Got a Bank of America Mortgage?

[kodiaklbd]

Are you stuck in a home with negative equity and a Bank of America mortgage you can't refinance? If so, you're not alone. Thousands of B of A customers don't qualify for mortgage refinances under B of A's very limited refinance options for homes with negative equity. That's why I created a petition on Change.org.

Join me in telling the President & CEO of B of A, Brian Moynihan, that it's time for B of A to step up and offer refinance solutions that really work. It's time they helped people before foreclosure becomes an option.
The name of the petition is: "President & CEO, Bank of America (Brian T. Moynihan): Tell Bank of America: Expand Mortgage Refinance Options".

To read more about what I'm trying to do and to sign my petition, go to:
http://www.change.org/petitions/pre...rtgage-refinance-options?share_id=IaVXwWoLGc&

It'll just take a minute!

Once you're done, please ask your friends to sign the petition as well. Grassroots movements succeed because people like you are willing to spread the word!

 

[aps45819]

or you could be a responsible adult and abide by the terms of the contract you willingly signed.

 

[kodiaklbd]

Wow...nasty remarks when you haven't read the petition. The options being presented in the petition are not for people who have stopped paying on their loans. They are for people who need a better mortgage situation than what they're in. The goal of the petition is to help customers BEFORE they default on their loans. B of A is behind the curve. Many financial institutions are offering refinance programs to their customers without regard to negative equity b/c they realize it's the right thing to do to get people out of mortgages with balloon payments or adjustable rates. Instead of being nasty, try doing your part to make the world a little better.

 

[Rommey]

Many financial institutions are offering refinance programs to their customers without regard to negative equity b/c they realize it's the right thing to do to get people out of mortgages with balloon payments or adjustable rates. Instead of being nasty, try doing your part to make the world a little better.

Right thing to do? According to who?
The right thing to do is to only get a mortgage that you can afford and know that the "A" in ARM means adjustable, meaning there is the possibility that the rate could go up. If you can't live by the terms then don't get the mortgage.

BTW, being underwater in a mortgage is no reason to refi.

 

[aps45819]

try doing your part to make the world a little better.

I am.

 

[Baja28]

I was pretty sure this thread wasn't going to go the way he wanted...

 

[kodiaklbd]

WOW -- certainly lots of arrogant individuals here who have never had circumstances in their lives change. I would have expected 24/7 single dad to at least have understood that fact. Either way, no worries. Don't agree w/ the petition, don't sign it.

 

[Dupontster]

I had spam for breakfast....

 

[GWguy]

If B of A is the problem, refi with someone else that can give you better terms. :shrug: You don't have to refi with the mortgage company you currently have. No better way to harm B of A than by taking away some of their business.

If you can't get better terms with someone else, well.... tells you something, doesn't it?

 

[Rommey]

WOW -- certainly lots of arrogant individuals here who have never had circumstances in their lives change.

And there are a lot of ignorant individuals that got into mortgages they couldn't afford. Even if their circumstances remained constant, and the only change is that their ARM rate goes up, they feel slighted because they need to pay more, so it must be someone else's fault for them being in the situation they are in.

 

[aps45819]

WOW -- certainly lots of arrogant individuals here who have never had circumstances in their lives change. I would have expected 24/7 single dad to at least have understood that fact. Either way, no worries. Don't agree w/ the petition, don't sign it.

I'd like to re-fi my mortgage for a lower rate but since I got laid off from my job last year nobody seems to be interested.
Do I think the mortgage companies should be forced to change the terms of my contract? No
Am I disappointed? Yes
Sometimes life sucks

Grow a set and deal with it

If the government can force somebody to alter the terms of a legal contract in your favor, it can do the same for them. In this day of political payback for contributions, who do you think will come out ahead, you or a bank with billions in assets

 

[bcp]

Here it the way I see it.
If someone signs a mortgage for X number of dollars per month to be paid back, and the situation with their employment etc.. changes, they need to sell for what they can and move to something more in line with their income.
To refinance at a lower amount that what is owed passes on a debt to the taxpayer.
I make my payments still, others need to make theirs. Do not in anyway try to come up with some hair brained idea to transfer financial obligation from an individual to the public.

Times are tough and people lose some things.

The best bet for fixing this is to vote out a-holes like obama and his team of idiots in congress.

 

[Wenchy]

I'd like to re-fi my mortgage for a lower rate but since I got laid off from my job last year nobody seems to be interested.
Do I think the mortgage companies should be forced to change the terms of my contract? No
Am I disappointed? Yes
Sometimes life sucks

Grow a set and deal with it

If the government can force somebody to alter the terms of a legal contract in your favor, it can do the same for them. In this day of political payback for contributions, who do you think will come out ahead, you or a bank with billions in assets

I wanted to refinance from 7% to 5%. I wasn't working so they wouldn't let me even though I had "perfect" credit and enough savings to pay off the house (Not BOA) I just wanted to do the smart thing.

Here it the way I see it.
If someone signs a mortgage for X number of dollars per month to be paid back, and the situation with their employment etc.. changes, they need to sell for what they can and move to something more in line with their income.
To refinance at a lower amount that what is owed passes on a debt to the taxpayer.
I make my payments still, others need to make theirs. Do not in anyway try to come up with some hair brained idea to transfer financial obligation from an individual to the public.

Times are tough and people lose some things.

The best bet for fixing this is to vote out a-holes like obama and his team of idiots in congress.

I wanted to do a legitimate refinancing.

This country sucks.

I never had an ARM or any kind of balloon.

These people can now get off?

Again, this country sucks monkey wang.

 

[terbear1225]

I wanted to refinance from 7% to 5%. I wasn't working so they wouldn't let me even though I had "perfect" credit and enough savings to pay off the house (Not BOA) I just wanted to do the smart thing.



I wanted to do a legitimate refinancing.

This country sucks.

I never had an ARM or any kind of balloon.

These people can now get off?

Again, this country sucks monkey wang.

If you had enough savings to pay off the house, why not just pay off the house? why pay 5% on something you could have outright? it's not like you're gonna make 5% in interest having the money sit in savings.

 

[Wenchy]

If you had enough savings to pay off the house, why not just pay off the house? why pay 5% on something you could have outright? it's not like you're gonna make 5% in interest having the money sit in savings.

I needed money to pay for health insurance and food and retirement. (Nest Egg)

Perfect credit? Please. They didn't want to give me a break. Actually 15 years of on time payments and blah blah. No refinancing option.

Years later they put people in McMansions they couldn't afford.

Now, the people with the big homes get a break.