Several years ago when the Charlotte, NC housing/condo market was at an all time low, I was unable to rent or sell my condo for a reasonable price or any price for that matter. My wife and I had recently bought a house nearby so this was not our primary residence so I approached Bank of America about modifying the loan to be more affordable. They refused to help and told me that the only way they could offer assistance was for me to STOP making the monthly payments. As much as I didn't want to ruin a very good credit score, I had no choice as I could not afford that mortgage in addition to our primary mortgage and other bills. Thus began the process of foreclosure as a deed-in-lieu option was declined as BOA requested an additional outlay of $10,000 cash from me in order for them to accept the deal. Had I had an extra $10,000 in cash, we wouldn't have been talking in the first place. The deed-in-lieu process dragged out over several months with numerous people taking over primary contact on the loan, all requiring a rehash of the circumstances leading up to that day.
Prior to this, my credit score was top tier and I have never missed a payment on anything in my entire life. As BOA moved forward with the foreclosure process on the condo, I was originally issued an auction/hearing date at the Mecklenburg County Courthouse sometime back in September 2009. That day came and went with the only news being that BOA didn't have all the necessary documents needed so the date was pushed out to January 2010. Here we are approaching the end of 2012 and BOA has still not completed the proceedings on the foreclosure thus keeping my credit score in the lower ranks. Had they kept their word and met the dates, my credit would be on the road to recovery and not anchored to the bottom rungs thanks to what appears to be a combination of incompetence and a lack of courtesy to a long time customer who holds multiple accounts with them.
Due to my current credit rating, we were not able to qualify for the lowest APR's on a new car loan and have a rather high APR instead. I am trying to refinance this loan now but will most likely be declined due to the foreclosure showing up on my credit report even though my long term history is immaculate. We are unable to refinance our primary mortgage on our home for the same reason.
Bank of America, please do the right thing and complete the proceedings on my foreclosure so I can rebuild my credit and provide for my family. I watch as you and other banks rake in record profits in the billions. I used to work for the bank many years ago so please take care of a long time customer, an alum and a hard-working dad who is trying to support his family.