Bank of America Mortgage Complaint

Bank of America Mortgage department,

Other mortgage Application, originator, mortgage broker California

In -/-/- I refinanced my condo with - When they had the appraisal done, it appraised for $620000.00. I had several financial obligations that year, because of a nasty divorce. They told me I had to have a - - Balloon loan, with the Bank of America. I have had this loan since -/-/-. The principal balance is $75000.00 at a interest rate of - %. My payment is $650.00 a month. $110.00 goes to the principal and $530.00 is interest. I have banked with the Bank of America for - years. I have had several credit card accounts and this loan. I paid all the accounts off and never missed a payment on this mortgage loan.


She said the only thing they could offer me was a modification plan. I filled out all the information they needed in -/-/-. I finally received a letter of congratulations!!! I was approved for a - Amortization Modification Program. With a - month trial payment of $290.00 stating that my monthly payment amount may change over the life of my loan and could be higher than the initial monthly payment. The interest rate stays at - % and my credit score can be affected by entering into a trial period or accepting a permanent modification. I have not paid the trial payment, because I do n't want my credit affected and I do n't agree with this plan. The bank told me the only option I have is to appeal the modification. I called to appeal, and was told there is n't anything I can do!!!!! I asked - about - years of loyalty to the bank. He told me that even if I was in foreclosure or missing payments I would be treated the same. He said that the bank treats everyone the same way!!!! The banks were given options when they were bailed out. I 'm - and worked hard to maintain my credit. I feel they are holding me -, because they can!!!!