Woman's mortgage modification only saves $1.61

10:49 AM, Oct 12, 2012   |    comments
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A Bank of America sign in New York's Times Square

STONE MOUNTAIN, Ga. -- Kimberly Smith was relieved to learn that she would finally get her interest rate down so she could stay in her home. 

What surprised her was that the adjustment was only a mere: $1.61. Yes, only $1.61.

Smith couldn't believe it. 

"It has to be a Halloween joke. They have got to be kidding.
$1.61?" Smith said. "I mean they wasted more on postage and FedEx than what I am getting as a reduction." 

Smith's mortgage modification program with Bank of America is through the federal Making Homes Affordable program.

In accordance with the program, modifications are based on fixed percentages of gross income. However, the fact is that Smith's salary took a nosedive as she got into the modification process.

"My job was on the line and I had to either take a pay cut or probably would not have a job," she said.

When the 11Alive Help Desk learned of her situation, they contacted Bank of America for answers.

Bank of America said her salary cut was included and under the guidelines of the federal program, the scant reduction was accurate. However, the bank has decided the revisit their original decision. 

Bank of America is already in touch with Smith to find another way to get her monthly payments way down. 

Our 11Alive Help Desk team is taking an in-depth look at the mortgage and foreclosure situation in our community.

If you are afraid of losing your home and you feel comfortable talking about it, we want to hear from you. We are working on a special project to find solutions to help our community. 

Visit the 11Alive Help Desk online and complete the mortgage and foreclosure questionnaire. 

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