- Report: #802601
Report - Rebuttal - Arbitrate
Complaint Review: Bank of America
Bank of America11802 Ridge Parkway, St 100, Broomfield, CO,80021 Nationwide United States of America
Bank of America BAC Raised payment instead of lowering it, used past financials instead of current ones Internet, Nationwide
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We started out on a 3 month "Trial Period" (08/2011) with payments of $557.03 (slightley higher than our regular payment was)and finished them successfully. I called them at least once a week when the process started back in June 2011 and faxed them every 2 weeks with pay stubs (that were getting smaller and smaller) and documentation to prove we were not getting $447 in food stamps every month. I also asked several times if food stamps would be counted as income, if so we would drop them. I can go to a food bank to get food, but can't go anywhere and get a roof over our heads. They never answered the question even though I asked repeatedly.
So instead of lowering the payment to "Make Homes Affordable" as they say in writing that they will do, they raised the payment (now $557.72) and I was told to take it or leave it. They only lowered my interest rate by 1.25%, from 7.75% to 6.50%. Then they told me there was NO ONE in the entire company between my account manager and the underwriters that could answer any of my questions or help me. They called me continuously until I finally signed the papers, I felt I didn't have a choice. After I signed them, the BAC (Bank of America/Country Wide) "HOPE" department called me and said I should have been offered a negotiator, but now it was too late. I called my "account manager" today 11/28/11, and he told me the underwriters were the negotiators but they don't talk to clients. So who was supposed to talk for me? The case manager who told me to "take it or leave it"?
There has got to be something we can do. And guess who underwrote the loans! FANNIE MAE and FREDDIE MAC!!!!!
This report was posted on Ripoff Report on 11/28/2011 07:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/nationwide/Bank-of-America-BAC-Raised-payment-instead-of-lowering-it-used-past-financials-instead-of-802601. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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