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Expert: Creditwrench - 3/9/2010


Question
I have a mortgage with Bank of America(BOA). I went through NACA to get a 4 month forbearance on the mortgage, I didn’t have to pay a payment for 4 months, but I had to make a payment for the first month off the forbearance at the start.
I was assured by my NACA representative that this would not have any negative effect on my credit rating, and the contract that I signed with BOA had a paragraph in the boilerplate stating that they would not report this agreement to the credit reporting agencies.
When the forbearance was up, I refinanced with BOA and I have not missed or been late on any payments. But BOA did report me as being 4 months late on my mortgage resulting in 2 of my credit cards lowering my available balance. I also have been turned down for a loan and have a email from the credit union stating that it is specifically due to the mortgage lateness.
I have disputed the lateness with the credit agencies, including giving them copies of the contract specifically stating that they were wrong to report the lateness. The credit agencies have returned investigations saying that they found nothing wrong with what BOA did.
I am looking for a work and due to my profession (purchasing) I am worried that the negative credit could be used to remove me from consideration.

I cannot get anyone at BOA that will help me. I keep getting transferred or sent to voice mailboxes that never return my calls.

What can I do?

Thanks for your help.

Answer

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The answer is simple. BOA obviously broke the terms and conditions of their contract with you and damaged you greatly in the process. This will affect your ability to get and keep credit in the future, cost you greatly in terms of what you might have to pay in terms of interest on present and future credit cards, get new transportation and many other things. You need to sue them to get your redress and compensation for your damages both present and future. That is your only means of getting your damages and probably the only way you can get it removed from your credit reports. You will need to take them to federal court to get the best possible outcome. Taking them to federal court is not difficult. You don't even need a lawyer to do it although you may need someone with experience in doing that to help smooth the path for you.  

Creditwrench

Expertise

Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.

Experience

I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.

Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.

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