Bank of America
Interest-Only Loan Became Adjustable With Payment Jumping To $2052
- 12-18-2011
- 34
My mortgage was sold to Bank of America. It was a 5yr fixed rate, interest only loan payments of $850/mo. When they rec'd it, it became adjustable, the added principal and interest, escrowed taxes, wanted a buffer and the new monthly payment is $2052/mo. They refuse to speak with me, modify loan or help in anyway. They are now starting foreclosure. I have been unemployed since 1 and it seems no one can help. That is an outrageous increase for anyone and their response is we'll foreclose then.
Company: Bank of America
Country: USA