Reader fax about BofA refusal to honor terms of reverse mortgage

I don’t normally respond to faxes, but this is the 2nd time they faxed it and I thought I’d take the time to post it here so that people can see why NOT to send faxes and use the CONTACT form instead:

Faxes are HARD TO READ, NOT indexed by search engines and take a lot of my TIME to post.  I actually took the time to run the OCR (didn’t work well, crappy fax) and I redacted the reader’s name and contact info (to avoid getting the demand for removal of their info later.)

So here is the pdf  fax-BofA-reneg-reverse-mortgage-pub or click for a larger pic:

So they’re upset because they were promised something they didn’t get: a $40,000 additional loan.They didn’t read their loan documents and they did NOT follow up on the VERBAL promises in writing.  They’re perfectly capable of sending out faxes now, why didn’t they send a fax to the lender then?  It wasn’t important?

It never ceases to amaze me how gullible people are.  We’re not talking about college kids here, but rather mature adults:

… We grew up at a time when a man’s word and handshake were to be trusted. …

What planet have they been living on?

People have been lying, cheating, stealing, defrauding, raping and murdering since day 1 — it’s human nature.  He proudly served in the US Air Force, defending the freedom of the corporations to exploit and to kill people, and not just Vietnamese.

The Federal Reserve took over America in 1913 and if you’re not familiar with the details, please watch the FREE online documentary The Money Masters

He complains about “civil rights” violations.  There is no such thing as a civil right to get a $40,000 loan.  They have no contract stating that they are owed $40,000.

It is NOT illegal to lie!

After all, this is America and that’s how most sales people and especially lawyers and politicians make a living.

You can only LOSE a case trying to enforce a VERBAL promise while your WRITTEN agreement contradicts this verbal promise.   In many (all?) states real estate transactions are REQUIRED to be in writing.

It is extremely unlikely that any attorney will take this case on contingency and no attorney SHOULD take this case even after they pay a retainer because it’s a sure loser.

So many people have REAL damages, not just a loan they didn’t get.  There are no lawyers for them.  The big money is in DEFENDING the corporations in pesky consumer lawsuits.

I wish it wasn’t so and I really wish people educated themselves and took an interest in REALITY.

Turn off the TV and judge Judy – welcome to the REAL world!

The best thing to do in this situation is to widely publicize the lies and to name the individuals. Not in a fax, but on the internet in plain English.  If you care about OTHERS, that’s the way to get these individuals the reputation they deserve.

There’s no point to ranting about Countrywide, they’re long gone.  BofA couldn’t care less.

I also suggest that everybody receiving payments from a reverse mortgage read their loan documents to see whether the DECLINING home values could result in fewer or lower payments.

The banks lowered the limits or closed MILLIONS of home equity lines as property values declined.

Home owners had the WRITTEN agreement and most people thought that they were “guaranteed” future access to those credit lines.  Quite likely reverse mortgage contracts also contain clauses allowing  lenders to re-evaluate properties and to lower or stop payments.

UPDATE 11/27/10:

They keep faxing this same stuff.  REALLY annoying.  These people are OBSESSED with their petty little problems.   Why don’t they just SELL their house?

Every few seconds a child dies from hunger.

Billions of people are SUFFERING so that the world’s largest corporations can amass more wealth and power.

I get so tired of these whiners and complainers who only care about themselves.



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