bank of america tripled my payment Internet
For several years I have been making ontime payments to a Heloc - first with Greenpoint, then Countrywide, and now Bank of America. I received a notice last month that I would start making principle payments. Big deal - I was paying $150+/- per month to principle - how bad could it be? My typical payment was $360 and I would usually send $500. This week I got my first new statement, with a payment due of over $1100! I thought it was a mistake and called BoA. No mistake - this is my new payment amount, at least at the current interest rate. It could increase!
There is no way I can make this payment, and BoA won't help me until I am 30-60 days late with my payment. This is my reward for on-time payments, I guess. So, in order to get help, I have to further ruin my credit. If there was any fairness in this, my payment would have been increased a reasonable amount - even to $600, Bank of America would have continued to receive on-time payments, and I would not be stressed out and considering bankruptcy. How does this make any sense?
3 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
Disgruntled, If you.......
#4Consumer Comment
Wed, November 16, 2011
'Google' this- INDYMAC BOYS GET SWEETHEART DEAL, and watch that video on the web, you'll understand a lot more about what's really taking place in the USA, regarding foreclosures. It appears that the government is in 'kahootz' with some of the banks and the bankers, and they're both profiting on foreclosures at the expense of innocent and unsuspecting Americans, wouldn't you agree?
Then 'Google' the four following videos and watch them on the web to learn more about the mortgage/foreclosure business in the USA-
1) COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS
2) BIG BANKS RESUME FORECLOSURE PAPERWORK PBS
3) THE NEXT HOUSING SHOCK
4) ELIZABETH WARREN GRILLS GEITHNER, CRITICIZES TREASURY'S FORECLOSURE PROGRAM PBS
Make sure to 'Google' this- 9WANTS TO KNOW STARTS WEEK-LONG PUSH TO HELP HOMEOWNERS, and watch that video and read the article on the web. You can alert all of your Local T.V. Stations about what's happening with your mortgage. Maybe one of them will contact you and do a story on T.V., which could help you and others in your town. Mail a copy of your Ripoff Report by way of the Post Office, and email it, to all of the 'Investigative Reporters' at every Local T.V. Station in your city immediately.
Good luck to you!
Robert
Irvine,California,
U.S.A.
Not enough info
#4Consumer Comment
Wed, November 16, 2011
How does this make any sense?
- You didn't post enough information for it to make total sense, but your statements probably explains most of it.
I received a notice last month that I would start making principle payments.
- You probably got an "Interest Only" loan or something similar such as an ARM where for the first few years your payments were lower. After this initial period you are then subject to the new payments specified in the terms, and these are always going to be higher. If it is $1100 now, you can be pretty sure that it will readjust in another 6-12 months, and yes that adjustment will be up.
This is my reward for on-time payments
- No this is your "reward" for getting this type of loan. How good your payment history was has nothing to do with it. You are being held to the terms of the loan you agreed to several years ago.
The best thing you can do is try to refinance. This may be refinancing just the HELOC into a fixed-rate loan, or trying to roll it into your first mortgage(which again should be fixed rate). But a lot of this will depend on the balances, your credit history, as well as the equity in your house.
Robert
Irvine,California,
U.S.A.
Not enough info
#4Consumer Comment
Wed, November 16, 2011
How does this make any sense?
- You didn't post enough information for it to make total sense, but your statements probably explains most of it.
I received a notice last month that I would start making principle payments.
- You probably got an "Interest Only" loan or something similar such as an ARM where for the first few years your payments were lower.
This is my reward for on-time payments
- No this is your "reward" for getting this type of loan. How good your payment history was has nothing to do with it. You are being held to the terms of the loan you agreed to several years ago.