Thursday, November 04, 2010

bank of america can suck it

one of the first things i did when i got laid off was contact the bank who has our home loans, and do the tons of paperwork required to try to get our loan modified, under the new program. granted, i still have NO idea what the program entails.

anyway... when i hadn't heard back, i called. they explained the process to me and that things take up to 3 months to get an answer. i remember thinking at the time, how ridiculous 3 months sounded. and that they probably just hope your situation changes within that time frame so you won't qualify for the program anymore.

i called 3 months ago and our paperwork was in the last phase. and i was informed that i should have an answer soon. but then i never heard. so i called again and the person on the phone told me that all our stuff was just sitting there.


it had gone to the last place it needed to go for a decision, and then hadn't gone anywhere else. she was apologizing profusely, but i was livid. it's been 7 months since i filed that paperwork. 7 months without a job. 7 months since i first asked for help.

and the paperwork is just SITTING THERE???

this is why i hate banks. i'm so pissed off. they don't want to fucking help us. they don't give a shit about us. the same way they didn't give a shit about us when they were approving us for our home loan in the first place. i remember them telling us how much we were approved for and i almost spit. they were insane. no wonder people got into trouble. it was a good thing we didn't listen to them. there was NO WAY IN HELL we could have ever afforded what they said we could have. i blame them fully for the real estate crisis we're in now.

we NEED help. and they are doing nothing to help us. paperwork is sitting there. and we're just waiting to hear if we QUALIFY for some program. and if we do, it's only a temporary qualification or some shit. i don't even know what the home modification program entails? i'm sure they aren't doing charity work and just forgiving loans amounts. the truth is, it's probably not even really helpful at all in the long run.

the most jacked up part about all this bank shit, is that we don't even qualify for certain kinds of help because we keep paying our mortgage. we would only qualify once we stopped.

that is crazy to me.

this whole thing is crazy to me.


CAT said...

STOP your money. get the efff out while you can.

Anonymous said...

Good luck Jenn. Sounds frustrating dealing with the bank. A lot of our friends are going through the same thing- waiting for answres that are taking forever to come.

Jill said...

The main issue (since we did the same thing when we retired) was that the banks were promised all this money from the bailout and its never arrived in bulk and what has arrived the banks are sitting on. Ours we in the last stage for a whole year and we finally said enough and did something else.

The problem is they don't tell you that (not that it would have made any difference) they just stammer around and tell you its in progress and it will only be another couple of months......I am not sure how long we would of waited but a years was my limit!

Anonymous said...

this is why I like small town would not have gotten such a run around

Vicky92569 said...

And that my friend, unfortunately, is the conundrum. You continue to pay on your mortgage (as crazy as the payments may be) and the bank(s) will not look at you. It is not just BOA, it is any bank or lender now. All of the banks have been forced into the unlikely and unwanted position of being homeowners of all of those who have defaulted before you. It is a mess, and I have several friends embroiled in it. Your choices are limited, but your resourcefulness is not. My thoughts are with you…

Alison said...

Don't stop paying. You'll ruin your credit. Put it up for sale!

Smug said...

when my husband and I first wanted to buy a house, we went to BoA first to see what we would qualify for. He told us we should be looking in the $500,000 range, I knew from looking at our finances and making up an excel spreadsheet to figure in escrow and stuff that we couldn't afford more than $150,000 - what if we had found a $500,000 house and bought it? We would be homeless now!! We got our house for $149,000 and the payments are low enough that we can afford them and still have money to put into savings each month. Banks are Assholes!!!!!

Jennifer said...

well, your choices are limited, but your resourcefulness is not. My thoughts are with you.

Chris O said...

My married daughter and husband started this process with BOFA in January. BofA lost their paperwork. BofA then told them their second paperwork was incorrect and they needed to resubmit. Then they told them they could only drop their payments $37. So they started paying the lesser amt. Then the back said, we never told you to lower your payment. Then they said, they could find their paperwork again. My kids contacted the State AG, the ball is rolling again, they are in the 3 month waiting process and are still not hopeful. My hubs and I have been helping them out, but since their $220k house is now worth $140k, I'm thinking they should just walk away.
I worked for BofA for 19 yrs until my layoff in 2002. I recently went to the bank to open a checking acct with my youngest and in 30 minutes I also was able to refi my own home and lower my length of my loan and my payments are $140 less a month. But these poor kids can't get a break.
Fuck Bank of America