Bank of America Mortgages
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My mortgage modification was approved, I completed the 3 month trial payment plan, signed the new mod agreement at my attorney's office, he notarized & we sent them to BoA & their attorneys. BoA told us that the notary stamp was slightly outside the allotted space, I had to do it again. So I signed & notarized at a BoA branch. I made my 1st mortgage payment but BoA applied it to my "unapplied funds" instead. When I called to make my 2nd payment, they say it's still in litigation and they CANNOT ACCEPT MY MORTGAGE PAYMENT. OMG someone stop this hideous institution, it's poorly managed and is, quite frankly, a health hazard. I'm sending another complaint to my state attorney general. Everything about this bank is bad.
We have been in the same home for about twenty years. About 7-8 years ago, we refinanced with BOA. A few years ago we started receiving notices, around the same time as this that our payment amount would increase to cover anticipated shortages of escrow. You can opt out of these, which I did. I told them that if a shortage came up we would pay it. The man I talked to said that was fine. Last year we received another notice for the same reason. I called once again to tell them that we wanted to opt out. This time however, I was told that I would have to put it in writing and mail it to a particular address addressed to a certain person, which I did. I never received a response. So we paid the additional escrow which originally was about an additional 70.00 per month. I told them that it was an outrageous amount. So we quibbled back and forth until we agreed on an extra 40.00 per month.
Now we're in 2017. We just received another notice to up our mortgage payment by almost 40.00 by Dec. 1. I called the company to say that there is no way we are going to do that. A woman with the company answered my call. I explained the situation to her. I also mentioned that last year when we wanted to opt out, we were told to write a request letter that we never received a response to. She told me that she was going to transfer me to someone who could help me. I was on hold for approximately 40-45 minutes listening to crappy music, and every few minutes a recorded message would interrupt telling me how important my call was, and that someone would be with me shortly. I tried calling two more times after that, only to get the same thing. I left them a message in the contact section that ignoring me was not going to make me go away. According to the escrow info we received, we owed an extra 11.00 for the past year.
If you read the small print, it will say that they only have to send you the unused escrow if you pay 50.00 or more dollars per month. Nice way to keep your money huh? They should use it in anticipation of anything that might go up like insurance, taxes, etc. I will not play this game with them. I specifically told them that if there was any kind of shortage that we would pay the difference rather than have our payment go up. Now they want more, and we won't get it back if it's not used because it would be under the 50.00 range. So my question is, where is the money going? I smell a rotten red herring.
I've been requesting a mortgage payoff amount for near 2 weeks now. Initially called in and requested. Was told could not provide info at that time because of the loan type and someone had to put "hands on" to give correct numbers. I was assured I'd have a payoff within 24 hours. I had two options - via fax or snail mail. (Email not available). So I acquire a 24 hour fax number through an app. 24 hours later, no payoff.
I then logged into my account online and messages BOA through their internal messaging system requesting a payoff. Received response saying they could only provide the payoff to the owner. I AM the owner! Blew someone's mind that I bought a house prior to being married, then changed my name, I suppose. I messaged them again. They say they'll fax it to me. I requested and provided another 24 hour fax number (along with my email address). Two days later, no fax.
I emailed again and told them to just mail me the statement. Response said they were requesting it that day and would do such and should receive it within 10 days. They don't provide payoffs via email. (What a crazy thought.) So I received the payoff yesterday, 7 days later. Talk about inadequate?! Statement does show principal balance amount and shows interest accumulated per day. Great! But it does not state any fees associated with payoff (filing with the county, lien release, etc.).
Second, it doesn't show how they intend to pay the taxes on the residence (which were due 10/1, but they religiously have paid on 10/25ish). So there's no accounting for the funds in escrow. Next, there's a disclaimer on the statement saying the payoff is subject to change for "various reasons." Um. Isn't the reason for requesting a payoff so that you know exactly what to pay? And wasn't that the reason someone at BOA had to put their hands on it? But beyond all, what really gets my goat, is the statement on the bottom of the payoff that says "this communication is from a debt collector." WHAT?! My mortgage isn't late! What an inadequate and infuriating system to have to go through to merely payoff a mortgage!
Only thing I can figure is that because this isn't due to a real estate transaction or I didn't come into a wad of cash to pay a huge final amount, but rather the instance of a customer paying to the agreed terms of a loan for the entire term of the loan, they haven't the slightest idea how to properly provide a "true payoff." Unbelievable! To add to this mess, we are an active duty military family. We became reluctant landlords many years ago when Uncle Sam called upon us to move so this is now a rental property.
BOA suddenly decided to declare the property was not worth its value of the 1st and 2nd mortgage (BOA held both loans) combined and shut down the HELOC/2nd mortgage. Naturally, this was THE month prior to moving and we had planned to use a small portion of the funds as moving expenses (we had not quite saved enough cash to cover expenses). Home's value was minimum 50/50 loan to value at that time. I tried calling them. Didn't matter. I would need to go through a time consuming process to prove the value. (We were moving! Didn't have time!)
We aren't down for "handouts," but when assistance is needed for a temporary setback (moving again, so loss of spouse income for a couple months), one would THINK BOA might have a reasonable request process to qualify for such. NOPE. Would have to go through a full refi to do such. But the kicker of it all was BOA wasn't doing loans/refis for 2nd properties at that time! So, Bank of America, I fully understand you don't "owe us" any favors. But what you DO owe us is competent customer service employees and the reasonable ability to properly payoff our mortgage when we want to. So BOA, thanks for nothing!
I paid off a senior's Bank of America home loan. Bank of America kept the payoff for itself. This woman in her 70s has to keep paying or Bank of America would take her home. I reported this injustice to every bank regulator who did nothing so I took Bank of America to court myself. The Bank of America lawyer moved the case to another court that I can't easily get to then lied about Bank of America not receiving the loan payoff then filed to have the case dismissed.
I have filed proof the loan payoff was received and copy of the certified mailing receipt. Bank of America is willing to take every penny from a senior. Let that sink in. Bank of America is okay with threatening to take a senior's home if monthly payments don't continue after a loan payoff. I'm posting this story all over the internet in the hopes people will remove their bank accounts and loans elsewhere. Nothing you entrust with this bank will be safe.
My husband and I greatly regret starting the loan process with Bank of America and will be going to another company that will welcome our money without intense and nonsense interrogations. It has been a very frustrating experience for us. I would like to note specifically that after the same official documents had been requested and having been supplied multiple times to support our capability to pay a loan we continued to get the runaround.
Considering the discriminatory treatment we received we no longer want to do any type of business with this bank regardless. We don't recommend this bank for a loan or any other type of transaction. I was told by others even before I started to work with them that their customer service was awful. More than one person had told me that BOA would not allow them to withdraw their own money on several occasions but after this experience I'll believe just about anything. Complaining to the manager at the bank about the loan officer and the speed at which everything was moving along was just plain useless. He did however mention that we were the "type" of customer that BOA was targeting. Very unprofessional and terrible customer service.
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I'm so disgusted with Bank of America. Here in Florida customers need every help that is possible. I spoke with a rep. concerning the program that is offered with the mortgage companies of deferring payment for 3 months and then resume normal payments after the 3 months. Every employee my husband speaks within the United States Marshal's office confirmed that their mortgage company offers this program without having to repay these 3 months back after resuming normal payment.
Bank of America's rep. advised me that they are aware of this program, but they dont offer to resume the normal payment after the 3 months, all 3 months must be paid up after resuming normal payments. A large entity such as Bank of America should be ashamed of itself. All banks can help their customers in this crisis, but the largest bank hold its fist tight. What a shame. I've been a loyal customer for over 40 years with all my banking accounts at this company. I was even an employee for 20 years with this company. Maybe another bank would begin to look a lot better than good old BofA.
Please don't use Bank of America. After painstakingly providing documents and more documents and more. (Because they lost my initial documents)... And also going through what seemed like an IRS audit, I withdrew my application... 3 days later, they sent a "denial letter". What??? What a lie! It was a voluntary withdrawal based on their poor service and dishonest representations. I called them on that and they said, the only way to delete the application from their system was to issue a loan denial. Really? What about, "loan application was withdrawn by customer"?! The application was incomplete and not even completely underwritten yet, they were still asking for documents that I had already given with fax receipt (but they couldn't find them again). Just too annoying, I simply withdrew... And they issued a loan denial? Ridiculously unprofessional.
I live in Missouri City Texas and was I was impacted by Hurricane Harvey. I called and asked Bank of America Mortgage Dept. what kind of program they have for customers who are impacted by the Hurricane Harvey. I was informed that you can choose to have 1 or 2 or 3 months relief from paying the Mortgage but instead of putting the payments on the end of the loan with accruing just the interest like previously done during a catastrophe, Bank of America Mortgage Company decided to give you up to 3 months relief but on the 4th month you not only have to pay the 4th Month but you also have to pay previous 3 months payment as well.
The reason for that I was told by the customer service representative was because that gives FEMA a chance to cut you a check and you can therefore catch up with your Mortgage. I told the mortgage representative Fema checks are to repair your home and not to pay mortgage. I have been a Bank of America Mortgage customer for 12 years and never missed a payment. Hurricane Harvey is one of the worst storm ever and Bank of America Mortgage Dept. has no compassion for what happen to their customers. Instead of rebuilding your house, contents inside your house, car and most importantly your emotional situation, Bank of America Mortgage Dept. wants you to take your Fema check and pay them. I will look into refinancing my Mortgage with another Company very soon.
In retaliation to my filing a b/k including a credit card from B of A, they sold my mortgage account first and second to 3 different companies. Country Wide, Green Tree and Ditech. B of A, just took back the 2nd loan with an 8% interest rate. Have been trying to get them to lower/ and /or consolidate both loans to get a lower interest rate. No return calls, not willing to assist. Why isn't the government suing this entity for all the destructive, corrupt loans they continue to feed off of. Asked for a refinance and they did a modification instead. Hate these corrupt banks that feed off of public.
I've had a mortgage with Bank of America for nine years and they have been refusing to report my own on-time payments with credit reporting agencies. But today they told me "that because I had a bankruptcy over eight years ago I have to reaffirm my mortgage for them to report to the credit agency"!? Pennsylvania does not reaffirm, it's not legal practice in Pennsylvania. They are absolutely bullying and extorting their own clients.
I am a BofA customer for 22 years, have a credit score of 800 and moved millions through my account with them, but I won't make the mistake of responding with a yes to a 50K HELOC ad at my local branch again. I spend 3 months talking on the phone to robots & people who behave like robots. After going through their process it becomes clear why identity theft is so easy. They just keep asking the same questions during their verification process (last 4 digits of you social?) Going to the branch doesn't help because they are subjected to the same broken process.
The final straw that BofA wanted an original scriveners affidavit (even they didn't even know what that was), that corrected a minor typo on my deed. A copy did not do. It is beyond me why BofA thinks they are competent at issuing loans. I regretted putting so much time into this process. I closed the HELOC without actually really using it. I will learn from my mistake, I hope you will too.
My parents had our house payments through Bank of America and they tried everything they could to take our home. Legally, we were told that there wasn't anything anyone could do because they are such a huge company. We would send the payments in and they would send it back so they could claim we were behind. They will take your home in an instant. They are heartless people and I think they should be shut down completely. Do not use them or you will be sorry that you did. It's awful that a company can get away with doing people that way.
I opened a Home Equity Line with BoA and I am regretting it everyday. The application process took forever (almost 100 days) for a simple line of credit on a home that had almost 50% equity in it. Once the account was open I wanted to use the line on home improvements & pay off a couple high interest credit cards. They make it hard to use the money in the line. I wanted to make a payment to the credit card. They had me sign up for online banking to access the account. Only to find out that the only thing the online banking is good for is to see how much you owe them. I am not able to make a ONLINE PAYMENT to an outside company without also opening a BoA checking account. I had to call them to send me checks for the line of credit, and then go to the bank to make a payment to the credit card.
When I tried to do an ACH off of the routing number and account number on the checks they sent me the transfer failed and I got hit with charges for that. When I called BoA they told me that type of account can't do that and I need to use the paper check. So I had to go to Chase to make a payment and I had to call AMEX to get the mailing address to mail them a check. In the current day of online banking BoA is still in 1988. After sending the two checks I wanted to make a payment to the credit line. On their website this can only be done if you have a BoA checking account. And even then you need to add the line of credit as a bill pay account and put in a mailing address because BoA actually mails a check to themselves. They had me add my TD Bank account as a payment option only to find out later that I can't use it to make a payment on line and the only way I can make a payment to the account from TD is to mail a check or go to the branch.
They have the worst online banking application I have ever seen and to top all of these issues off they DO NOT have 24/7 customer service. When you call the number it says they are closed and just hangs up on you. So if you have an issue at night you are waiting till the next day. I only went with BoA because I know someone that works there and they talked up how good it is. After this I would NEVER do business with them again. In my line of credit contract I have to keep the account 3 years or they will hit me with an "Early Closure Fee" and I am counting the days to close this account. Do yourself a favor and use ANY OTHER BANK!
Contact your state attorney generals office. File a complaint and hopefully we can, as a group get their corrupt business practices stopped. Some of the things that they have done to me include falsify late payments for 3 1/2 years. Would not admit that it was their error. This hurt my credit score they are charged extra on their false charges. Would not give me instructions on how to pay through my bank online to PROVE that they were receiving payments when I said they would. My bank helped me with that. Prior to that I had to pay $16-20 for priority or overnight postage requiring a signature. This was every month.
They have refused to drop my MIP. Now they want me to re-sign some paperwork. When I asked what was wrong with the paperwork, they sent a bill collector from JMA, a collection company that they own to intimidate me into signing. They have also tried to pay me to sign the papers. I have asked repeatedly if the loan was in order or if it is unenforceable and they want to get off of the phone. They give lip service to resolution and try to pass you from one person to the next. Pitiful.
I called Bank of America for a home loan on a property that is paid off, and was advised of the requirements, one being the credit score and the other one being a bankruptcy must be 4 years old. I worked hard for 3 months to get the score higher than the required 680 and at the end of the 3 months, they told me my application was turned down because of the bankruptcy. At first my score was just fine, but after submitting documentation proving bankruptcy met the requirements, then they told me my score was low. Bank of America refused to take a second look at my application even after being provided with the required proof. If I'd known the bankruptcy was the issue, I wouldn't had bother applying in the first place. Now my credit score took a hard hit for nothing. Unfair practice and deceiving!
BOA had my mortgage. Unfortunately I have no control over that. I hate BOA, they should have been allowed to fail so a competent, financially responsible company could rise in their place. I had to find a new insurance company after SF cancelled my homeowners policy because I had the audacity to use it after a severe hail storm damaged my entire town, literally. So my new company, Liberty Mutual, has faxed BOA confirmation of coverage at least three times. They have included my account number in the confirmation. This has been going on since 05/30/17. BOA claims they haven't received it and sent me a letter threatening to purchase insurance on the property at my expense. I faxed my new policy to the fax number they included in the letter and I have digital confirmation that THEY RECEIVED IT.
So I waited a few days and called the telephone number on the letter to confirm. They claim they didn't get the fax. I told the idiot on the phone that I have digital proof that they did receive it. She replied, "Well if we received it then it would be in the system." I outlined all of steps I have taken and told the idiot that the problem was clearly on her end and that if BOA purchased insurance on my home and expected me to pay for them, we would have serious problems to which she replied, "These calls are monitored sir" as if I had threatened her. She then gave me another fax number to try. Absolutely gross incompetence.
I have been a BOA customer for about 12 years. They help my mortgage in Florida and after moving to Alabama I tried to get another mortgage through them. Long story short, I explained our situation completely, they took my information and over $600 for appraisal, strung us along for over three weeks when we were in contract with someone then denied us. Poor customer service. No help after being a customer for over 12 years. They took advantage of our situation. I would not recommend them to anyone.
I have been a customer with BoA for several years, and not had one positive interaction. I live in Kenya and wanted to get information on refinancing my home. After four transfers and one hour, I was transferred back to the general customer service center. The departments of BoA are so desegregated. In a attempt to get information, I had to talk to four different departments (and go through verification process with each one) and still did not get the information I required. The customer service at BoA is the worse I have ever experienced.
Used to have a home mortgage loan with Bank of America. One day they decide to sell my loan to a different company. Been paying loan to a new company. By accident I found a letter letting me know there is a check for $1360.70 to belongs to me and I never cash that check. That check got lost somewhere. Make couple of calls to Bank of America, giving the runaround. Someone said yes found records and will issue a new check. Ask them if they have my money why didn't deposit to my account. They wish I never find around and keep the money. Been trying to recoup my money. Even I went to a branch and the employee was really disappointed with the chase, gave up.
After few weeks waiting for a check in the mail called back. Nobody knows nothing. Someone said to send letter and start over. Someone said call Delaware state unclaim, since I live in MD. I mentioned why since I don't live in that state. No record, and said to check in 2 months. Call back to Bank of America today they said check with State of Maryland. They said don't have nothing. Just wonder where is my money. Wonder if someone can help against big corporations.
Ya, we got screwed over by B of A. They talked us into refinancing our home under HARP. Long story short. Several thousand in fees (added to loan with interest) and ended up with a 40 dollar decrease in monthly payment. Ya like that is going to save me from losing my house. LOL. BofA is making a ton of money off of the HARP program. It is impossible to get any information from any government agency as to where the hundreds of millions goes in the HARP program. I have tried. All the agencies including HARP say, "We have no idea were the money goes. Including B of A." Really!! You guys are the recipients of the HARP program. Biggest scam in the banking industry and NOBODY is investigating. So sad but good for B of A and other loan institutions.
I have a 15 year mortgage that started January 1 of 2002 and was supposed to end on December of 2016. They sold my mortgage to Nationstar bank in June of 2013. It is now June of 2017 and I am still paying on a mortgage and nationstar says I owe 10,000 dollars and has to be paid in full or I will default on my mortgage. When I called them they told me that's the information they got when they bought the loan so I called Bank of America to see what happened and they said because when I used a budget fitter coupon my loan changed from a 15 year fixed rate of 6.50 percent to a daily interest loan which they explained my loan is a 305 loan which is not a good loan and I said, “Now you tell me this after paying for 15 years and 6 months on time and never missing a payment.” In the coupon book it states if you are up to date you can use a budget fitter coupon. It does not say anything about your mortgage rates changing.
Had I have known this I would have not done a loan with Bank of America. They should have disclosed this at settlement and did not or is it stated in my paperwork. Now they said to take out a home equity loan to pay off my mortgage payment. I don't think it is right to charge an extra 10,000 in interest for using 6 budget fitter coupons. This is ridiculous. After paying over 15 years my mortgage should be done and if I don't pay 10,000 dollars in two months I will default which will ruin my credit as well as having to pay 25 percent interest on the balance. This is unfair and unethical. I signed for a 15-year conventional loan at 6.50 percent not a daily interest bearing loan. That is why they do this to get you to do a home equity loan and that should be illegal and there should be a class action lawsuit against Bank of America. I'm sure they have done this to many other people. They are a terrible bank and mortgage company to deal with.
My ex and I have had a mortgage with Bank of America for over 20 years. I was diagnosed with ovarian cancer and my ex decided he wanted out. He filed for divorce and stopped paying the mortgage. BoA "generously" offered me a mortgage modification. Once I made the 3 payments they were asking for all the back penalties, interest etc. would be wiped clean, and I'd start with a clean record making the new payments. I wish I'd gone through foreclosure. It would have been a more pleasant experience.
I have spent weeks on the phone, eventually refusing to talk to anyone except my case manager. How do I get in touch with him? I have to keep calling back, over and over and over, till he happens to pick up. How fun is that? Once he realized I was going to keep after him to took note and decided to call me every Monday with updates. I've been speaking with him weekly, often more than weekly, since March and he told me my modification was approved and all we were doing was waiting for the final paperwork. For 6 - SIX - 6 weeks he told me everything was fine, the modification was approved and the back penalties would be erased as soon as the paperwork was done.
Then he called this Monday and said "Oops". Literally. That is what he said. "You're not going to like this" he said. "Turns out your modification was not approved and you have to start the process over". What did he say when I asked why? He said "It's Fannie Mae, not us". Fannie Mae said "Um yeah, no that's BoA". What difference does it make? Two things: 1) I have to "start" the 3 month modification period over again. I get to spend another 3 months during which my credit report shows I owe ridiculous amounts of $ to these crooks. More importantly-2) Apparently they can do whatever they want and there is no recourse for the customer. How does that work? Let's suppose I start the new 3 month modification period? What happens then?? Will they actually honor what they claim? Or will they say "Oops" start over.
Even our court system isn't this screwed up. Once you've paid your dues (i.e. completed the 3 month modification you were told to complete) you can't be re-tried. There are no "Oops" in our court system. But apparently, BoA can use this whenever they want to, and I am told I have no recourse. Today I was told by the "supervisor" that he would "escalate this to the escalation team" and would get back to me on Friday, but I should expect no different answer from them. When I asked who else I could talk to he said "no one".
So, BoA lies, jerks me around, forces me to spend hours on the phone during which I'm repeatedly lied to, then tells me I have no recourse. Oops. And I'm guessing that despite that recording you have to listen to that says "This call may be recorded for training purposes" won't apply to my case. I'm guessing that if there are any recordings of my conversations with my case managers they are being erased as I write this.
I suggested he let his "escalation team" know that I am a single mother with cancer who was ** over by an ex who refused to pay the mortgage and gee... Think social media will think "Oops" is an acceptable response? Un Freaking believable. Come Friday afternoon, East Coast time, you will probably be able to join my new FB group titled "People Screwed Over by Bank Of America."
In 2015 my mother who had her first and second mortgage with them wanted to consolidate them so she applied to refinance. Everything was going well until they saw her trust that they decided was "not acceptable". This trust was created by a very capable lawyer. When we refused to redo the family trust we did not hear anything back from this bank so we went elsewhere and moved her accounts from the bank.
Fast forward to 2017... My spouse and I who have our first mortgage with them and a second with another bank wanted to consolidate both mortgages. This time we provided every document requested in a timely fashion. Unfortunately they were not satisfied with the legal documents provided to them so they began to ask that my spouse's employer provide the documents. This was no problem but the employer was uncertain exactly what information was needed and requested that the bank call them to explain what was needed. The bank agreed to but did not; what they did was close the application without notifying us.
A few days later we got a letter telling us that the application was closed. Of course they got and accepted the documents from my spouse's employer and told us that they would consider starting the application again and would call us within the hour. That was over one week ago and we're still waiting on that return call. We have called several times and NO ONE has returned our calls. The only thing they did was refund the non-refundable appraisal charge. I will tell everyone I know not to use this bank. We have been customers for about 20 years and this is the great customer service provided by the mortgage department.
Very poor service and treatment I got from BOA mortgage in Fort Walton, FL. I have been BOA customer for decades that what is the reason I chose BOA for my mortgage loan. Due to the ongoing harassment and discrimination, I have received over the past 8 weeks in attempting to close escrow. BOA agency continually changed the rules on me during the escrow/loan process which resulted in the loan not going through/escrow never closing. Continually asked me where I obtained the money from for the down payment on the home (even though I informed you I was previously a business owner and had money from said business), and continually asked for more money but made unrealistic demands on how you would accept said monies.
You made me jump through hoops, when, in retrospect, it’s very apparent you had no intention of ever approving the home loan/closing escrow on the aforementioned property, even though I have almost perfect credit and have had continual employment/career longevity in a supervisor capacity for many years (over 10 years) with the same employer. BOA unethical business practices are completely unacceptable, let alone illegal. I would be filing a complaint with the appropriate agencies regarding the unfair treatment, the ongoing harassment, and discrimination that I have endured due to my marital status (as I am single), gender/sex (as I am female) as well as race and national origin.
Furthermore, as a direct result of ongoing harassment and discrimination, I suffered an on-going extreme amount of stress. All of the calls to/from agency happened during normal business hours over the past several weeks. Last week when you continued to make outrageous and impossible demands wanting more money and how you would accept said monies, I was at work when, all of a sudden, I had difficulty breathing as well as severe chest pain. My employer called 911, as they believed I was having a heart attack.
Although I was released from the Emergency Room, I was told my condition was a direct result of extreme stress. My employer asked me to stay home on Friday (5/12/17) to try and get rest/recuperate and so now I have lost an accrued sick day as well, due to BOA heinous actions. In conclusion, BOA unethical and illegal business practices have caused me both mental and physical injury as well as a significant monetary loss.
We've had a very bad experience with this branch (Arizona). The branch is extremely slow to get any feedback/answers (looking at other people's complaints, it seems like this is pretty common with other BofA branches as well). There is probably too much bureaucracy. It can be acceptable to some extent but it is very frustrating. The other issue is lack of transparency with the lending officers. We've realized that the lending officer is not very knowledgeable about the process. He essentially got training while working with us. He made up a story (without our consent) to the underwriter that the loan should be contingent upon my job transfer. It was never discussed with us until ~ two weeks to close the deal.
When I asked him why he did it. His answer is that he just made an assumption and he did not feel like discussing with us before doing that. He also made a lot of other mistakes that I don't have space here to describe, including religious bias. We lost a lot of money and time due to this branch's fraudulent activities. Also, it is really hard to explain this to higher management. They simply ignore and defend bad practices. In short summary, this branch exercises one of the worst business practices by conning people. I am hoping that growing awareness will help other people stay away from this company and at some point, regulators will pitch in, similar to Wells Fargo case, and then CEO/higher management will notice due to investors' pressure.
I am experiencing a financial hardship. I am 4 payments past due, but my account has been transferred to their foreclosing department. They sent me paperwork for a home loan modification. I faxed in the required documents at one of their banks for fee. A few days later Bank of America declined my modification. They fabricated my income that I receive more income. Which they did this on purpose just to cause me this foreclosing nightmare. I have appealed the decision. But they sure did say that I qualified for a short sale, of course they want to take my home and my home equity. I was on a payment plan. Which I do have my bank statements to where they cashed my check for the past due amount. You just have to file bankruptcy and ruin your credit. Because you can't trust them to accurately post or update your account. Because they want to steal your home and not work out a home loan modification.
Very poor service from the BofA mortgage department in Albany, NY. I have been a BofA customer for decades, but I am now considering closing my accounts and moving my money elsewhere. Our agent was very hard to contact, usually requiring two or three calls or emails over several days just to get one call back. This should have served as a warning, but I was blinded by the freebies and good mortgage rate. If you do use BofA get everything in writing... Everything! We were promised $2000 cash back at closing but never saw the money. We were also charged $500 because our rate lock expired. When I called to complain and plead my case the agent was very rude to me on the phone.
After we closed she completely stopped returning my calls and emails. I would expect this type of behavior from a fly by night mortgage lender, not BofA. I would definitely steer clear of BofA. This experience has really left a bad taste in my mouth. I am currently shopping around at other banks so I can close my decades old BofA accounts.
I have been a customer with Bank of America for years after they took over for Countrywide. I had very bad loan thru Countrywide due to lies and misrepresentation of loan, meaning they did not include our homeowners or property taxes so for last 10 years I have been paying in full out of pocket with NO ESCROW. When I tried to pay a little extra every month I had hoped this would just be placed in an escrow so I could build it up and eventually pay thru escrow. How I was told since I did not have escrow they could only apply to principal loan... Fine - Forward to December 2016, money got tight and could not afford homeowners, so Bank of America opened an escrow and put a lender placed homeowners insurance on account. I was billed $1699.00 for February 2017 which I paid in full, and also kept making normal monthly payments of $1065 only to start receiving bills in the amount of $1400+.
When I called they stated this is the new cost due to escrow. I tried explaining that I do not have an escrow and that my account is current. After speaking with Nicole, Crystal then finally Sharmica on March 6, 2017 I was informed this would be REANALYZED, and the misappropriated funds would be corrected. Sharmica confirmed on recorded line, escrow balance at $0, monthly payments all current and correct monthly payment only $1046 (est). However stated it would take a few days to update. However everything ok on my end... Fast forward to April 24th as now we are being inundated with phone, e-mails about being behind with mortgage.
I called again, spoke with Brantley then Vanessa who finally transferred me to a supervisor Kyra whom told me that due to lender placed insurance, I am now required to have an open escrow which made my April payment (already paid) $1400+ and the May payment go down to $1200+ for remainder of loan which has now increased our monthly payment by over $200 without being properly notified. Also due to their mistake since it now looks like we have not paid the full monthly due we have now been charged over $100 in late fees and show over $800 past due. DUE TO THEIR MISTAKE.
When I requested my March 6, 2017 call be pulled, I was refused and told I would need to submit request in writing. This has to be one of the worst mortgage companies bullying customers into late fees and possible foreclosures. I have reached out to an attorney (hopefully for some guidance) and a new lender (hopefully able to refinance with lower payments and monthly amount due with no hidden costs) and no lying... sick of paying for other people's mistakes.
During the refinancing process I had a locked rate to a specific date. That was not honored by Bank of America. They cancelled my application and offered a higher rate as soon as they knew interest rates were going up. When I questioned it I was told by the person facilitating the process that not all of the required info was provided and she did not know it herself because she was out sick and that they should not have cancelled it but that there was nothing she could do. All of that was before the locked in rate date passed.
I wrote to her and her supervisor but never heard from him and the issue was not resolved. I had to go ahead with the NEW rate because the mortgage I had with them for 10 years had matured and it would have increased my payment drastically. I was ripped off and did not have a choice. After the closing date I noticed that I was charged double for the appraisal and it took weeks before I was given credit for that. That is how they treat a ten year customer. My mortgage payment is now over $100 higher than it should be.
Shame on BOA! - I have been a loyal Bank of America customer since 2005. I currently have a Home Equity Line of Credit with BOA for $100K. I write to inform you of my recent dealings with various BOA representatives, which were both troubling, unprofessional, and questionable. On February 7, 2017, I contacted Aaron **, Mortgage Loan Specialist by phone at Bank of America to discuss a Home Equity Line of Credit. I currently have a Home Equity Line of Credit with Bank of America for $100K. The draw period for my existing line of credit expires August 18, 2018 and the available credit on the line is $25K. During our conversation, Aaron told me my rate would be prime plus .130 and my house should appraise for around $285K. Accordingly, I was told that I could expect to receive 70% of the home value for the home equity line of credit.
On February 22, 2017, I was contacted by Nancy **. Nancy and I discussed the outstanding items she needed to complete my application. It is important to note, the items did not include a recorded lien release. Nancy stated my rate would be prime plus .230% and could not provide any explanation for the difference in rate. Second, Nancy stated my house appraised at $274K, which was different from the appraisal amount I received from Aaron only approximately 15 days before. I was later told by Richard **, HSS Manager, that my home appraised at $305K. Again, I am highlighting the varying information I am receiving from different Bank of America representatives. During my last conversation on March 20, 2017 with Nancy, I was told that she came across an outstanding lien against the property. Per her request, I provided her with the information of the lien holder.
During our last conversation with Nancy, I specifically asked if the lien, which was in my mothers name, against my property would be an issue. I told Nancy, I could pay the lien off if it was an issue. She stated she needed to talk to the lien holder first and she would call me back. This lien had been on my home since 2002 and present at the time I was approved for the initial LOC approximately eight years ago. I never received a return phone call from Nancy. Instead, On March 24, 2017 a Bank of America representative called to inform me that my application had been denied. Per my conversation with Tom ** on March 24, 2017, Nancy never even called him to see if the lien holder. Furthermore, Nancy never return emails or phone call in a timely manner if at all.
On March 27, 2017, I reached out to Nancy's manager Richard **. Richard informed me the only outstanding items were a copy of the recorded lien release and my Capital One bank statement showing the source of the funds used to pay off the lien. Per my request, he sent me a confirmation email stating the same thing. I specifically asked Richard about my property, so there was no confusion as to the location of the home. During the call, Richard stated the appraisal was good for 90 days. I explicitly asked about this because I did not want to pay the $15K only to denied for the loan. Richard went on to provide the appraisal amount. He stated the appraisal had been completed and I would be approved for my original amount of $199K because the appraisal higher than $274K. I have a copy of the appraisal that was done on my home dated March 20th.
On April 12, 2017, I provided both documents to Richard via email. In the same email chain, On April 12, 2017 at 12:58 pm, Richard stated, “I have received your satisfaction of mortgage. We will just need the Capital One bank statement to source the funds used to pay off the lien. Once this is received, we will review for reactivation and once reactivated we will need to get an updated title”. After receiving that message, I resent the bank statement. Subsequently, I received a phone call from Richard stating it is now a requirement that Bank of America complete a full home walk through before approving the home equity line of credit.
I am having trouble understanding why neither Nancy nor Richard conveyed the need for a physical walk through until this point in the process. It seems to me that, Nancy and Richard are unfamiliar with Bank of America processes and both were looking for ways to disqualify me. Why would Nancy order the wrong type of appraisal? Why would Richard state the appraisal was good for 90 days if it is was the wrong type of appraisal? Furthermore, I am curious to know if this walk through policy is implemented at the discretion of the home service specialist manager. I still don't understand the exact purpose of coming into my home other than to find another reason to disqualify me.
Road blocks and hurdles have been strategically inserted to block my application. Richard ** assured me that my home equity line of credit would be approve if I paid off the lien and provided documentation as to the source of the funds. The lien has been paid off. Richard should be held accountable for his statements. My home equity line of credit should have been approved.
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