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Forum Post: Bank of America Lets get Capital One

Posted 1 year ago on April 19, 2013, 12:12 a.m. EST by Hardship (3)
This content is user submitted and not an official statement

capital one bank has Totally screwed my 86 year old dad over on a Adjustable rate Mortgage. The loan started 7 yrs back at %2500.00 per month, now its $5900.00

2 years back when it was 3600.00 My dad became medically ill and I started to pay his note for him. I wrote, emailed, called the corporate office explaining what is happening and he is disabled medically and cannot pay the mortgage however I can pay if they went back to the originally loan amount.

I wanted them to simple re-mod this loan and make it fixed rate. The mortage was 3 % and went up to 7%

Now 2 years later not 1 representative has called me . I made over 100 calls wrote the ceo, Went into corporate offices and nothing was done for me...

Their answer was "We don't refinance loans at this time. I haven't paid the mortgage in now 4 months and they still refuse to deal with me.

Corporate mess they want to see my dad broke

I want to start a rally to get everyone's $$ out of this bank !

please help

13 Comments

13 Comments


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[-] 2 points by Shule (1696) 1 year ago

I have a buddy in real estate who has a way of dealing with banks. He owns several houses (40+) which he rents out. He is leveraged to the hilt. He has mortgages out on all of them. He is a big customer of the local bank. So, when he suddenly stopped paying his mortgages one day, the bank naturally was a bit concerned. They did not want to simply foreclose on him, because he had a fairly large account, but of course they wanted to see the money they loaned him. They called on him, and asked him where the money was. He answered "you want something from me?"

The bank replied "Yes, we want the money you owe us."

He said" So, you you want something from me, and thus you must be willing to pay something for it."

The bank," huh?"

He went on " That is how things are done in a capitalist country, we do live in a capitalist country, if you want something you need to pay for it."

The bank " but you owe us...."

Him " but you still want something"

the bank " what do you want?"

Him " cut the interest rate in half, and I'll give you the payments."

The bank agreed.

True story.

[-] 1 points by Hardship (3) 1 year ago

What Bank did he deal with ?

[-] 1 points by Shule (1696) 1 year ago

A local bank in Virginia. He got away with it because he got the properties assessed for much higher than they were worth, and then mortgaged them to the hilt. So, that if the banks actually foreclosed on him, they would essentially be holding a bag of trash which they could never unload. If they dealt with him, at least they would get something. When the banks realized the pickle this guy put them in, they agreed to his terms.

[-] -2 points by OTP (-203) from Tampa, FL 1 year ago

Its amazing what people are capable of when they decide to stop rolling over and start getting aggressive.

[-] 1 points by Shule (1696) 1 year ago

Yes this guy is amazing. But in your case, did you ever think of simply refinancing?

[-] 1 points by Hardship (3) 1 year ago

I asked them over and over, They simply said we wont re-fi this loan. The original loan was from GreenPoint Bank and it switched over to Capital One Bank

[-] 2 points by Shule (1696) 1 year ago

I had experience with Capital One. They are a bunch of scum. All the more reason to refinance. Of course they'll say they won't refinance. What about going to another bank, and finance with them. i.e. take out a new loan with another bank, and close out the loan with Capital one?

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[-] 1 points by jrhirsch (4714) from Sun City, CA 1 year ago

Which rate is the interest change tied to?

[-] 1 points by Hardship (3) 1 year ago

They started at 3% and now its at 7% =( Im about 5 months in arrears

[-] 1 points by jrhirsch (4714) from Sun City, CA 1 year ago

Doesn't make sense. Interest rates aren't climbing, in fact dropping. Is the interest rate tied to a benchmark such as the LIBOR rate, or 11th district cost of funds? Which one? What percentage is added on top of the benchmark interest rate?

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[-] 0 points by NoMiranda (2) 1 year ago

Needs more cowbell and more information. When did these resets take place? Was this more than one loan? What was his credit like upon entering into this agreement? What state are you in?

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[-] 0 points by NoMiranda (2) 1 year ago

How is "getting" Capital One going to help you?

Did you just make this story up to agitate or are you going through this situation?

Your presentation seems kind of haphazard. Did you really make over 100 calls?

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[-] 0 points by NoMiranda (2) 1 year ago

So, then call another bank and have them re-fi it. There's many banks in the sea.