A Manayunk foreclosure by Bank of America shows mortgage program’s flaws
It might make financial sense for Lisa Fiorilli to just walk away from her home in Manayunk — a tidy, three-story rowhouse on one of the neighborhood’s familiar, hilly streets that rise up from Main Street and the canal.
But Fiorilli, facing foreclosure after a two-year bureaucratic tangle with Bank of America over a mortgage modification, would rather stay and fight — even if her home is now worth less, as she says bank officials have suggested, than what she owes on it.
Fiorilli’s saga — backed up by a thick file of documents and call logs — is a story of a mortgage accommodation dangled and apparently snatched away for flimsy reasons, such as a phone payment that came in 35 cents short, and another payment that came in two weeks early. That’s no misprint: early, not late.
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Still not getting it are they? The banks don’t care about modifications!!!!!! And they aren’t losing when they foreclose either!!!!! They have already made their money when they sold the loan, bundled it up, securitized it, turned them into CDO’s, betted against them in Hedge funds, collected the mortgage insurance from Fannie/Freddie at default, credted default swaps…..the list goes on and on and on.
Get a grip! The program is not working because it needs further editing on HAMP….it’s not working because the banks can sucker any homeowner for 12 months or 6 months, gathering all the financial information you have from the day you were born, draining all your assets and then leaving you out to dry. And why? Because they OWN the government.