Tuesday, January 29, 2013

Bank of America's Moving Target Strikes Again

Earlier this month I wrote about how Bank of America is demanding that I hit the bulls eye on their moving target or they will initiate foreclosure actions against me.  I have concluded that they are using a moving target because the amount that they demanded that I pay before January 26th kept changing.  Clearly they have been assessing unknown and unexplained fees on me apparently every 1.5 - 2 weeks.  I've tried to get a simple explanation for this but Bank of America has made that nearly impossible.

So as I reported in my January 10th blog posting, I sent a payment for $1,046.20 on that day.  At the time that I made that payment, the last demand from Bank of America was for me to pay that exact amount by January 26th.  Again, as I've already reported, I tried calling Bank of America that same day to 100% confirm that amount but I never got an answered phone call from any of the alleged account managers or their supposed supervisors.  So I sent the exact drop dead amount that was listed on their last notice to me.

Today I received two notices from Bank of America.

The first informed me that I apparently now have an entirely new "account manager".  The name listed on the letter is in fact the same name listed in the email that I openly posted on this blog on January 17th.  Time will tell if this change makes a single difference.

The second notice, (dated January 14th), that I received today from Bank of America acknowledged that they had in fact received the aforementioned $1,046.20 payment that I sent on January 10th.  Even though that was the last amount that they were demanding by January 26th, this new notice essentially says that the payment was not good enough.   They apparently have now added my (current) January payment plus associated fees onto the ultimate amount that was due by their January 26th deadline.  They did this without any warning or explanation. Again changing the rules, moving the target or pick whatever other expression that you prefer.

Below I've listed their conclusion on the notice that I received today.  I'm breaking it into two pieces to highlight the absurdity inherent in it.
"We previously sent a notice informing you of the amount needed to reinstate your loan."
Yes they sent me two notices listing the amount needed to reinstate my loan.  The first one was dated December 17th and listed that amount as $1,961.03.  The second (and last) such notice that I received was dated December 26th and it listed that amount as $1,046.20.

Since I received the first "Notice of Intent to Accelerate and Foreclose"up until my payment sent on January 10th I have paid a grand total of  $1,994.82.  No matter what way you slice it I HAVE PAID THE "AMOUNT NEEDED TO REINSTATE..." my loan based on both of their own notices.

"The acceleration date of January 26, 2013 provided on that notice remains in effect. If the amount due is not received by the specified acceleration date, foreclosure proceedings may begin or continue."
Apparently because they have now decided to change that amount (again) to include THE CURRENT MONTH'S PAYMENT, apparently I'm still in danger of foreclosure. Never mind the fact that they chose to send this to me so that it arrived AFTER THEIR OWN DEADLINE WAS PASSED.  If they insist on continually moving the target, the least that they could do is notify me of that fact before their self imposed deadline.

BTW - Has anyone ever heard of a bank threatening to foreclose because the current month's payment has not been made yet?

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