Looks like BoA just lost a ton of money.
We’re not in America anymore Toto! This is a fascist communist state.
Never, never, never, never, never make a payment over the phone or the internet.
The banks love for you to do this because you have no receipt.
It is up to the bank to decide if they will provide one for you.
If it is not in their interest to do so, they will not.
BofA is a fungus, a blight that should be knocked out.
The home is underwater it seems and 15 years of payments would be half of the original loan plus interest. They owe 177,000 and don’t have insurance to back it up. It would seem as though they never had a plan to take care of this mortgage.
If anyone thinks that the banks sneeze without regulatory approval, they’re kidding themselves.
This “in the month in which it is due” wording comes from the Home Affordable Modification Program’s Trial Period Plan Notice provided to loan servicers by the government:
https://www.hmpadmin.com/portal/programs/borrower.jsp
If anyone should be berated, it’s the government bureaucrats for drafting this idiotic language and for putting the fear of god in the banks about deviating one single iota from the exact parameters of the regulations under which they labor.
Nations Bank was known for being one of the worst customer service banks.
Their employees are rude and they could give a rats behind if a customer needs help. To much work.
Worst decision the REAL BoA made was to sell to Nations.
“Mrs Bullington said: ‘I just don’t understand why they’re doing this. It looks like they’re out to get us.’ “
It sounds like you do understand.
When I get home I’m cancelling my BofA accounts.
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.
Grossly misleading headline for starters -
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.
I made a sizable payment to my credit card, but it was early and the bank considered it a second payment in the same period. This meant that I was still liable for a payment in the next period.
It sounds like this woman ended up making an additional principle-only payment on top of her monthly payment, but was still liable for the whole mortgage payment for the next period.
-PJ