El Paso Homeowner Fights Bank of America

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POSTED: Thursday, December 8, 2011 - 5:41pm

UPDATED: Monday, January 14, 2013 - 4:44pm

EL PASO – One El Paso homeowner refuses to go down without a fight. Back in May, we told you about a woman who is going up against Bank of America. She said the bank told her she'd qualify for a home loan modification; but almost two years into the process, the bank denied her request. Now, she's fighting to keep the roof over her head.

Laura Marquez said the past few years have been an emotional roller coaster.

"Since 2008 when I got laid off, that's when it started and that's when I said, 'Oh my god! What am I going to do?'”

Right after she lost her job, she called her mortgage lender - Bank of America, to see how she could keep her home. She applied for a loan modification, and while that process was underway, the bank put her on a trial payment plan. But Marquez said after that, she didn't hear back from the bank for over a year.

“They sent me a letter in May of 2010, saying that I was denied...I called right away and said, 'What? You denied me? What's the reason?'"

According to Marquez's attorney, she got a peculiar explanation for being denied.

"A representative with Bank of America told her off-the-cuff...one of the investors told them to deny her loan modification. We found that outrageous," said Attorney Richard Roman.

With her time and options running out, Marquez is taking Bank of America to court.

“I want to keep my home, I really do; that's number one. But now I want justice."

Richard Roman said his client's biggest problem is with Mortgage Electronic Registration Systems-- or MERS. The company acts as the mortgagee and lender on home deeds in county land records. MERS tracks mortgage ownership for millions of homes across the country. Roman said that creates a problem in foreclosure cases.

"There's a lot of people out there that have made a lot of money on all of these mortgages that were bundled and they have since washed their hands of any responsibility of those mortgages,” said Roman.

Roman said with so many mortgages in El Paso County going to MERS, county leaders are silent, instead of addressing a huge problem.

"There has been in our community, it seems to be, zero outrage despite the ravaging effects of this foreclosure tsunami,” stated Roman.

Meantime, Marquez said she hopes other homeowners in her situation will also choose to fight back against the banks.

"We can gripe and...they're the big people, we're small. We have no money to fight...and they're just letting them have the houses."

Marquez will appear in court against Bank of America later this month.

Here's a previous version of this story: http://www.ktsm.com/news/troubleshooters/troubleshooters-el-paso-woman-f...


 

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I am with BoA (not by my choice) and I went through hell to get the "loan modification". I qualified for a whopping $42.00 modification. That $42.00 modification doesn't even matter with the increase in property taxes. I to mandatory credit counseling, the woman there told me (and which made me start crying in anger!), "You are just simply living beyond your means!" I stated to her, "My boss cut $9k of my pay! Before that I still had money for bills, food & needs, I know how to handle money.

My husband and I deal with Bank of America too and we tried to a get a loan modification after my husband got hurt on his job in 2008. We even submitted two short sale cash offers and were refused, ultimately we lost our home to foreclosure in 2010. I think Bank of America are crooks and hope that this lady wins her case against them!!

BANK OF AMERICA is a Criminal Organization. They bought my Car Loan from Barnett Bank back in 1997, I only owed two more payments until it was paid off. I made those payments, then 3 months later I got a call saying they were going to repossess my car. They claimed I still owed the original $8000 loan amount from 3 years prior. Even after providing proof of payments, they (with their lawyer) stated I still owed another $8,000!

I gave them the car. Criminals.

I don't believe any of this. The person she talked to on the phone would know that "investors" have no idea what their money is used for, it's a bank not a stock. This is just more of the same: gimme, gimme, gimme. There are plenty of jobs in El Paso, no one should go without work from 2008 through 2011 unless they just wanted to draw 'funemployment'.

Contratulations to you! You have ovbiously not been unemployed, good for you. I know plenty of people who have been looking for employment, many of them have degrees, and guess what? no such "luck". End of last year Alorica had plenty of openings, many people were hired and there has been a "glitch" in the systems log in. Many employess could not work for commissions and the system does not even show them as being at work! So no pay for last two weeks, bank accts over drawn, can't pay bills!

My country wide mortgage loan got sold to Bank of America and now I'm scare just by reading all this... I wonder if i can take my business somewhere else...By doing so it means i have to refiance?

The majority of the commenters seem unsympathetic, or apathetic if they were to come up against foreclosure. I have a friend in Camp Verde, AZ who took her bank to court and the Court, understanding the folly of banks just as we understand it, allowed her to stay in her home. Go for it, baby. More power to ya'. Just 'cause they say it's so doesn't make it so. You won't win at anything in life if you roll over like so many folks seem to want you to do. Consider joining Occupy El Paso too.

Traditionally, if you make your payments AS AGREED then why would you have any problems? This demonstrates the problem America faces going into the future, a complete LACK OF RESPONSIBILITY. People obtain loans by agreeing to repay them in a specific fashion. Most loans do not have a provision whereby you can keep the house but not make further payments. Blaming the bank and demanding 'justice' simply demonstrates a lack of character. The 'folly' of banks is what makes many people homeowners.

Packers2011 & Estibanelpaso, it's sounds like you don't own a home and have never been laid off. If she qualified for the mortgage in the first place, then she was able to afford it. She was not living above her means. A modification was necessary when the property value dropped, due to the economy, making it impossible to sell or refinance with a conventional mortgage, due to loan to value. This affected every homeowner in America.

Years ago, regulatrions were loosened , allowing people not to show proof of income. Which allowed thousands to lie about their income, and financed for a home they could not afford, because they lied about income. Their home was never really theirs, because they could never afford it anyway. This woman is tring to get symphathy to be allowed priveleges of legitimate homeowners. Sorry, the reality is this woman qualifies to be in an apartment, not A HOUSE.

I have a friend in Roanoke, VA, whose home was financed through BOA. One day she went in to make a payment and they refused to take it, saying that the loan had been sold, three months earlier. She had never received any paperwork, and they had accepted her last two payments at the branch, but couldnt tell her where they went. When she finally found someone at BOA who could tell her who to call they had already started foreclosure proceedings, and refused to stop them. BASTARDS!

When the banks put people into trial modification plans, they state that if the homeowner pays the specified modified payment for the specified number of months on time and in full, the homeowner will then qualify for a permanent modification. Unfortunately, even when the homeowner does everything the bank specifies, these unscrupulous banksters very often deny the permanent mod. anyway. Fraud, pure and simple, and no judicial, regulatory or govt. agency seems to be doing a thing about it.

I agree with most of the comments on here. I went to a local BOFA for a face to face loan modification today (per a request sent to me in the mail) only to find out that the have started the forclosure proceeding. As I write this I believe I am still in shock.

I have been paying every other month because I oould not save enough money to pay the full monthly mortgage. They accept nothing less than the full amount each month. now, they will take my home away. i'm sad

I don't think that this woman knows that the bank does NOT have to modify her loan. She chose to apply for and accept the loans and SHE is responsible for her mortgage payments, NOT the bank. Get real.

When one relies on people who work in banks, one assumes they are professionals and they are there to assist those who they are able to. This lady apperantly did everything she was asked by the bank. It is not her fault she lost her job. Take a closer look at those in the welfare system who we as tax payers are buying everything they own. We pay thier rent, food cell phone the list goes on and on, furthermore, look what Obama just did, he raised taxes, his pockets are deep.

What we need to get real on is the fact that the banks over inflated housing prices with the help of appraisers. There is no way that a house drops 50% value in one year. So FRAUD is in play here. I agree that many should not be in a house but an apartment. The rich are stealing from the poor and one day the many at the bottom will come knocking at the doors of the thieves at the top. I have paid off my house and do not want to pay interest. I am glad not to have to deal with the banks.

Nearly every state in the US has a supreme court ruling stating every mortgage with MERS is UN-ENFORCEABLE through foreclosure. If MERS is on your mortgage that means those banks involved did not do the required County Recording, the Notary signatures are most likely fraudulent, The "Chain of Title", They also separated the "Note" from the "Deed of Trust or Security Instrument". According to Carpenter v. Longin, the note can live without a Deed, but once you separate the Deed from the Note, the

Absolutely correct!

she has every right to own a home...dont you???

Owning a home is a PRIVILEGE. If you can't pay, you lose your home. That's why there are rental homes and apartments. Leaving outside your means is part of why our country is in such bad economic standing. Homeownership is NOT guaranteed. The bank has every right to deny her modification, and this woman has no legal standing.

the banks are there to assist those in troubled times, there are many companies out there willing to help them out. However those banks do not want to get bad publicity because of what they are or not doing, those that keep referring that some should live in apartments instead of a house, apparently when she bought the house, the bank had no problem taking her money, for one to make statements like those, who are they to judge, what will they do if they fall into the same situation??????

GREAT NEWS STORY, EL PASOANS NEED TO FIGHT BACK AND REFUSE TO WALK AWAY FROM THIER HOMES, IF IT SAYS MERS ON IT, IT WENT INTO A SECURITY AND BECAME A BOND, THE NOTE DOES NOT EVEN EXISIT ANYMORE. HURRAY FOR THIS WOMAN WILLING TO FIGHT

Well BofA is just a debt collector in this case as I am almost sure BofA sold the mortgage into a securitized pool of notes. The REAL reason for no loan mod is who owns the note? NO ONE knows! The banks bluff and lie about it until you demand them to show the note. The note was supposed to be assigned through all the various entities in the securitization process, the note was supposed to be held by the Custodian who is identified in the Prospectus but out by the issuing party. Sue BofA.

Lets all thank the Sheriffs office/Constables, Mayor and local city reps for allowing this to happen as well. Stop allowing the Sheriffs/Constables evict people from their homes who have bad loans with crooked banks!
Wells Fargo does the same exact thing! C'mon Cook, do something for your constituents!

Cook really, remember he did not want to come back when we had the freeze last year, he was in san antonio and when it all happened. He had the city manager, waste of money, do his job for him, he also overturned a same sex health benefits. Get real, what has he really done for El Paso. He should be behind homeowners here in el paso, what we need is a mayor with a backbone who will stand up and represent the homeowner.

Bank of America foreclosed on a person who paid cash for their home and NEVER had a mortgage with Bank of America. They have paid out billions in law suits and are now being investigated for fraud. Everyone in this city should close their accounts and get away from the continuing criminal enterprise known as Bank of America as soon as possible.
Lets put them out of business.

I say YES to this - loud and clear! It took me some time but after 15 years with this bank - I finally had enough and dumped them. I advise everyone who is dealing with Bank of America - to get another bank to deal with. No one should support B of A.

This country as bailed them out and given them money and still it is never enough for B of A. Let's just get rid of them. R

BOA tried to repo a car I had paid for two years ago...the repo guy came to my door and I showed him the title...it was crazy

It is unfortunate that this great country of ours is being overrun by greedy and in my opinion unscrupulous busness interets that have forgotten about good customer service. I hope this lady is able to save her home. Governor Perry wrote a book about being fed up. I think politicians of all persuations will soon find out that the ordinary and hard working citizen like this lady are not only fed up but will indicate that by their vote against all greedy politicos and their corportae bedfellows.

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