Paying Off Bank of America Mortgage Results in Default, Threat of Foreclosure

Problem: Paying off mortgage results in default

Bank of America adds late fees, sends notice to creditors, but payoff of $64,161.57 had been made

Financial responsibility, thy name is Nancy Schweitzer.

The Des Plaines resident pays for her cars in cash, has never been late on a payment, and waited until she was 55 to buy her first house. By then, she had saved enough to pay off half the mortgage.

“My credit should be pristine,” Schweitzer said. “I did everything right.”

It was with great pride that she paid off her mortgage in November, 24 years early. The monthly payments, she said, were leaving her too little spending money. With the mortgage gone, she would also avoid decades of interest payments.

Her lender, Bank of America, had given her the payoff amount and reminded her she also had money in her escrow account for taxes. The Bank of America representative told her not to worry — when she paid off the mortgage, the $2,776.13 in escrow would be applied to the principal.

On Nov. 13, Schweitzer went to her bank and obtained a cashier’s check for $61,385.44 which, combined with the escrow money, equaled the $64,161.57 payoff.

“It was a very good feeling,” she said.

The happy vibes didn’t last long.

A month later, Schweitzer became concerned when she hadn’t received any documents that showed she owned her house free and clear. So she called Bank of America, where a representative told her the escrow money hadn’t been applied to the principal.

“The person I spoke to was going to correct the error that day,” she said. “I thought it was settled.”

It wasn’t.

On Jan. 15, Schweitzer received a letter from Bank of America informing her that her monthly payment was past due.

“We want to help you avoid foreclosure,” the letter said.

Continue reading here…


12 Responses to “Paying Off Bank of America Mortgage Results in Default, Threat of Foreclosure”
  1. PJ says:

    @LVLaw… DITTO.. this gal was a mark for these crooks. She was just a demographic in their software model, that oops happened to have the wherewithal to pay off her debt. How many more out there in her age bracket are coming down the stretch to their last mortgage payment that will find themselves in a similar situation

    She should stop talking on the phone to minions, lawyer up and drag them into the lime light… That guy Dylan Ranagan should interview her on his show to enlighten middle America!

    A $100 dollar gift card, now that should fix everything!

  2. Ron brajkovich says:

    Where’s the note. This women should be receiving her Promissory Note stamped “Paid in Full”. Not just a statement of account reflecting zero due.

    • l vent says:

      There are no notes, they destroyed them up on Wall Street to hide the fact the mortgage loan did not ever exist. All of our mortgages were fraudulently induced. It is all hidden in the Origination Fraud. The FBI will tell you about it.

  3. LVLawman says:

    IVENT’s ranting aside, Ms. Schweitzer should immediately bring suit against B of A for libel, defamation, infliction of emotional distress, (interference with a business relationship if any of her credit was lowered or denied) and breach of contract, together with a plea for punies and attorney fees.

    $100.00 gift card my A$$, I wish I was a member of the ILL bar so I could represent her on a contingent basis.

    My mortgage (Fannie Mae conforming) wound up with B of A as the servicer. They perenially try to overescrow taxes and insurance by including 4 monthly payments for taxes as 1 quarter in working up their escrow requirement for the year. Anyone else been expericncing this problem. If so I smell “class action”.

    • l vent says:

      @LVLawman: Hey, SOMEONE has to tell the TRUTH. I am not one to play games, and the American way of life is under attack and being threatened and I WILL NOT GO DOWN WITHOUT A FIGHT, I AM AN AMERICAN CITIZEN and my ancestors helped make this country a great country. My grandfather was a WW II vet and my grandparents were survivors of the last great depression and I learned alot of things from them. One of them was DO NOT trust the Government is working in the best interest of the people and do not go down without a fight Homeland Security stripped my Grandfather a WW II vet of his drivers license in his later years because he could not prove his citizenship, but he was a WWII vet!! That was the begining of the end of his life and my Grandmother’s, they were devastated. This is America and I will rant if I see fit. It is my Constitutional right to speak freely and it is your right to NOT READ MY POSTS. The American thing to do would be for you to DEFEND MY RIGHT TO SAY IT, even if you DO NOT AGREE with it. I will not stop until the Fraudclosures stop. WAKE UP, they are stealing your freedom and your Country and there is nothing nice about any of it. God Bless America.

    • l vent says:

      @LVLawman: Wake up, they are dictating the law, not enforcing the law. America is under siege.

    • carolyn murray says:

      BofA has been taking my mortgage payments and posting them to my account as misc. postings or partial payments. they have tried to up and pad our escrow account as well. We are in North Carolina. We have contacted the stated banking commission only to be told they do not regulate bank of America. We have complained to the federal banking dept., the state attorney general and the north carolina democratic senator kay hagan. I am all for a class action law suit it seems all we’ve hit so far is stone walls since BofA is located or homed in Charlotte and they are so large no one wants to take them on………. But I am not afraid to do so but I will need help……… Any Takers?

  4. housemanrob says:

    Hey, United Stated of American courts. Where is the JUSTIcE OF COMPENSATION for this responsible, honest woman. WHAT A DISCRACE!!!!

  5. John says:

    That is what I have been saying all along. When the people of America wake up and realize their title and property ownership is screwed up and not just those they hear about in foreclosure there will be hell to pay.

    That message is the one we need to be promoting. All those making payments are without a clear title trail too.
    I went to a lawyer that listened to me and checked his title and found his was as screwed up as mine. The only difference is I knew it and he would of kept paying as agreed until he paid it off and DIDN’T receive a clear title. That’s way too late for me!

    • l vent says:

      If the Deed is the conveyance, it was conveyed to us at Origination. That mortgage was clearly never securitized to the deed. I say we win, they lose.

  6. l vent says:

    MASSIVE CORRUPTION and GOVERNMENT TREASON. The U.S. Constitution and the Bill Of Rights that was put in place by our founding fathers was put in place precisely for this reason: To protect American Cititzens from a TYRANNICAL GOVERNMENT destroying the nation from within with monumental corruption of everything.. They all need to be thrown out of office on their ears. The people want their stolen Country back from these hostage takers. We are not BROKE, we were robbed and are still being robbed on a daily basis. There is no justice system in America anymore because it has all been corrupted by elite secret societies who bought their way in to America and now want to own it , own us and destroy our Country down to it’s very foundation..The American people will not allow this to happen. They clearly have underestimated the American people when it comes to their values of freedom and democracy and our rights and protections from tyrannts under the U.S Constitution and the Bill of Rights..

  7. ermstrategies says:

    If there is any justice in this world BOA will not exist one year from now.

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