posted on Feb, 13 2010 @ 03:15 AM
BoA probably used Google Earth to find the poor souls' address.
I have a neighbor who took out a home equity loan early in 2008 to pay off some credit debt they had built up from a failed business venture and do a
couple of things around the house. They did it through the same bank they had used for over 25 years that they had never had a problem with.
Back in August, they had an offer to redo it with a lower interest rate that would make their monthly payment lower and lessen what they owed in the
end so they did. The ink was barely dry on the paper when they got a letter telling them that their loan had been sold to/taken over BoA. They had no
notice that this was going to happen, they just received a letter that told them. They received another letter shortly after that told them that
Fannie Mae was now involved. They've had nothing but trouble ever since.
When they went to make their first payment, they were told to send it to one address on one statement, while another section of the paperwork told
them to send the payment somewhere else.
After that they sent the payment to that address and were told that the payment wasn't received, even though the bank they sent the payment from
showed it as having been received, BoA just didn't know where it was. They were assessed a late charge the next month even though the payment was
documented on time, BoA just couldn't find it.
This went on until this month, trying to track payments. Then this month they were assessed another late charge, even though their payment was on
time, according to their bank. They claimed that February's payment went for January's, January's payment went for December's, December's went
for November's, etc.
These people had never missed a payment or had a problem in the 35 years they had owned their house. They've had more trouble because of the BoA's
incompetence in the past 4-5 months than they had in all that time. They finally got a hold of someone who explained that this sort of thing wasn't
uncommon. This person gave them their direct line and hopefully this will be the end of it. I hope it is for their sake because they've spent
countless hours on the phone trying to resolve this garbage.
Corruption + Incompetence= Bad news. Hey, that sounds like our banking system and our government. Coincidence? I doubt it.