Imagine traveling to your vacation home and finding that your locks had been changed and your belongings removed. Think it couldn’t happen, think again. That is exactly what happened to Mimi Ash when she visited her mountain retreat in Truckee, California. They took all of her belongings including her pictures and her husband’s ashes. Could this be the work or robbers? In a sense yes; the culprit in this instance was her mortgage holder, Bank of America.
Scenarios like these are happening all over the country, in some instances the consumer is behind in their payments and the banks illegally foreclose, but there have been instances when the property has been paid in full and the bank has still gone in, changed the locks, removed belongings and shut off electricity.
According to the National Association of Consumer Advocates “Every day, smaller wrongs happen to people trying to save their homes: being charged the wrong amount of money, being wrongly denied a loan modification, being asked to hand over documents four or five times.” I know this for a fact, because it has happened to me. We were denied a loan modification by Chase Bank. I have all of the documentation and I plan on writing a book about my experiences.
The gist of it is that the banks earn an enormous amount of profit by loaning money and they want to have “bad” loans so they can off-set the money they earned. In my opinion most of the banks out there are not much better than a petty thief that picks your pocket on the street. The bailout of 2 years ago established that while some of these banks were crying “poor mouth” they took the TARP money and used it to pay bonuses to a lot of executives who make enormous salaries to begin with. And yes, you can argue that they have no responsiblity to help you with your finances, but the bottom line is they have a responsibility to be human beings.