July 24, 2010
President of the United States of America
Vice President Mr. Biden
Minority Leader McConnell, Mitch
Barbara Boxer Senator California
Curly Fiorina Senate Candidate
Rush Limbaugh EIB Radio
Harry Reid Senate Majority Leader
Los Angeles Times latimesblogs.latimes.com/money_co/real_estate
President of Bank of America
Dear Mr. President,
It's been one and a half years since I contacted Bank Of America (BOA) to modify or make payment adjustments on our loan due to hardship. To this day still nothing has transpired: they claim that lost my paperwork; they are very busy; that they need more papers and more papers; and they even claimed in 120 days they will let us know if we qualified for anything.
Mr. President! Here is another example why your policy "Make Homes Affordable for the People" have failed in regards to the population who are trying to make their payments to stay in their homes. You, your Vice President, and your Press Secretary, all preach this program every time you are on the television. The truth is Mr. President; you gave Billions of dollars to the hands of the very people that got us into this mess! Instead of placing qualified professionals, Real Estate Brokers from each State, on your "Make Homes Affordable Program" committee to consult with, you sought the information from inside people to make decisions for "we the people".
Your program Mr. President has led to BOA telling us that since we are still able to keep our payments current, we are to move to the back of the line so they can concentrate on those already in default. So in essence that's what they are telling us to do, default, and get help! So here-in lies the dilemma that we are facing; either stop making our payments and receive low credit scores, in which time BOA will come back and say your credit is bad, or we walk away from our home, since with the economic crash, we have lost all our down payment of $ 180,000.00 anyway. Yes, we felt we did do the right thing! We actually put a down-payment down, our life savings, and we lost it and half of our home value as well.
My wife is employed by the State of California in the medical field, and the Governor cut her wage by almost 15% by giving her furlough days without pay. I have had a forced retirement due to the conditions of the Real Estate market with a minimum fixed rental income. The people of BOA after a year and a half told me yesterday that my file is closed because my paperwork didn't get to them on time? Seven copies later in a year and a half as per BOAs request because something wasn't received again? And after spending 100s of hours on the phone with over 20 people. (I have names, times, and dates) Now, yesterday they tell me I have to start all over again? One compounding problem; in November 2009, BOA took it upon themselves to open us an impound account for our taxes and insurance thereby increasing our payment by $1,450.00 a month, all due to our application for loan modification. Was this intended to help us?
So Mr. President, as you can see, the right hand does not know what the left hand does. On one hand they are telling us that we have to start all over again due to insufficient paperwork and our account is closed, and on the other hand they opened a impound account because we have an application in progress. These are the people Mr. President that you and your secretary, Mr. Gardner, trust with our tax dollars to help people like us, try to be good citizens and do the right thing. Your system breeds corruption.
Mr. President I am a Greek-American Immigrant; a legal one I might say. I work hard to pay my taxes, to be a good neighbor, to work hard for the last 34 years and to save some money to buy our dream home. Now due to the BOA and Countrywide's loan programs, we are in the danger of losing our home. And just as another side note, we never even signed our loan application with the countrywide agent. He did all this in our behalf! When questioned, they say that since we were putting a 20% down, we qualified automatically, so we never were shown the loan application. I have repeatedly asked the BOA people to provide me with my loan application and they continually find excuses why they cant find it.
Mr. President, as I have stated here, your programs and policies are failing because the people that you nominate to implement your programs are failing you. As a result you are failing with them, while we the people are suffering the continuances of your policies. We hope and pray that this letter comes to your attention to see it as an a wake-up call for the future of your Presidency and the future of the people throughout our great country that are suffering and are losing there homes.
If this letter ever comes across your desk or across the desk of any of your people that are on television talking about how the program works and how you all trying to help people stay in their homes, I hope you feel some shame. As for Bank of America, they too should feel ashamed for taking your stimulus and helping so few. My experience of BOA, is they purposely, repeatedly lose documents in order to deny people of help and then take their homes back. They have nothing to loose Mr. President, because these loans are insured and they will get paid; by you and by us, the taxpayers.
Constantine V Metallinos
Michelle M Metallinos
8550 Hierba Ave.
Agua Dulce Ca 91390.
Product or Service Mentioned: Bank Of America Loan Modification.