posted on Sep, 8 2009 @ 08:49 PM
Ok, so I don't know if I'm posting this in the right forum or not, so feel free to move this if I didn't...
I just wanted to let everyone know that the bailout money that we allowed our Congress to give away to the banks, so that they could help people stay
in their homes? Well, it's a total crock. A total fraud.
We should NEVER, EVER, EVER let Congress EVER bailout banks, EVER again. The banks are not giving out this money like they are supposed to...they are
hanging onto it.
For months, I've been trying to talk to my bank (Bank of America) about a loan modification. I just got hung up on, time after time. (My loan
interest rate is fine, but my value has gone down by HALF since I bought my house at the top of the market in 2005. I wanted them to reduce the
principle since I've lost so much value in my home, thanks to all the foreclosures in my neighborhood, due to bad loans given out, etc...)
So, a few weeks ago, I decided: Screw it... I'm not playing this game anymore. And I'm not going to pay hundreds of thousands of dollars in interest
into a house that has lost so much value. I decided I'm walking away.
So, tonight, I called B of A one more time, in hopes of telling them what I've decided, so that they might help me out to prevent me from walking
away.... and I actually got a hold of a loan officer on the phone this time!
I told him my situation....and he got NASTY with me. VERY nasty.
He said no way, no how, are they going to reduce the principle of the loan. He said that only happens in about 1 out of 1000 loans.
I told him, well, I live in Arizona, we're the worst hit state...He said, "No, California is the worst, Arizona is one of the 4 worst. "
I said, fine...whatever...but my house is now worth about half of what I paid for it, and it will never be worth what I paid for it in 2005."
He got mean and said "that's speculation. You don't know that your hosue will never be worth what you paid for it again...it's all speculation,
jsut like the stock market."
WTF?? Why did he bring up the stock market?? I'm talking about my house here, not my stock portfolio!
He continued: "We're not going to modify your loan, because if we do, and then the market goes back up, do you think we're going to let you walk
away with that money??"
I was flabbergasted....I called him for help, and he was being SOOOO rude to me! You should have heard the tone in his voice.
I finally got angry and said "Listen, I didn't call to get attitude from you."
He said "Well, you just told me that you're going to walk away from your home. How do you want me to act towards you??"
I was dumbfounded. I got angry and hung up on him because I am at work, and I knew if I stayed on the phone, I would start yelling and screaming and
that would not be good to do at work.
But I should have said: Well, I want you to take some of that 700 BILLION that Obama gave you guys and start modifying loans like you were supposed
to. And this is YOUR fault my house is worth half of what it was 4 years ago, not mine. YOU guys were the ones giving out all the bad loans, and now
MY house is worth **#$ because of all the foreclosures.
Oh, I am so angry. So, that was Bank of America's last chance to help me not walk away from my house....and they blew it.
You know, I pay my mortgage payments EARLY every month. I've never been late, not once.
And this bailout....I thought the whole point of this bailout was to help the banks help the people stay in our houses. Obviously not. The bailout
was to help the banks get richer.
So now, when I tell people I walked away from my house because it lost half it's value...and someone asks me, "Did you even try to talk to your bank
first?" I can say yes, I did. And I got yelled at and treated terribly on the phone....after I got hung up on 5 times!
[edit on 8-9-2009 by nikiano]