Tell B of A They Can't Lie and Ruin Peoples' Credit
  • Petitioned Brian T. Moynihan

This petition was delivered to:

President, CEO and Director
Brian T. Moynihan

Tell B of A They Can't Lie and Ruin Peoples' Credit

    1. Sara Olsen
    2. Petition by

      Sara Olsen

      San Francisco, CA

B of A flat lied.

Sara Olsen applied in 2010 for a "Making Homes Affordable" loan modification from Bank of America. They told her it would not affect her credit if she made the trial payment amounts instead of full payment amounts, so she did so. They did not made a decision for 6 months, throughout which they told her it would not hit her credit if she made trial payment amounts. When they finally did reject her modification after 6 months, she immediately began making full monthly payments again, but it was then that they told her that in fact months 4-6 of the trial period would now be counted as late, and would in fact be reported to her credit history.

They told her they were continuing to review her application for an in-house modification and maybe at the end of that they'd be able to repair her credit. But in fact they have not reviewed her file since September 2010. Now due to those "late" payments, not only can she not apply anywhere else to refinance the loan, she can't even get a car loan.

She has been very consistent on all credit payments, with only one single 30-day late payment in 2005. But her ability to get credit is shot because of these all-important "lates" on her mortgage which she was tricked into by B of A's incompetence and lies. She's trapped with B of A!

Recent signatures

    News

    1. Long list of unbelievable B of A complaints at Consumer Affairs site

      Sara Olsen
      Petition Organizer

      B of A has done much harm with at best criminally incompetent handling of mortgage modifications and at worst intentionally dishonest handilng. At this Consumer Affairs site you can see the many instances- we must hold them accountable and we can only do it together!

    2. Moyers on How Wall Street Occupied America

      Sara Olsen
      Petition Organizer

      Basically we built this machine that generates wealth but becomes increasingly unaccountable for its impact and proactive in serving its own self-interest at the expense of the common good. A whole lot of us are living proof.

    3. Lone sailor stands up to teargas at #OWS Oakland

      Sara Olsen
      Petition Organizer

      He holds a copy of the US Constitution. What a brave inspiration!

    4. Reached 50 signatures
    5. New Fees Prompt Bank Calls for Divestment

      Sara Olsen
      Petition Organizer

      On KQED's Forum last week, a discussion of bank fees and frustrations

    6. Reached 25 signatures
    7. Bank Transfer Day: A Protest With Your Money

      Sara Olsen
      Petition Organizer

      Tired of the big banks bullying us with impunity? Take back your money and put it with a group that cares about, and is accountable to, the community.

    8. Thank you so much!

      Sara Olsen
      Petition Organizer

      Thank you so much for supporting this petition! When we band together the banks and the government will not be able to get away with screwing people over!

      If you know anybody who's gotten a raw deal and has no way to get the banks to pay attention, please forward this petition to them and invite them to sign. Thank you!

      Sara

    9. Reached 5 signatures

    Supporters

    Reasons for signing

    • Eric Winberg WALNUT COVE, NC
      • almost 3 years ago

      This is what they told me when I initially asked for a simple 3 month extension which they lady said would not affect my credit and I could simply resume payments after 3 months with the 3 months added to the end. after about a month I received a packet to fill out for the "Making Homes Affordable Plan" and when I called representative He informed me that this wasn't true and a mistake and if I didn't qualify I would owe back monies in full. I have since started the application with nothing but they need more information. I spoke with a counselor listed under making homes affordable .gov and they informed me unemployment doesn't count as income in this process. I then called my representative with Bank Of America and he wouldn't really answer the question. I also found out that I have been put into Foreclosure. I have not received the notice outlining this although they say I have as per the state law. I requested a reinstatement amount and was given the Law Firms name and number to call to see what their fees will be. Interesting enough they told me I shouldn't have been given their number but they did tell me they haven't started work yet but I should call BOA to make sure they haven't added the fees. It will be interesting to find out. BOA has to be stopped of the disrespectful ways they are doing people. Half Truths is all it is and down and out LIES. I have read so many blogs regarding this practice by BOA. How are they allowed to do this? I do not want a free house just a fair reduction or extended loan terms.

      REPORT THIS COMMENT:
    • J F RAMONA, CA
      • almost 3 years ago
      REPORT THIS COMMENT:
    • Kristiane Chappell VALLEY CENTER, CA
      • almost 3 years ago

      We have similar issues with my mother, she is now on a fixed income due to disability and her lender is refusing to work with us for programs to keep her in her home. Banks have the option to do the right thing, they choose not to. Good luck to you.

      http://www.change.org/petitions/lemar-wooley-fmc-to-participate-in-the-hardest-hit-fund

      REPORT THIS COMMENT:
    • Allen Tucker SPANAWAY, WA
      • almost 3 years ago

      I had an MHA Modification approved by Bank of America in April 2011 after 9 "Trial" payments, startinig June 2010. I went to my Credit Union to see about getting pre- approved for a car loan. The Loan Officer said "Everything looks OK on your credit report...except the EIGHT late payments on your mortgage". I knew nothing about this until October 2011, because I don't apply for credit very often, at all. Bank of America counted every "Trial" payment as late, from June 2010, through January 2011! I called B of A, and dealt with 3 very rude people who worked in the "Credit Reporting Department". The next day, I talked to a Rep that stated that the payments should have never been reported as late, and that a correction was being sent to the credit bureaus. That could take "60 to 90 days". Not if I can help it! I contacted my Congressman, and they have a formal inquiry posted with the "Department of the Treasury, Office of the Comptroller of the Currency (OCC)". In fact, the official Government MHA website states the following (copied from the MHA website):

      "Each month, servicers must describe to the credit reporting agencies the exact status of each mortgage. If you are current with your mortgage payments prior to the trial period and you make each trial period payment on time, your servicer must report you as current and also identify the loan as “modified under federal government plan.”

      If you are delinquent (at least 30 days past the due date) prior to the trial period and the reduced payments do not bring the account current, your servicer must report the level of delinquency and also identify the loan as “modified under federal government plan.”

      Bank of America obviously does not train their employees on what the Government rules are...

      Sarah should go to the MHA website, and read the FAQ's that are posted: http://www.makinghomeaffordable.gov/faqs/homeowner-faqs/Pages/default.aspx

      B of A should not have told her to make the trial payments, and then not follow through with the modification. They have to determine if you are eligible FIRST, then if the trialpaymen ts are made ON TIME, they are supposed to issue modification documents. Read through the FAQ's I posted, and you will probably see that B of A was wrong from the start. The way I read it, if the trial payments are made on time, B of A is *supposed* to follow through with the modification. I also recommend taking the time to contact your Congressman.

      REPORT THIS COMMENT:
    • James Argo SAN FRANCISCO, CA
      • almost 3 years ago

      I am signing because I am Sarah's Mortgage Broker since 2007 and what she is saying is true. She followed the BofA Loan Mod instructions and in doing so eliminated herself from being able to get a normal refinance when BofA didn't come through. They should not be allowed to lead people down a wasteful and damaging path.

      REPORT THIS COMMENT:

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