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I just recently bought a house under Bank of America home loan program. My loan officer was Kevin **. I have to say that the service Kevin and his team provided was excellent. They were able to close my loan on time. Communication with anyone on the team was superb. In the end, the closing costs were very close to the estimated ones. There was no surprise at the end. Kevin also gave me very good interest rate. Loan review with Underwriters was a bit annoying and hectic but I guess it is the same across the board. Obviously, Kevin and his team helped me every step of the way. Communication with Kevin and loan processor, Karlee ** was very good. Anytime I would have question for them, I would just email them to give me a call at their earliest convenience. They would give me a call back promptly within an hour or 2 at most. I would recommend any of my friends Bank of America home loan especially Kevin ** and his team.
Bank of America is one of the worst financial institution ever. They showed no interest at all in working with you with through the financing process. Just when it appeared it was certain to obtain the loan, they denied loan at the last minute without any logical explanation. Inconsistent personnel handling the loan. Never the same person you started working with. Then, not avail themselves to discuss the matter further. Bank of America would be the last bank in this country I would ever apply for a loan or do any other type of business matter with them.
I applied for and received a loan modification with BOA in 2009 and was the victim of predatory lending. I NEVER should have gotten that loan. In 2011 I applied for and received a loan modification. I refinanced in 2015. I thought I had sold my home this month, but when title was pulled, the title company found a 69K lien on my house that was placed there by HUD in 2012.
I had NO IDEA that BOA was going to turn over the loan modification amount to HUD and that they were going to place a lien on my property. Now I cannot sell my home because between my current mortgage and the HUD lien, I am upside down. HUD will not take an offer to settle the lien because they are in first lien position. I applied for a loan modification to get myself out of trouble (and haven't missed or been late on a payment since). I didn't realize I was getting myself into a worse situation.
We got our preapproval and locked in the rate and the loan officer assured us several times that our application looks good and we shouldn’t worry about it. However, after taking three weeks and submitting documents over and over that we already had given to them multiple times (upload, fax, and email), they came back to us saying that they can’t do the loan with some ** reason that no other lender would say. The reason was because of “Limited Credit Experience” when we had enough experience longer than 5 years with both EXCELLENT credit scores. They told us to go with longer term and a lot higher interest which was even higher than other lenders we were previously got preapproved with. That loan officer seemed to play a game with us that she couldn’t even figure out whether that reason could’ve denied our application in the beginning when she already checked our credit report and assured us that we are in a good standing.
Our experience is subpar and we are in a very difficult situation now because we rejected two lenders since they promised us to lock in a good rate. We are dubious if their plan was to lock us at a good rate and lead us to have a worse deal at the end. We would not believe this unethical practice would be something that BoA would advise employees to do. At this point, we’re not going with BoA any longer but we wanted others to look out this kind of situation with BoA for mortgage loan.
BOA gave me a loan modification but failed to inform me that 28K was sold to HUD resulting in a lien on my house. I was unaware of this until I sold my house last year. I had to satisfy that lien before escrow closed. How come Pennymac did not have to satisfy that lien when they bought the mortgage? Any help with this will be appreciated.
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I have been with Bank Of America mortgage for well over 20 years on more than one house. Their customer service and mortgage loan experience is awesome. I haven’t had any complaints in all the years I been with them. They always friendly service and always came through when needed for mortgage lending. Their customer service and website app is awesome.
For years I dissuaded my clients from using the big banks for home loans, especially Bank of America because of outsourcing underwriting, poor communication and never closing on time. I recently had a client who insisted upon using Bank of America, much to my dread. I was amazingly surprised. Brian ** - major, the loan officer with Bank of America in Rockwall, TX did a fantastic job. It was pain-free and the deal closed EARLY! I was shocked. I cannot say how other branches or loan officers would do, but Brian made it happen and even came to closing.
My second mortgage was sold to BOA several years ago. The original loan was a 30 yr fixed rate loan. I am now receiving notifications from BOA that is a balloon loan, and final huge payment will be due Dec 1st, 2020. I would never, ever agree to a balloon type loan. Those are for house flippers, that don't plan on sticking around. I have all of the ORIGINAL paperwork, and am about to raise Holy Hell with BOA!! Bunch of crooks!!
If you are looking for a bank that values you as an excellent customer... look for another bank immediately. We had our home damaged by Hurricane Michael in Panama City Florida. We are an excellent customer. We have paid our home mortgage on time, ahead of time and NEVER a late payment in 18 years! We have been awarded for our loyalty by having our insurance check proceeds being withheld entirely as of date. The bank has made excuses and unrealistic document demands that we have complied with to the best of our abilities in a natural disaster.
We sent along with our signed insurance check that required joint signatures with the bank, the following documentations: Paid invoice, contracts with 1/2 paid deposits documentations, signed contracts and even photos of the repairs. We have paid out of pocket MORE than we owe on the mortgage so far... And still the bank keeps our money. We have demanded 10% interest on the money that they are holding, which they have not responded to. They are in violation of the good faith agreement.
Bank of American has actually caused more damage to our property by withholding our funds so that we could not get the crucial repairs done. Because we could not access the funds, my husband and I have had to continue to remove wet drywall and insulation. The banks demands that we acquire W-9 information before dangerous material could be removed from our home is a crime. The entire purpose of a bank withholding insurance checks is to protect their investment and OUR investment... They have made a major mistake and we are going to hold them accountable!!! It is indeed sad business when homeowners do more to protect their investment than the bank does.
Since the bank is in possession of our money that is three times the amount that we owe them, that makes us the lender and the bank is currently in default of their loan. Since we have never been late on a payment, we will have to research what penalties we can charge the bank. When we explained our situation to a recent bank employee, we were told to pay off our mortgage if we wanted our insurance money. That one statement sums up why I would advise anyone who is thinking of using ANY service with Bank of American to RUN RUN RUN.
Judge threw out BOA's case against me the first 2 times. I am now on 4th year with round 3 in court with BOA. I specifically need evidence of mishandling of mortgage payments, modification "extortions", lack of communication by BOA. Please email info to **. My loan was originally with Countrywide where I had no issues. Since BOA took over CW I have had nothing but issues. BOA has made my life miserable. I have felt threatened, crazy, robbed of freedom of use and enjoyment of my property. I can't move, rent or repair damages. I have been essentially held hostage in my home for YEARS. If you have valid information to assist please help.
Got a pre-approval letter from Bank of America. Entering into escrow and underwriters refused to fund loan. Bank of America charged my credit card for a house appraisal after telling me no charges would occur until loan was approved. Charged for appraisal and refuse to fund loan. Fighting with Bank of America for over 2 months to reverse charges, I get no return calls from the loan officer or his boss. NOT PROFESSIONAL, BANK OF AMERICA SUCKS.
I bought a house in 2018. Countrywide was the lender. After the bubble burst, the feds forced Bank of America to take control of Countrywide's loans, among others. My first bill from BoA showed a $300.00 a month increase in payment. And I did not receive a new agreement which showed BofA as a lien holder. So like thousands of others I started calling. And it took weeks to work up thru their tiered system of useless personnel. Eventually I got high enough to get a first class ** on the phone with enough pull that after a 20 minute screaming session on speaker phones (he had his on too) I finally told them that, "I would not pay another payment until you can show me you own the loan and how the payment is being distributed". And that this conversation would be the last I would subject myself to. Please mail any further comments or the documents and all future comments would be sent by first class mail.
14 months went by with no bills from bofa. No phone calls. During those 14 months the property values dropped on Zillow in my neighborhood. The house I bought for $221000.00, Dropped to just over $80000. This was a 2 story 3000 sq. ft. home. Its value was lower than the material cost to build it. As time has passed I came to realize this was the real reason that homes like mine were not foreclosed on that we, once I initiated contact they immediately tried to wrap us into the mortgage assistance wheel. I fought it for many months still asking how they came up with the mortgage payment amount and back payments to no avail. Eventually my wife started having stress related issues due to the consistent bombardment of phone calls and literally stacks of mail daily addressed to each of us and at least 1 to both of us and a few occupant letters. Every stinking day.
So in 2011 we started the process. And like the thousands of others we resubmitted papers, letters, questionnaires. It took until early 2012 to finally acknowledge they even received a package. Then they were denied. Wrong address, wrong PO Box, wrong zip code, bofa changed its division title on and on and on. Eventually we just started to fax them to the number they gave us and then we looked up some other numbers and started faxing there also. Hundreds of copies. Then 3-5 weeks later boom. Something expired and we would start again. In late 2012 after the US gov. gave bofa 215 million more to "heal" their own loans, our modification was moving. We were hit for 24000 in back payments in Oct. 2012.
We were told that the amount would be added to the back end of the loan. I took that to mean that the 24000 it would be added to the loan. It was not. As things got better in our area the property values increased and so did the foreclosures. Since the values were rising they cherry picked the best properties with the worst situations. Since I wanted to reduce my principal I made extra payments and in about 5 years knocked my principal down to 186000. And in 2017 the values were up higher than pre bubble. By then our family was broken. I was working out of state from 2013 to 2016 when we moved to the great northwest. We sold the home with all the necessary title searches and a reputable realtor company. I put another $25000.00 into the house for remodel and it sold for $270000.00 9/1/2017.
The title company took control of the funds. Paid off bofa. All things are good. We buy into a small shack up here in the pacific northwest, which took everything I will ever have, to make the down. And in February 2018. We get a demand letter for 47000.00 from our friendly Gov. saying I still owed them for the modification. They now have turned it over to the treasury dept. and they doubled it again to about 85000. So my point is if you made or accepted a modification I would skip house payments and pay off the modification prior to selling your home. Because the bank will allow you to default. The gov. won't. My credit score while not great has dropped over 150 points since the first demand letter. I will never be able to buy another car or home on credit.
Can you imagine paying on a home for 30 years and just when you think you're all done the gov. puts a yellow letter in your box, and says you have a loan out for whatever amount with 30 years accrued interest?? It’s all a game. My self-made plan is to sell the home I’m in now and pay off the latest bill collector. Then get his and her grocery carts to live in. There's a little place right down from the mayors home that has a nice view of the sound. Hell of a way to spend your retirement years. At least it will be spring soon.
I have called several times, since May-June 2018, in the past month I called again several times trying to switch my variable rate to a fixed rate. Today, I must have called a total of 10 times, since 9.00 am Eastern standard time to 1 pm. I give up!! I spoke to several representatives who quoted me several different rates one of them indicated I should talk to the loan officer who quoted me a rate previously (previous call-month of August). Her name is Shelly **, and provided me with her phone number, 1800-781-4104 extension **. Which I spoke to, expressed my desire to want to switch from a variable to a fixed. She quoted me a rate of 6.359% for 30 years and indicated will transfer me to the right department to finalized things. I asked for her not to hang up. She stated will stay on the phone until I get transferred.
10 minutes later, no one picked up and my call dropped. I called her back at the provided phone number, I get a message saying, "this number has been disconnected." I cannot understand how does BOA have non-working numbers for employees. I called the main number again and asked to be transferred to this Loan Officer, after the representative not wanting to transfer me, finally agreed and transferred my called. Left the loan officer a message and did not get a callback. I decided to call back again, and again after speaking to a representative (Phillip) and him stating will transfer my call, after waiting several minutes the call gets disconnected. Worse possible service EVER!!! Unfortunately I have a HELOC with BOA!!!
This bank screwed my life back in 2014. They damaged my credit and all the reputation that I worked hard for it till then. They offered me to sell my house on Short-Sale programs and wait till the house is sold. During that time, not only they refused all the buyers for a different reason or lack of their responsibilities, also, after sometimes they put my house for sale on the local Auction listing. My house had a new owner from the auction sale and I did not know anything about it. As of today, I am still trying to fix my credit. No knowledgeable attorney did help me to fight them back. I do really hate the system like this and people like Bank Of America. I could name them better in my way. I will talk louder one day no matter how old is this case.
In 2017 we fell victim to hurricane Irma and were hit hard here in Naples FL. We incurred a lot of damage to our home which just fell under what insurance would cover as a minimum ($8,000). The burden of fixing all the damage had to be paid out of pocket. We gained hope when we found out Bank of America offered mortgage forgiveness for 3 months in the form of forbearance. I was skeptical at first because I’ve never missed any payments or have even been late. I was worried about the repercussions on my credit score which I’ve worked hard to maintain 800s. I was reassured by BOA associates on several occasions this would not have any effect on my credit.
Going against everything I’ve known I stopped paying my mortgage for three months and used that money to repair my home. I would periodically get phone calls from their “forbearance” loan associates who would start every conversation by mandatorily stated they were a debt collection agent. This was very unsettling but again I was reassured my credit would not be affected. Prior to the end of forbearance agreement I sold my house and settled my loan with BOA with the equity from the sale. Fast forward three months when doing a credit check and I discover my credit score dropped 200 points to 600. Reason for the drop? Wait for it... Failure to make mortgage payment for three months! Thank you Bank of America for destroying my credit! I will NEVER use them again! Lied to me the entire time.
Instead of helping me they sold my mortgage to an inhumane lender. Think twice about Bank of America. I wish I had. It's all about greed and NOT FAMILIES.
They did not clean their fraud in my loan. Robo signing Robo stamping and two programs in the same time... loan modification and refinance. Impossible not to have their accounting wrong and they never verify and correct their errors or mistakes. Complete denial of their responsibility.
The re-fi took forever. Customer service/support has been terrible. No one seems to have the ability to make decisions or answer questions. I want to change banks but not worth the effort, energy or time.
BOA is the WORST mortgage lender. They don't keep customers apprised of PERTINENT information. When applying for Loan Modification, there is NO TRUTH TO THEIR PROCESS. I would NOT recommend BOA!!!
Our mortgage originated with a credit union which sold it to BofA. Everything went smoothly but communication was sometimes a little slow, especially when payoff time came last fall. But overall okay.
We've been with B of A for over 10 years now, as our Countrywide mortgage was sold, and have had numerous issues with them, including not posting payments to our account. When We figure it out, it's just "simple mistakes" on their part, or our fault for some reason or another. One time they put our payment toward a late fee from the previous month, let the remainder of our payment sit unapplied and caused us another late fee, and then saying we didn't pay for that month! They finally found it in an unapplied status, but did nothing about it, only saying they could not accept a partial payment.
We are a medium income family, with 2 kids, and not always able to make our payments on time. So now, we go to make our online payment for August 2018, and the site will not accept the payment. We call the next day and are told our house is in foreclosure status, And has been since December of 2017. We had never received any communication from them! No one could answer our questions as to how this happened. After about a week of trying to get to the bottom of it, and asking them for a detailed report showing our payments for comparison, they said they needed $4,440 in 10 days to cover foreclosure and attorneys fees.
We've sent the money, now waiting for the next set of lies. Since really digging into this with them, they finally sent a foreclosure letter by certified mail, and it states payment issues began in May, not December, and somehow we again have unpaid payments and unapplied funds. Not seen a detailed report yet, when asked for one, they sent a payoff amount. We really want a lawyer, this is ridiculous, and in my opinion, criminal. Everyone we talk to there says something different! Now we wait and see what happens...
My loan was purchased by BoA. In the process 4 of my mortgage payments were “lost”. After a lawyer and bank records, still have not found payments. Had to repay.
Bank of America took over the loan with Countrywide and from the beginning had us behind which I proved multiple times that we were not. They ruined my and my wife's credit, they lied to us. Made promises that were not kept. Biggest fraudulent company with high paid bonuses from ripping people off. Still do!
Original home loan issued by Bank of America, unaware Country Wide Mortgage services were involved on this loan in 2009, after investigation reimbursed fees and false actions during loan process. Loyal Bank of America customer over 40 years. Bank of America quickly sold current Home Mortgage to Carrington Mortgage Services in March 2018, total disregarding my loyalty to Bank of America, without approval, this immediate action caused financial issues delaying payment each month. Carrington Mortgage Services charges late fees and $20.00 process fees. Very disappointed with Bank of America how they have total disregard in Customer Service and commitment. WE NEED MANDATED CONSUMER FINANCIAL SERVICES investigating these unprofessional actions and Behaviors.
Ok, but leaves less questions about the future of the home, improve the terms by making it work for all the customers by being prepared for unexpected changes if needed!
I applied for a modification and they had me wait almost a year to tell me I wasn't eligible so I went into bankruptcy to save my home. Terrible service.
There were frustrating moments when I could not get straight answers regarding the process after pre-approval. This was probably because two or three separate departments were handling my application. Sometimes one had no idea what the other was doing. In the end things worked out.
We had to redo the paperwork more than 4 times. They kept trying to have us sign documents that were incorrect. Then their people got upset that we wanted things like our full names on the forms. To complete the process took over 90 days for a simple refinance on our home. When all of this was finished we get another addendum because they found some other mistakes we didn't catch. This was too expensive and too time consuming to ever do with them again.
In 2007 Bank of America asked to be my mortgage lender at the then going rate (5.5%) offering to waive all fees if I agree to switch from GE Capital. As interest rates subsequently declined, the bank offered refinancing via mail flyers approximately once a month or so wanting 1 point plus the usual fees. I never refinanced with them and also cancelled all my bank and brokerage accounts with this bank for other reasons.
When we got the loan, we were told we would pay mortgage insurance for 11 years. More like life of loan. Refinance to 20 year loan and got rid of mortgage loan. Also they hold 6 months Escrow but by law should be 2 months. Also got rid of it too.
Bank of America Mortgages Company Information
- Company Name:
- Bank of America
- Company Type:
- Ticker Symbol:
- Year Founded:
- 100 North Tryon St
- Postal Code:
- United States
- (800) 432-1000