Boa Trying To Steal My Home

My wife & I refinanced our mortgage over 4 years ago, and decided to go with BOA, rate was good 30yr FIXED, and the process seemed simplified compared to other banks. At that time we opted NOT to escrow our taxes and insurance since we would get a discount on them if we paid earlier than the bank would. That cost us $200.00 dollars at closing. Money we would recoup the first year in savings. Fast forward 4 years I get a new payment book in the mail and to my shock and horror, my mortgage payment had gone up over $500.00 per month. My wife tried to call BOA and it took over an hour to be able to speak with someone inside the United States. then after explaining her story to no less than 3 "supervisors" we were told that the bank has decided that they would be paying our taxes, and insurance for us (forgetting the signed contract we had) and went ahead and did so. and to repay them for doing us this favor we needed to 1) send them a check for $1,300.00, and continue making the unaffordable mortgage payment. my wife told them that it was ridiculous, and until the matter was resolved we would only be paying our normal mortgage payment she was told " If you only pay that much after 120 days you will be in default, and we WILL FORECLOSE ON YOU AND TAKE YOUR HOUSE! We could not believe this especially after BOA has received such bad press here in Florida for foreclosing on a home that had no mortgage see  http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632 Ther person on the phone was not even concerned at this. We have alerted the local Media, and are planning on hiring an attorney, but in the mean time we are closing out all our accounts with them, and urging our friends to do the same. 

damyanky damyanky
46-50, M
1 Response Mar 6, 2010

Hang in there. It can take over a year to foreclose on your home and right before they do, file for chapter 7 / 13 for protection and that delay foreclosure at least another 6 to 10 months. You have a good year to 2 before they take your house! Document everything and record next time you talk to the bank! Good luck......