Foreclosure fight sprouts at Village Green Perennial Nursery

July 12, 2011 at 1:05 pm | In Gardening, How to help, West Seattle news | 51 Comments

(March 2011 photo of Village Green’s Vera Johnson during West Seattle for Japan fundraiser)
By Tracy Record
West Seattle Blog editor

Driving to Village Green Perennial Nursery from the south edge of West Seattle, there’s a yellow sign about a block before you get there, pointing to a property involved in a foreclosure auction.

Village Green owner Vera Johnson is fighting tooth and nail to keep a sign like that from appearing outside the 26th Avenue SW site where she has lived, worked, and organized community events for eight years.

Vera took her struggle public a few nights ago, by launching an online petition at change.org and asking for support. But this is not a tale of “woe is me, somebody save me.” This is a tale of an entrepreneur who is also a longtime community advocate, and with those instincts, trying to make sure her battle yields help and support for the many others she is learning are going through the same thing.

It is also a tale of fighting against a big bank that she says has frustrated and complicated her attempts to do the right thing and get her loan “modified” while she struggles to get on her feet after a life change that suddenly slashed her household income.

We talked with Vera Monday afternoon in the garden that fronts her home and nursery, with century-old firs in the corner. We wondered what she was hearing since going public with her petition.

“I’m hearing that more people than we know about are going through this,” including some who have been caught up in it for two years, and others who have lost their homes. “Not many people are talking about it – that’s the most disturbing thing to me.”

The simple question of where her situation stands turns out not to have a simple answer. Long story semi-short, she started seeking “loan modification” in March of last year, through a program not directly involved with Bank of America, who holds her mortgage, and she says it took eight months for them to reject her. “I was trying to proactively deal with it before I was in a really difficult situation; (at the time) I was getting substantial spousal support.”

Then, she started trying to work directly with B of A, paying “what I could afford to pay. … I figured, if they’re going to take my money, at least I’m doing something.” The bank assigned a representative to her case, she says: “Carlos started calling me four or five times a week, helping me expedite the paperwork that they needed. Six times, I supplied my tax forms; they kept saying they lost them.”

That theme recurs in her recounting of what has happened – repeated requests for forms she had already sent, one bank rep not seeming to know what the other had already received or requested.

Two months ago, in May, she tried to make a $2,000 payment at a B of A branch, and says they wouldn’t take it. Branch staffers kept trying to reach someone in the company, including Carlos, to sort the situation out. “Finally we left a message on Carlos’s voice mail, and the next day he called me back and said they had locked my payments and were not accepting any from me, because I needed to be (a certain amount) behind to get into active loan modification. … Carlos explains this to me, I’m thinking, that’s crazy, why can’t I make a partial payment?”

Then, Vera says, “Carlos disappeared, and now Hilda is calling me, not as often as Carlos, and I’m resubmitting paperwork I had already done with Carlos,” including a “quit claim” document showing that her ex-husband has given up his interest in the property – to re-send that, she had to track him down as he concluded a multi-week commercial-fishing trip. She says she faxed that to B of A from one of their local offices, has confirmation, and then – last Thursday – “I’m standing here in the driveway getting ready for the White Center Garden Tour, and a guy goes by, looking lost.” He finally parks and comes over. “He says he’s from Titanium Solutions, ‘an affiliate of Bank of America,’ and ‘they asked me to give you these documents.’ They’re the same ones I’ve done at least four times before. (He says,) ‘They’ve been trying to get a hold of you and can’t reach you.’ What? They have my phone, e-mail address … I told him I’d try calling Hilda. He said OK, and left.” But not before taking a photo – for appraisal, she believes he said.

The next day, Hilda called her back and said Vera’s loan-modification file had been closed because the documents Vera insisted she sent hadn’t been received. More back-and-forth ensued. Vera then filed a complaint with the federal Office of the Comptroller of the Currency – the second one since all this started.

Next time she heard from Hilda, “she asked me, ‘did you get our settlement agreement?’ I said, ‘what settlement agreement?’ She said, ‘Did you get our letter saying you need to catch up?’ I said, ‘I wouldn’t be as far behind as I am if I had been able to make payments and not been locked up’.”

The letter arrived Monday. Vera pulled it out of her purse as we spoke. Bank of America will no longer take partial payments – she has to give them $14,888.99 plus late fees and other charges. She reads from the letter: “‘The default will not be considered cured unless Bank of America receives these funds. If the default is not cured, the mortgage payments will be accelerated and become due and payable and foreclosure proceedings will be initiated’.”

What now? She’s not sure. “I really don’t know who to contact.” But she’s trying everything she can to find out. She’s even planning to start a support group for others going through the same thing – more on that later. And she started the change.org petition after reading about a soldier “who’s been serving our country and the bank is kicking him out of his house because he’s been unable to make his payment, though he had asked the bank to hold off on foreclosure.” She says she read everything that had led up to the predicament, and realized, “Oh my God, that’s my story.”

Here’s what’s at stake for her. The Village Green site has long been a nursery – for 25 years before Vera and her then-husband bought it eight years ago. The house on the site is three bedrooms, going on a century old. She lives there with her kids, 14 and 9. They are homeschooled, and that was the spark for one of her many community endeavors – co-founding the Homeschool Family Learning Center based out of Southwest Community Center. “90 families are involved now!” Vera says proudly.

Overall, though, she’s reticent to tick off the many things with which she’s been involved – not easy for a small business when money and time are in short supply. She’s donated plants to fundraisers like this one last Mother’s Day weekend at West Seattle Montessori (WSB sponsor):

The very next day, she and pie goddess Kate McDermott (at right with Vera in the photo below) put on a Mother’s Day Pie Social at the nursery, benefiting the White Center Food Bank:

She hosted an ice-cream social with White Center-founded Full Tilt Ice Cream just last month, raising money for WC Food Bank, which is also the beneficiary of her daughter’s birthday wishes: “Ever since she was eight, instead of birthday gifts, she asks for bags of food for the White Center Food Bank.”

She teaches and coaches permaculture and other gardening/growing arts – “I’m really focused on people trying to learn how to plant things properly, and I teach folks the importance of planting for water needs. I’m very focused on buying (stock) from local independent growers, and supporting women-owned businesses … everything I buy is local.” As we talk, more of what she’s involved with starts to emerge … including biodiversity (steps into her front yard, you’ll see the “wildlife habitat” sign) and organic gardening.

And now, she’s organizing a group of others going through the same thing, with the first meeting planned for this weekend.

What kind of help does Vera herself need right now? “Help me figure out what my resources are, and how to deal with this. I am overwhelmed … I don’t even know what I have to do,” to manage the situation. Aside from, in the short run, pony up $14,000 she doesn’t have. And deal with calls from multiple arms of B of A – “including the debt-collector side, six times in four days. I told them, ‘I’m at work, you want me to pay my debt, then stop calling me at work all day!’”

What’s clearly the most frustrating aspect of this for Vera is that she set out trying to do the responsible thing – paying what she could, trying to “modify” her loan terms – and that seems to have been for naught. But she’s not giving up. She has been heartened to hear and read the words of support from people who “look at me like an asset to the community, an active community member.”

You can add words of support, for starters, when you “sign” the online petition – find it here. And if you want to contact Vera to offer advice, or find out about the support group for others in similar situations, you can reach her through the Village Green Perennial Nursery contact info – find it all here.

51 Comments

  1. It would be tragic to lose this treasure of a nursery to Bank of America’s bizarrely inconsistent behavior. There are many stories of consistent negligent absurdity by big banks across the country. They seem simply incapable of working with anyone (besides their patrons in the Congress).
    .
    One possible spot of good news is that the State Legislature this session passed the Foreclosure Fairness Act, which requires lenders to conduct a good-faith mediation before foreclosure if it is requested by an attorney or housing counselor. The bill also providing funding to greatly increase the number of housing counselors, and actually has some real teeth with regard to enforcement. It goes into effect a little later this month.
    .
    More info here:
    http://www.commerce.wa.gov/site/1367/default.aspx
    .
    And here:
    http://www.dfi.wa.gov/consumers/homeownership/

    Comment by Sage — 1:44 pm July 12, 2011 #

  2. Go Vera! Signed the petition a few days ago. Keep up the good fight, you have a lot of people on your side. Hope that new bill helps!

    Comment by ellenater — 2:13 pm July 12, 2011 #

  3. This is just bizarre — I’ve read other stories of people similarly being jacked around by BofA in a similar manner. Not trying to be a conspiracy theorist, but such repeated gross incompetence is so ridiculous that you start to wonder if it’s deliberate.

    http://abcnews.go.com/Business/bank-america-florida-foreclosed-angry-homeowner-bofa/story?id=13775638

    Comment by Ken — 2:24 pm July 12, 2011 #

  4. is it time to Get Jesse?

    Comment by Service Dog Academy — 2:36 pm July 12, 2011 #

  5. This just burns me up! So sorry you’re going through this.

    Comment by Bonnie — 2:37 pm July 12, 2011 #

  6. Did anybody see the 60 minutes on banks and their practices on foreclosures? http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml

    Comment by Bonnie — 2:46 pm July 12, 2011 #

  7. I’m so saddened to hear this .. I have known Vera since she was in high school .. She’s a wonderful, caring woman, as witnessed by all she does for the community ..I have been a BOA customer for over 30 years and am going to pull my accounts ..This same situation is now happening with good friends, who had some hard times, tried to do the right thing and find themselves in the exact situation as Vera ..Getting a different answer every time they called the bank, told to do things they did, only to find out it wasn’t the right thing ..
    We will help you fight, Vera in any way we can .. Hang in there and don’t give up ..

    Comment by older women for Obama — 2:48 pm July 12, 2011 #

  8. I just want to second Sage’s excellent comment about the recent legislation passed in our state to assist homeowners. The links provided above are invaluable to anyone needing foreclosure resources and assistance.

    Good luck to Vera. We live very close to Village Green and consider it to be one of the true gems in our community. Shame on Bank of America.

    Comment by John — 3:02 pm July 12, 2011 #

  9. Bizarre? This is not bizarre, its big business as usual. What better way to foreclose on someone than to put full blame, and all the leg work, on them all the while ‘the clock is ticking’.
    This is the shameful work of a greedy corporation that has no interest in their customer only their shareholders (and only the ones with lots of shares to boot). This is happening to far too many people in our country.

    Comment by J — 3:02 pm July 12, 2011 #

  10. I’ve put out an email to get JESSE, but have not heard back. Would appreciate others trying. Waiting to hear back from HUD counselors, as well as a lawyer. Thank you. I feel the support of my community. Sincerely, Vera

    Comment by vera johnson — 3:05 pm July 12, 2011 #

  11. Perhaps BofA is not so much “too big to fail”, as “too big to function”!

    Comment by J — 3:05 pm July 12, 2011 #

  12. This business is a treasure. I’m crossing my fingers that someone who has some clout or some banking savvy will read this and reach out to help! This whole situation is beyond belief! I will sign the petition. Good Luck Vera! You are going to figure this out and you will be okay. Don’t give up!

    Comment by JO — 3:06 pm July 12, 2011 #

  13. I know exactly who you should contact — Melissa Huelsman (http://www.predatorylendinglaw.com/). She’s a local WS resident and a well-respected lawyer who specializes in foreclosure law. She has helped thousands of people in your situation and is well respected (she’s often asked to speak at law conferences, she works with state legislators to craft consumer protection laws, and she is regularly interviewed by both local and national news organizations on topics related to foreclosure and bankruptcy laws).

    Melissa is an expert in this field and she is very good at what she does. I suggest you give her a call and see if you can set up an appointment to meet with her asap. She does work on contingency if the situation warrants it and she is also available for one-time consultations. Even if you decide to meet with her for a one-time consultation, I guarantee that you’ll walk away from the meeting armed with valuable information/strategies that you can use to deal with your current situation.

    Good luck! I’ll be rooting for you!

    Comment by Tish — 3:08 pm July 12, 2011 #

  14. I am all too happy to sign the petition.

    Comment by maude — 3:12 pm July 12, 2011 #

  15. I am now protesting by boycotting all thing Bank of America. They are doing a similar thing to my neighbor.

    Comment by Florence — 3:19 pm July 12, 2011 #

  16. Vera,

    Just sent an e-mail to Get Jesse – got an out of office reply but I dare say if more people e-mail about this it may put your issue on the top of the list. Come on WS bloggers e-mail Jesse!!!

    Comment by jwws — 3:22 pm July 12, 2011 #

  17. Please stay strong and seek all of the support you can muster (might I suggest writing state and local reps?). As my parents (in Oregon) found out, ALL of what was written above regarding BofA stall tactics is beyond TRUE! They went through a two year ordeal with BofA that only ended with extreme pressure from many sources (a lawyer who donated his time and local/state legislators) and they were never even behind on their mortgage! They own a small home (one bedroom), with a small reasonable mortgage. When they were both laid off within weeks of each other, they knew things would be tight and that they faced a long stretch of under-employment due to their rural job market. They stayed current with their mortgage, and after researching many options and at the behest of BofA reps, went ahead and applied for a loan modification with the thought that since the program was there, they might as well see if could work for them, as even a small change would help. Enter the never ending, at times bazaar and out right deplorable information/paper requests (the record was filling out and sending the exact same form 22 times! My Dad would have singed certified mail forms in hand and reps still insisted they never got anything), constant rep changes, phone call after phone call, constant misinformation (they were actually told at one point to skip payments so that they would look needy) – as my dad put it, it became his full time job to simply stay up with BofA. At this point, my parents were in it to the end on stubborn principle and they started a concise letter campaign seeking assistance/awareness from their local and state level reps… that seemed to work as after two years of doing it on their own, that they actually got a letter from one of the higher end regional managers with a loan modification offer.

    Comment by Thistle — 3:55 pm July 12, 2011 #

  18. I too know this story same with me with Chase. Call Lynn Arens, she is a lawyer and broker (she has a listing on 35th just north of roxbury) located on Lake Union. I visited with her about my Chase problems and she was able to provide me with some good advice. Cost 450.00 but was worth every cent. She teaches lawyers about these very practices. I am not surprised one bit to hear about how badly you have been treated and what the bank is doing to you. I have been through exactly what you have been through.

    Comment by coffee — 3:58 pm July 12, 2011 #

  19. Ironically (and utterly infuriating) B of A is one of the main contributors to the foreclosure mess in the first place! They should be cleaning up their own house rather than going after small businesses and home owners. I agree with whoever said to boycott all things B of A…they have never been a “people” bank…they have many branches and now their ATM’s are “raining” (stupid campaign) so they feel they’re actually doing good things. Don’t they realize the good publicity (not to mention karma) of helping people who are like Vera? Apparently not…a total disconnect with what they should be doing to help fix our economy. The problem with “getting Jesse” is that B of A isn’t centered here and he’ll get the same runaround…but maybe he can point a shameful finger at them. One can only hope that they get what’s coming to them at some point in their existence (more than the slap on the wrist they got recently).

    Comment by onceachef — 4:11 pm July 12, 2011 #

  20. Oh….and Vera, good luck…get a hold of the lawyer mentioned above and see if she can help…it’ll take a bulldog to wrestle with the B of A.
    What’s the e-mail address for Jesse? I don’t particularly care for his antics sometimes but it seems appropriate in this case – we’ll see if he has the “chutzpah” to take ‘em on!

    Comment by onceachef — 4:16 pm July 12, 2011 #

  21. http://www.youtube.com/user/fiercefreeleancer

    Comment by LM — 4:24 pm July 12, 2011 #

  22. I went through the same ordeal with Wells Fargo. 18 months of repeating paperwork and endless phonecalls. When their lawyers posted an auction notice on my house (I was home at the time) and I called them to ask why if they were processing my modification, their answer was “it’s just a formality”. GRRRR. I emptied my IRA to save my house and now I have a giant tax bill but I still have my house. After that, I got my modification. It took $160 off of my payment which has recently gone back up because my escrow balance was too low. *sigh* EVIL I tell you.

    Comment by One More Opinion — 4:26 pm July 12, 2011 #

  23. With the type of property this is, I’m wondering if it’s a standard residential mortgage (secured by a deed of trust) and not commercial or a “mortgage” that would have different protocol than a standard mortgage. It may be worth checking with an attorney to review this.

    Vera, I hope you contact your elected officials… regardless of what type of mortgage you have.

    Comment by Rhonda Porter — 4:44 pm July 12, 2011 #

  24. I didn’t get to that part of the story, but she definitely has contacted elected officials at just about every level – Congressman Jim McDermott’s office, for example, was the one that helped with the complaint with that federal agency to which we linked. – TR

    Comment by WSB — 4:49 pm July 12, 2011 #

  25. Vera – a couple if suggestions. First, csll King5 and see if Jesse will help, as He seems to’ get immediate action. Second, try what used to be called Northwest Women’s Law Center.. Now called Legal Voice. If it were me, I would find a way to get BOAs attention quickly… And a combination of media/Jesse, legal, and political might do the trick. They are one huge company where one hand doesn’t know what the other is doing. Everything in writing and keep a log of everything and everyone you talk to. Trust me, it’s a pain, but will help you in the end.
    If you need immediate cash to get beyond their threats, this community will help… I’d invest in you and sounds like all you need is a few investors whose dividends might be and end of season plant?

    Comment by Nice Person — 6:12 pm July 12, 2011 #

  26. The first thing Vera needs to do is hire a real estate attorney. We tried to get a loan modification from BofA last fall and were turned down after waiting 5 months. We than put our house on the market and every offer was for $50k less than we were asking and we would have had to bring way too much money to the table at closing that we did not have. So we talked to a real estate attorney who said EVERYTHING we did during the first attempt at modification was wrong and you should NEVER deal with a mortgage company/bank without an attorney. We hired the attorney for $2500 and he is dealing with BofA directly because he has a pre-established relationship with the bank, and has a very high sucess rate. The law firms name is Iwana Law Firm in Kent 253-520-7671. He also told us that if it does go to forclosure that a mediator would make them give us a modification anyway. Good luck but don’t do this on your own!

    Comment by Slider — 6:59 pm July 12, 2011 #

  27. So does anyone know how the man who had a heart attack is doing? A caring citizen wants to know please+_+

    Comment by Cathy — 7:07 pm July 12, 2011 #

  28. Hi – this story has nothing to do with that. We published a separate update yesterday: http://westseattleblog.com/2011/07/update-commenter-says-heart-attack-patient-stable-today

    Comment by WSB — 7:12 pm July 12, 2011 #

  29. The banks have been scrambling for the past two years to figure out how to handle the hundreds of thousands of loan mod requests. After going through this nightmare with Chase for many months, I sent an e-mail to the CEO of JP Morgan-Chase. Got a great reply from a representative, who explained to me that the process has been extremely “muddled” (to put it mildly) by the fact that the banks had NO IDEA how to manage this crisis, the Treasury Dept was changing the rules weekly, and they had no structure whatsoever. Chase is much more on top of things now, but the ordeal is still quite stressful. Scads of paperwork, weekly phone calls (keep records of dates & names when you call), faxing in bank statements every time you get one. Persistence pays off–the bank doesn’t want your home! Keep up the good fight!!!

    Comment by Kris — 7:14 pm July 12, 2011 #

  30. This is absolutely infuriating to me!!! If banks did not behave this way we literally would be coming out of a recession instead of still mired in one!!! Seriosly they are going to spend thousand to foreclose on you and then the property go to sh*t and sit vacant when they could simply have modified for the same amount of money and help the economy. F***ing infuriating! Reminds me of the great nty article last Sunday on Bair, head of the fdic, one of the only washingon bureaucrats looking out for real people and asking for a real modification program. She no longer works in DC.

    Comment by kgdlg — 8:07 pm July 12, 2011 #

  31. Not trying to play Devils Advocate, but Vera do you possibly have a property you can no longer afford due to divorce? I have bought plants from your nursery, know you bought the property next door to try to alleviate a mini development but maybe it is time to be realistic. My husband and I are in our dream home but are thinking it is out of reach of our current income and may be time to sell. I know you are a great asset to the community but you may have to sell the house next door.

    Comment by Rhonda — 8:07 pm July 12, 2011 #

  32. sounds to me that instead of people robbing banks the banks are robbing people!! And I guess they don’t realize that in the end they’ll just end up destroying themselves. No bank is “too large to fail”.

    Comment by breezygirl — 10:11 pm July 12, 2011 #

  33. GO VERA, I just signed the petition, what else can we do??? so frustrating, I applaud Vera for taking it all the way. Many people give up when facing a big corp like this and her efforts benefit ALL of us. Thank you VERA! Lets all do what we can to help.

    Comment by jennifer — 5:42 am July 13, 2011 #

  34. This just makes me sick. Village Green is such a delightful place, and Vera does so much for the community. Shame on B of A.

    Comment by mgarden — 6:25 am July 13, 2011 #

  35. My boyfriend’s mom and stepdad went through a similar situation with Citi. A couple years ago, their mortgage changed hands so many times they no longer knew where to send the checks. Six months later they were told they were in danger of losing the house. After a year of trying to sort everything out, including writing a $25,000 check and considering bankruptcy, they were refinanced at almost $90,000 MORE than the original loan. My boyfriend’s parents are almost 60, getting ready to retire, and sick and tired of struggling with this. Right now, it looks like they’ll move in with 92 year old Grandpa and try to leave the whole mess behind. At least they have somewhere to go; I know many people don’t.

    Comment by higgins — 8:11 am July 13, 2011 #

  36. This is such a sad story. What’s wrong with the banks? Our neighbors just lost their house after 1 1/2 years and four court appearances. They got tired of fighting the fight but their situation was too similar. Vera and all the others fighting this fight are in my thoughts. My parents lived across from the Village Green Nursery for many years. It would be a shame to look the business and for Vera to lose her home.

    Comment by Genessee neighbor — 9:08 am July 13, 2011 #

  37. I have worked with Vera for many years. She is way too modest to really blow her own horn and list all the things she does in the community. I know she has helped Furry Faces (f3) many times with their plant sales, has helped with the White Center Garden Tour, helped me personally plant flower boxes outside my store in the Junction and lots of other things she doesn’t list. She is a true believer in her community. It is a shame to see someone who is trying to do the right thing, supporting her community and running a small business in hard times be taken advantage of by the corporate giants who put us all into this depression. I have also emailed Jesse. The more who do, the more likely he is to take this on.

    Hang in there Vera! You don’t deserve this. You have a lot of people fighting with you!!

    Comment by Liberty Bell — 10:56 am July 13, 2011 #

  38. Is there a way to donate $$ to help raise the $14K – or donate to any legal fees?

    Comment by gina — 12:38 pm July 13, 2011 #

  39. I think we should all descend upon our local BofA’s and hold a protest. They got our $$$ during the bailout and yet are still refusing to abide by the terms of the bailout. Remember, we can’t afford to pay our teachers, fix our infrastructure, or pay for basic children’s healthcare because banks committed massive fraud. It’s class warfare and only one side is fighting.
    If any of you of you out there want to stage a protest in our own local banks let’s get it going!

    Comment by Neighbor — 1:11 pm July 13, 2011 #

  40. I just emailed King5/Get Jesse. It’s a little tricky to find the contact information on their website so here it is: Get Jesse — http://www.king5.com/on-tv/contact/64675492.html

    Comment by WS Suzanne — 3:57 pm July 13, 2011 #

  41. Gina-

    according to Vera, as far as she knows nobody has set up any kind of account. Maybe somebody who knows how to do that will step up and spread the word.

    Comment by westseattledood — 4:03 pm July 13, 2011 #

  42. I’m ready for a protest at B of A. They were BAILED OUT by workers – what jerks.

    Comment by Fiona Enzo — 6:03 pm July 13, 2011 #

  43. I had an interview with Nicole Brodeur from The Seattle Times today. The article will be in Friday’s paper.
    I hope that this story brings awareness and support to so many others who are going through the same expereince. I am well aware I am not the only one going through this.
    Please tell folks who may be experiencing this about the gathering here this Sunday at 4pm.
    Please, let’s get together and share resources, experience, and hope for all who are suffering in the mire of paperwork and harrassment. We can be stronger together than we can apart.
    Thank you all.
    Vera

    Comment by Vera @ Village Green Nursery — 6:44 pm July 13, 2011 #

  44. Oh Vera! I can’t even believe you’re going through this. Please let the community know if there is any way we can help, monetarily or otherwise. I’m certain you would have a full house if some sort of fundraiser were held. You do so much for the West Seattle and White Center communities, and are so appreciated. I’ll be sure to watch for the Nicole Brodeur article. Please keep us updated on this.

    Comment by ghar72 — 8:09 pm July 13, 2011 #

  45. At first I really felt bad for Vera, (I signed the petition), but after finding out that BoA CEO Brian T. Moynihan barely scraped by in 2009 with mere $6,511,468.00 in total compensation, I’m afraid I’ve had a change of heart.

    .

    I mean, can anyone here imagine what a struggle it would be to get by on such a paltry sum?

    .

    http://en.wikipedia.org/wiki/Brian_Moynihan

    .

    Mike

    Comment by miws — 10:25 pm July 13, 2011 #

  46. Forum with Q&A on new state Foreclosure Mediation law is on July 21st in Kent. The law kicks on July 22. Bill sponsors and attorneys will be there.

    https://salsa.democracyinaction.org/o/2685/content_item/foreclosure-forum-release

    Comment by westseattledood — 10:32 am July 14, 2011 #

  47. Bank of America is a publically traded corporation. As such in order to attract and keep investors in place, it must pay out a dividend such that the investor will realize a fair return on his investment. This means Bank of America, and any other publically traded entity, must operate in a profitable manner. What this boils down to is that the corporation’s balance sheet must remain stable and the income and expense statement must show income sufficient to pay expenses. This is basic accounting for any corporation.

    Unfortunately, in a recession environment, the lenders are forced in to playing by the rules of self-interest; maintaining profitability.
    It does not bode well for any corporation if they have to “write down” assets (accounts receivable) due to extraordinary losses. Bank of America is burying its head in the sand on this issue. And they can afford to do so – until people stop paying, the property is actually foreclosed, and then the bank can more legitimately recognize its losses. But why shouldn’t it do so at the “impending” level, when people ask for relief? Plainly and simply, they don’t have to. He who has all the gold makes the rules. Again, such write-downs affect the bottom line. As receivables tank and have to be shifted over to the liabilities side of the balance sheet equation, income tanks on the other operating statement, the income statement. If these things happen, investor’s will look elsewhere as a place to invest their funds. That would be a bigger near term loss for the lenders than cherry picking candidates for loan modification who look pretty good. And again, they don’t even have to entertain the notion of loan modification. It keeps their books propped up to ignore the issue. In fact, all the loan modification representatives at the banks are simply dancing the dance they’re instructed to do – the tango marathon where the borrowing partner may get dropped. It’s their job, nothing more, nothing less.

    While publically speaking in glowing terms about their loan modification division, it’s more aptly described as a shoring up of losses division created to keep the command ship’s vision afloat. What this will eventually do is to insure a greater collapse of the commercial banks and the banking industry itself. If you’re trying to avoid foreclosure with good intentioned loan modification attempts, good luck.

    Sorry to be the bearer of bad news, but it’s the reality of what loan modification is really about. Delay foreclosure in any way possible because it benefits the lender. But the hammer will drop, reverberating through the already pale economy.

    Comment by Bill Bacon — 10:35 am July 17, 2011 #

  48. Rain reschedule
    Homeowners facing foreclosure meeting
    https://www.facebook.com/event.php?eid=180011298728658

    Vera Cell 206-819-8544

    NEW Location:
    Community School of West SEattle
    9450 22nd Ave SW
    Seattle, WA 98106

    Comment by Vera @ Village Green Nursery — 12:14 pm July 17, 2011 #

  49. Thanks for the bean counter’s side of the story, Bill Bacon, but we’re talking about people’s lives and livelihoods here.

    .

    Mike

    Comment by miws — 11:53 am July 19, 2011 #

  50. An update to the Bank of America debacle…

    BofA manager of the customer center, Michael Keuhner, for Homeowners seeking assistance (Sound alliance Foreclosure prevention) assigned Crystal Nguyen to call me Friday the 15th at 10am, she did not call me until 4pm. …and she did not answer my return call.
    I had requested during Friday’s AM call that she EMAIL me any requested docs/paperwork, which she did not do UNTIL MONDAY at 5:17 pm, after I had made SEVERAL requests for the documents to be emailed, so I would have time to fill them out, as well as a paper trail.
    Receiving them Monday afternoon gives me 24 hrs to procure docs for said meeting. I am working today, hosting a garden club, and my meeting is at 4pm downtown. So helpful BOFA, thank you.

    11:39 am, received an email from BofA. Michael Keuhner, manager of the customer center for Homeowners seeking assistance (Sound alliance Foreclosure prevention) writes…
    “I see that Crystal has sent you a request for documentation and a very short timeline to finish them before your meeting today at 4pm. I think we should push your meeting off so you have time to get the documentation together and fill out P&L’s 4506T ect.. Taking the time to have a completed file is the most important part of this modification process. While I would love to have you in the office today I do not want to waste your time on a meeting that will not accomplish our goal of having a complete package.

    Please call me at my office 206 358 6926 or my personal cell 253 376 3284 and I can talk in detail to you. My advice is that we not meet today and give you more time to get the information together.
    Look forward to hearing from you”
    Michael Keuhner

    I have called him and will be doing my paperwork and plan to re-schedule with him next week.

    Again, thank you all for your continuing support! The more we stand up to these issues-the better chance we have at making a change. PLEASE continue to sign the petition, and pass it on, we need this kind of story to go National.

    Comment by Vera @ Village Green Nursery — 12:59 pm July 19, 2011 #

  51. Get Jesse!
    http://www.king5.com/news/get-jesse

    Comment by Carol Shih — 1:48 pm August 7, 2011 #

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