BMO Harris Consumer Loan Complaint

BMO Harris Consumer Loan department,

Installment loan Managing the loan or lease Illinois

- -, - Consumer Financial Protection Bureau Dear Complaint Department : In - we took out a Line of Credit loan from BMO Harris Bank. In - we learned by letter that our loan was coming due in full on - -, -. We had no idea a Line of Credit loan matured with a balloon payment 15 years in the future. It was a Line of Credit! We always made our loan payment of approximately $90.00 per month on time and never late. Around three years ago, we started increasing our monthly payment to $150.00 per month. This allowed us to pay on the principle and pay off the loan quicker. When we were notified that the full balance of the Line of Credit was coming due - -, -, we tried to refinance our home mortgage including this balance of $40000.00. But because of our financial hardship at the time, we could not qualify.


late on our Line of Credit balloon payment. Even though we were continuing to pay our monthly payments on time, we were trying to include BMO Harris as a Subordinate positon to our home mortgage and get this loan active again... they refused. See, they have already written off this Line of Credit loan. But because BMO Harris wants to play hardball, we are going to lose our lock-in and may not ever to be able to qualify for a loan again. The interest rates have already gone up since we locked-in this great rate. Our lock-in expires - -, -. This means we must pay an additional $300.00 to lock-in for two more weeks. BMO Harris is intentionally blocking our refinance opportunity knowing we are about to lose our lock-in. This after being loyal customers for over 40 years. I guess if you are meeting their expectations you are FAMILY, but once you fall out of place they treat you as if you have the plague. After making phone calls to BMO Harris ' Loss Mitigation department over several weeks, - recommended providing them with a settlement letter. We could come up with $10000.00 from a friendly legal outside source. I spoke with -, the Team Leader through - and - has declined our $10000.00 Settlement offer. - requested $24000.00 as a Settlement, but $10000.00 is the maximum amount we could obtain. We do n't understand why BMO Harris would intentionally block an opportunity to receive our $10000.00 Settlement offer, or get this $40000.00 loan back on the books and let us pay our monthly payment again like we have for 15 years. We can extend our lock-in two more weeks, at an additional cost of $300.00, and then all hope is lost. Why is BMO Harris being like this? Please help us. Sincerely, - & - - - - -