Communities, not residential districts, are the fertile ground for furthering positive cultural values which makes our nation strong and helps to sustain the spirit of "One Nation...." in America. In my family's case, Bank of America (who bought Country Wide Mortgage's debt) has dealt less than genuinely in the process of a mortgage modification for our resident. Though we have been through the process several times, needing to start over the first few times because Bank of America did not clarify necessary steps after initial information intake, we have been denied a mortgage modification for our home.
After a phone conversation with one Bank of America employee I was informed that only 7% of all the attempted loan modifications actually get approved under the "Making Homes Affordable" program. Where means have been established to help homeowners retain their homes for their families it is apparent that banks like Bank of America have found loopholes to evict families and their memories from their piece of the "American Dream".
After Bank of America denied our family a loan modification they suggested that we do a Short Sell. Strangely, after suggesting to us a Short Sell Bank of America offered us a conventional modification without guarantees at a monthly payment higher than our normal payment amount which contradicts the reason we attempted a modification in the first place. Bank of America bought the debt of Country Wide Mortgage Company which included the consequences of Country Wide's bad decisions not excluding that our loan was originated as an adjustable rate loan not deserving of the existing credit score the loan was acquired with. Through and through this has been a nightmare for my family not knowing day to day when we will have to leave the home that we have made for the family to share.
Currently, Bank of America is offering our home for sale at a price that is $59,700 less than the original loan amount from 2005. This is so disheartening because rather than not help to make it possible for my family to remain by approving a manageable modification installment, thus strengthening the community bond and legacy, Bank of America is intent on ejecting my family and selling our home for much less while affecting the property value of the homes of my neighbors as well.
Please sign this petition calling for National Executive Action against banks like Bank of America who abuse the "Making Homes Affordable" program and steam roll the American Dream of families everyday "all in a day's work" style of handling the future of communities across our nation.