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Letter: Homeowners suffer for banks’ mistakes

Homeowners suffer for banks’ mistakes

I am deeply offended by an article I read in The News, “Land bank gets $500,000 from Bank of America pact.”

I find it insensitive, to say the least, because I am one of the homeowners that Bank of America hurt during its unfair modification process that put my home into foreclosure. I was and am a responsible homeowner, but due to my own personal hardship of divorce and single parenting, I found it hard financially to keep up with my mortgage payment. Not to mention this also happened during one of the biggest housing market fiascoes in history that the banks themselves created.

Banks received a bailout from the government with the promise of helping homeowners like me. Instead I got snowballed. I qualified for the modification and was told to make three payments at the new lower rate, and when I finished with the third one, my mortgage would be locked in at that rate. For me it was much more manageable. But when I went to pay my third and final payment, Bank of America sold my mortgage to another bank, which told me I had to start the process over, and nothing was guaranteed. After months of dropped calls, lost paperwork and jumping through hoops, my home went into foreclosure.

Now a few years later, I read that Bank of America donated $500,000 to the Buffalo Erie Niagara Land Improvement Corp., but that the unrestricted funds come from a 2015 settlement between the Department of Justice and Bank of America with a recommendation from the state Attorney General’s Office. With my home still in foreclosure and up for auction, my question is: “What happened to my help?” I was extremely aggressive in trying to save my home, and it fell upon deaf ears.

I was a responsible homeowner kicked to the curb by irresponsible banks, and for that I am offended.

Lisa Osika

Hamburg