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Bank of America Mortgages

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Eric of Greenville, SC February 25, 2008

We were supposed to close on a home loan on Oct 30th but were not able to because they called me that morning saying they forgot to get the house inspected. We closed on Nov 2nd, but the loan amount we agreed to more than a month earlier was lowered because they changed their minds on letting me do add-ons such as TV and refrigerator. I was given less than 24 hours notice on this. Bank of America has a close-on-time guarantee. If they don't close on time, they are supposed to make the first mortgage payment. They have ignored and delayed me on getting this done. Now they are telling me they can't do it because more than 30 days has passed since the closing and that the closing amount changed. BOA changed the amount; not me! I also submitted a letter of complaint right after the closing (much less than 30 days after the signing).

This would come to 806.05. This is the mortgage payment minus tax and insurance. We had also talked about using the 1000 from the seller to buy down the rate. When I went to sign, they also had me paying an additional 750 to buy down the rate. I may have over looked this in all the paper work, but I don't remember us ever discussing this beforehand. I am very frustrated that I cannot get any progress made on these issues in over 3 months.

Jernita of Alexandria, VA February 18, 2008

I was pre-qualified for a 295,000 loan through the use of undocumented income. My builder accepted the letter from Bank of America, and I asked me for 4425 for the earnest deposit. Well, when I went to get qualified for the loan, I was told that they no longer loans through the use of undocumented income; and now I need a co-signer. I cannot find a co-signer, and my builder wants another 4425 from me because they claim that I am in default of my contract agreement because I won't have the funds to go to settlement. So basically I am a first time home buyer who spent 8000 +, and I have no place to live because Bank of America changed the rules of the game once I invested my 4425 into my condo unit. I owe another 4425 .



David of Piedmont, OK February 11, 2008

Major mortgage problems with Bank of America. My wife and I began to build a new home in April 2006 after getting approval for a mortgage from Bank of America. My builder was very up front about the fact he didn't trust Bank of America and wanted us to switch to some of his other preferred lenders. We evaluated what they had to offer and decided Bank of America at the time was still a better option. All was well until 1 week before closing and our first Bank of America appraisal was 10K less than the actual build price. My builder again pushed for using his lenders saying he could still get the deal closed in time if we hurried, plus he trusted the appraisal would be fair. My builder was also upset that the appraiser would not use provided specs for comparison properties and found properties over 2 miles from my house location to bring the value down. I demanded Bank of America get a second appraisal that still came up short by 4K. The second appraiser would not work with my builder to help determine property values either in the area. I eventually agreed to pay the difference at closing, which was 4K, and my builder ate the cost of about 2K in upgrades we still owed to get the loan closed on time.

Of note, my house is the only one our builder has built that has under-appraised, and he's been building homes for over 25 years. According to him, it is also the only time BofA has made it to closing on one of his homes. At closing, after all papers where signed, my builder comes back to the room to notify us Bank of America won't release the funds to close the loan. After 3 hours at the title company making phone call after phone call we find out Bank of America forgot to verify the home had been completed and wouldn't release any funds until they send a rep to the property to visually verify the home was ready to move in. At this point my builder closed on 2 other properties while we waited in the waiting room for our money to get released. He even showed us the house he closed on after us and how a VA appraisal on it was for more per square foot than BofA would give us on our custom build. This house was in our same neighborhood. Finally the money came through and BofA just acted like they did us a favor and never apologized for the screw up.

Now, 14 months later, BofA wants 2400 in escrow shortage because they only calculated a vacant lot property tax into our mortgage payment last year. On top of that, our house appraised by the county assessor for within 500 of what we payed for it 5 months after closing. I to this day believe BofA pressured the appraisals to be low. Overall working with them has been a nightmare. I'll be cutting all ties with BofA as soon as possible.

At closing, cost over 4K more out of pocket due to low appraisal as well as sitting for 3 hours at title company so mistake could be fixed. 2400 now owed for escrow shortage. Increase in monthly payment by 150 if escrow shortage payed in full, or 350 if payed out over next 12 payments.

Debra of Lees Summit, MO February 9, 2008

When we were looking to purchase a house, we asked Bank of America what our payment would be if we bought this particular house. Since that was an affordable amount, we sat down signed papers and closed. They told us our payment was 1862.00 per month including taxes and insurance. Now it is February 2008, and we get a letter stating that our escrow account is severely short; and we will have to come up with the 2007 shortage of escrow, and our house payment will be going up 500.00.

We looked back at the paper work, and the mistake THEY made was that they wrote down our old property taxes on our previous house (2400.00) instead of the new house (4200.00). I feel this is very unfair. If we would have known our payment would have been so high, we probably would not have signed on this home. They also wrote the previous city on the paper work, too. Is there anything that we can do about this?

Murtadha A Khakoo of Fullerton, CA January 22, 2008

I changed my insurance specs with Farmers Insurance to include stolen jewelery. I have a mortgage with Bank of America. When the insurance with Farmers was changed, Bank of America sent me a letter to notify me that if I did not have wind insurance coverage, I would have to get their insurance (if I did not settle the discrepancy with my Farmers policy within 3 months). Their (Bank of America) insurance would cost 3981 a year. Farmers Insurance contacted Bank of America and sorted out the wind coverage with them. My Farmer's policy costs me 973 a year.

I am concerned that I would have had to pay not twice, but four times as much, to cover my house with Farmers and am troubled about the greed that a corporate company such as Bank of America has gotten into. My mortgage loan has been paid back with no missing payments, and my credit rating is excellent, so I feel Bank of America is asking too much if Farmers would have failed and had not provided a safety net for the consumer. BOA is on the hunt for consumers to pay them more if given the opportunity, rather than serving the consumer. This policy should be investigated to protect the consumer regarding Mortgage associated house insurances.

Robin of Pine, CO January 2, 2008

I purchased a home in May of 2007. Never late on a payment. Unfortunately, my husband and I did not qualify, and the house is in my son's name. We have the house on the market to sell, and currently have renters living in the home. We have always made our payments on time, but the problem is they contacted my son saying we were 3 months behind and threatened foreclosure. They said we were more than 3,000 behind. This is absolutely NOT true. I looked at the bank statements, and then on Bank of Americas website and found SEVERAL of our payments to be sitting in a FUNDS TO SUSPENSE account. The only reason I can notice is that we were making bi-weekly payments and sometimes weekly payments, but were actually paying more than what our mo. mortgage was. I'm not sure if this is legal or not and do not know how to force B of A to release my money. Any FULL payment we've made shows as Payment Applied.

My son was trying to purchase a vehicle and was turned down due to Bank of America reporting him as more than 90 days late on his mortgage payment. My understanding is that this could be reversed and his credit repaired as a Bank error.

E. Joe Holt of North Augusta, SC December 28, 2007

Bank of America misapplied payments to 3 mortgage accounts we have. It has taken my wife a solid year for the Mortgage department to finally admit they made a mistake with applying payments from a year ago. They stated they would credit all late fees, but we have not seen any type of written indication of the monetary amount of that credit or a letter of apology. Mortgage department stated they would send a letter to the credit agencies.

Damaged my credit rating to where I was unable to get refinancing on 2 separate financial transactions with my personal bank, Security Federal. Falsely reported on my credit rating that I was delinquent on payments when I was not.

Patricia of Berwyn, IL December 1, 2007

I just bought my first house one year ago. At closing I was so happy and proud until I found out later that Bank of America was paying taxes they were not supposed to pay for my property. The previous owner was responsible for paying the taxes for when he still resided there. BofA knew that. All of a sudden I received a new payment booklet from Bank of America saying my new mortgage payment was 2400.00 dollars because I owed over 8000.00 dollars worth of taxes that I was not even responsible for. They took it upon themselves to pay taxes for a property that I did not even live in. I had my lawyer step in. When I asked to meet with a representative to discuss this sloppy mess, they said, well, we are in New York city and unfortunately the individual branches cannot help, only the mortgage department can deal with this. I have missed work on account of this and am in complete emotional distress for fear that I might lose my house.

I have spoken to so many BOA mortgage reps about this and each one has a different response. They all sound like robots. I would so much like to talk to the CEO about this problem. Why should I have to request all these refunds from Cook County Treasurer's office in Chicago, Illinois? BofA made the mistake; they should remedy the situation.

Evonne of Crandall, GA September 6, 2007

We recently refinanced our home with Bank of America. We thought since we currently had our mortgage there, that it would be easier to refinance with them. We had a terrible experience.

There were about 5 different departments handling our loan. We were unable to get call backs after messages were left. They made many mistakes (re:escrow, income, debts). We were told something different every time we talked to someone different.

We had a 1-hour notice on the closing, and even then when we got to the lawyers office, some of the paper work was incorrect. We were having to call the bank from the lawyers office.

It was a terrible experience.

Thomas of Northfield, NJ August 1, 2007

I made many additional principal payments on my mortgage in order to save interest. The mortgage required PMI insurance. Federal PMI regulations state that PMI should be calculated as .5% of the previous years mortgage balance. Bank of America refused to recalculate the PMI and charged me PMI based on the original amortization schedule. As a result, my PMI payments were approximately 1 1/2% of the previous years average balance instead of the half a percent it should have been.

I paid a couple thousand dollars more for PMI than I should have.

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