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William C Carlberg, Jr. of Gilbert, AZ May 17, 2008
I was in underwriting and had been approved by a local Arizona Lender for a 95% LTV loan at 6.5% 30 year fixed. I called a NH Bank Of America loan officer, just to shop and they (Jamie) told me that the loan that I was getting ready to close on was paying 2% back to the broker and charging me for it. (This was not the case I later found out) Jamie from Bank of America told me that BOA does not charge back end to their customers and if I gave her my business they would put me in a 95% LTV, 6.375%, 30 year fixed NO MI,lender paid closing cost loan with 1.57% in points only. Jamie sent me the Good Faith Estimate, submitted my loan and told me that was it. I asked her what else I need to provide and she told me that with my good credit and history, just my drivers license number and expiration date. I thanked her for wonderful service and called my local loan broker and told them I was withdrawing my application and going with Bank of America. They were very upset with me and stated that I was set to close and had already received clear to close commitment. I told them I didn't care, Bank of America was giving me a better deal with NO Hassle.
A few days later, in the mail I received my Bank of America disclosures and commitments. I called Jamie and asked why the loan commitment showed a 90% LTV approval. Jamie from Bank of America told me that, I might have to pay 10% down because I could be in a declining market. I told Jamie that I had already been approved at 95% with a local lender. Jamie explained that it will be off the appraisal. My appraisal had already been done. Both my appraisals had been valued at purchase contract price. I objected to the deal and Jamie said she would take care of it, not a problem. She changed my loan on-line and sent me emails saying the bosses were aware and it would be fixed. Jamie asked me to put at least 5% of the purchase price in a Bank of America account. I did that within an hour of her asking me to.
Days passed, I inquired, nothing. Her Boss Derek Sawyer the sales manager for Bank of America loans called me and said he would personally take over the loan and see that it got done right. I never got a call back from him within 24 hours like he said he would. I sent him an email for an update and within an hour I had a phone call from Jamie again at Bank of America apologizing to me that the bank guidelines were for my loan to be at 90% and there was nothing she could do. Jamie said that she could call a local branch in Arizona and see if they could do a 95% FHA loan for me. I asked her to send along all the guidance she had received from above her and I would be following up with legal process
Well, first...I've been called to active-duty deployed on the US/Mexico border. I needed to have my family in a home and mortgage that did not require such a large upfront payment. I have had sleepless nights when I should be getting my rest for military duty because I was stressed out about this loan. The stress of having to put so much cash into a loan that I was not sold in the first place is unbearable. This was a bait and switch deal. I have the 95% GFE from BOA and emails to prove it. I have the documents from the other Lender proving I was closing on the 95% LTV loan with them. I have email conversations that outlines, Jamie telling me that the other loan was a bad one and I should go with her bank, Bank of America.
My wife is beside herself that we have to empty our saving account and we still have to move across country at our own expense and were suppose to buy another car. I'm leaving for Iraq again soon and we will be in financial hardship because I was told and sold something that was not delivered and I believe Bank of America Mortgage Employees deliberately defrauded me into using Bank of America, by lying to me, providing official loan documents that were fraudulent, keeping the Official BOA On line Mortgage Tracker showing my loan closing on a 95% LTV loan all the way to the end. Bank of America representatives used inaccurate, false, and fraudulent efforts to lure me away from another lender and trap me into a loan I did not wish to be in.
Lee of Climax, GA May 9, 2008
my son is attempting to purchase a house. he is self employed, he told the bank up front he was self employed and how much he makes. the bank said no problem they could loan him the money. this was 6 weeks ago and every week since then they have told him he needs something else. first bank statements then w-2's then his tax returns now they want a co-signer .
if all of this had been told up-front this would not be a problem but when they wait until the work day before closing this now becomes a problem. i gave the bank my personal info so i could co-sign. bank said ok now bank tells me i have to send tax returns, w-2;s and pay stubs.
B. Mcdonald of Natick, MA May 8, 2008
I took out two mortgages last summer with Bank of America, and it has been quite a ride since then. First, they gave me high rates (7.5 and 9.875). Then, after three separate calls in September to make 100% sure they would be paying out my Real Estate taxes in October, the condo building own nastily tells me in November that the taxes were not paid, and he will send a lawyer after me. Turns out that my condo unit is being assessed as part of the building and not as an individual unit just yet. The city is not planning to re-assess for a year, says the building owner. I make gosh-knows how many calls to get the situation straightened out, but they still won't budge.
Meanwhile, the building owner is making threats, and he wants me to pay twice. I finally stop paying the taxes with my mortgage payments to BOA, and they start fining me. I spent more time on the phone and on hold -- until they finally agree they will pay the taxes if I give them a copy of the invoice and the percentage I owe. In the meantime, they sent out mail to the wrong address, and they even sent me a statement saying they sent my taxes to Baltimore instead of Boston. Then after that situation was supposedly worked out, they started sending notices threatening to harm my credit report because they said my mortgage was late. I pay early each month!
Finally, again, after many phone calls and much time speaking with supervisors and on hold, they finally acknowledged that they had applied my payment incorrectly, but it is still showing up as late online. And forget their credit card: Now, I'm getting hit with a 144 finance charge, when I just made a 900 payment (over 500 more than the minimum). And they won't lower my interest rate. They are criminals, in my book. And incompetent. I am going to find a way to pay down this card, and get refinanced with someone else as soon as possible. Don't do business with this bank.
I have been so upset time and time again from all of their incompetencies. Every time I give them my mailing address, they send things out to the wrong address. They don't let one supervisor get to know you and the problems. You have to tell the whole story over and over again...and they have the nerve to ask How can I exceed your expectations today? They have stressed me out so bad at times, I've felt ill.
I'm just a faceless set of numbers to this organization. They do strange things, like change the credit payment due date, which is another stressful situation. If they waste your time or cause you headaches or emotional harm, you get nothing. If you are slightly late on something or perceived late, they can assess tremendous fees. I don't understand why our time and sanity isn't worth anything these days in the eyes of this bank.
C. Sykes of Kansascity, MO May 6, 2008
I applied for a mortgage loan with BOA last year and they went through Fannie Mae. I have 4 different applications with 4 intentionally misspelled names and addresses. Fannie Mae regulator made them speak to me. Fannie Mae says I do not have a loan because they cannot find my correct name and address. The four loan applications i never signed. I worked with a Broker first time and she lived 70 miles away. Recommended by Realtor. Appraisal was falsified. BOA declined first loan with a falsfied statement saying lender seller credits were exceeding closing costs. Seller was in short sale she had no money. I saw fannie mae findings and there were no seller credits.
BOA now tells me they have no final documents for fannie mae loan. My income BOA stated they verified was intentionally inflated 300 to get me into a loan I could not repay. Don't file complaints with OCC. They are worthless. I have had better luck with state agencies. These are falsified signatures and initials on loan documents and deed, note, etc. We have a falsified HUD-1 form, cutup and altered. The worst part is I have been a loyal and trust BOA have been with them 15 years and they spit in my face. It took them over 3 months to respond to OCC and OCC would not nothing about it. It is a real joke. BOA had violated so many state, Federal and other violations and I do have a lawyer but he is a civil lawyer and I think I need a criminal lawyer.
I am physically and emotionally drained from the discriminatory way I have been treated with BOA. They used to be quality and now they are quantity and greed and it makes me sick. They would not work with me at all let alone talk to me. My mental status has deteriorated because all BOA had to do was use due diligence and take care of this matter to begin with. I think they prey on the older lower-income women.
I was supposed to put 5% down and they made me pay in the end 20%. I did not get the EA TPR loan I was supposed to get. Why don't borrowers who are abused stand up to BOA? Are people afraid of them? That is why they are getting away with treating people like this. BOA thinks they do not have to speak to me but they will have to speak to the judge in court.
Rhonda of Panama City Beach, FL May 5, 2008
I asked for a 30 year fixed mortgage. I got to the closing and was presented with an ADJUSTABLE RATE MORTGAGE to adjust in five years. I called the lender...received voice mail. He later told me you can re finance, no problem. No BOA will not refinance or fix the problem. And OF COURSE i signed the papers at closing...I had no where else to live !
Karyn of Charlotte, NC April 21, 2008
I went into the branch to make my Bank of America mortgage payment on November 17th of last year, due on December 1st. I included a payment coupon and wrote my mortgage account number on the check. I received my receipt and thought all was well. A week or so later, I received my credit card statement (issued by Bank of America) and saw that the exact amount of my mortgage payment showed as a payment to this card. Cold chills. I called the credit card immediately and the man I spoke with was, of course, completely unsympathetic and no help whatsoever. He said they could refund the amount to me but that I would be charged a balance transfer fee equal to 3% of the transaction amount! I pointed out that this was Bank of America error but he was, of course, firm that there was absolutely no other way. I drove back to the branch and talked to a supervisor. To her credit, she acknowledged that it was a teller error (and pointed out that my receipt had a tiny, faint, CDT printed on in rather than MTG). She called the credit card company for me and they agreed to refund the payment at no charge - however, I would need to wait 7-10 days for a paper check by mail.
Apparently, there was no way AT ALL for them to transfer it to my bank account with incurring a balance transfer fee. I received the check in time, fortunately, to get my mortgage payment in by the grace period, no problem. Also, I was assured that since this card was a 0% balance transfer card (and all I was using it for) that I would not be charged interest on this refund. Naturally, the next billing cycle, my credit card statement showed a purchase of the amount of my refund and was accruing interest. I had a 5,000 balance on the card already due to 0% balance transfers so, obviously, this relatively small dollar amount of interest will quickly add us since payments are applied to lowest interest balance first. I called the number on my card, explained the sitation, spoke to a supervisor who was very polite and helpful and she assured my that the amount showing in purchases would be recategorized and the interest would be refunded.
Well, the interest was refunded but the next month the refund had STILL not been recategorized! I called again and spoke to a little punk who did what I asked but made a smart little comment about the money I was making off of them (bless their little hearts!) by getting the interest refunded to my account yet again. So far, everything has been okay since. The most frustrating thing to me is simply the idiot bank teller who started the whole problem requiring miles on my car and hours on the phone. With all the supporting documentation and account numbers provided when I made the mortgage payment in the first place, there is no reason why she applied it to the wrong account other than pure carelessness and poor customer service.
Dan of Chico, CA March 22, 2008
Bank of America has just put a hold on my home equity line of credit account without notifying me. My credit score remains a solid 700-plus with no recent changes. My payment history is absolutely perfect. I have never had a late or missed payment on anything my entire life. I have been doing business with BofA since 1993. They have my first mortgage, my home equity line, 2 personal checking accounts, my corporate checking, corporate savings, and a corporate SBA express line of credit. They say they cancelled my home equity line simply because the recession and mortgage crisis have lowered my property value and the loan to value is now to high. I asked why they didn't notify me and they said that a letter was just put in the mail yesterday. Yesterday doesn't cut it! Why not just pick up the phone?
It just so happened that I was in the bank trying make a transfer from equity to cover a business improvement that I already made, and I thought I was using money that I could count on. It also happened to be payday for my employees and the business account was not OK. Not a nice feeling when the teller says your account is frozen in front of other tellers and customers. I also had to race to stop my contractor from continuing a structural change on my home add-on that we were financing through this line. I lost a half of a day during business hours trying to shake down accounts receivables and basically embarrassing myself in front of my customers. I had to tell them that they were not late but I needed the money. All the while my business was running at half rate with the boss gone.
The amount of financial stress I went through was indescribable. I have plenty of financial resources but everything takes planning. I should not have been put on the spot like that. The last point I need to make is that my home value has not dropped as much as they think. They never gave me a chance to re-appraise. Since the last time they appraised me I have completely landscaped, redwood fenced, planted 5 large trees and 20 shrubs, installed auto sprinklers, completely remodeled the mother in-law suite (top of the line), and added on a cathedral ceiling/ glassed in patio room. My home value has not dropped nearly as much as they think. They just never asked.
Humiliated, Embarrassed, Stressed. Maybe 1000.00 or so in lost income for the day. And stuck with 4000.00 or so in business improvements that I would not have made otherwise.
Felicia of Highland, CA March 3, 2008
I want Bank of America to make my house payment now and here is why. I have a notice of default that expires on March 5, 2008. My tax return was what I was using to catch up my house payments and now I don't know where it is because of what B OF A did. On Mon. Feb 25, 2008 the federal tax return was deposited via ATM at Bank of America. I have banked with B OF A for nearly 14 years and for the years of 1999, 2000, 2001, 2002, 2003, 2004, 2005 and 2006 the tax returns have always been deposited via ATM and have always been honored. B OF A has never said anything to me about depositing them that way. On Tues. the 26th, I called to see if it had cleared and to my utter disbelief it was not in the account. When I inquired as to what happened to my deposit, I was told that the check was mailed back to my address because my husband's name is not on my account but it was on the check. Mind you his name along with mine, has been on all deposited and honored tax returns from 99 to 06. I HAVE NOT RECEIVED THAT CHECK BACK AND IT LOOKS LIKE I'M ABOUT TO LOSE MY HOUSE BECAUSE B OF A was irresponsible with my money.
How stupid is it to send a check that has been endorsed in the US mail? As a banking institution I expect a higher degree of professionalism, responsibility and trust. That check was for more than 11,000 and I haven't received it back. If I don't get it by the 3rd. of March I feel it's only right that B OF A make my house payment to cure the default. B OF A could have used Fed Ex or priority overnight mail with the US Postal Service. PLEASE HELP ME. I called the mortgage company on Feb. 20th to see if there was anything that could be done. The rep said that we pre qualified for a loan modification but that didn't mean that we were approved and that approval can take months. She also said that a letter of intent to foreclose was mailed if the loan isn't brought current on March 5th. Please what do I do? Thank you for your time.
I may lose my house because of B OF A's negligence. I have a notice of default that expires on March 5, 2008 and because B OF A seems to have misplaced my 11,000 + check, I'm facing foreclosure.
Stacy of Cameron Park, CA March 2, 2008
I've been trying to get my mortgage loan account straightened out for 6 months. BofA made two errors on my account, and it's now costing me 300 to get an amended tax return as a result. The first mistake they made was paying the incorrect insurance company out of my escrow account. When I phoned customer service they told me I had to recover the payment from that insurance company and pay the correct one myself because they absolutely would not make a second payment from my escrow account for insurance. They then did just that, thus shorting my escrow account by 1600. I received a statement to reimburse my escrow account, which I did after verifying the address was appropriate with yet another customer service person. My check was cashed, but I didn't find out until 2 months later that they never recorded the check into my escrow account, but instead used it as a prepayment to my mortgage loan. I received a statement saying my escrow account was still short and that if I didn't pay them the 1600, that my mortgage payments would increase for the year by 120 per month!
When I contacted them (again), they found their mistake and fixed it, resulting in a corrected tax form. My problem is that my taxes were already filed, and now I have to pay 300 to have them amended. Bank of America's customer service people could not have cared less about my problem and actually blamed me for not catching the error sooner, though they still deny any wrongdoing on their part.
I lost several months' worth of interest on money that should have been deposited into my escrow account, and I have to pay 300 to have income tax amendments filed.
Lisa of Hawley, PA February 28, 2008
My ex-Husband and I had refinanced an equity loan on our then home. I had no income and bad credit. The original loan was in his name. We both signed the mortgage papers at the bank because my name was on the deed. Nothing was to be different except the equity line was being increased. A few months later as I was looking over the documents again, I realized that the loan was put into my name not my husband's. I called the bank and asked why was this done. They had no answer. I told them I had no income, and why would it now be in my name with bad credit and no job and not in my husbands who had good credit and a career? No one could do anything and told me that is how it is, and we would have to refile to fix it and pay the money to redo the loan. We were divorced in Dec. of 2005. I signed the house over to my ex in exchange for him to take over mortgage and payments. I have a court order signed by a judge where ex agreed to do so and not hold me liable.
April of 2007 house was foreclosed and sold at sheriff's auction. Ex-husband failed to follow court order and remove the mortgage from my name and put into his. A 212,000 foreclosure is now on my credit report and is causing me great damage to credit. Bank of America/Fleet would NOT do anything to correct the error. They gave a mortgage to someone who has bad credit, as I did, and no income what-so-ever. What were they thinking? I now have my credit ruined when my ex had his name on the original documents, and Bank of America/Fleet messed it up and put mine instead!
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