As a real estate agent, Mark Conca has watched homeowners struggle to make their mortgage payments. He’s seen a lot of short sales and foreclosures in recent years, and he’s even assisted homeowners looking for mortgage modifications.
He didn’t want to be one of them.
But the distressed housing market put a major dent in Conca’s commission-based income. He said he still paid his bills on time, but his savings account was dwindling.
He decided to approach his lender, Bank of America, to see if he’d qualify for a modification. After he applied, many months passed and Conca heard nothing from the bank. Knowing lenders had huge backups in modification requests, he remained patient.
Conca, 41, continued to make the full payment on the mortgage for his Caldwell home, on time, every month.
But that’s not what Bank of America said when it sent Conca a letter about its intent to foreclose.
“I would have been better going to a loan shark and borrowing all that money,” Conca said. “At least with the street mafia, you know where you stand.”
Here’s what happened:
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