It began at the end of 2009. My renters had moved out of state, my business had slowed down, and I was paying a portion of my 6 1/2 % interest only mortgage with my credit card. I had spent the previous year trying to get a rate reduction from Countrywide. My credit was perfect. Twenty-four years as a homeowner and I had never been late or missed a payment of any kind! But my debt to income ratio was high and Fannie Mae wasn't doing the same modifications that Freddie Mac had begun doing. Countrywide went belly up and in comes Bank of America-what started out bad, quickly became worse.
I clicked "yes" on the BOA website when I read "Home Loan Modification Help- Are you in jeopardy of not being able to make your payments? Bank of America can help" What a joke!
After filling out paper work, they offered me a 2 % modification. I was told that after I paid the new modification amount for three months they would send paperwork to make it final. Sixteen months later, it still hasn't closed. I am now $40,000. behind in interest and penalties. (When this began I was not one penny behind) Each month I pay and become further behind. I call every week. They start out by asking me if I am still living in my home! Yes! Then they tell me the telephone number I am calling from is not on file (every week!) and ask me if I would like to put it on file. I explain (every week) that it is my only number and that I have given it to them every week. I ask how my modification is going. They tell me it is under review, ask if I'd like to pay the $40,000. (I pay 3000. a month) I say I am only behind because I took BOA at their word, then I try to say something nice, get off the phone and contemplate committing suicide. Every week, the same thing with a different person.
I would love to go public with this story. I am sure I am not alone. I don't think that this is what Barack Obama had in mind when he wanted the people of America to be able to access some help. I'm pretty sure it's not even what George W had in mind.
Anyway, at 53 years old, after working hard my whole life, I asked for a little help and this is where it has gotten me- in jeopardy of losing my home.
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