Comments on: Continuing the Making Home Affordable Program…

By: Mark

Mark — Sun, 24 Oct 2010 16:12:12 +0000

From what I’ve gathered from published reports and conversations with lenders and applicants, there is no intention on the part of lenders-really no motivation, either-to modify most loans. Apparently the banks were given 95% insurance on foreclosed properties with the ability to retain and resale same properties after foreclosure. My bank, Bank of America, has not negotiated with any of the three borrowers on my block, all gainfully employed and seeking only about 200 dollar differences in monthly payments. The banks have simply been allowed to loot the American people in the form of a bailout, and then feast on the carcass of their repossessed homes.

By: Stephanie

Stephanie — Sun, 28 Feb 2010 02:10:08 +0000

We tried to do the program too. My husband was out of work for 9 months and while we managed the mortgage it was putting a stain on our finances. We applied for all state benefits and were denied for everything, Health Insurance for the kids, low income, etc. We were on Unemployment for gods sake. You have to just cut your losses. I’m doing the Dave Ramsey plan and how vowed, if someone else can make money off of me I’m not doing and forging ahead trying to pay off my mortgage early. This is crazy.

By: Jennifer

Jennifer — Mon, 01 Feb 2010 18:52:07 +0000

I’d be very watchful of your credit if this goes through – I’ve been reading some horror stories on the making home affordable program

http://www.msnbc.msn.com/id/35144133/

http://www.msnbc.msn.com/id/35062033/ns/business-answer_desk/

http://redtape.msnbc.com/2010/01/for-nine-months-deb-franklin-says-she-did-exactly-what-jp-morgan-chase-and-president-barack-obama-told-her-to-do-she-made.html

By: Nicole

Nicole — Sat, 30 Jan 2010 22:40:14 +0000

It is so ridiculous! I called BofA about that too and I have one word to sum them up, Suc***. Yep, I have a love/hate relationship with them, I love to hate them!

By: emmi

emmi — Thu, 28 Jan 2010 00:34:12 +0000

mem, BoA already has 45 Billion (with a B as of Jan 15, 1009) of our taxpayer dollars. At this point the choices are they are used for principal reduction or they hand it out like candy for executive bonuses. Personally, I’d rather beks get some of it. Either way, the money is already gone out of YOUR pocket. (or your grandchildren’s pocket, more accurately)

The AIG memos have been leaked, btw, if you want to see the counterparties they paid out at 100 cents on the dollar. Mostly European banks and Goldman Sachs. (and a little Bank of America)

By: mikey

mikey — Wed, 27 Jan 2010 20:48:56 +0000

One word: TURKO!!!

By: mem

mem — Wed, 27 Jan 2010 20:02:27 +0000

It’s rather odd that your previous post complains about a relatively small increase in taxes, while this post illustrates you relying on a tax-payer funded program for your personal benefit (in addition to the other tax-payer funded programs you use for education, etc.).

By: Sarah

Sarah — Tue, 26 Jan 2010 22:43:41 +0000

I’m so sorry about your horrible experience with BOA. But fear not, you are not alone! As “Another Reader” said, BOA is one of the worst banks around. In my experience alone: 1. They ruined my ChexSystems rating because they charged me with erroneous NSF fees that racked up do to an error on their part and then refused to refund them to me. I was forced to close my account with a negative balance.
2. They repeatedly screw with my husband’s checking account that he has had with them since opening a BOA Military account.
3. My husband got a BOA credit card in 2007 to begin rebuilding his credit rating. We have never been late on a payment and it has always been in good standing. They regularly upped his credit limit and we would use it and pay it down with in a 2-3 months. This past summer, we did this and they promptly reduced it to just below what we had paid it down to giving us an available credit of about $28 and upped the interest rate. We paid it down, used it some more and then 2 weeks ago they notified us that they had closed it, so now we show upside down available credit.

Hating them does not begin to describe our feelings towards BOA.

Good luck. Check with Chase Bank, they have been wonderful for us.

By: Mrs. Money

Mrs. Money — Tue, 26 Jan 2010 22:33:21 +0000

Good grief that is a long time! I hope you get it settled soon.

By: Joe Dirt

Joe Dirt — Tue, 26 Jan 2010 21:30:12 +0000

I don’t recall but can you refinance your house all together? It might be worth it. Or like I said before, sell it. Start renting and save your money for when you can afford it more.

By: Kari

Kari — Tue, 26 Jan 2010 16:26:52 +0000

Another option would be to contact a local TV station in your area to see if they’d want to cover your story. Companies tend not to act more quickly when there’s the possibility of bad press…too bad it has to be that way.

By: brooklynchick

brooklynchick — Tue, 26 Jan 2010 12:45:27 +0000

UGH – what a DRAG! I am sending you all my best good vibes.

By: Another Reader

Another Reader — Tue, 26 Jan 2010 12:24:15 +0000

Contact your congressperson’s office and both senators. Bank of Ameriwide (B of A + Countrywide) may respond more quickly to pressure from a political source.

They are widely acknowledged as being the worst servicer in the business. Try to get a short sale through – any real estate agent or short sale investor will tell you how incompetent they are.