Brian C. Moynihan, CEO
Bank of America
Charlotte, North Carolina 28202
April 19, 2012
Dear Mr. Moynihan:
I have been a writer all my 71 years, twice published as a novelist, produced as a screenwriter, teleplay writer, and playwright. At one time I made too much money in Hollywood, and now I make too little in Greene County. My wife and I have struggled to make a living but we’ve made it, and raised two fine children who call our place home. We have an old farm in upstate New York that our son and his bride intend to work again. My daughter lives in Boston but is rooted here. It’s a comfort for her to know she’s always got a home. My grandchildren will be raised here. We have holy places on our mountain, special places where trees have grown, ashes have been scattered, ginseng has been found, deer have fallen. Now I’m looking at the end of all this? My life has suddenly taken on the most ghastly elements of reality TV: Bank of America has me in a death grip. It is an ironic tale, and horrifying, and has been thrust upon my family like a blitzkrieg. I am a Greene County, New York resident of more than twenty-eight years, and now I wake up every morning faced with the nightmare of losing my home. Please listen.
What follows, noted by bullets, is a summary of my situation.
· In the Summer, 2010, I applied for Home Affordable Mortgage Modification through Bank of America. B of A was not my original lender but bought my mortgage from Countrywide who bought it from the original lender shortly after it was granted. I felt somewhat swindled because I hadn’t chosen them in the first place. Nonetheless.
· I was not in trouble with my mortgage at the time of my Home Affordable Modification application, but I wanted a better interest rate. My interest rate was then at 7% and the current rate was 4%. With the exception of a single glitch many years ago when a payment was paid forward instead of backwards, I have paid my mortgage faithfully for twenty-eight plus years. My mortgage when I began the process of modification was $1,842.60/month.
· Shortly thereafter Bank of America paid my insurance and yearly taxes. I did not request this but figured I was certainly on track for a modification.
· I was approved for modification twice. Two times. The process took a year and was nerve wracking. Mistakes were made but we got through it. Except for the exorbitant balloon payment ten years hence, the modification was fine and I accepted it. It included my taxes and insurance. After years I was finally getting my finances under control.
· Was told via phone telephone call that all my documents were in place. It was on a day early in April when my usual customer relations person was off. My usual customer relations manager is Jennifer Rainey, 800 669 6650
· April 13th – Informed I was rejected due to a typographical error. While the notary had the correct date, 4-10, and it was faxed on 4-10, I had mistakenly written 8-10 instead of 4-10 under my name. My wife had no date at all under hers. Document is enclosed.
· Because of the rejection my mortgage has skyrocketed by more than $600 and will go up even further to a figure that, I was told, the bank will reject – in the neighborhood of $2,800 --which means, even if we found the means to make the payment, we won’t be approved and we will lose our home. Can it be there is no appeal for a typo?
Sir, can you believe the irony of this situation? I don’t need to tell you this is truly a waking nightmare. How does it happen that I apply for a home affordable modification, get it, and wind up losing my home when originally I was in no trouble whatsoever? My family has worked hard to stabilize our finances, and now this. Why does Bank of America need my house? You, sir, can pick up the phone and rectify this situation for me, and I pray you will do so.
You should also know that Senator Gillebrand’s (NY) and Congress Gibson’s (20th District, NY) offices have both launched investigations as has the Consumer Financial Protection Bureau, and the executive editor of Rolling Stone has passed my information to Matt Taibbi. I also intend to publish this letter on my blog. Friends will take it from there. And I do have a lawyer. Mr. Moynihan, this is simply too important to not meet the crisis head on. You’re a hard charger. You must know that!
Please, sir, make that phone call!
Respectfully
Stephen H. Foreman
shf@wildblue.net
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