Bank Of America / breach of trust

Review updated:

This is a letter that I wrote to Brian Moynihan, President of Bank of America:

I know that Bank of America has been swamped with loan modifications due to the housing mess.   I was given a 5/1 Interest Only Loan in  2005, and made a $70, 000 down payment on the property.   Like everyone else, I was intending to refinance, but did not know about the credit default swaps and deregulation of the banks that would cause the crash in real estate.  I had no idea that I was given an improper loan.  I have owned property all my life and always trusted the decisions by the banks and mortgage companies to treat me fairly.

I started trying to get help in August of 2008, when my small RI business lost revenue after the Oct. 2008 crash.   After this, I must have sent in my tax returns and financial documents at least about 5 times.  I always faxed the documents to a different person and phone number, and was never given any confirmation that the info was received.  This was concerning, as I faxed my personal information and data, and I would like to know that the information is secure, and not have my tax returns show up in all your different offices with my TAX ID's and other sensitive information.

I have an extensive paper trail of correspondence with BOA that I wrote through your website.   During that time, I asked for the name of the person who was answering my emails, but I was never given a name or a phone number.  I pleaded just to have ONE worker assigned to my loan workout, but it never did happen, and I am continually switched from department to department in different states.   I have the same stories you have heard about all the different agents that I have spoken to during the course of this struggle to get some customer service.  I have my checking and savings with Bank of America, and went to my local branch, but no one could help me with my mortgage.  I do have an advocate that has been able to help with the credit reporting.  

I finally was contacted in Jan. 2010 and was given a special forbearance for 3 months, then placed in a trial modification in May 2010.  I was told that this would not affect my credit.  I was to make my 3 trial payments and then get the permanent papers.   During this time, I also received "Notice to Accelerate, " and was told by a worker to "throw it in the wastebasket."  I still have no decision on my modification, and in fact, BOA did report me to the credit bureaus as 120 days late, even though I have never missed a payment.  When I look at my account online, it shows that I have a past due balance of more than $7, 000.   How can that be past due if your bank agreed to the trial payments, which I have made faithfully.  

They are clearly breaching my trust with their negligence and lack of fair dealing with customers. This is on their website Code of Ethics:

Doing the Right Thing
We have the responsibility to do the right thing for our customers, shareholders, communities and one another.
Trusting and Teamwork
We succeed together, taking collective responsibility for our customers’ satisfaction. This is a quote from Mr. Moyihan:

"Trust is at the heart of what we do. Our customers and clients want to know they are doing business with a financial services company that they can trust; that all our associates will treat them fairly, communicate forthrightly, and make clear, honest and ethical decisions. Trust is crucial to the value we provide our customers, and it’s fully expressed through the combination of our Core Values and our Code of Ethics."

I am looking for an attorney to file a lawsuit against Bank of America. Please contact me.

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  • Jb
      Sep 11, 2010

    But, what you said is not true. You have no idea if I " blow money like sand." Bank are doing all they can to confuse, extort, and pocket every last penny from its customers, after taking all the bailout money provided by taxpapers to bail them out from their corrupt practices.
    With a name like Stealth Pilot, you must be paid by Bank of America.

    0 Votes
  • Jb
      Sep 11, 2010

    Your comments display your ignorance. Just because I put 70k down, doesn't mean I make more money than you. (from the sound of you, you don't make much, however). Maybe I wanted to put that money down to keep my payment at an affordable level so I wouldn't be in this situation. You are blaming the mortgage crisis on individuals, when in reality, it was the banks and mortgage companies that caused this crisis in real estate through their risky deals like the credit default swaps, deregulation, and predatory lending. Because of this, your savings isn't going to be worth much either when we have a currency crisis. Go do your research so you can make educated comments.

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