HOUSTON - Owning a house was supposed to be the American Dream, but Long Nguyen says it has turned into a real American nightmare.
"It was sad and then frustrating and I don't know what to say, it's unbelievable," Nguyen said.
== The Original Plan … ==
Nguyen refinanced his Tomball home through Bank of America in 2001.
"Previously we had a 30-year mortgage loan, but then we go to Bank of America and we refinance the house for the 15-year loan," he said.
He was scheduled to pay $643 bi-monthly on his $130,000 loan to refinance, according to court documents. That would have paid off his house by 2016.
To ensure there was no interruption in payments, he also signed up for Bank of America's automatic withdrawal service. The bank would take the money out of his account twice a month on the due date.
== Goes Horribly Awry ==
Apparently, that did not happen.
"What they did is they intentionally, whatever the reason, is they withdrew the money, the funds, from our checking account 2, 3, 4 days after the due date even though we have money in the account,” he said.
Why is that important? Nguyen had a simple interest account: every time the money is not deducted on the due date, more of his payment goes to interest rather than principle.
Court records show Bank of America’s alleged stunt cost Nguyen $9,000. That’s why he filed the lawsuit.
Read more: http://www.myfoxhouston.com/dpp/news/local/110622-man-sues-bank-of-america-wants-to-send-a-message#ixzz1Q4NYIhbv
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