Minnesota homeowner in limbo after bank error

  • Article by: ALEJANDRA MATOS , Star Tribune
  • Updated: October 14, 2013 - 10:31 AM

Ice Demmings dumps his garbage in his sister’s trash bin because he can’t afford to pay for trash pickup. He sometimes does his “grocery shopping” at his mother’s home, going through her fridge and pantry. These are some of the changes he said he’s had to make because a two-year fight against foreclosure has wrecked his finances.

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HuskyLoverOct. 12, 13 5:23 PM

Bank of America is absolutely the worst mortgager holder in history. They don't care anything about how they mess with people's lives. We took our mortgage elsewhere 2 years ago after dealing with crap from Bank of America. We're much better off for it!

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DufferHOct. 12, 13 5:46 PM

One of both of the parties is obviously not telling the whole story.

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love101Oct. 12, 13 7:49 PM

Typically awful actions by a big bank. No wonder we have a foreclosure crisis in America.

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mmediaOct. 12, 13 8:32 PM

"One of both of the parties is obviously not telling the whole story." __I'm sooooooo sure Demmings has hoodwinked the reporter. (not, sarc, ironic whatever)

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morenews0013Oct. 12, 13 8:59 PM

I've heard so many terrible things about Bank of America. This has gone especially bad, but it fits the recurring profile of incompetent employees just saying anything to move the person off the phone--then nobody takes repsonsibility. I hope when this man finishes his education he'll find an good job and eventually an refinance with a decent lender. Meanwhile, forewarned: DON'T deal with Bank of America if it can be helped. (I recommend locally based, smaller banks --you can find a human being to talk with if there are problems and they are often small enough that "wasn't me" never works when it comes time to take responsibility for a mistake.

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rangesonOct. 12, 13 9:39 PM

It's nice to recommend small, local banks, but keep in mind, most of them sell off the mortgage too. I know from personal experience that we have been bought and sold 4 times, and now Citimortgage is our loan holder. Small bank means nothing.

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edinawaterOct. 12, 13 9:54 PM

One of my co-workers had endless trouble with Bank of America. He had set things up so they would automatically withdraw each months' payment from his checking account. Every month, they did it wrong. Every month he would call them to correct the issue. Each time, they said they corrected the issue but they initiated foreclosure proceedings anyway. Eventually, they would get things straightened out. Then the cycle would repeat. After several cycles of that he liquidated his investments and paid off his mortgage. He was lucky he had the means to do that. I'm sure BoA has hurt other people a great deal more.

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sfod93Oct. 13, 13 3:42 AM

We've had no issues with USB. We agreed on a contract. I uphold my end by making the agreed upon payments. No problem.

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Kathy_BrandtOct. 13, 13 7:07 AM

We bought a house we could afford, in a community we could afford. We took out a 15 year loan and paid it off in 7. We made double payments many months when we could and never, never, never missed a payment. We never refinanced or sought to "lower our interest rates." Just before the housing bubble burst, we still owed about $20,000 on our house. I had a gut level feeling that something (didn't know what) was about to go terribly wrong, and we needed to get the house paid off ASAP. My husband and I borrowed the final amount from our boys' college funds, and then directed those automatic payments that we had been making to the bank into repaying their college savings accounts. We figured it was a win/win for all of us. We got the house paid off, their college savings were only making about 2.5% interest while we were paying 6.5% on the mortgage. We paid the boys the same 6.5% we had been paying the bank, so they came out ahead as well. I think it was less than a year later the housing bubble burst and people (even people whose mortgages were in good shape) started losing their homes. Thank heavens for "gut level feelings."

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Pelican54Oct. 13, 13 7:37 AM

Small town/local banks are still the way to go. They will still do "in house" loans that they won't sell. Pick a smaller bank and develop a relationship with your banker and the other employees there. It's worth the little inconvenience of having to go to the bank versus having the bank come to you. You'll be a lot better off-and happier- in the long run.

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