I am providing a copy of the letter I had sent to the Federal Regulators and the Government Office of the Comptroller with regard to the Independent Foreclosure Review. I feel I'm a victim of the economy from approximately 2003 when I bought my home to now. Please read my complaint:
I received a check in the amount of $500.00 as a result of the Independent Foreclosure Review. I have to say, I was extremely disappointed. Bank of America had put me through hell with their dysfunction! I had a credit rating of 750, I work for the State of California. I went through a divorce and bought an over priced house due to the housing market being so outrageous. I HAD to buy a house where I felt safe being alone, so I bought at a price never expecting Governor Schwartzenegger to impliment a 15% pay cut due to the economy. I tried so hard to work with B of A, but it was impossible. Everytime I called I got someone different, and had to re-explain everything because they didn't document the calls, I even had a broker helping me try to save my house, we had a three way phone call and still B of A procrastinated so bad that the program I qualified under had expired and B of A was still so dysfunctional, they couldn't pick up from where they left off. I was trying to work at the same time, there were times I was on hold for over 20 minutes. I could go on and on. To receive a payment of $500.00 as a result of the "Independent Foreclosure Review" from a home I had to walk away from, a home that I put $60,000 down on and $25,000 in improvements is so heartbreaking! I now live in a mobile home in a mobile home park in the most crime riddled area of South Sacramento. My credit is ruined, I'm paying $720.00 per month on a Chapter 13 for another 3 years and it was determined that $500.00 would suffice, REALLY??? How much money does B of A have in offshore accounts? If I had know financial institutions can get away with that, I would have considered something not so ethical with my money. I really hope that my compensation is reconsidered. I'm an honest citizen trying to do the right thing, that $500.00 will barely buy food for the month. I hope will at the very least respond. I am definitely considering publicizing this issue.
How complaint can be satisfactorily addressed?
First and foremost with a response, then will reconsideration to my measley compensation.
KCRA - I know there are others who feel they've been unfairly compensated for their losses, losses that are even greater than mine. My sister is an attorney who works with people who went through foreclosures and lost it all, and the horror stories about the financial institutions dysfunction in all this is heartbreaking.
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