Posted on 08/20/2011 1:19:15 PM PDT by InvisibleChurch
A 70-year-old woman and her terminally ill husband face losing their home because she paid her mortgage a week early. Sharon Bullington, of New Port Richey, Florida, says that Bank of America has filed to foreclose on her and husband, James, 78. Mrs Bullington said: 'It's like death to me. My husband is bedridden. It's almost more than I can bear.'
The couple moved to Florida 15 years ago after Mr Bullington retired from General Motors in Flint, Michigan.
Their home is now valued at $133,464, though they owe about $177,000. When James became ill, the couple encountered financial difficulties because of high medical bills.
The couple asked Bank of America to modify the loan. The bank told the couple they would have to first officially default on their $1,400-a-month payment.
The Bullingtons did that and entered into the modification plan, which reduced their payment to $916. Mrs Bullington made the January payment on December 23, and the bank accepted the money, according to court records.
(Excerpt) Read more at dailymail.co.uk ...
Yep had a 0% CC with them. Was never late, until they switched the due dates on me. Then the next month I was paying 19% interest. I nearly blew a gasket. I found another CC and switched quickly. We get something from them seems like almost weekly asking us to come back, get another CC. NO THANK YOU!!!
I hate to hear about anyone losing their home. Our house payment automatically comes out of our checking account the 1st of each month. Haven’t had any problems in the 12 years we have lived here. We had a boat payment with BoA, but last year we decided to downsize as much as possible. Since we didn’t use the boat much, we sold it and paid it off. So glad to be rid of BoA and that payment.
We did a mortgage modification back before it was fashionable - 2003. Smooth sailing ever since. I'm old school. I make my mortgage payment in person (using a personal check) at a local branch of my mortgage holders bank (a regional concern). Takes 5 minutes, maybe 10. I receive a receipt from the teller and my online banking account tells me when it's been applied, usually within 48 hours. No problem.
It is actually a very long story but the gist is I actually had a very serious issue reguarding the cancellation of my health insurance with an online payment through USBank. The payment was made with the same account info which was already logged into the bill pay account page and had been used for several years.
Blue Cross misplaced my payment, or mis applied it, it doesn’t matter because they said otherwise and that was that.
I was informed by mail that the payment had not been recieved and my coverage would end blah blah blah.
I talked to BC service and a supervisor and they verbally acknowledged their error and assured me it was fixed.
I made another quarterly online payment.
I went to the hospital about six months after the original past due notice, and found my policy had been cancelled at that time.
I had been uninsured for half a year despite making the original payment and another in the meantime.
Blue Cross maintained that my payments had been directed “by me” to another account.
My receipt only said a payment had been made to Blue Cross.
US bank refused to trace the transaction and discover to which account it had been directed, claiming it was impossible.
Is it just me or doesn’t it seem out of place to be 70 & 78 and owe 170K+ on a home.
Better to buy small and pay cash, especially that late in life.
I imagine there is much in this story they are not telling us.
Oftentimes in these scenarios, there's much, MUCH more to the story than the aggrieved home owners lit on to.
Dumbest thing I ever did, way back in my youth, made a cash deposit at the bank’s night drop. Buh bye!
I’d reasoned nobody who worked for the bank would be dishonest. The guy’s probably still laughing about that...
Some folks like to live dangerously. You appear to be one of them. One little glich (accidental or intentional) and your bank account is empty, and the overdraft fees bankrupt you.
Grossly misleading headline for starters -
Bugger Nation’s bank. Nastier messages to follow.
Bugger Nation’s bank. Nastier messages to follow.
Bugger Nation’s bank. Nastier messages to follow.
15 years of payments on a 30 year mortgage would be less than 1/3 the original loan.
It would seem as though they never had a plan to take care of this mortgage.
A plan? Who has a plan other than to make the payments each month? They were current on the mortgage, requested an adjustment and had to default to qualify for the adjustment. That's when the trouble started.
A plan?
Well said.
There’s NOTHING in the story that says how long they’ve owned this home or how old the loan is.
It does say they moved to Florida 15 years ago. It DOESN’T say anything more than that.
Not everybody loves tomatos as much as me and you.
Remember the common wisdom just five years ago was that a home was the perfect safe and wise investment.
Of course most folks young, old and inbetween are always ready to be were sold a bill of goods.
I used to do that, but I knew every single employee of the bank. That was before the megas bought up every honest small bank.
Now of course two megabank employes have to be willing to split the proceeds to steal it. Big deal, huh?
She’s 70. He’s 78. How could they be expected to pay off a $177,000 mortgage? They should move to a trailer park in a nicer state and pay $700 a month or so.
>>The banks love for you to do this because you have no receipt.<<
Absolutely not true. That is the reason I pay all my bill over the internet. I have an ironclad receipt.
Okey Dokey
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.