Big Bad Bank story
Here is an excerpt of an email from my mother, who is attempting to buy a house in a foreclosure sale for my sister in Texas (who will rent it back from her). Some background is that my mom has been banking with BofA for many, many years and is now totally fed up (as you will see below). And you thought Countrywide was bad! Thought some of you might appreciate the irony in all this.
The battle with BofA is ongoing. They turned me down for a loan of
$100,000, to buy a house worth $400,000, for $272,500, with my down payment
of $172,500. I would already have tons of equity in the place. HOW CRAZY
Even if I didn't even have excellent credit, no debt and assets in their
bank of over $600,000, what a stupid business decision!!!
The decision was based solely on the fact that my INCOME was not sufficient
to cover my expenses. Of course it isn't!! I have been retired for 8
years! But how do they think I maintain all three credit scores over 800,
have NO debt and have always had thousands of dollars in savings in their
bank. BofA has my home loan and the equity now is about $450,000.
Unfortunately, the economic atmosphere is so bad right now that most of the
lending institutions are using the same criteria - income ONLY! That was
the same answer I got from 3 other institutions.
The real irony is that any job could (probably will be) lost, hence NO
INCOME. But I will still have all my assets!!
Now, for the real clincher! Over Memorial Day weekend, BofA withdrew
$450.00 from my checking account, without notifying me and with no
explanation. If I had not checked my account on line, I would not even have
known about the withdrawal. When I went to the branch on Tuesday, I found
out the bank was charging me to process the loan they were not going to give
me. I am still waiting to get my money back!