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?
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