Comments on: Angry Consumers Flood Federal Reserve Board with Complaints http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: LLL http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-20900 LLL Thu, 03 Jun 2010 04:54:44 +0000 http://loanworkout.org/?p=596#comment-20900 I have experienced the same problem as Marilyn- was current on my mortgage, never made a late payment in my life, excellent credit score, etc. before applying for HAMP in late Jan. 2010. I was also told by 13+ BofA reps that i was on trial payments but never received anything in writing despite my constant phonecalls and requests(2 hr phonecalls 2x per week getting the run around, transferred across departments where no-one seems to be on the same page or even computer system, and placed on hold only to be hung up on). BofA started posting my payments late, even my full mtg payment in March was posted 13 days late. I was reassured over and over again that there was a code put on my account to protect my credit since I was current, only to recently find out that they were reporting me 30 days late all along! A total lie! I finally was told that i am not on trial payments and i had to pay the difference to bring my account current. So I did, and sent my docs again for the 4th time. Still waiting to be assigned a Negotiator even though it has supposedly been with underwriting since March! I have been spending way too much time away from my family trying to get answers. It is a total scam! I think BofA intentionally misguides us, so that we make our trial payments only to find that we are not eligible when it is too late. By then, the foreclosure clock is ticking and we are in a way worse situation, having to come up with late fees and penalties, a large sum of $ or lose our home, and then they destroy our credit in the process. I am so angry that they are able to get away with this over and over again! Not sure what to do at this point.... I have experienced the same problem as Marilyn- was current on my mortgage, never made a late payment in my life, excellent credit score, etc. before applying for HAMP in late Jan. 2010. I was also told by 13+ BofA reps that i was on trial payments but never received anything in writing despite my constant phonecalls and requests(2 hr phonecalls 2x per week getting the run around, transferred across departments where no-one seems to be on the same page or even computer system, and placed on hold only to be hung up on).

BofA started posting my payments late, even my full mtg payment in March was posted 13 days late. I was reassured over and over again that there was a code put on my account to protect my credit since I was current, only to recently find out that they were reporting me 30 days late all along! A total lie! I finally was told that i am not on trial payments and i had to pay the difference to bring my account current. So I did, and sent my docs again for the 4th time. Still waiting to be assigned a Negotiator even though it has supposedly been with underwriting since March! I have been spending way too much time away from my family trying to get answers.

It is a total scam! I think BofA intentionally misguides us, so that we make our trial payments only to find that we are not eligible when it is too late. By then, the foreclosure clock is ticking and we are in a way worse situation, having to come up with late fees and penalties, a large sum of $ or lose our home, and then they destroy our credit in the process. I am so angry that they are able to get away with this over and over again! Not sure what to do at this point….

]]> By: Bob K http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-20691 Bob K Tue, 11 May 2010 17:13:33 +0000 http://loanworkout.org/?p=596#comment-20691 Similar experience. I lost my job on March 23rd, I applied over the phone with Bank of America for a loan modification on March 24th. It took me over 2 hours and 4 customer service agents to finally talk to someone who could take my application. Oscar said I should see something from BOA in 30 days. I called to follow up on April 28th and spoke to Terry who said that my application had never been submitted and that she would, "move the application to the excalation sheet to have the papers expedited." I called back on May 11 to find out the status of my application. This time I was disconnected 5 times. It took me over 2 hours and 12 BOA representatives to find out that my application has STILL not been submitted and that all they can do is RE-escalate my application! I've spoken to 2 supervisors and one supervisor's supervisor is supposed to call me back. These people are criminal. I believe I will be writing: My congressman: John Boccieri BBB Federal Trade Commission Federal Reserve Board Ohio Banking Office Office of the Comptroller of the Currency Anyone else that I can think of Similar experience.

I lost my job on March 23rd, I applied over the phone with Bank of America for a loan modification on March 24th. It took me over 2 hours and 4 customer service agents to finally talk to someone who could take my application. Oscar said I should see something from BOA in 30 days.

I called to follow up on April 28th and spoke to Terry who said that my application had never been submitted and that she would, “move the application to the excalation sheet to have the papers expedited.”

I called back on May 11 to find out the status of my application. This time I was disconnected 5 times. It took me over 2 hours and 12 BOA representatives to find out that my application has STILL not been submitted and that all they can do is RE-escalate my application!

I’ve spoken to 2 supervisors and one supervisor’s supervisor is supposed to call me back. These people are criminal.

I believe I will be writing:
My congressman: John Boccieri
BBB
Federal Trade Commission
Federal Reserve Board
Ohio Banking Office
Office of the Comptroller of the Currency
Anyone else that I can think of

]]> By: Marilyn Howell http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-18568 Marilyn Howell Fri, 11 Dec 2009 06:05:27 +0000 http://loanworkout.org/?p=596#comment-18568 We have applied for a Loan Modification with Bank of America/BAC. We have never made a late payment but need help now to survive. All of our documents for the Loan Mod have been filed, but no one has called or sent papers saying we have been accepted for the modification. Then, our regular Nov.'09 payment was sent to BAC on time. BAC received it on Nov., 5,2009 , but held it and didn't post it until the 19th and then they charged a $192.92 late charge. Although, BAC tells me when I call their Home Retention Dept., that our 3 month trial would begin Dec., 1,2009 with modified payments. I can't get anything in writing from from BAC actually stating that. So if I send a modified amount for a payment, BAC may do what they did with my Nov. '09 payment and put our mortgage into default. They tell me during phone calls: "your next payment for Dec. '09 starts your trial modified payments". I'm afraid to sent a modified payment after what BAC did to our Nov. payment for fear that BAC will put my mortgage into default . We've never made a late payment until BAC caused a Nov payment to be late by not posting it on time. Now, I have received a collection call and been sent a notice of further action if that late payment isn't paid by Dec. 16, 2009. I'm sure this is criminal action by BAC. Is anyone else experiencing such experiences with BAC??? I don't know what to do. We seriously need our Modification, but BAC is actually sabbotaging our efforts to obtain one. We have applied for a Loan Modification with Bank of America/BAC. We have never made a late payment but need help now to survive. All of our documents for the Loan Mod have been filed, but no one has called or sent papers saying we have been accepted for the modification.
Then, our regular Nov.’09 payment was sent to BAC on time. BAC received it on Nov., 5,2009 , but held it and didn’t post it until the 19th and then they charged a $192.92 late charge. Although, BAC tells me when I call their Home Retention Dept., that our 3 month trial would begin Dec., 1,2009 with modified payments. I can’t get anything in writing from from BAC actually stating that. So if I send a modified amount for a payment, BAC may do what they did with my Nov. ’09 payment and put our mortgage into default.
They tell me during phone calls: “your next payment for Dec. ’09 starts your trial modified payments”. I’m afraid to sent a modified payment after what BAC did to our Nov. payment for fear that BAC will put my mortgage into default . We’ve never made a late payment until BAC caused a Nov payment to be late by not posting it on time. Now, I have received a collection call and been sent a notice of further action if that late payment isn’t paid by Dec. 16, 2009. I’m sure this is criminal action by BAC. Is anyone else experiencing such experiences with BAC??? I don’t know what to do. We seriously need our Modification, but BAC is actually sabbotaging our efforts to obtain one.

]]> By: stop it http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-14397 stop it Wed, 29 Apr 2009 07:47:31 +0000 http://loanworkout.org/?p=596#comment-14397 i wish the govt would stop handing out cheap money why bother to save if uncoe sam will bail me out i wish the govt would stop handing out cheap money why bother to save if uncoe sam will bail me out

]]> By: c. mumper http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-12858 c. mumper Thu, 12 Mar 2009 16:49:10 +0000 http://loanworkout.org/?p=596#comment-12858 my loan company (wells fargo) screwed me a 30 unfixed home loan at closing.i was given a check for a southern bell bill for $250.00( i.d theft) only to find out later they ignored the bad credit charges to get the $42,000.00 down payment. then when i went to refinance after 2 yrs. i was told about the bad credit cards that were there when the loan was made. and with the bad credit now i'm screwed for about 5 yrs. i was told by wells fargo to wait it out. my equitity is twice the amount of the money owed for the home. i will sell my home if i can't get help soon somewhere. a victum of identity theft my loan company (wells fargo) screwed me a 30 unfixed home loan at closing.i was given a check for a southern bell bill for $250.00( i.d theft) only to find out later they ignored the bad credit charges to get the $42,000.00 down payment. then when i went to refinance after 2 yrs. i was told about the bad credit cards that were there when the loan was made. and with the bad credit now i’m screwed for about 5 yrs. i was told by wells fargo to wait it out. my equitity is twice the amount of the money owed for the home. i will sell my home if i can’t get help soon somewhere. a victum of identity theft

]]> By: moneylender http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/#comment-11652 moneylender Thu, 03 Jul 2008 21:09:29 +0000 http://loanworkout.org/?p=596#comment-11652 We are living in a totalitarian tripartite dictatorship, viz Elected, Press and financial.with varying degrees in various countriesThe last sustaining the two former, due to the fact that money is created out of NOTHING as an interest bearing DEBT enslaving us all from cradle to grave.Any other legislation is only cosmetic, giving a semblance of democracy.What is needed is a basic paradigm shift in the Noe classical economics which governed by interest bearing DEBT, get the money lenders out of the market, get the elected government to issue the money towards productive capacity as interest free loans, to be repaid and debt cancelled, hence counter inflationaryThen you will have Free and fair markets.Interest is not necessary or inevitable We are living in a totalitarian tripartite dictatorship, viz Elected, Press and financial.with varying degrees in various countriesThe last sustaining the two former, due to the fact that money is created out of NOTHING as an interest bearing DEBT enslaving us all from cradle to grave.Any other legislation is only cosmetic, giving a semblance of democracy.What is needed is a basic paradigm shift in the Noe classical economics which governed by interest bearing DEBT, get the money lenders out of the market, get the elected government to issue the money towards productive capacity as interest free loans, to be repaid and debt cancelled, hence counter inflationaryThen you will have Free and fair markets.Interest is not necessary or inevitable

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