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  #1  
Old 06-22-2011, 08:48 PM
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Man Sues Bank of America

Man Sues Bank of America, Wants To Send a Message

Updated: Wednesday, 22 Jun 2011, 6:32 PM CDT
Published : Wednesday, 22 Jun 2011, 6:32 PM CDT

* ISIAH CAREY

ISIAH CAREY
Reporter

HOUSTON - Owning a house was supposed to be the American Dream, but Long Nguyen says it has turned into a real American nightmare.

"It was sad and then frustrating and I don't know what to say, it's unbelievable," Nguyen said.

== The Original Plan … ==

Nguyen refinanced his Tomball home through Bank of America in 2001.

"Previously we had a 30-year mortgage loan, but then we go to Bank of America and we refinance the house for the 15-year loan," he said.

He was scheduled to pay $643 bi-monthly on his $130,000 loan to refinance, according to court documents. That would have paid off his house by 2016.

To ensure there was no interruption in payments, he also signed up for Bank of America's automatic withdrawal service. The bank would take the money out of his account twice a month on the due date.

== Goes Horribly Awry ==

Apparently, that did not happen.

"What they did is they intentionally, whatever the reason, is they withdrew the money, the funds, from our checking account 2, 3, 4 days after the due date even though we have money in the account,” he said.

Why is that important? Nguyen had a simple interest account: every time the money is not deducted on the due date, more of his payment goes to interest rather than principle.

Court records show Bank of America’s alleged stunt cost Nguyen $9,000. That’s why he filed the lawsuit.

"If the money was available and the terms said that the money should've been taken out of the account, he is being charged extra interest here which appears to be unfair," accountant Bob Martin said.

== New Issues Discovered ==

Nguyen says he has uncovered more issues with his loan after receiving a new interest rate.

Financial records show he was hit with new terms like owing the bank an additional $137,000 on the original $130,000 loan.

Nguyen said he was never notified of these new terms. As a result, his payoff date went from 2016 to 2029.

Bank of America tried to settle with Nguyen, offering him his house free and clear, according to court documents. He rejected it.

"I feel like Bank of America has done something real wrong to me and maybe to the public, so I want to send a clear message to everybody," he said.

== Sending a Clear Message ==

Nguyen has hired a new attorney: Tammy Tran . He's hoping she will find others who may have encountered the same type of accounting.

"He wanted to send a message to the community and to help a lot of people who are not aware of the problem that they may have," Tran said.

Bank of America issued the following statement:

“Because we consider customer relationships to be confidential and this is active litigation, we cannot comment on the specifics of this issue. Mr. Nguyen is a valued customer, and we have been working with him to resolve what is a very fact-specific dispute.”

Read more: http://www.myfoxhouston.com/dpp/news...#ixzz1Pxw1pEwg

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  #2  
Old 06-22-2011, 10:10 PM
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Re: Man Sues Bank of America

So, now he still has the loan and attorneys' fees. Perhaps he should have taken the house and run.

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Old 06-22-2011, 11:54 PM
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Re: Man Sues Bank of America

this doesn't surprise me at all. banks are dirty as hell

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Old 06-22-2011, 11:56 PM
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Re: Man Sues Bank of America

Crooked-ass mortgages... you end up paying AT LEAST double what the original sale price of your house... usually triple after all is said and done... PLUS for the first 20% you must pay "MORTGAGE INSURANCE".
The idea behind the 'insurance' is that you pay the bank ~$100/month in 'Insurance' just in case you aren't able to make the payment to them. YOU pay THEM to take out insurance on YOUR loan. System is fucking crooked as fuck... also the business of "closing costs" is fucking outragious... thanks to the Obama administration you can't even refinance a house without paying 'closing costs' AGAIN (another $5-10k depending on the value of your house) so the average person who's trying to get there payment down a point or two to drop their monthly payment a hundred bucks or two can't afford to refinance anymore... thanks for the 'Change'.

Fuck Mortgages.

If i ever lose the job i have now, i'm going to throw the most awesome party in the history of my town, TRASH my fucking house, and let the bank have it back... i won't need it.... i'll be out on the road riding my bike and all my valuable's will be in a storage unit under my parent's name.

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Old 06-22-2011, 11:57 PM
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Re: Man Sues Bank of America

PS: Friend of mine used to work for BoA... crooked-ass bank to say the least.

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but they get all fucking fat and useless.
i'm not sure i'd have the patience to deal with an aging pig.
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Old 06-23-2011, 12:02 AM
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Re: Man Sues Bank of America

The banking system never ceases to amaze or disgust me.

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Old 06-23-2011, 12:12 AM
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Re: Man Sues Bank of America

Ok first off the name Long Nguyen is pronounced Long Wing, which is pretty funny. Second, i hope he wins and sticks it up their dodgey arses.....and breaks it off sideways into them.

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Old 06-23-2011, 08:13 AM
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Re: Man Sues Bank of America

Quote:
Originally Posted by rapeWhistle View Post
PS: Friend of mine used to work for BoA... crooked-ass bank to say the least.
Aren't they all.
In the mean time they get higher bonusses.

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Old 06-23-2011, 02:01 PM
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Re: Man Sues Bank of America

VIVA LA BANKS!

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Old 06-23-2011, 06:15 PM
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Re: Man Sues Bank of America

Wells Fargo has a few class action lawsuits pending.

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