Vicky Aase is a grandmother and small business-owner in Southern California. When the economic downturn hit, she was forced to choose between drawing a salary or laying off her employees. She chose not to draw a salary -- and hasn't since 2008.
More than 2 years ago, Vicky sought a loan modification from Bank of America, who owns her mortgage. She spent weeks being shuffled from representative to representative, submitting the same paperwork over and over again. The bank finally said that she qualified for a loan modification, and asked her to begin making reduced payments for an 11-month trial period, promising that after proving she could make the payments, they would become permanently reduced.
But after the making on-time payments for 11 months, Bank of America told Vicky that her they wouldn't authorize a modification. Worse, they tacked multiple penalties and fees onto her principle balance -- increasing her mortgage by $26,000 and bringing her monthly payments higher than they were when she first sought the modification.
Vicky followed the rules, did everything she was asked -- and now she's getting punished for it. The bank has initiated foreclosure proceedings on her home, and a foreclosure auction could begin in as little as 90 days.
Vicky is far from the only homeowner who faces these challenges. Every day, big banks give thousands of homeowners the runaround, refusing to grant them a single point of contact and sowing confusion. They don't need special favors -- they just need a fair break.
Bank of America just posted record profits while refusing to treat homeowners like Vicky with the fairness these folks deserve. Let them know you won't stand for that.
Send a letter to Bank of America demanding that they stop the foreclosure on Vicky Aase's home and work with her to modify her mortgage payments.