Bank Of America is Taking My House

Like many of you I am struggling with the economy and, in particular, with keeping my home. I am a school teacher in a public school with a wife and three elementary age children. Furlough days and salary cuts combined with the economy and the collapse of the housing market have put me in a situation where I can no longer afford my mortgage payment.

Fortunately, there is a home loan modification program for which I qualify. Unfortunately Bank of America home loans is so caught up in inefficiency and corruption that they are not completing the process. A year ago I was current on my mortgage, I had a credit score in the 700’s and no other debt than my home and a car payment. I saw the writing on the wall and applied for the Making Homes Affordable program. I was told I qualified and given a trial payment to make. Each month I paid my trial payment and was told that my loan was in the review process until April when I was told that no application had ever been filed. I was re-entered into the process and given a new trial payment which I have been making. Last week I was told that I was no longer in the program because I had declined their offer. However, I never received an offer. Now I have an appeal that is pending and then it will go back into the review process.

This entire process was supposed to take 30 to 90 days (depending on which operator answers that question) and it has been almost a year. Meanwhile my credit score has plummeted and my mortgage is in default. At the very least, B of A in inefficient and disorganized, but they may be dishonest, corrupt and fraudulent. At the very least, B of A in inefficient and disorganized, but they may be dishonest, corrupt and fraudulent.

Truth be told, I already knew that about Bank of America and I did not apply for a home loan with them, but theybought my loan from another lender, so here I am. I told them they can have my house and it can sit with the other half-dozen homes on my block that have been foreclosed on that the lenders can’t sell. I hope they don’t really want it.

What did you do on your summer vacation?

For the past 13 years I have taught summer school each summer. I always hoped that someday I would not have to… that I would be in a financial situation allowing me to enjoy the summer with my family traveling or otherwise enjoying my time off. That’s not the way it went.

Elk Grove School District did not offer summer school this year because of budget cuts. Teachers’ salaries have been cut and furlough days are mandated. We have lost all of our pre-service days and we will have an additional number of days that we are being forced to take instruction away from students.

Apparently the President believes throwing more money at it will solve the problem. Another bail-out plan to “save jobs” will send money to school districts to hire back laid off teachers. It’s yet to be seen if this is a long-term fix or a band-aid, but it should be noted that none of the other bail-out plans have had the desired effect.

I spent my summer trying to sell granite and designing web pages and I have no intention of spending more than a few hours at school getting ready for the new year. It’s a feeble effort, but, truth be told, I know that the expectation is that teachers will do what they do to help students because we care and we will do it without being paid. We will teach the same with less prep time and less instructional time. I hate being taken advantage of.