Complain about a product or service

Bank of America Mortgages

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Frank of Hillsborough, NJ August 2, 2006

We refinanced with BOA in March of 2006 and, after reporting our previous real estate taxes (which did not rise this year) were given an estimated monthly payment a little over 1700.00. We paid on time through May, June, and July, but when I went online to pay the August payment, it was reported as being around 2065.00. After checking with the Hillsborough, NJ tax assessor's office to make sure there had been no increase, I approached the Hillsborough branch of BOA. A helpful employee there contacted the mortgage department and informed me that the difference was because of the initial estimate (based upon our reporting of previous taxes, remember) was more than 300.00 short and that the bank, in accepting our 1700.00 payments, had run us about 1400.00 into escrow debt and had to reclaim the money by upping our payment. We were not informed in time of the bank's mistake and would not have been informed at all, had I not gone to the branch and had an inquiry made.

We are stuck with a 350.00 extra payment for at least a year. It won't force us into bankruptcy, but it will sure cause me to look into another refinance (vey carefully) and also open me to the possibility of switching banks.

Les And Sue Prestegard of Alpharetta, GA March 13, 2006

After being pre-qualified and paying 200 for a credit check,  we had very sporadic communications with B of A prior to closing on a home in Leesburg, FL.   We were  told that we were locked in at an interest rate of around 6.5% and there would be closing costs.  The calls continued right up to the last minute, when we were told we needed closing costs of 7500.

Just prior to the closing, we were informed that closing costs would now be 8000, and that some things they had "just" found on our credit report would cause our interest rate to go up to 7.5%.  We were also told to come up with 2200+ to pay items that they were uncomfortable with on our credit report.

So, our interest rate when up a full percent after we were told we were locked in; our closing costs were increased the morning of the closing; we were asked for an additional 2200+ at the closing, and we had to light a fire under the B of A rep just for the closing to take place on the day it was scheduled, since we had drive over 6 hrs from GA to FL. 

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