Homeowner With Alzheimer’s Defaults On Mortgage After Bank of America Froze Trust Account — Written by John Wright
Written by John Wright
August 28th, 2013 — Ryan Colcord of Brentwood, California found out the hard way that some of the most forgotten applicants of the federal government’s Home Affordable Modification Program — better known as HAMP – were actually the elderly and disabled homeowners. He would only find this out after he tried to assist his mother – Annette Colcord – with trying to obtain a home loan modification through Bank of America. This was after his father – Roger Lee Colcord — suddenly passed away in October of 2011. The problem was that Bank of America was actually responsible for Annette Colcord defaulting on her mortgage – according to Ryan Colcord.
The death of Annette Colcord’s husband and Ryan and Bob Colcord’s father left poor Annette desperately needing her son Ryan’s help more than ever in her life. This was based on the fact that Annette Colcord was diagnosed with Alzheimer’s disease in 2008 at the age of sixty. The good news was that Annette’s deceased husband — Ryan’s father – had opened a Trust account for Ryan and his brother to use to take care of their mother. The bad news was that Bank of America froze the Trust account for months after their father passed way in October of 2011. Ryan Colcord said that Bank of America told him the reason was because their father had to fill out certain paper work for them to have access to the money. This was even though their father had made both Ryan Colcord and his brother — Bob Colcord – signers on the account when he was alive. Bank of America froze the trust account and Annette Colcord defaulted on her mortgage.
There is also some other good and bad news. The good news was that Annette Colcord now qualified for the Home Affordable Mortgage Program once she fell behind on her payments. The bad news was that she was disqualified after Ryan Colcord was forced to put his mother in an assisted living memory home. This was based on the fact that the HAMP guidelines required the homeowner to live in the home they were seeking a loan modification for in 2011.
- The house that secures the mortgage must be your primary residence and contain no more than four units.
- The amount you owe on your first mortgage must be equal to or less than $729,750 (for a single family home).
- Your current mortgage payment (including taxes and insurance) must be more than 31% of your gross income and unaffordable due to a recent change in circumstances, such as a reduction in income, mortgage payment increase, or increase in medical or other essential expenses.
- The loan must have been taken out before January 1, 2009.
It would only add insult to injury for Ryan Colcord when the federal government decided to change the guidelines as of September 30th, 2012. The rules previously required you (the owner) to live at the subject property. Under the new guidelines — both your residence and your rental properties may be eligible — subject to the following conditions:
- Your property must be habitable. That is — not condemned or in such poor physical condition that it isn’t habitable.
- The borrower must be a natural person and not a corporation – partnership – limited-liability company or other form of business entity.
- Your mortgage must be secured by a one – to four – unit residential property that you rent out or occupy.
- If the property is a rental property – you must use it for rental purposes only (not as a principal residence – second home or vacation home) – and it must meet the following requirements: 1. It must be occupied either by a tenant as their principal residence; your legal dependent – parent or grandparent as his or her principal residence without rent being collected; or vacant and available for rent. 2. If vacant – you must certify that you intend to rent the property for the next five years. 3. It must be one of five or fewer investor properties you own. 4. It may not be offered for rent on a seasonal basis.
It would later be stated that eligible borrowers would also be able to receive up to six permanent mortgage modification on up to six different properties as long as the borrower does not own more than five single-family properties in addition to their primary residence and meets all other HAMP eligibility requirements (click here to view HAMP eligibility requirements).
I agree with Ryan Colcord that it might have been Bank of America’s fault that he was unable to pay his mother’s mortgage. On the other hand — I do not know that I agree with Mr. Colcord that it was actually Bank of America’s fault his mother did not qualify for HAMP. This is based on the fact that the Home Affordable Modification was a federal program. Simply put — Bank of America had no choice but to follow the federal guidelines. This does not mean — however — that Bank of America could not have offered Annette Colcord an in-house loan modification. It also does not mean that Bank of America could not have simply waived the late fees that occurred during the time that Annette Colcord was not allowed to pay her mortgage from the Trust fund.
There is one more twist to this story you should know about. Ryan Colcord is actually a good friend of mine from high school. His mother and father were one of the parents who gave me a place to live after my parents kicked me out. I had been kicked out of my parent’s house after refusing to be part of their religion.
Annette Colcord was very kind to me when I lived with them. I remember one day she could see that I was feeling badly about my life. She knew there was a lot on my mind. That is when she just came over to me and told me everything was going to be okay while she rubbed my back for a few seconds. She treated me with the love she showed her own children. The unfortunate thing was that I would be rightfully kicked out few months later after breaking the rules. I was underage. That meant that I was not allowed to drink or party. It was something I picked up on the streets after being kicked out of my parent’s house. The problem was that I was mad at God when I left home. This resulted in me doing just about everything I was told not to do. I mean – don’t get me wrong – I resembled a typical teenager of my times — I thought it was only illegal if I got caught. However — unfortunately – Mrs. Colcord caught me. This happened after she had read my journal that I kept every single day back then. This meant that my journal revealed absolutely everything Ryan and I did when we left her house. She confronted Ryan and me when we got home. She then made us sit at the kitchen table where his father was waiting for us. I sat down at the end of the kitchen table opposite Ryan and his parents. That is when his mother revealed to us that she had been reading my journal. She said, “You write every god damn thing you feel and do in that journal – - don’t you?” She waited for me to answer. I did not answer her though. I did not know what to say. So I just stared at her in a daze with fear on my face. This is when Ryan’s father told me that I could not live there anymore. At this point — Ryan yelled at his mother, “You read his journal? How could you do that?” They began to argue. The argument would only be interrupted by the sound of my chair pushing away from the table. That is when everyone looked up at me in silence. They wondered what I was going to say. I then stood up. I walked over to where my friend and his parents were sitting. I slid the house key across the table to Annette Colcord. Then I looked her in the eye. My eyes were watery. I said, “I am so sorry I failed you. I am sorry I failed myself. But I want you to know that I will always appreciate everything you did for me. Thank you.” I then walked out of the house leaving my friend and his parents sitting at the kitchen table. I was not angry. This was based on a policy I still have even until today. My policy states that I will never have anything bad to say about anyone who helps me in my life. This is especially for anyone who gave me a place to live when I was kid living on the streets. That is why I left the Colcord family home only remembering the day Annette Colcord rubbed my back telling me that everything was going to be okay. It simply did not matter to me that she kicked me out. The simple fact was that Annette Colcord had fed me when I was hungry. I was thirsty and she gave me water. I was a stranger and she invited me into her home. (Matthew 25:34)
I would not see Annette Colcord again until nearly thirty years later. The first time I had seen her was in the very same Youtube that you all watched above. I was shocked because she had simply stayed in my mind looking exactly the way she looked nearly thirty years ago. Now she looked old and helpless. I could barely believe what I was seeing. The tears slowly began to roll down my face when I watched her in that Youtube. I wanted to rub her back and tell her that everything was going to be okay. I wanted to help her but I did not know how. That is when God might have in His infinite Wisdom delivered me the last words that Annette Colcord said to me that day nearly thirty years ago. She had said, “You write every god damn thing you feel and do in that journal – - don’t you?” It was only then that I realized that everything had come full circle. I am still writing every god damn thing down that I feel and do nearly thirty years later. The only difference would be that this time thousands of people read what I write. That includes the United States Senate and United States Congress and even several times the Executive Office of the President of the United States.
Oh yeah! There are also some other people who read my daily blog routinely! That’s right! Bank of America executives!
Therefore – Ladies and Gentleman of The Court of Public Opinion – Bank of America stands before you accused of being responsible for charging Annette Colcord with late fees and penalties on a mortgage which BofA potentially drove into default. For the record — Annette Colcord – was a sixty three old women with Alzheimer’s disease in 2011. Her deceased husband – Roger Lee Colcord — had prepared way ahead time to have Ryan Colcord have access to a Trust account that was meant to provide for Mrs. Colcord’s mortgage payments. The deceased father had previously even listed his two children — Bob and Ryan Colcord – as signers on this Trust. Additionally – Ryan Colcord provided Bank of America with their father’s Will and Trust. These two legal documents clearly spelled out that the deceased — Roger Lee Colcord — had legally designated Ryan L. Colcord as the Trustee. Despite all this — Bank of America froze the account for months — causing Annette Colcord to default on her mortgage. Bank of America now stands before The Court of Public Opinion in the case of Annette Colcord.
This Court directs the Jury to understand that there is no such thing as a perfect company. It is often not the spilt milk that determines if a company is good or bad. It is how that spilt milk has been cleaned up that determines how good or bad a company might be. The Jury of The Court of Public Opinion will ultimately decide how good or bad of a job Bank of America does in cleaning up the spilt milk in the case of Annette Colcord.
Therefore — without any further delay — the Honorable Judge John Wright of The Court of Public Opinion is hereby respectfully requesting a statement from Bank of America in the case of Annette Colcord.
In conclusion — this will be the first and last time I will ever refer to my friend’s mother as “Annette Colcord.” This is based on the fact that my friend’s mother has always been and always will be “Mrs. Colcord” to me. She will also still remain as forever young in my mind.
This Court will be adjourned until Bank of America responds.
My name is John Wright! AND I AM FIGHTING BACK!
All Rise! .The Honorable Judge Wright has left The Court of Public Opinion!
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