I received a call a few days ago from a CalPERS-covered public employee in the area who said he is having trouble getting Bank of America to refinance him under the Obama Program.
He has a mortgage through CalPERS that was made by then-Countrywide and now Bank of America. He meets the Making Home Affordable criteria of being less than 25 percent underwater, but says BofA is telling him that there's a hitch with the CalPERS involvement that blocks the bank from refinancing him.
He says CalPERS tells him it shouldn't be an obstacle. But BofA says it is. And it's been months - unsuccessfully - trying to get the bank to move on a refi. He's worried, obviously, that if it takes much longer he WILL be more than 25 percent underwater.
The guy said he's heard that he's not alone in this hitch. There might be lots of others.
I am fishing here to see if that might be true. Does this sound familiar? Have you had the same experience?
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "report abuse" button to notify the moderators. Responding to the comment will only encourage bad behavior.
Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
Do not attack other users; focus your comments on issues, not individuals.
Stay on topic. Only post comments relevant to the article at hand. If you want to discuss an issue with a specific user, click on his profile name and send him a direct message.
Do not copy and paste outside material into the comment box.
Don't repeat the same comment over and over. We heard you the first time.
Do not use the commenting system for advertising. That's spam and it isn't allowed.
Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "report abuse" button to submit those comments for moderator review. You also may notify us via email at firstname.lastname@example.org. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them, but you may ask our staff to retract one of your comments by sending an email to email@example.com. Again, make sure you note the headline on which the comment is made and tell us your profile name.