We would like to let people know that although the media is not talking much about loan modifications now, it is still a very bad situation out here in the "trenches". Maybe worse now that not much is being said.
We have been trying to get a modification with the Bank of America now for more than a year. We were told at first we did not qualify, then we were told that to qualify we should reduce expenses and increase income. We have done both. Even rented out two rooms in our home.
When they call they seem to have nice ones, then bad ones, "good cop, bad cop"? They never have the right figures, we have over and over corrected the information, but somehow it does not work.
We did last year manage to work with one person who seemed decent and helped us get a three month temporary plan, we thought it was a temporary modification and we faithfully made the payments on time, we were also told that this plan could be extended for an additional three months but then she was removed and the new person has never even tried to contact us. We have on at least five occasions been told that an email has been sent to our new "negotiator", requesting he calls us but apparently he does not read his emails or he just doesnt want to call.
To cut costs we have eliminated all unnecessary expenses, hardly ever eat out, cut out cable, share cost of food with our tenants, dont go away.
But more importantly we have made special deals with some of the creditor for our debt, zero interest on a couple of payment plants, we have
reduced our monthly minimum payments significantly.
We did not get in this situation by choice, our income is mostly from rental and we took some bad hits in 2009. We have permanently fixed the problems and there is no reason for that to happen again.
We are seniors and do not have the energy that a young couple have. We have also put most of our life savings into this home as we wanted this to be our final home. We dont have the luxury of years to get back what we have lost, we are close to 70 years old now. My husband can barely string together a coherent sentence now, we are afraid he is starting to display symptoms of alzheimers, it runs in his family. He is also diabetic and not doing well. Our health is jeopardized by this stress and we are both on anti-depressants.
We do not feel the Bank of America is dealing with us in good faith, we feel manipulated and given the run-a-round. I understand that there are financial incentives to take peoples homes, write offs, compensation from the government for the banks loss. It is appaling to me that taxpayer money may pay to take peoples homes.
Each time they call we are asked if we are still here, obviously they just want us to give up and leave. Today someone from the bank came by to physically see if we are actually living here, so obviously they must think we are lying as well. A thief thinks everybody steals!
This is all so wrong!
All we want is for the bank to work with us in good faith, please help us.
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