Hate Banks? You'll Love This.


Here is the 500 character (maximum) comment I left on the whitehouse.gov website today.
I was laid off from my job less than three weeks ago. Being responsible financially, I decided I wanted to refinance my house to lower my monthly payments since I have no idea how long it will take to get a job. My mortgage holder (Bank of America) told me that if I did not have a job, I could not refinance. With all the aid we are giving financial institutions, this policy seems absurd. They told me if I got to the point of not making a payment, I would have to contact customer service. Help!!!
Oh yeah, banks were perfectly willing to approve bad mortgage loans and then hold out their hands for our tax money. But when a good customer with an excellent credit rating wants to do something responsible, his bank would rather him miss payments and then they can foreclose. Oh, that makes so much sense. If this pisses you off like it did me, please contact your representatives.
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Comments

  1. AnonymousJanuary 24, 2009 at 3:55 PM

    And where is that stimulus money going?

    ReplyDelete
  2. lisahgoldenJanuary 25, 2009 at 3:46 PM

    That's very much like what happened to us. I was out of work and we fell behind by 30 days. We called them about renegotiation or other programs and Citi told us they couldn't work with us since we were behind, but once we caught up, they would work with us. We borrowed money from family and got caught up and then called Citi. That's when they told us that since we weren't behind no programs were available to us.

    And now you know why we've decided to walk away from the house. We can't sell it, we can't keep up, and to hang on to my job, we have to relocate.

    Let Citi mow the acre.

    ReplyDelete
  3. UnknownJanuary 25, 2009 at 9:59 PM

    I understand, Lisa. I have enough in equity in the house that I cannot walk away from it. I would just have to sell the house at a huge loss to get anything out of it.

    I am going to keep calling and writing my senators and Tom Price until I find someone (anyone) who can help me. This is totally fucked up. Your situation and mine. I am also going to go ahead and call BOA's customer service to see if there is anything they can do now. I'm pretty sure they will be the same as Citi, but I have to try.

    ReplyDelete

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