• Report: #1072297

Complaint Review: BMO Harris Bank NA

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Thu, August 01, 2013
  • Updated: Thu, August 01, 2013

  • Reported By: Aaronk — Lake in the Hills Illinois
BMO Harris Bank NA
111 W. Monroe St. chicago, Illinois USA

BMO Harris Bank NA; BMO Harris; Harris Bank; Harris Bank NA Bad loan and Loan Modification, lack of assistance and bad deal for consumer chicago Illinois

*Author of original report: Thanks for your reply

*Consumer Comment: Seems a bit disingenuous.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Hi, I bought my house 7yrs ago and financed thru BMO Harris.  I paid $308K in Lake in the Hills, IL.   I was not good with money and didnt' realize that the amount I was being loaned was way more than I could afford.  But I take responsibility for signing the documents and I admit my error.  BMO Harris based my loan off my income including a bonus that was not guaranteed and I think they used rentel income I had as well.  Neither of these things are guaranteed and they should not have been counted.  When my tenant moved and I no longer got a bonus I couldn't afford the house.  BMO Harris refused to lower my interest rate on a fixed rate, and instead would only offer me a 5yr arm with a 40yr mortgage.  A 40yr mortgage is just stupid!  It's worse than renting because I'm stuck paying taxes and maintaining the property!  I tried to tell them.. literally begging for the rate to be a fixed rate but they refused.  Now it's been 5yrs.  I'm not late, on time payer, and they still won't make it a fixed rate!  The rate adjusts in March of '14 and I'm fearful I'll lose my house when it does.  Where will my family and I go?  I called and told them rates are at historical lows, please make this a fixed rate now but they refuse to do anything until it adjusts.  It makes no sense!  They clearly don't care about me, my family, my financial well being and credit rating or they would do the right thing and put me on a low rate that is fixed that I can afford.  This bank has done me wrong and I'm stuck with them and stuck worrying for the next 6 months if I will lose my home.  Shame on these banks for not being proactive.  The consumers are stuck waiting for HARP 3.0 which will never come now that values are going up (but so are rates).   Banks like this are greedy and don't care about the consumer.


This report was posted on Ripoff Report on 08/01/2013 08:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/BMO-Harris-Bank-NA/chicago-Illinois-60603/BMO-Harris-Bank-NA-BMO-Harris-Harris-Bank-Harris-Bank-NA-Bad-loan-and-Loan-Modificatio-1072297. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on BMO Harris Bank NA

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Thanks for your reply

AUTHOR: Aaronk - ()

Hi and thank you for taking the time to reply and keep the discussion going.  I hope I don't sound like the victim, I didn't intent for that to be.  However I also hope that those who are reading this are aware that there are millions of people in the US who have loans that are NOT backed by Fannie Mae or Freddie Mac.  Therefore they (like myself) were not eligible for any help so far.  Harp, Hamp, any of the making home affordable loans, etc.. none of it could help someone who had a loan that was not backed by Fannie or Freddie.  And you are incorrect when you state that BMO Harris is only the servicer, they are not.. they hold the loan.     It's to the benefit of everyone if I don't file bankruptcy, walk away from my home or let it fall apart.

 It's often strictly a financial decision to abandon a house or stop paying, just like a corporation might dump stock it's holding and take a loss rather than keep it for 15yrs and hope to get their money back, consumers across America are doing the same thing.  It's called a strategic default.  So I'm not claming to be the victim, but I am asking the bank to help avoid this from occuring.  What I am expecting is very realistic.   Why would a bank want to risk someone not paying for a year before they are kicked out and getting a house that needs work.   If I owned a bank, I wouldn't want to assume the risk either of financing a house worth less than the mortgage, but they must realize they have a paying customer who will wind up paying $800K for a house worth $240 after all the interest, OR they will wind up with much less if they force a customer into bankruptcy

Respond to this report!
What's this?

#2 Consumer Comment

Seems a bit disingenuous.

AUTHOR: Knightly - ()

 "    I was not good with money and didnt' realize that the amount I was being loaned was way more than I could afford.  But I take responsibility for signing the documents and I admit my error. "

  If you were actually taking responsibility for borrowing more than you could afford, I doubt we would have been reading this post.  What is the point of saying so if you're going to blame the bank for your troubles in the same breath?

  As the borrower it is solely your responsibility to borrow only what you can repay.  If you are "not good with money" you should not be involving yourself in transactions in excess of a quarter million dollars.  

  The bank most likely does not even own your loan, they are probably just the servicer.  The real owner of your loan is most likely an investor or group of investors who are not willing to budge on the terms.

   The bank was able to offer you five years of breathing room, but it seems clear from your post that you still cannot afford your house.  What you are expecting from the bank is not realistic from a financial perspective.

Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.

Wal-Mart.com USA, LLC


Ripoff Report Legal Directory