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Realtor never misses a payment on his home, yet receives foreclosure notices

Proactively seeking a loan modification

As with most Realtors in America, the economic downturn has hit Realtor Mark Conca’s bottom line, so in 2009, he proactively approached Bank of America to see if he qualified for a loan modification. Knowing the system is backlogged, he waited patiently for months, meanwhile making all payments on his mortgage on time and in full. Bank of America claimed otherwise, sending him a foreclosure notice according to the New Jersey Star Ledger.

Does applying for a loan modification signal to Bank of America that you are a foreclosure risk and they preemptively foreclose? How did a Realtor that knows the system and paid all payments in full on time get ignored by a bank and foreclosed upon?

Homeowner told to miss payments. He said no.

In 2005, Conca bought a Cape Cod home with a loan through Bank of America. In December 2009, he proactively applied for a modification and was told that he needed to miss payments, but said he told the bank he would do no such thing.

“If I have a debt, I pay it,” Conca said.

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Despite the advice to miss payments, he continued to pay on time as he patiently awaited approval for his mortgage modification. In March 2011, he received he was 60 days late on his mortgage. Conca said “I called [Bank of America] and said that’s impossible. I had copies of all my payments on my bank statement.”

Finally, he spoke with a superviser who told him his account would be reviewed and an answer would be given in ten days.

Bank never informed him of the 2010 temporary modification

Three weeks later, the supervisor called Conca telling him that a temporary modification had been granted for October, November and December 2010 and that “something wasn’t properly recorded.”

The supervisor told Conca everything was fixed, he was approved not for a trial payment plan but an actual modification and within ten days, he would receive the paperwork via mail.

A month later, nothing. On April 10, he did receive a letter, but not his modification details, but a notification that his home loan was past due (which it wasn’t). Conca hired a lawyer who was also not responded to by the bank.

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Rate reduced and mortgage officially modified

On July 19, Conca received the letter confirming his rate reduction and modified mortgage for which he would receive the paperwork in ten days.

Two days later he got a foreclosure notice. He has received three since July 21st.

Bank of America’s errors destroying Conca’s credit

Conca claims his credit has been destroyed after maintaining a high 700s for over 21 years. The credit card he has had for twenty years notified him of a limit reduction due to Bank of America’s reporting him over 60 days late on his mortgage.

The Ledger reached out to Bank of America regarding the case and a spokeswoman said Conca had been approved for a HAMP trial modification and was notified by the bank, noting he continued making payments which were improperly recorded as partial payments which sent his account into accelerated foreclosure.

The spokeswoman said the payments have now been properly recorded, the loan is not in foreclosure and they have submitted corrections to the credit bureaus, but The Ledger asked how it happened in the first place given that all payments were made on time and noted they should be linked to his mortgage regardless of being credited to the original or modified mortgage.

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Bank of America attempts to explain

The bank simply said his regular mortgage payments were treated as trial payments in the system so the payments were placed into the partial payment account associated with his loan (which does not explain the fiasco).

When they asked the spokeswoman if Conca was supposed to make the full payments or the modified payments for which he was approved for in writing on July 19th, she said “If Mr. Conca is interested in being reviewed for a modification, and can demonstrate a hardship, we can assign a home retention specialist to work with him.” Given Bank of America’s track record, most are not surprised that this response sends Conca back to square one.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.



  1. Liz Benitez

    August 27, 2011 at 10:11 am

    What a mess. You would think that by now (several years into this economic down turn) the banks would have the systems in place to handle things properly and efficiently.

  2. Owen

    September 14, 2011 at 4:50 pm

    Bank America told us to miss payments in order to qualify for refinance. We did. When we missed the required three payments we called, and were told we had to be 12 months with perfect payments to qualify for refinance. We were 3 YEARS with perfect payments before they told us to stop paying.

    So now we have lost an 826 credit rating, and all credit cards (through Bank America) were reduced in credit to the balance due. We have been RUINED by Bank America's Lying and fraudulent tactics, and obviously have received our warning of foreclosure. There should be a class-action suit against them, and we will spearhead this movement. We need YOUR stories, and recordings of their people telling you to miss payments.

    Given enough people in a similar situation, we can reduce this bank to nothing.

    I am Owen at boxlunch dot com

    Contact me.

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