Consumer Complaints and Reviews
Bank of America just arbitrarily increased my mortgage payment for no reason. I haven't missed a payment in many years! What is this? A contract is a contract. If they can just up my payment whenever they want to then what stops them from just adding a couple of thousand when they need more cash? Absolute highway robbery. It's BS!
In 2015, we closed on a mortgage with Bank of America. At the end of 2016, we decided to refinance to lower our mortgage rate. We have always impounded both our taxes and insurance in escrow with BoA. On 2016, when we signed the closing documents to refinance, we again checked the box to create an impound account for our homeowner's insurance and property taxes. We signed the documents in front of the notary and our refinance closed. In December, I received a bill from our Homeowner's Insurance asking for the premium payment. I informed them that this bill needs to be sent to the bank.
I contacted the mortgage loan officer in charge of the refinance and forwarded the bill. She pulled up the closing documents and said "You are right. This is supposed to be impounded. Let me fix that on our end." I followed up a few days later and was told that everything was taken care of. Fast forward to January 2017, when I get an email from my homeowner's insurance telling me that my premium is past due. This is beyond outrageous. I NEVER would have even done the refinance if the bank's calculated monthly payment did NOT include the impound of my homeowner's insurance. Why? Because I wouldn't have saved any money by refinancing. I cannot believe that I am spending another minute dealing with this issue. Refinancing with Bank of America was a HUGE mistake.
In October of 2016, I was offered a home equity loan by Bank of America at a rate of 2.24% for a year. I understood that at the end of the first year, the rate was to be prime less 0.42%. Based on this promise, I transferred my fixed mortgage with Regions Bank to BAC. We closed on this loan in November, and throughout the entire process, I was told the rate would be 2.24% for the first year. To my surprise and dismay, I received my January statement on Friday after the bank had closed; and I discovered that my rate had been changed from 2.24% to 2.49%!
I made the 30-minute drive to the bank Monday morning to speak with my representative at the bank, since he had not responded to my email to call me in what I felt was a timely fashion. He was as surprised as I was, and he called their consumer loan department. He was told that it was because the Feds had raised the rate. Since this had not happened in the last 8 years (before he was employed by BAC), he was apparently not aware that it would affect my introductory rate either; and he was apologetic. Basically, however, he told me there's nothing I can do about it! He said that they are now offering 2.49% for the first year. I told him that he needs to tell his customers that this too will be affected if the Feds raise the rates again. Otherwise, he is lying to his customers as he and BAC lied to me!
Crooked, FRAUD, dishonest bank. Not to be trusted bank! I read reviews, the millions who've suffered under the bank's own choice rules. Crooked, fraud + dishonest practices, will best describe my horrid and still continuing experience with BoA. Really? Really! Here goes... Had a condo. I'd occasionally take a small mortgage and pay off with BoA since 1989, owned free and clear. Come Aug. 2005 I decided to purchase a subsequent home (my cash) bought at height of economic boom. Come Sept. 2006, while vacationing, a "eager beaver mortgage co." per BoA (you know... from Countrywide?)... We signed papers yet didn't receive till 2 mos. later, the over inflated appraisal, pics clearly on condo, they produced.
BoA's right hand pretends not to know what their left hand is dipping into, indulging themselves, as their CEO. The hard earned cash I'd paid for my home, unrelated to condo, did have a credit line, I took through BoA, that I'd build up, pay off, build and pay... till? By 2009 I became suspect, smelling fraud... BoA pulling a bait and switch to compensate their own pockets, noting the condo with home's legal (still not corrected, mortgage at condo paid, making my home worthless)!
If a attorney take this case, BoA has yrs. of knowledge, is intrinsic fraud (prefer an expert on BoA antics). Per judicial ruling, their disgusting effort to do a slanderous summary judgment, Judge DENIED. I am legally blind and have complained to Attorney General's Office. In spite of, BoA rules to a tune of their own. I'm sick of it!
I am currently late on my mortgage for the second time. Bank of America has agreed to approved us for forbearance. We had a hard time making payments of $1350! Now for the next 5 months I have to pay them $1,900 to keep my home. At one time when my payments were on time I called them if the PMI could be reduced or taken out. I don't remember what the story was but the answer was no. At another time I was not even to make payments online because I was late on the payments. So now we will be more stressed for the next 5 months. I don't recommend them.
How do I know I can trust these reviews about Bank of America?
- 697,568 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
I purchased my home in 2009 and Bank of America bought my mortgage before I could sign all of my papers. To date my mortgage is current, never late. They are constantly trying to get me to refinance and I was contacted by one of their representative about refinancing and he admitted I should not be still paying PMI insurance. I approached Bank of America about dropping the PMI and they told me I need to pay them for another appraisal to determine that my home had not lost value. When their account representative contacted me about refinancing, he told the house I paid $150,000.00 for was not worth $225,000.00. I even brought up the federal law of 1999 regarding PMI that was supposed to protect home buyers against excessive PMI.
Bank of America representative referred to the amortization schedule which is based upon paying only my monthly mortgage and when I should reach that 80%. There is not one problem with my mortgage payments and Bank of America still refuse to acknowledge that I paid extra to get rid of the PMI. Their answer to me “Pay us for another appraisal and we consider dropping the PMI before the date on the Amortization Schedule.”
I called BofA and inquired about a refinance from a ARM to a fixed rate. This was the only honest person I have spoken to in the last 10 years at this corrupt company. He informed me in 2005 or 06 that the housing market has gone down, the rates are lower, and that I should apply for a loan modification. I applied for a loan modification and it has been 10 years and these liars and thieves at BofA have lied, stalled and denied me loan modification when they have four justifications on their home loan site as to who can qualify for a loan modification. I have qualified for three of the four justifications and these liars have stalled, transferred me to more than 9 different so called loan specialists, assigned by the CEO of BofA, and each one of them had me start the process all over again as if they did not have the documents that I had already submitted.
I would get a call from one person and then another and then another followed by a letter telling me that they were assigned to me because of the letter that I sent to the CEO of Bank of America. The information that I sent to, was stored digitally by BofA and they lied at least 7 times when BofA assigned another liar to work with me informing me that BofA had not received the documents that I had submitted at least on 6 different occasions. After 10 years of lies and deceit by BofA personnel they denied my request for a loan modification based on lies and a faulty appraisal that was incorporated by BofA. This is a culture at BofA, as many have said, implemented by the highest level of management at BofA because so many people are lodging exactly the same complaint.
One BofA customer service eventually and accidentally told the truth. She said, "Bank of America will not give you a loan modification on your property because you are not behind on your payments and you have to pay for all of the people who have defaulted on their loans, or walked away from their homes." I have keep the Consumer Finance Protection Bureau informed about all of the lies that Bank of America people have told over the past 10 years and they have informed me they can only pass my complaint on to Bank of America and get them to response. Well this has gone on for over 5 years now and Bank of America knows that there is no government agency that can enforce BofA to be honest with their customers. Therefore Bank of America has created a den of liars and thieves.
I have all of the information supplied by BofA that I sent to them as well as what they sent to me. I also sent as much of this information to the Consumer Finance Protection Bureau as I could. However they have more than enough information supplied to them by me to do something about these thieves if they desire to do so. There is much more to the many lies, stalling and Un-American tactics that BofA has told to me and I have them with a response to no avail. Bank of America personnel will tell you that the call may be recorded. However if you tell the person at BofA that you are recording the conversation they will tell you that if you continue to record they will hang up and in the last instance where I told the Bank of America representative that I was recording our conversation she slammed the telephone down immediately.
Consider this. If the Bank of America representative is telling the truth why is it that they refuse to let you record the conversation however they can record the conversation if they want to? The only reason for this situation, in the opinion of many, is that the Bank of America personnel know that they are going to lie to their customers from the beginning of the conversation and they do not want it on record.
I went with BOA after loanDepot kept raising closing cost. I was promised the same rate locked it in rate. BOA has had my loan since the crash in 2008. I never missed a payment... Ever. I thought I was golden. I have a great credit score. Money in the bank and was going to pay off my loan by paying my loan down to $200.000. I could have just walked away from my mortgage that was way too high in 2008.
BOA took me for a awful refinance trip. No one calls you back. Nobody follows through. My loan officer never got all my papers in on time because he said he was sick... Not once not twice but three times. Nobody not even a supervisor gave me a call when I was waiting for answers. BOA dropped me because my loan officer was away from the office. I was locked in until Dec 05 2016. Guess when I got a call... The 6th of Dec. One day after locked in. Why didn't he file an extension??? Why didn't they have BOA supervisor covering for him if he was always sick? I would like to know if this has happened to anyone else... My loan officer was from Jacksonville Florida. His name is Gerald **. Awful experience... And I am getting a lawyer. Help me please.
First our home loan agent was amazing! Troy at Bank of America is great at his job and always available and super helpful! We were worried in the middle of the process and got super annoyed they kept on delaying the deadline because of the underwriting team and the seller was putting pressure on us. But in the end they got it in before our closing date! Not to mention after everything was finished they sent us a check to rectify any inconvenience they might have caused us. So in the end, it ended up being worthwhile.
I have just reapplied for a new VA home loan with Bank of America. I previously held a VA home loan with them for 6 yrs. I had horrendous customer service back then but chalked it up to my loan officer. 6 yrs ago it was a nightmare. I shrugged it off and kept my loan along with my checking and saving acct, as well as cc. Never missed a payment! I had an issue with the buyers of that home. Unfortunately I had started a brand new loan in another city for a new home loan. That new loan was I thought 100% good to go but my buyers backed out last minute. It took several months to get old home sold. When I called my loan officer to restart the new loan again - thinking we'll, it was a definite go 5 months ago and nothing at all had changed... oh my was I wrong. I was told 30-45 days to close on new loan process even though it was just picking up where I thought we left off previously.
This go round, I needed a brand new appraisal. Ok no biggie. It was the same house of was in process of buying before my buyers backed out. Loan officer attempted to use old information with just a few updates. Again still using my VA benefits. Again I had to get a brand new VA eligibility certificate. Another termite inspection. Once a week I was checking with loan officer to see if all was good to go. Less than 10 days before I was supposed to close image got hit with 5 more UPDATES I was required to provide to BOA. That list of 5 items at 9 am doubled to now 10 updates that I HAD TO PROVIDE to bank at 3 pm! 3 of which were items that the bank was supposed to generate, not me the home buyer. 2 of the 10 items were the most important, VA disclosures and a closing disclosure from the sale of my previous home.
I did provide my loan officer with it only 2 days prior but he waited until that day to say he needed it again with my signature. I went back and forth saying you've had 30 days to ask for these documents but waited until 10 days before I closed to ask again. I had to write numerous drafts on payments that showed up on my checking account. One was regarding my TV cable and Internet bill. I called myself to the VA dept to expedite the updated VA letter of eligibility. The VA headquarters laughed when I called saying it was the bank's responsibility not mine to get that. VA even admitted that BOA was notorious for screwing up veterans loans. I was personally emailed the correct forms to save time. VA Loan officer kept saying it was underwriter's fault not his. Underwriter was off the day I blew up. Convenient huh??
Fast forward 1 wk left and I still don't have a 100% response from officer if everything is good to go. It's going to xmas on Sunday and of course everyone is out. Same house, same job, same VA entitlement. I called and left requests to Underwriter, to Complaint Dept at Main BOA Home Loan Dept. Not one person has returned my multiple inquires or talk to me about the complaint report I started. Every person I asked to contact me, to include MY loan officer has yet to return any of my calls and I still have no idea if I will close in 5 days! I have so much more to say but the process is exhaustive and I'm at point of just saying forget it and I'll go to to another bank. 1 wk ago mentioned this to my loan supervisor and he said GO FOR IT!
I paid off a woman's mortgage with Bank of America. This Bank kept the payoff amount and is requiring her to continue making payments to keep her home. I have reported them to the CFPB and the OCC. Banks are not allowed to keep your payoff payment and still require you to continue paying. If this happens tell the CFPB and the OCC about it. Send them copies of all notices and payments made.
So you would think we'd have no issue with Bank of America granting us a home equity loan - they just turned us down. My husband has and 800 + FICO. And THEY HELD THE MORTGAGE. The reason - it is a dome home. 3750 square feet, 3 bedrooms, 3 baths on an acre with an ocean view. AND THEY HELD THE MORTGAGE. But no home equity for us, because it is a dome home. No speaking to a supervisor.
In the year of 2013 I was in the market for a mortgage modification, so I had to wait for the results after a few months. So that did not work, because I needed a lower payment. The payment was much higher, so I waited. I tried it again. Came back higher again so I went to court and the judge gave me 30days to leave my home. I had wife and kids and so I could not just leave, so I tried again, through the hamp program making homes affordable the Obama program. So that did not work, did not know what else to do.
And later after have I was contacted by a collection agency. I told them I could not move right now and that I could not afford it, so they offered me a modification and said it will be 2500 a month and I said I could not afford the payment. So later I was offered 40 yr mortgage and I said no because it doesn't make sense. So after that I was finally offered cash for keys cause I hade no choice but to leave, so I lose my home and me and my wife and kids had to leave, that damaged my marriage and my health, and trying to deal with the change it's still hard. I move in my house in the year June 2000, it will seem like, that something could have been done. No Obama plan, making homes affordable. Why... That was bad treatment, unfair treatment and the house is still sitting there empty. Can I please get some help, the house is still sitting there. Thank you...
7 yrs ago my husband was laid off from his job. He could not find another job in the state that we lived. We had to move out of state. We found a renter for our house till we could sell it. We had a first and a second on the house. The second was with Bank of America. The renter stripped our house and sold everything that wasn't cemented down. Left the house as a shell. My husband flew to that state and went to the police dept. They told him unless we could bring these people to them, there's nothing they could do. We had no idea where they were. We were told by people that they left the state. Nobody wanted to buy a house that was completely stripped to nothing and we ended up losing the house. I called Bank of America to let them know and they advised me we were still responsible for our payments to them. I have been making my payments to them every year since then. I have never been late with a payment.
After 7 years we have repaired our credit. A couple of years ago we bought a house from a private person with a condition that we would get the house in our name when possible. You have to wait so many to be able to get another mortgage after a foreclosure. Our waiting time is up this April and we are set to get our mortgage to get the house in our name. Our credit score is in the 700's, so we will have no problem doing it. I made my Bank of America payment at the beginning of December and they have returned it to my account. I called them to ask why, and they told me since the house that they had the second on, foreclosed, they have to foreclose also.
It's been 7 years. Why are they doing this now! How can they mess with people's lives like this? I am so confused on why they are doing this. We worked hard to repair our credit and now we have to start all over again because of what Bank of America is doing to us. Why did they tell me I'm still responsible to make our payments, which I had no problem doing for the past seven years, and now they are going to destroy our credit again which we worked hard to repair. And for no reason at all. I am so confused. We did nothing wrong to them. They are demanding the whole amount that was borrowed. They state I can no longer make payments. What has changed? They had no problem taking my payments until now.
The only thing I can think of is they got back everything that was borrowed and now they are going to use the foreclosure as a way to write it off for tax purchases and have no problem hurting the little people. Our credit will go bad again and we will not be able to have our house put in our name. We put a large down payment on this house and could lose this one also. How can Bank of America get away with this? I asked them if they could at least accept our payments till April to give us time to do what we need to do for this house. They told me it's out of their hands, that they can't do that. Why not??? They had no problem taking the payments before. Why are we being punished again for a crime that was done to us? I can't believe an institution is allowed to destroy people's lives for their own gain.
HORRIBLE!!! DO NOT USE BANK OF AMERICA. They sold my mortgage out from under me and gave me 2 weeks' notice to another company that is a scam. I tried to refinance and because of the transfer my property taxes were not paid!!! BANK OF AMERICA IS HORRIBLE FOR MORTGAGES!
We are trying to refinance our home to help us get out dad and be able to make our payments without working several jobs. Bank of America increased our payment by $150 without notification and I had our mortgage payment set up for automatic payment through our bank so they reported that we were 30 days late which is keeping us from being able to refinance. We had been with Bank of America for five years and have never been late with the payment and customer service said that they would get this corrected. I called today they said that they will not corrected and now we are out options to refinance and reduce our debt payments.
Found our dream home. Jumped through all the hoops and filled all requirements. Sold our main home and even sold our weekend home (which wasn't stipulated.) Everything is going well and 48 hours before the close the banker can't give us the clear to close. Mind you the land is 61 acres with a home. They knew this from Jumpstart. At the last minute it is a problem. Now I am scrambling to find another lender and scrambling to find another place to live short term. Since I sold both homes. All I get in response from BOA is "sorry and I understand." The banker has become Mia and won't return calls.
We have a home loan with B of A. It's been in place for 7-8 years. Never missed a monthly payment. We also have an Equity Line of Credit with them. Our interest rate is much higher than what it is today, so we thought that we should speak to B of A to see if they could reduce the interest rate to something closer to today's average rates. That was a huge mistake. We spoke to a rep with B of A and completed documents and all kinds of questions about us and our current situation. Long story, short. They used that information to suspend our equity credit line account, stating that we were a risk. Keep in mind that we had never missed a payment. There was no way we could solve this issue.
They assigned a new "rep" to us almost every two weeks and each new rep had no idea what we had gone though. After the fifth rep, we simply ignored the letters and calls and sent a letter to regional and company management. Of course, no response. So, we are now left with no Equity Line of Credit and our interest rate is the same as it was when we first contacted B of A. The gross incompetence of the bank can only be matched by their single objective of building a war chest of money. I've never experienced a corporation with so little caring for their customers. It's not by mistake on their part BTW, it is a well greased strategy of ignoring customers.
Bank of America has held my mortgage since 2002. Today 11/19/2016, I received a letter saying that my mortgage has been sold to Carrington Mortgage Company. WTF? I have never heard of these people. Why are they doing this? I was a premier customer all this time. If they sell my mortgage does that mean I now have to pay service fees? Is this why Bank of America is doing this? Something doesn't seem right here. Is this happening to anybody else?
BOA removed $4000 from my account because I defaulted on a second mortgage. The mortgage was originally from Countrywide and was a home equity loan, however later I rolled it into a balloon payment. During the negotiation to settle the account I told them I had $4000 I won in the lottery. They didn't respond to my offer, but did remove the money from my account and told me because it was a credit card account they could take what they wanted. It wasn't a CC account with them. Of course I had no leverage but to move my account to another bank. After researching I discovered BOA owns a lot of other banks Wells Fargo being just one. I found a local credit union and joined. It is true what they say about Bank of America. They are crocks 100 percent with little or no oversight.
My condo is under a P&S agreement/contract. The buyer chose BofA for his financing & was pre-approved for a loan. The closing date was set for November 3, 2016. It was then postponed until November 18th. His loan was denied & then cancelled on November 16th. WTF??? A woman named Rebecca in the condo loan division in Florida has made both myself, the seller & the buyer's lives a living HELL!!!! She thought the buyer was purchasing a co-op... different from a condo and thought he was buying into a project under construction. She denied the sale & then cancelled the loan without verification from the attorneys, the real estate agents & the trustee of my condo association. I'm sleeping on my floor & living out of suitcases. I can't move until the sale goes through. My buyer is couch surfing. Big corporations could care less about hardworking people. I've always financed with local credit unions & will continue to do so.
I had lived in my home for 12 yrs, without any problems, always made payments on time, never had a claim (Info. When I bought my house my lender was not with BofA, but through the yrs it changed from my original lender to a couple different one and I ended up with them). I bought my house in 1999. In 2010, due marriage problems my husband move out which left me without a second income. I called numerous times to see what I could do to keep my house. BTW I am hearing impaired and not hear on the phone when people answer with accents, or some people I just can't what are saying. I explained that to them. I asked if they could send info to me through the mail, or email me. They do neither of that.
After another many calls and also giving them my daughters number to talk to her, she has great hearing, knows what is going on with financial problems eat. They call once and told my daughter to call them. Anyways after months and farther behind in payments, I get a packet in the mail to apply for hardship. Did that, sent papers they requested. After waiting 30 days I call and they weren't sure what I was talking about and was assigned to an agent. He sent me another hardship packet. I filled it out and there was a convention thing on in PYLD OR, so my daughter and I went to it so I could some answers in person.
It ended up being a number, different stations where people look through packet to make sure you had all paperwork filled out. Yes I did have all my paperwork and I left my folder with them and said they would contact me within a month. No reply from them, phone calls start again, new packet arrives for hardship.
In 2012 I got a notice that my house was being put up for auction. I was freaking out and thought needed to move out. I moved out, and then I get a letter saying my house was not being put up for auction after all. Long story short I talk to an attorney. They told to "move into the house. You should never move out the house when through foreclosure". This was my first house. I don't the rules or games they play. 3 months before moving out my husband had a stroke in June 2012. Sept 2012 I'm thinking I gotta get my things out of my house. Stressed out over everything. Still nothing from BofA.
Sept 2012 (3 months later), my husband passed away, complication from his stroke. So dealing with that and house, I quit trying to save it. My house has been vacant for 5 yrs. They still not foreclosed on it. I have contacted recently to see what was taking so long. Their excuse is "it's a long process." 5 yrs? Come on. I cannot even attempt to buy a house until this one is out of my name. Also there is a 3 yr waiting after. Nobody to talk to in person. What do I do. I am stuck in limbo. How do I move on with my life? I get statement each month still. They charge me for mowing the grass, and for whatever the hell want. I told them to "take it, sell it. I don't care, just get name of it." Who do you turn to for help? Anybody have answers. Maybe I should move back in and not pay damn thing until they do something about it.
I had the same experience as many others on this page. I had more than enough equity to remove PMI from my loan. Bank of America makes you use THEIR appraiser to get the PMI taken off. After paying $400 for their appraiser to appraise my condo at the assessed value, which was conveniently right below where PMI would no longer apply. I could have done that myself. BOA would not take the PMI off. I ended up selling the condo for 10% more than the "appraised" value. If Bank of America had done an honest appraisal, I would not have paid at LEAST $800 in PMI. Make your complaint known to consumeraffairs.gov so Bank of America stops getting away with this!
These guys are nothing but crooks and WILL take your money without offering you effective customer service! We tried refinancing with B of A Home Loans located in Jacksonville, FL, and it was the absolute worst customer service I have ever experienced! They assured us that our refinance would be processed, charged us $475.00 for an appraisal (which we paid), then told us that they had to re-do our loan. We were asked to pay for an appraisal yet again which was about $675 (which we did NOT pay thankfully!), we were continually assured that our refinance was going to be processed, and after 3 months of completing paperwork, receiving loan estimate paperwork from them, signing numerous refinance documents, speaking to 3 different agents, they ended up denying our loan!
We "appealed" their decision to some e-mail address they sent to us, and all they did was tell us after a week that they did not change their decision to arbitrarily deny our refinance after 3 months! We asked for a refund for our appraisal which was never used, and did not get it back. This was the worst experience I have ever had period. I will never recommend B of A for ANYTHING, much less the home loan process! They are thieves, crooks, swindlers, manipulators, and most of all they could care less about the public they serve. Beware! Go anywhere else but B of A Home Loans in Jacksonville Florida! I'd rather give my business to Joe Schmo down the street than these guys!
My home mortgage was transferred to Bank of America on Nov 1. I was in the middle of a home sale and set to close on Nov 2. BofA refuses to let me pay off my loan until Nov 9 and will charge me interest for the 7 days that they are 'processing' and setting up the new loan transfer. This is absolutely ridiculous and cost me money. In my calls with the customer support staff, they were extremely rude to me and often lied about what they were doing with my account. One would say they submitted a request for pay off and when I would call back that afternoon there would be no record that a request was submitted. I will be pulling all of my assets out of Bank of America asap - they just lost a top tier customer.
I have a mortgage loan with BoA. I paid down my principal significantly (almost 51% of the original principal). When I requested for my PMI to be deleted, BoA told me to go and pay for an appraisal. Without appraisal, my PMI will not be deleted. This is fraud in disguise. Each time I contact the PMI department, I receive a letter in the mail within 10 days requesting me to order an appraisal that will cost me over $400 through CoreLogic Valuation Services. Why will BoA be so unreasonable? Paying 51% of my principal should give BoA reasonable assurance that I have more than enough equity on my house to delete PMI.
A while ago, Bank of America started holding me to the changes in their new accounts. I've been with Bank of America since the late 1990's. Everything was great, then like all Banks after expansion, they became greedy. They started charging left and right for any fee they could conjure up. The latest was my account being -.80 cents. I called up and was told by management that everything was fine. I made a transfer from my savings account to cover the negative status. Still, they charged me a fee after the fact, but pushed the date before I my transfer date so that it would appear as though the fee was properly assessed. All the while, the fee was not present at the time of my transfer. This is dishonest and corrupt. I am closing my account, they care nothing for customer service.
Do not do business with this company!! I have an FHA loan I took out 9/2011 with PMI that was supposed to drop off after 5 yrs. When I asked why they are still charging me, they told me I had a late payment within the last 12 months. So until I have 12 consecutive months of on-time payments they will not remove the PMI. Yes, it probably is in the fine print and they never told me... but we all know PMI is just another fee to charge you because they can!!! They could care less about keeping a customer much less keeping a customer happy. Yes, I am refinancing with someone else and will never do business with this bank!!! And nor should you!!
I have a mortgage with Bank of America. I have no income because of health issues. My husband passed away three years ago, if not for my son I would have lost everything. My son gets paid on the 15th, so I have to make my payment then. I have received a letter requesting I send over 2.000 dollars in late fees. They are already charging me late fees for November in October. Also saying if I do not pay fees they will foreclose on my home. I struggle every month. My poor son is doing the best he can.
I applied for a conventional loan with BOFA back in July. I have 20% down, great credit, all documents good to proceed. But, I was never told that the BOFA branch I was assigned to in MA used Fannie/Freddie underwriting for conventional loans and, as such, items like a missing stove - are automatic fails. The loan officer knew I was buying a HUD home AS IS property - he failed to mention I might want to look up Fannie requirements. After jumping thru hoop after hoop for what should've been a typical conventional loan but in actuality required FHA requirements - I'm now told that their appraiser, who's 4 hours away from my property, cannot get back for a revisit for another 3 weeks!
I'm now on my 3rd extension, paying tons living in a hotel with my dogs, waiting only for the clear to close from BOFA and that can't happen until the only appraisal apparently available for this MA branch office can find the time to get me into his schedule. NO help from the loan officer to rush the appraisal revisit. No offer to move my loan app to a local bank that uses local appraisers. No regrets or offers of apology that he misled me about the conventional loan requirements via Freddie/fannie requirements. I would have used a different lender that did NOT need to meet Fannie requirements and saved us all time and saved me HUGE frustrations.
I even had a call with the guy who reviews the loan status - before the appraiser ever went to my property - and asked him (Duane) for verification, that as a conventional loan I don't have to jump thru hoops like with my VA loan. "No" he says, as long as it meets value... I've now had to request a 3rd extension from HUD (with charges for this) because BOFA can't get an appraiser out, as a revisit verification only, until the end of the month. Unbelievable. If I wasn't so set on this home, I'd dump BOFA entirely, but unfortunately, they are tied to my contract to buy the house.
Bank of America Mortgages Company Profile
- Company Name:
- Bank of America
- Company Type:
- Ticker Symbol:
- Year Founded:
- 100 North Tryon St
- Postal Code:
- United States