TheNewsFactory » bank of america

Bank of America Tells Borrower His Loan Modification Attempt is Void, Respected Foreclosure Attorney Tim McFarlin Reacts

TheNewsFactory — Fri, 23 Jul 2010 07:05:36 +0000

IRVINE, CA (AttorneyNewswire.com) — July 23, 2010 — Alin Negrila, a San Antonio, TX resident and Bank of America customer, bought his home just before the economy fell. When it became difficult for Negrila to make his monthly mortgage payments, he contacted his lender to discuss his options. Negrila was placed on a forbearance plan for six months before Bank of America started the loan modification process. Then, on June 10, Negrila received a letter from Bank of America informing him that he had 26 days before his home would be sold at auction. The letter confused Negrila because the information he was sent regarding his loan modification said that he had until June 17 to submit his application.

The lender informed Negrila to disregard the intent to sell letter and to call the lender on the day of the intended sale. Negrila waited the 26 days and was surprised to learn that his home was already sold to a third part on the day of the sale. He was told that his loan modification application was null and void since the home had been sold. Negrila was transferred to multiple departments within Bank of America before being told that his home in fact was not sold to a third party and that the lender still had ownership of the home. In frustration Negrila contacted a local news station who contacted Bank of America who promised they would instruct one of their home retention specialists to reach out directly to Negrila.

Timothy McFarlin, an Irvine based foreclosure attorney, was disgusted with Bank of America’s actions in this case from the beginning.

“Lenders have been dealing with loan modifications at a steady pace over the last couple of years. They know that no loan modification is ever completed in just a few weeks, but that’s exactly how long they gave Mr. Negrila to apply for a loan modification before attempting to foreclose. Even though it was eventually revealed that Mr. Negrila’s home had not been sold, no person should have to live through being told that their home was sold right out from under them when in fact it was not. That just sounds like a bad prank. As for the fact that Bank of America ensured the news company that a representative would be reaching out to Mr. Negrila, I’m just surprised that it takes the involvement of a television news crew before a lender like Bank of America is willing to help a borrower.”

McFarlin advises borrowers to contact an experienced foreclosure attorney if it appears that their lenders are offering little assistance with their loan modification. “If a lender ever gives a borrower only a few weeks to apply for a loan modification, or if the lender ever tells their borrower to ‘call back on the day of the sale’, the borrower should contact an attorney as soon as possible. These are two red flags that the lender will most likely fail to act quick enough to save the borrower’s home.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement.
Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.
Media Contact:
Talien Barsamian
(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

Unions Now Joining the Fight Against Under Performing Lenders, Foreclosure Attorney Tim McFarlin Supports The Position

TheNewsFactory — Mon, 19 Jul 2010 19:05:52 +0000

IRVINE, CA (AttorneyNewswire.com) — July 19, 2010 — Six labor unions in New York, along with New York City Comptroller John C. Liu, recently sent a letter to mega lenders Citigroup, JPMorgan Chase, Bank of America and Wells Fargo that expresses their concern over the lack of effort being made to assist borrowers with loan modifications. The letter cites specific complaints including ignored phone calls and multiple requests for documentation from borrowers. The letter even asks for each lending institution to name one high ranking lending official who will directly handle appeals from borrowers who are denied assistance.

Timothy McFarlin, a foreclosure attorney from Irvine, CA, fully supports the efforts of Comptroller Liu and the labor unions in New York, but admits that more will need to be done on a national scale to get the problem under control.

“If groups and organizations all around the country did something like this, the message would be delivered much louder and would show the lenders that their borrowers are tired of being taken advantage of. People in this day and age seem to have forgotten the power of collective efforts like those being displayed in New York. If it wasn’t for the collective efforts of those who felt they were being treated unfairly, many of the social advances we have made over the years would be non-existent. Borrowers who are sitting around waiting for their politicians to take action shouldn’t hold their breath. Is that single letter likely to have much of an effect on the entire lending industry? Probably not. Would thousands of letters from influential groups and unions from all over the country begin to have some affect? Maybe. At least it’s worth a shot. In this instance, the only other option for borrowers as a group is inaction. Historically, when it comes to creating a desired change, some action, no matter how slight, has always proved to be more influential than no action.”

As individuals, McFarlin advises borrowers to hire an experienced attorney to assist them in their pursuit of loan modification assistance. As a group, McFarlin advises borrowers to take more of an interest in efforts like those displayed in New York. He believes that grass roots and community involvement will speed the process necessary to begin making lenders more accountable to their borrowers.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

California Foreclosure Attorney Tim McFarlin Supports Lawsuits Against Bank of America

TheNewsFactory — Thu, 08 Jul 2010 06:18:49 +0000

IRVINE, CA (AttorneyNewswire.com) — July 8, 2010 — Fifteen residents of Texas are suing mega-lender Bank of America for operating a system of lending that forces homeowners into foreclosure. The fifteen claim that the lender misleads borrowers, prevents modification of loans, and ignores promises to lower payments.

Attorneys for the fifteen low income Texans claim that their clients tried to work out a deal with the lender to modify their loans and avoid foreclosure but were consistently fed inconsistent information, had their modification documents lost, and failed to keep the borrowers updated on the status of their loans. The alleged victims also claim that Bank of America continued to pursue foreclosure even after forbearance and modification agreements were made.

Timothy McFarlin, a foreclosure attorney in Irvine, CA, believes that these kinds of lawsuits are necessary to bring attention to the faults of the lenders.

“As an attorney I’ve represented a countless number of clients who were well deserving of loan modifications and other assistance. These people weren’t crooks or con-men, but average citizens who were just asking for help through a legitimate financial hardship. I understand that Bank of America wants to make a profit, but at what cost to their borrowers? It isn’t like these borrowers don’t want to pay their debts at all, they’re just asking for a little more time and a little less interest to lower their monthly payments. From a legal standpoint this type of situation would almost be comical if it wasn’t so sad. Who would have thought that a borrower would have to sue their lender just so the borrower could continue to pay off their debt? If this is what it takes to get the lenders to start fixing the problem that they are mostly responsible for creating, then I think every American facing foreclosure should seriously consider legal action against their uncooperative lenders.”

McFarlin advises every person facing an uncooperative or unhelpful lender to seek legal advice before pursuing litigation.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.