A few more of these stories and people are going to take it to the streets. From Reuters:
Remember Jackie Ramos? She caused a huge stir by going public, on YouTube, with her story of working for Bank of America, which fired her for allowing customers to pay off their debts with installment loans.
Now Ramos is back, and her latest story of Bank of America is even worse. The short version: BofA started charging her extra money, on her mortgage bill, for mortgage insurance she’d never asked for. Eventually, when she found out what the charges were for, she agreed to keep on making those insurance premiums, since they would allow her to stay in her home if anything ever happened to the other person on the mortgage, her son’s father Tim.
Then, in April 2011, Tim died — and the mortgage insurance didn’t pay out. Instead, BofA foreclosed on Ramos, and she lost her house. When she tried to ask why the insurance didn’t pay out, they wouldn’t answer her questions, on the grounds that she and Tim weren’t married.
Over email, Ramos told me that the insurance in question was absolutely mortgage life insurance, over and above the standard mortgage insurance which they already were paying for from another provider. That’s what BofA explained when they agreed to keep on paying the premiums. And Ramos also passed on a tax form 1098 from Bank of America to Tim, which clearly shows that Tim had paid mortgage insurance premiums in 2011 — even as the bank is now telling Ramos that there was no mortgage insurance at all.
At the very least, this is a case of Bank of America communicating in an absolutely atrocious manner with one of its homeowners. And at worst it’s a case of BofA foreclosing on and evicting someone who should instead have had her home paid off. One can’t expect that anybody at BofA realized that the person they were talking to was that Jackie Ramos. But it’s unfortunate for them that they didn’t. Because I suspect that this video might prove just as popular as the last one — which received more than 440,000 views, at last count.
Feel bad for her circumstance, but have a hard time buying it.
The loan just switched from fixed to adjustable and she is shocked, but accepted it? Just started charging new insurance, shocked but accepted it.
If she is going to make these claims, she should upload her documents online and prove her case, then go to court, and sue them. It won’t happen because its bunk.
Wrap that story in newspaper because it smells fishy.
Is there any fact checking on this.
I totally buy it. BofA loves adding fees as profit centers. See, for example, the proposed debit card fee, which because it affected everyone and not just a small group of low income home owners, they backed down on. I would be totally happy if BofA got handed their ass on this one. Too big to fail? We’ll see.
Not enough information. Produce the docs, publish them, along with an in depth piece of writing you can call journalism.
Someone needs to fact check this story. I’m no BofA fan but these ‘facts’ smell.
Facts? Journalism? You guys must be old, that is so 1970s….
Reuters and the rest are here to entertain you, they leave the facts up to the lawyers.
You guys must be old, that is so 1970s….
Yeah, I resemble that remark, and so do you. Happy Birthday to ya!
Jim,
I’ve been following this blog and your videos for a few years now. I have great respect for your opinion.
Given the way our govt. and financial institutions work, how do you see the next 4 to 5 years going in housing (in San Diego)?
*Interrupting regular programming* for breaking news: Happy Birthday, Jim! Why don’t you take the day off from RE land and go do something memorable w/ “wifey”?
I thought of you yesterday–while driving. I was behind a red Toyota Scion and there was a large, square bright red sticker on the back left above the rear license plate.
It read: NOTICE “This sales representative driving this car is very helpful and can help you find your dream house”. I then inched closer to read the bumper sticker on the bottom left: “Your car would look hot in a (deleted name of builder) garage.”
That builder is one of the worst around here (high sq. footage, low $ per sq. foot).
*Chuckle* I think you should seriously consider getting BOTH these stickers (made to your specifications) and putting them on your (beloved) old truck. Ha! Just my 2 cents!
Now back to the best RE blog on the planet…
Good line JTR: “leave the facts up to the lawyers.”
Facts & Lawyers…HA!
We’ve left everything in this country to the lawyers.
What did I do for my birthday?
You old guys from the 1970s would like this.
I went to the shooting range and popped off 100 rounds, and we’re going to see Joe Walsh at the Belly-Up tonight.
jd,
I have my hands full today, but I will answer your question because it is a great one – and I have thoughts. By tomorrow.
“We’ve left everything in this country to the lawyers.”
And we thank you for that.
I was often worried about your safety when you entered houses in remote areas. I am glad you’re taking precautions. Remember: “When seconds count, the police are only minutes away.” I am glad I live in a “shall issue” state.
Former RB R,
Is there still a glut of attorneys?
I would think after all of the struggle in America over the last few years that the lawyer business would be brisk.
Happy Birthday, Jim!
p.s.: Thanks for the heads up, Susie!
“Is there still a glut of attorneys?
I would think after all of the struggle in America over the last few years that the lawyer business would be brisk.”
I don’t know about a glut of attorneys but there’s plenty of Law School Graduates with tons of debt.
Happy Birthday Jim!
Susie knows best.
Salutations on the anniversary of your birth.
There are a lot of attorneys. Glut is relative. There’s a glut of newly-minted ones. There’s a glut of mediocre ones. There’s few good and experienced ones.
Jim, that sounds like a fun birthday, but only 100 rounds?
“Happy Birthday Jim! Susie knows best.” – jd
Yep, I tell my kids those last three words constantly…
Your comments, Jim, re: “What did I do for my birthday?” remind me of the phone message you left me on my birthday last year. You asked that same question to me and then proceeded to explain what you thought happened to me. It was so ridiculously funny that I still haven’t deleted it. Hope you had the kind of birthday today that you will never forget. Those are the best kind!