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(Video) "You Are Only As Good As Your Last Payment". Is Bank Of America Intrinsically Evil?

As the Debtor's Revolution continues on YouTube, you have to view these videos, especially the one posted here, and ask yourself if Bank of America is intrinsically evil?

(Videos) The YouTube Debtors Revolt Is Winning Some Victories

As to the YouTube based Debtors Revolt, you have to believe that consumers have at least found a new way of making their plight heard by the powers that be at these large financial institutions.  And, there are signs that, at least in limited circumstances, that the tactic is working.

Now as reported by HuffPo, Bank of America has cut another deal with a YouTuber that its call center and lack of concern had previously ignored.  It is strange that the bank staff cannot feel compelled to listen to their customers and debtors when an appeal is made in person and in private, but they cannot ignore the appeal when it is made in public.  That, if nothing else, represents a shameful practice.

We presented the YouTube video of Ben Frasier on this site earlier.  (See it below as well).  Mr. Frasier stated that he would not make any more payments on a $30,000 personal line of credit unless Bank of America would let him settle up with a lump sum.  Bank of America was not interested in the offer when he made it over the telephone.  Bank of America apparently took notice when it was made public.

First, Bank of America settled with Ann Minch who helped start the YouTube revolution back in September.  (See her video below as well).  Now, it has agreed to settle with Ben Frasier.

As was reported on HuffPo, BofA's agent made the following offer, "Based on the new payment amount from you of 15,134.78 and the credits to that account that I stated below, it would leave a remaining balance on the account of roughly $12,215.00. I would then be able to set that amount to a 60 month payoff term and an interest rate of 8.99%. The new payment on that amount for the 60 months would be roughly $260.00".  Mr. Frasier stated that he would accept the offer as soon as he saw it on paper. He told the HuffPo that he is happy with the deal even though he thought the way he got it was ridiculous.

Read more at: http://www.huffingtonpost.com/2009/10/09/debtors-revolt-bank-of-am_n_315351.html

Read more at: http://www.huffingtonpost.com/2009/10/09/debtors-revolt-bank-of-am_n_315351.html

Another Customer Tries To Reach Bank Of America Using YouTube As A Last Resort

This is an interesting phenomena when you think about it.  Here, Darren Bryant of Pensacola, Florida cannot manage the "phone maze" to find someone of a high enough position to assist him in keeping his home in a way that would seem beneficial to he, Bank of America and the country.  He needs a home loan modification.  After trying everything, he resorts to a YouTube video in the hope that someone at Bank of America will see it and contact him.

It is, I think, the biggest problem facing bankruptcy practitioners as well.  When an automatic stay violation occurs, or any problem related to a loan arises, even bankruptcy attorneys find in nearly impossible to manage either the "phone maze" or the address maze to get a resolution with Bank of America, and other large national lenders, of the problem or difficulty.  The call center staff reached cannot generally handle issues effectively that fall outside of the normal matrix of problems programed on their computers.  And, even when this is not the case, the lead time or lag time to reach someone in control and have them respond exceeds all boundaries of timeliness or decency.

For example, when bankruptcy attorneys ask me should they send a letter or fax to Bank of America or other large lenders, demanding they stop violating the automatic stay, I always tell them yes.  Why?  Because I think it helps with any mitigation issues that arise because big financial institutions like to pretend that somehow, in hindsight, a simple letter or phone call would have helped.  But, inevitably, it is not going to matter.  The action is not going to stop, or it will be stopped months later after more harm is done.

Large financial institutions have long ago quit trying to work with customers, as they cannot seem to manage this.  They have resorted to riding rough shot over their customers, as communications and contracts are not a two-way street.  They operate by automated demand and not by any sort of mutual communication.

Typically, litigation is the only language with which these large financial institutions can deal.  Very frequently only the bank's attorney can locate someone that has the authority or even the interest in dealing with an issue of any size.  Yet still, I hear everyday from creditor attorneys that complain of the problems they have in making these contacts and corrections.

Are we all now to communicate to Bank of America and other lenders via video?

It is an interesting tactic and raises interesting questions.

Consumer Tells Bank of America To Stick It

Apart from getting the name of the CEO of Bank of America wrong, this average American says enough is enough, and refuses to pay Bank of America any more money on her credit card debt.

I saw this video on the same day that it was announced that Mario Cumo will charge BOA over the Merill bonuses they handed out, and the Judge overturns the BOA - SEC settlement.

Forget credit cards for a moment, U.S. Banks have tried to bail themselves out of this mess they find themselves in by collecting a record $38.5 billion in overdraft fees so far this year.

5 Myths Of Bankruptcy

New York News did filed this report debunking 5 Myths of Bankruptcy.  Let us listen in -

Comedian Tim Clue Jokes About Debt, Credit Cards and Bill Collectors

I stole this off Dan Nunley's Oklahoma Bankruptcy Lawyer Blog.  Enjoy.

The Mortgage Fraud Industry

No, the U.S. Senate did not believe that consumers and ordinary people deserved any mortgage relief, but it gave hundreds of billions of dollars to the mortgage industry.  Mortgage modification was denied to the bankrupt consumer to protect an industry where fraud was so pervasive that it deserves not to be called the mortgage industry but the mortgage fraud industry.  Watch and share this video.

Your Senators Need To Support Senate Bill 61 - Helping Families Save Their Homes In Bankruptcy Act Of 2009. These Videos Show Why.

I think what these videos show are banks and lenders seemingly not working with people in any constructive way to save their homes.  It is haphazard at best.  It also show people not so much plagued by terribly bad decisions but by reasonable risks except for the economy leading them to unemployment of underemployment.  These are people overcome by and large by the intolerance of large financial institutions that tell Congress one thing and do another.  Namely, that they are working with people to modify mortgages and they are not except as it as it suits their needs to keep inventories of foreclosed homes lower or some such reason.  These people express their fears and sorrows in a real sense, but what this pain represents is a complete lack of adequate due process.  What is needed, and needed now, is an independent arbiter that is not there just to enforce laws written for the benefit of the mega lenders.  That would be the bankruptcy courts.  We need to rewrite our laws now to allow bankruptcy judges to modify mortgages to limit these kinds of personal tragedies from happening.

The statistics are daunting.  Currently, over 6,600 American families a day are going through what you see on these videos, and they are losing their homes to foreclosure.  In the next five years over 8 million families will lose their homes to foreclosure.  Bankruptcy reform to allow the adjustment of mortgages costs the taxpayers nothing, unlike the huge trillion dollar bailouts to these financial institutions.

You need to go online, get the phone number and email address of your United States Senators, contact them and tell them to support Senate Bil 61 - Helping Families Save Their Homes in Bankruptcy Act of 2009.  You need to do it now.

If you need a portal to do this easily, you can call you senator through a toll free number provided by NACBA at 877-354-4958, or you may email them by clicking on this NACBA SITE.

You really can stop much of this suffering.  You need to do it now.

Visit msnbc.com for Breaking News, World News, and News about the Economy

Visit msnbc.com for Breaking News, World News, and News about the Economy

Jay Fleischman - Bankruptcy Marketing Expert

Jay Fleishman, along with his bankruptcy and bankruptcy litigation practice, has developed the skills of a skilled bankruptcy marketer.  You can follow him at Bankruptcy Practice News.  Below is his video concerning marketing for lead generation.
Bankruptcy Practice Pro News - January 14, 2009 from Jay Fleischman on Vimeo.

Relief Slows To Homeowners Facing Foreclosure