The city’s mayor is out of foreclosure, and he said the experience was so awful he is now mulling becoming an activist.
Last year, Citimortgage Inc. — the company Vince Boccard refinanced his mortgage with — filed for foreclosure. He said it happened after a bookkeeping error that started when he and his wife applied for and were approved for a loan modification on their 30-year fixed-rate mortgage several years ago.
The new loan called for an interest rate of 2 percent for five years, which would then become 1 percent over the prime interest rate, but not higher than what he was paying.
He thought he’d save thousands, but it “turned into the biggest mistake it ever was.”
Boccard said the couple made all the payments online – and had confirmation numbers – but soon the payments increased because his homeowners insurance was increased. He said he didn’t know about the increase until Citibank kicked back three mortgage payments, declared him in default and told him he would be in foreclosure.
He hired an attorney and said he and his wife spent hours fretting about their situation until the “wee hours of the morning.”
Broward County Property Appraiser records show the lien was lifted last month.
Boccard said he has spent about $75,000 in fees and legal bills. But has no regrets about fighting the bank.
“There is equity in my house and the bank would love my house,” he said. “There is no way I was going to give it to them. I wasn’t going to do that.”
Lisa J. Huriash, A 13-year-old girl is charged with a misdemeanor after several classmates took diabetes medication, Coral Springs police said Thursday. A 13-year-old girl is charged with a misdemeanor after several classmates took diabetes medication, Coral Springs police said Thursday. ( Lisa J. Huriash, ) –>
He has since spoken to his own congressman about passing legislation to require lending companies to have brick-and-mortar offices so people have a place to resolve issues face-to-face “instead of dealing with a phone system.”
“Sit with an account specialist and bring back the old style of banking one on one. It doesn’t exist anymore. Today you are nothing but a Social Security number and an account number and that’s where it ends. I think the banks are so big these days they don’t have proper representation. This is inexcusable.”
He’s not sure where his lobbying goes from here, but he says he gets requests for help.
“I’m an expert now on how to get through this and I can’t tell you how many people have asked me for direction,” he said. “Something needs to be done.”
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