroom condominium in Morris county and have worked two jobs most of my life. I took a proactive position and contacted my mortgage holder, Bank of America (formerly Countrywide) to discuss with them my concerns if my employment was protracted that I may have difficulties meeting the payments. I had hoped they might be willing to provide short term relief, such as reduced payments to be added into the balance, for a good paying customer. BOA indicated they couldn’t offer any assistance and were not cooperative at all in trying to work out a plan for me. I also did reach out to a representative from the Hope for Homeowners program and still did not avail in getting any meaningful short term assistance with BOA. Over the course of several months, I just encountered more of the same inconsistent information and sending the same documents over and over l to no avail. Finally, In August after numerous calls, I was informed my file had moved onto the next stage where it was in review. I was told it takes about two months from this stage to obtain a decision. On November, 1st I contacted BOA again to inquire of the status, and I was told they still require the aforementioned missing documents which I sent in June! I knew as 9 months had gone by of struggling to meet the monthly mortgage payment, I needed to escalate this situation to my elected officials.
So I had contacted my congressman Rodney Frelinghuysen, who filed a complaint with the OCC on my behalf. Rodney Frelinghuysen and his staff were exceptional in offering their assistance. Also, the complaint with the OCC is in review. I did forward the letter from my congressman and the OCC complaint to the CEO of Bank of America, Brian Moynihan, regarding my situation as well. Only after my complaint and letter to the CEO, BOA has been much more cooperative by assigning a direct point of contact and has managed to have all my documents, but I suppose this story could change at any moment. So the working relationship has improved, and I’m told my file is ready to be sent to the HAMP program just would have liked it to happen earlier than ten months.
So I’m writing this letter because what initially was just a battle for myself I feel I need to step up and ensure my elected officials are aware and seeking to address this serious problem. You see a fundamental flaw of the modification program, is they are processing the foreclosures concurrently with the modification program. As I believe they have already demonstrated, there is no will to actually modify the mortgages, so of course the foreclosure will occur before the modification. There are also numerous stories of individuals who what met the three month trial modified payment plan, only to be foreclosed upon.
So when I was at my wits end, I came across a great blog, Piggybankblog.com, I realized what I had initially thought was the epitome of incompetence was much more than that. I thought all hope had been lost as I was going in circles with BOA and the attempt for intervention by the non-profit Hope for Homeowners foundation proved to be fruitless. This site, Piggybankblog.com, set up by John Wright, is a valuable resource to the thousands of individuals who are currently being defrauded out of their homes. I suggest your office review the site and see firsthand the countless stories of victims. I would also like to know your comments of the site and what steps we might expect or currently being undertaken in the senate to take to address this serious problem in the near future
I would also like to discuss the John Wright Vs. Bank of America Lawsuit. Since his story is similar to mine and millions of others, I would ask that you monitor the suit. I understand he has engaged the services of 25 law firms to bring the suit to BOA which should be happening fairly soon. I wonder if you know anything about what could be one of the largest lawsuits waged against BOA for defrauding homeowners? One Senator in particular, Senator John Barrasso, has gone on record to support the victimized homeowners on the Piggybankblog.com site and the John Vs. Bank of America Lawsuit. I would like to know for the record which side you stand on.
In closing, I have been afforded numerous apologies by BOA for the failures I have encountered throughout my modification with BOA, but I’m not looking for an apology. I’m told I slipped through the cracks; well tell that to the millions of people who have been defrauded out of their homes. Furthermore, apologies without analysis of the problems and with a good faith intention to correct them, doesn’t mean anything. So I believe rather than allocating adequate resources and working diligently to reduce the number of loans in danger of default by establishing permanent modifications, BOA has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted billions of dollars from the United States. Even a June report from the Government Accountability Office found that potentially thousands of homeowners were improperly denied permanent HAMP modifications. There are numerous lawsuits, complaints to the OCC, and now investigations from the Attorney Generals from AZ and NV and will most likely continue to other states. Even in our state of NJ, I understand there is a foreclosure freeze due to lack of due diligence by “robo signing” of documents. But, I’m not here to be a thorn in the side of Bank of America; I’m looking to see evidence of meaningful change.
As you have served honorably for a number of years in the senate, I trust you will do the right thing and stand up for honest hard working homeowners. Thank you for your time.
I am Brian Teets and I am Fighting Back
I was informed by Elizabeth Enrique that all my documents have been received and have been forwarded to the Home Modification Program for review. I also received a fedex, indicating the same. The letter indicated, “within 30 days, you will hear from us about your eligibility for aloan modification. We will give you one of these three responses..
- you are accepted into the program with instructions on how to proceed
- You are declined from the program, but we may have other option to help you avoid foreclosure
- We need more information from you to make our decision.
Brian wrote on 01/07/11: John, My senator, Menendez, responded to my letter about Bank of Abusing Americans and did share a letter he wrote along with several other senators to Timothy Geitner which provides some of their recommendations to address the serious failures of HAMP. Of course it falls, far to short of not calling for jail sentences for banks such as Bank of Abusing Americans for their blatant mortgage fraud practices. I will be sending a letter of follow to the treasury secretary and might I suggest you to post for the other piggybankbloggers to write the Treasury Secretary as well and demand what his response to the plan as outlined by these Senators. I am Brian Teets and I am Fighting Back ************************************************************************************************
CHAIRMAN OF SENATE HOUSING SUBCOMMITTEE AND 16 COLLEAGUES URGE TREASURY TO IMPROVE FORECLOSURE PREVENTION PROGRAM
Menendez and colleagues suggest specific changes to prod banks to make responsible mortgage modifications and work with homeowners
November 17, 2010 Text of letter:
November 16, 2010 The Honorable Timothy Geithner
Secretary of the Treasury
1500 Pennsylvania Ave NW
Washington, DC 20220 Dear Secretary Geithner: We write to you today to request changes that would improve the federal government’s foreclosure prevention programs. The recent revelations of “robo-signing” or “rubber-stamping” of foreclosures by banks that exercised lax oversight is certainly shocking, but that is only one example of how banks have mishandled both foreclosures and mortgage modification requests. While we have passed important legislation to deal with the foreclosure crisis, we believe that ending the foreclosure crisis will require that the federal government both vigorously enforce existing law and implement additional efforts that are clearly needed. The “robo-signing” is directly attributable to banks and servicers not doing proper due diligence, which is inexcusable when dealing with a matter as monumental as the seizure of a family’s home. But the more important point is that if many banks and servicers are not handling even basic foreclosure procedures correctly, it is likely that many are also not correctly evaluating homeowners for mortgage modifications. We ask that the Treasury Department hold banks and servicers accountable with a significantly more thorough review process than Treasury has implemented thus far. For example, too often the mortgage modification appeals process consists of the government simply repeating the unsupported assertions of banks and mortgage servicers about homeowners not being eligible for a modification. While some progress has been made, it is clear that the Home Affordable Modification Program is neither working as well as intended nor reaching the desired number of homeowners. Treasury’s initial goals were that “7 to 9 million families [could] restructure or refinance their homes” through HAMP, but the program is falling far short of that goal in the following respects: • Since January 2010, only 495,898 permanent modifications have been granted compared to 729,114 trial or permanent modifications that have been canceled
• 53.2% of all trial modifications have been canceled, as compared to only 34.1% of all trial modifications that have been successfully converted to permanent modifications.
• Approximately $50 billion was allocated for HAMP, but the October 2010 report from the Special Inspector General for TARP claims that as of September 30, 2010, only $483.3 million has been spent. And while the statistics cited above concern us greatly, it is even more sobering to continually hear from constituents who owe more than their house is worth and can’t get a mortgage modification or refinance from their bank. This is typically because of losing their jobs through no fault of their own, combined with the decreasing value of their home. Countless constituents tell us stories of being stonewalled by banks for very long periods of time; of not being told the reasons for the rejection of their modification request; of significant delays caused by banks losing paperwork; or of trial modifications cancelled with no rationale. We cannot let this continue. Below, we have listed several common sense and widely agreed upon steps that the Treasury Department can take today to improve HAMP’s effectiveness that do not require Congressional approval. These are not extraordinary steps, and we strongly urge you to implement them as soon as possible. • Hold Servicers Accountable: Banks and servicers must be held accountable. Treasury currently offers incentives for their participation, but if there is no disincentive for their mistakes, they simply will not correct those mistakes in the future. If homeowners are eligible for modifications, they should get them. Additionally, in its October 2010 report to Congress, SIGTARP several times noted that “there have been no financial penalties imposed by Treasury on servicers who have violated HAMP guidelines,” and listed several examples of servicers treating homeowners unfairly. • Office of the Homeowner Advocate: Senator Franken’s proposal would establish a Treasury office specifically advocating for homeowners with respect to common sense HAMP mortgage modifications. Treasury supported creating the Consumer Financial Protection Bureau because of the lack of a consumer advocate in the banking sector, and Treasury should support establishing a similar office in HAMP for homeowners because of the lack of a consumer advocate in the foreclosure process. Many elements of this proposal do not require Congress to enact. • Automatic Conversions: If a homeowner successfully completes a trial modification, they should be automatically extended a permanent modification. This could make a big difference in reducing bureaucratic obstacles that are preventing homeowners from getting permanent modifications. • Revise Eligibility Requirements: While we appreciate the expanded eligibility implemented in April 2010, we believe that the eligibility rules must be revised further. To include more homeowners, unemployment insurance should be included with income when determining HAMP eligibility. As the economy staggers and more homeowners are unable to secure employment, more homeowners will find themselves in need of assistance. And Treasury should clarify that primary residents who are not listed on the mortgage note but who can assume the note – often widows and surviving children, as well as people experiencing divorce or domestic violence – should be able to obtain a loan modification. • Investor-Based Modification Denial Documentation: While Treasury has recently announced that servicers will only be required to provide certain documentation to the Treasury Department and its agents upon request, we believe that it is essential for homeowners to be provided with this information directly. The homeowner is in the best position to act quickly on wrongful denials if they receive this information directly. We believe that more transparency is crucial. • Net Present Value Analysis: Sec. 1482 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires Treasury to make publicly available all NPV analyses for homeowners who have been denied HAMP modifications, including specific servicer analyses, and Treasury recently announced that it will be available in February 2011. While we applaud that action, we strongly urge Treasury to hold firm to this timeline so that the public can receive this information as soon as possible. We appreciate what progress HAMP has already made, but amid continual frustrations from our constituents, it is clear that significant improvements are urgently needed. Recent reports indicate that members of the Obama Administration share our viewpoint. According to Secretary Donovan, a recent government investigation found that some large mortgage servicers and banks are not offering borrowers a fair chance to modify loans. As he said, we should be “focused on the process early, to keep people in their homes, rather than focusing late, when it is much less likely that people will be able to stay in their homes.” We were also encouraged by your recent meeting with struggling homeowners and homeowner advocates on November 4, 2010, during which you were confronted with HAMP’s many problems. Afterward, one participant paraphrased you as saying that “there are legislative guidelines that can hinder [Treasury] on doing anything.” As we have stated, we believe that our proposals above do not require Congressional action, but if you have other statutory suggestions for improving HAMP that Treasury would support, please share those with us. We strongly urge the Treasury Department to immediately implement our specific improvements. Homeowners cannot afford to wait any longer. We thank you for your attention to this pressing matter and look forward to your reply.
Update on 01/10/11 Brian wrote: Senator Menendez, Thank you for your response to my concerns with Bank of America and the Home Modification process. I am curious to know if the Treasury Secretary has responded to the letter you along with the other senators wrote addressing the HAMP failures and recommendations? As you are aware, this is a national crisis and requires immediate attention. I have along with many other citizens found comfort in this process with Bank of America with a blog, called Piggybankblog.com. It is there where I found the resources to stand up against the endless games of incompetance with obtaining a modification. I have a link on this site, called “The Brian Teets- Experiment”, where I will also be encouraging the thousands of visitors to also contact the Treasury Secretary to determine what immediate steps can be take to prevent more victims of the abuses from such banks as BO A. In the meantime, is there not any legislative steps that can also be taken to address this serious and immediate threat to the american economic recovery and the american way of life.
Thanks again for your assistance,
On 01/14/11 Brian Teets wrote BofA: Linda, Thank you for your response. I have attached your requested information as well as a letter I wrote to my congressman which provides some more detail of my experience. Please note a case has been opened with the OCC and only after my contact to my legislative representatives has Bank of America even been willing to work with me as far as filing my modification. However, it’s constant games and examples of mortgage fraud that prompted me to contact your office. Only because I have spotlighted there blatant fraud and incompetance on a blog called Piggybankblog.com, under the “Brian Teets Experiment”, where I detail all communications with Bank of America have they begun to exhibit some professionalism. So as you should be aware, this is a serious national crisis. Also, Senator Menendez wrote the Treasury Secretary in November which summarizes very nicely this crisis along with a plan of actioni. (I will forward that e-mail as well). So, my hopes is not to file another investigation with the OCC, but to know what steps you may or have done to address the criminal activities of the large banks, in particuliar Bank of America. From Robosigning, to false trial modifications, countless qualifying individuals have had their lives ruined because of the criminal actions of Bank of America. Thanks, Brian Teets
On 02/02/11 Brian wrote: Just to recap where I am with my modification and what has happened along the way with my Bank of Abusing America Experiment. When I created the experiment over a month ago, after I my application was sent and confirmed that all items were received, I thought I might want to lay back for a bit and see how things would play out. I figured I didn’t want to antagonize BOA. However after reading experiences such as the Frost’s and others, I realized I truly don’t think there is any good within this organization and that I needed to continue on my campaign. So when I created the experiment, I had e-mailed my NJ senators Menendez and Lautenberg, The Senate Banking Committe, US Treasury Secretary Timothy Geithner, Brian Moynihan- CEO of Bank of America. Here’s a recap of what my responses. Senator Menendez responded and indicated that in November he had written a letter to Secretary Geithner which was signed by several other Senators. It acknowledged HAMP as a failure but did outline several opportunities to improve the process. I asked if the senator would go on record to support your lawsuit as well which I didn’t receive a response. Furthermore, I asked him what the response from the Treasury Secretary was and what steps the senate might be able to take in order to provide some relief as this was an emergency situation. No response was ever provided. I did receive a response from Senator Lautenberg’s office. The individual wanted to treat this as an isolated case and follow the usual and useless course of action which is to file a complaint with the OCC. When I indicated I had already done so through Congressman Frelinghysen, they indicated there was nothing further they could do. I had asked them the same questions of Senator Menendez, which is what’s their stance with regard to the plan addressed to Treasury Secretary Geithner, what their stance was with regard to Piggybankblog.com and what steps has the senator offered to address this housing crisis and the defrauding of America. No response was ever provided. I wrote the Senate Banking Committe, which I believe Senator Dodd is the Chair. I detailed my experience and asked what steps they were taking to address the mortgage fraud as well if they offerred their support to Piggybank blog.com. No response was ever provided. I wrote “Tax Cheat” Timothy Geithner asking what his response to the Menendez Plan. No response was ever provided. I wrote Bank of America CEO, Brian Moynihan. The purpose of my letter to him was not to acknowledge my experience or the crimes inflicted upon others, but to give him an opportunity and for me to see if there was any humanity, to go on the record with specific steps they were undertaking to address their failures. No response was ever provided. See the theme here, it’s all lip service with my letters I wrote to my congressmen, senators, and Brian Moynihan. I am ready to help in any way I can to organize national civil protests and a call to close your BOA accounts. We’ve tried going through our leglistative represenatives and BOA, but that obviously hasn’t proven to be successful. I was informed by BOA early in January that I would be provided a response to my application if either I was approved, denied, or pending any additional information. It’s Feb 2nd and no response was given yet. I’ll be following up with them shortly.
So to be preemptive, I notifed my BOA contact, Essella Guzman, how I plan to pursue this. I stated I will make my June and July payment per the agreement. If there is no “permanent” decision by June 30th, I’ll begin remitting my payments in escrow to my attorney. It’s close to 1.5 years of attempting to get permanently modified, so BOA has had ample time to make a decision. So of course, if they decide to not comply on their part of the bargain then I’ll instruct the attorney not to disburse the funds. Of course if they do comply with their side of the bargain, then I’ll remit the funds to them.
Putting the money in escrow which BOA will get monthly updates, provides verification I am acting in good faith.
I’ll continue to update as things progress.
I am Brian Teets and I am fighting back!
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