Update by user Apr 07, 2012
I am continuing my fight to gain some type of Loan Modification with BoA, but I am running into stone walls. I have received replies back from several of my letters to agencies and politicians, and while they are \"looking into it\", the bottom liine is nothing can be done.
I have never fallen behind on my house payment, so that is used against me. My bad for living up to my financial obligations.
By the way, BoA has never replied. Big surprise, right???
Original review posted by user Mar 06, 2012
The following is a letter sent to many of my state's political leaders and government organizations in trying to get a "Fair Shake" from BoA. I however believe this will be impossible as money from these institutions and the millionaire CEO's are what keep our leaders in power.March 2, 2012
To: Ms. Laurel BlatchfordChief of StaffU.S. Department of Housing &Urban Development (HUD)451 7th Street S.W.Washington, DC 20410
From: Leonard RSt. Peters, MO 63376
Subject: Assistance with Home Affordable Modification Program/Requesting Fair Dealings with Bank of America
cc: Jonathan HarwitzDeputy Chief of Staff for Policy & ProgramsU.S. Department of Housing &Urban Development (HUD)451 7th Street S.W.Washington, DC 20410
Department of the TreasuryMr. Timothy F. GeithnerSecretary of the Treasury1500 Pennsylvania Avenue, NW Washington, D.C. 20220
President Barack ObamaThe White House1600 Pennsylvania Avenue NWWashington, DC 20500
Senator Claire McCaskill506 Hart Senate Office BuildingWashington DC 20510
Congressman Todd AkinAttn.: Lauren Ellis, Chief of Staff117 Cannon HOBWashington, D.C. 20515
Missouri Attorney GeneralMr. Chris KoesterMortgage Servicing SettlementP.O. Box 899Jefferson City, MO 65102
Office of the SpeakerSpeaker John BoehnerH-232 The CapitolWashington, DC 20515
Attn.: Bank of AmericaAttn.: Mr. Brian T. MoynihanChief Executive OfficerSixth Avenue & W 42nd StreetNew York City, New York 10036
Bank of AmericaMr. Charles O. Holliday, Jr.Chairman, Board of DirectorsChief Executive OfficerSixth Avenue & W 42nd StreetNew York City, New York 10036
Bank of AmericaMs. Shaquita BriellardCustomer Relationship ManagerCA6-919-01-41P. O. Box 941852Simi Valley, CA 93094-1852
To the honorable and distinguished governmental, organizational and company individuals listed above, I am hoping, no, I am praying, that I can achieve some support and assistance in achieving fair dealings in securing a mortgage modification under the Making Home Affordable Modification Program as offered by the government of this United States.
I have now been in negotiations with Bank of America (BoA) since September of 2011, attempting to achieve a loan modification, but to date I have received "lip service" and a repetitive "run around" from this financial institution. In the early phases I was continually asked to send, and resend the same information over-and-over again. This is nothing more than a ploy by BoA to aggravate and discourage individuals from pursuing a Loan Modification, as described by the program description published on HUD and governmental web sites.
In 2009 I was downsized, at age 63, and while I have continually kept my faith and focus to gain reemployment, I am sorry to say that my age now works against me. I was forced to take a greatly reduced Social Security payment, coupled with a small pension from an earlier employer to make my bills. To date I have now depleted my saving and was forced to file for bankruptcy early in 2011. Bankruptcy was granted by the Federal Courts in August of 2011, but that has not altered the fact that I struggle from day-to-day and month-to-month to stay current on my financial obligations.
A loan modification would allow me the ability to stay in my home while BoA would continue to receive a continuous source of income rather than take possession of another home that is worth far less than what they might recover from its sale through foreclosure. The approach of the three (3) Customer Relationship Managers I have had since September of 2011 have all represented themselves as my advocate, but have proved ineffective in doing much more than representing the guidelines of the BoA executives. While they had all stated that there were other programs they would aide me with, to date none of them have done anything to alleviate my financial hardship.
I have worked with a paralegal at the Legal Services of Eastern Missouri, who has informed me that the actions taken by BoA on my account are not untypical, and that one of her other clients was also pushed into taking more extreme measures by contacting the local HUD office and "fighting" for a Loan Modification. It would seem that BoA is content with bringing millions in bonuses to its executives while trudging over those of us not as fortunate to survive this economic crisis.
In one of their latest correspondence the primary reason was that I have NOT endured a hardship, but I will present the table of my income and expenses that I had also furnished BoA detailing that my outlay exceeds my income (see Table A). Thus, a continual and on-going financial hardship and qualifying me for the Home Modification Program.
I beg the executives of the governing agencies and my political leaders to look into the deceptive business practices BoA is engaged in with its mortgagees. Below are brief snips of information of tax payer money BoA received and exorbitant bonuses they have bestowed upon themselves on the backs of Americans just fighting to stay alive.
Stimulus MoneyThe stimulus plan was released hours before the Senate backed Mr. Obama on another key measure by approving the Treasury's call for the release of the second half of the $700 billion financial-system rescue package. That program is being replenished as Bank of America Corp. was near an agreement with U.S. officials that would provide it with $15 billion to $20 billion of fresh capital.BoA BonusesBank of America will also pass out handsome bonuses to its bankers, just a few months after it repaid the government $45 billion in aid that it got to stay in business through the credit crisis. The Wall Street Journal reports that the bonus pool at B of A will be more than $4 billion. Traders will collect an average of $300,000 to $500,000, according to the paper. Only 25% of the payments will be in cash. Most of the rest will be in restricted stock paid over three years in most cases. The fact that any incentives were paid at all will be considered remarkable, at least by members of Congress and the Administration.
Bank of America's top four executives, including chief executive Brian Moynihan, are getting stock grants worth a total of about $33 million, though the ultimate payouts will depend on future company performance.With his $9.1 million grant, Moynihan's pay could reach about $10 million in 2010, up from about $6 million in 2009.Three of the executives - chief financial officer Chuck Noski, global banking and markets executive Tom Montag and consumer banking head Joe Price - are also each receiving nearly $1 million stock grants that are similar to a cash bonus, according to a securities filing Monday.Like for 2009, none of the executives will receive a traditional cash bonus for last year's work, but if the company meets performance hurdles, three of the executives will earn more in 2010 than they did in the previous year.
In closing, I am begging that a serious look be taken at the practices of BoA and not at the money they, and their executives, can contribute to campaign funds. I ask that representation of citizen's rights be the primary focus, by those you have promised to represent, be the focus of your decisions. Far too many people in this country are suffering at the hands of heartless and self-centered financial institutions such as BoA and I turn to the institutions and individuals who can make a difference to please help.
Product or Service Mentioned: Bank Of America Banking Service.