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Professional Letter

By June Stephens,2014-05-14 10:27
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Professional Letter

    COUNTRYWIDE IS TELLING THEIR CUSTOMERS TO

    RENT A ROOM IN THEIR HOMES IF THEY CANNOT AFFORD TO

    MAKE THEIR MORTGAGE PAYMENTS AND DO NOT QUALIFY

    FOR A LOAN MODIFICATION, EVEN IF COUNTRYWIDE’S

    CUSTOMER DOES QUALIFY FOR A LOAN MODIFICATION

January 30, 2009

    Melita Montes Countrywide Home Retention (Loan Specialist)

Katia Ramirez Countrywide Home Retention (Manager/Supervisor)

Kenneth D. Lewis

    CEO/Chairman of the Board/President/Director

    Bank of America Corporation

    Charlotte, NC

    Bank of America Corporation, 101 South Tryon Street, NC1-002-29-01, Charlotte, NC 28255

Barbara J. Desoer

    President, Mortgage, Home Equity & Insurance Services

    Bank of America Corporation

    Bank of America Corporation, 101 South Tryon Street, NC1-002-29-01, Charlotte, NC 28255

Lou Dobbs CNN Lou Dobbs Tonight

Ben Bernanke - Chairman Federal Reserve Bank

    Donald Kohn, Vice-Chairman

    COUNTRYWIDE REFERENCE: LOAN NUMBER 130435590 Iza M. Zamora

Dear Sir or Madam:

    As president and founder of www.borrowerconsumereducation.net, a company that educates consumers with their self-loan modification and provides online training against predatory

    lending, I am shocked that during a conference call with Countrywide Home Retention’s

    representative, Melita Montes, Countrywide’s borrower, Iza M. Zamora and I, on Friday,

    January 30, 2009 on or about 8:30PM EST, Countrywide’s representative told one of

    Countrywide’s borrower/consumer that she did not qualify for a loan modification, and to rent

    one of the rooms in her home to assist her with making the mortgage payment. Also it was

    hinted that since she is not behind on her mortgage payment, she may want to not pay her

    mortgage and go into default in order to be considered for a loan modification.

    After being transferred all over the planet, including India, finally, the borrower, Mrs. Zamora,

    Mrs. Montes of Countrywide and I, were able to discuss the key factors of Mrs. Zamora’s hardship letter, which was faxed with her financial statement on January 8, 2009. I explained

    to Mrs. Montes that Mrs. Zamora has a predatory/teaser rate option mortgage, resulting in a

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    negative amortization making the present principal balance higher than the original loan

    amount, in addition to the fact that the house is under water or upside down.

Mrs. Zamora clearly stated that she was lied to about the terms of the loan and that she is

    seeking Countrywide’s assistance by lowering the interest rate and reducing the principal balance to market value. Mrs. Montes responded that Mrs. Zamora does not qualify for 5.5%

    interest rate. The rest of Mrs. Montes’ response is highlighted on paragraph one of this letter.

    I requested to speak to Mrs. Montes’ supervisor or manager; I was transferred to Mrs. Katia Ramirez. I asked Mrs. Ramirez if Countrywide didn’t care about having another foreclosure

    on their books. The response I got was that they follow guidelines and rules. I told Mrs.

    Ramirez that Bank of America received billions of dollars from the federal government that

    came from us, the tax payers, and if similar cases like Mrs. Zamora’s were not seriously and

    responsibly reviewed and dealt with, we the tax payers will continue to bail banks for many

    years to come, and the debt that we will leave our children and grandchildren will be

    astronomical.

    Is it possible to save Mrs. Zamora’s home from going into foreclosure? Yes, see the

    proposed scenario below:

    ? Reduce Mrs. Zamora’s interest rate to 4.0

    ? Remove the negative amortization

    ? No balloons on the new loan

    ? Subject to refinance with no hidden fees or costs or prepayment penalties

    ? Reduce the principal balance to market value about $200K or less

    ? Make the term of the loan 50 years

    The following are some of the risks to Bank of America, Countrywide and the overall

    economy if Mrs. Zamora’s loan is not modified:

    ? Countrywide would have to take title back could take months to years

    ? Foreclosing attorneys fees and costs

    ? Unearned accrued interest

    ? Upon obtaining title Countrywide would have maintain the property

    (taxes/insurance property preservation, realtor fees, etc) in order to sell the

    property most likely below market value

    ? Other Countrywide properties in the neighborhood will suffer as well, by

    diminishing property values as a result of foreclosures

     2 ? Countrywide would have to maintain the property until the house is sold

    ? Countrywide would have to pay for utilities while pending sale

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    ? Countrywide’s investor would suffer a higher loss than accepting the scenario

    stated herein

    My company has been recognized by major lenders in the country, including Countrywide, as

    being probably the only one that places the borrower in conference during the loan

    modification process with their mortgage servicing company, since one of the objectives is to

    educate the consumer, to not be afraid to contact their mortgage servicing company, and to

    understand the key elements of a mortgage loan.

    Please help rebuild the economy, help save Mrs. Zamora’s home and help us, the tax payers, to not continue to inherit a bigger debt for our children and grandchildren.

Sincerely,

    Ernie Herrera

    President

    www.borrowerconsumereducation.net customerservice@borrowerconsumereducation.net

    (305) 951-8588 direct line

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