ED Magedson – Founder
BMO Harris Bank NA111 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
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/reports/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.
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