Sharon and James Bullington of New Port Richey, FL had made arrangements with Bank Of America to modify their mortgage on their home, cutting their monthly payments from $1,400 to $916.
Being diligent about sending her mortgage payment she mailed a check on Dec 23, 2010, a week early, which turned out to be a big mistake.
Why? By sending in the payment prior to it’s due date of January 1, Bank Of America invalidated the mortgage modificati0n agreement, and began foreclosure proceedings. Sounds totally ludicrous doesn’t it? Well it happened.
Stunned by the bank’s actions Bullington contacted CEO and president Brian T. Moynihan and was told the foreclosure process could not be stopped. Only after intervention by a Florida legislator did the bank listen to reason.
In August Bank Of America issued a statement admitting it made “made an error in posting” one of the Bullington’s mortgage payments. They reimbursed the couple for legal fess and waived late fees that were imposed.
Is it any wonder that the foreclosure picture gets bleaker all the time.
By the way it was reported today that mortgage delinquent notices were up 14% in September. I hope nobody sends in an early payment.
