SG # 4 Modern Day Bank Robbery

 
   I enjoyed the Michael Moore movie  Capitalism: A Love Story.  Like so many of us, I have a story to tell of a modern day bank robbery: the bank was the robber. My sister had a loan with Bank of America. As the economy went down so did her paycheck at the salon where she worked. She began to struggle to pay the mortgage. Keep in mind, when she took out the mortgage that she and her husband, who is a Baptist minister could well afford the payment She contacted her lender, Bank of America, well in advance of a late payment. She was advised that nothing could be done until she was delinquent six months on her payment. At the end of the six months, Bank of America demanded some documents regarding her loan and a brief description of her present circumstances. She sent them in the mail. Everything the bank requested, she provided. At the end of the year, the bank demanded the full amount owed plus fees of over $10,000 or she would face foreclosure. She sent all the money that she had saved and called the bank. She was told that the foreclosure would halt if she had sent the money. The very next week she received notice that her house would be sold at auction in 30 days if she did not bring her mortgage to date. She again called the bank, and was told that they needed more documents. By this time, it was on the news that the banks preferred to foreclose at a loss to be eligible  for TARP (Troubled Asset Relief Program). As she struggled with the bank, she sent everything they asked for, and did everything they asked of her. She would be told something different with every phone call. In the end, she contacted an attorney. The attorney was able to negotiate with the bank to save her home; with a new mortgage,with all the money owed including fees and penalties. I truly believe that if not for the work of the attorney, she would have lost her home. Another way of looking at the situation is, her home would have been stolen through the banks misconduct, I do not believe that it was incompetence. It was not even clear if the bank still held the mortgage or if it was sold to another institution. The bank got money but lost her trust. I quickly withdrew my money and joined  Desert Schools Credit Union They have different rules and regulation, and now, my money and my trust. I would place a link to Bank of America, But I would not recommend the institution to any one.
      It was eye opening to see the ordeal that she went through. I would have not believed it had I not been witness to the process. Caveat emptor indeed. It is a shame that banks are now untrustworthy. It certainly is a new twist on the phrase "bank robbery".