BofA- Typo involving 80 cents nearly cost man his home
LARGO --
When Tom Mudie was approved for a mortgage modification program, he thought his foreclosure troubles were over.
Bank of America lowered his monthly payment by nearly $200. All he had to do was make the new payments — on time for three months — and the new amount would be made permanent.
But a simple error — hitting a "0" on his telephone keypad instead of an "8" — threatened not only to cancel the savings but also to cost him his home.
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The mistake meant that, in the precise calculus of the computer, Mudie broke his modification contract. He was kicked out of the program.
Banking and government officials say his story reflects a broader trend of simple mistakes with consequences that are all out of proportion, hurting homeowners' modification chances.
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"I did everything they told me to," Mudie said. "I wrote the check for 80 cents, as crazy as that sounds. I included it with my next payment. They cashed it."
But the next month, Bank of America sent back the 80 cents — plus the next payment he had made. Then a letter from the bank arrived bearing bad news:
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