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Our advice - NEVER use Bank of America!!! My husband & I have excellent credit scores (both within the 800 range) and needed to apply for a mortgage for a home we hope to retire to in the future. We decided to go with Bank of America since we have all of our accounts, including 2 savings, one checking, and 2 credit cards, with them. We were completely honest with the loan consultant, Rhonda **, about the home being a retirement home for our future. She never told us that this might be a concern when applying for the mortgage and led us through a time consuming paperwork process and gladly took our $535 payment for appraisal and credit check.
Days later we were contacted by an assistant to Ms. ** saying she needed a letter to verify how we were going to commute to work from the new home. We again explained that it was going to be a retirement home in the future. We were then led through an infuriating, frustrating, and utterly ridiculous runaround claiming that we should have applied for a second home mortgage which we were not told at the time of application. This anxiety provoking process ended in a denial of our mortgage due to their inability to include my husband's income because we disclosed that this was going to be a retirement home. My husband has not applied for retirement and no date has been set for retirement.
We disclosed that we were going to be using the home for retirement when we first contacted Ms. **. She claimed to have 30 years in the business and yet was not able to tell us that this may be an issue when we applied??? She gladly took our money for which we are still attempting to have returned. We visited our local bank the very next day in complete stress. We were told our mortgage is a slam dunk and we are model customers for a mortgage. We will be closing ALL accounts with Bank of America as soon as possible!!!
I recently applied for a loan and submitted all the documents to them one week before loan closing date. I understand the closing of the loan might be delayed due to that I had to get some company and personal tax returns finalized. However, they just cancel the loan instead of trying to close it for me. I have applied for many loans with different lenders and this is UNHEARD of. They did not even warn you about this. Do yourself a favor and stay away from BOA.
HI, I applied for home mortgage with BOFA. After the initial approval which was quick and easy, my nightmares started. The Underwriters are the worst people and keep asking for information which none other companies ask for. They do not provide a list of documents and keep coming back for more. My closing is less than 20 hrs now and the underwriters are still working on my case and asking for my investment accounts statements, which has been provided 2 months ago.
Apart from that their processing team in Tampa Fl goofed up my entire case and delayed it so much that I may not have the closing tomorrow. I may suffer mentally and physically as my pressure is shooting up and will hold BOFA responsible for the same. GUYS TRUST ME>>>THIS IS THE WORST EVER BANK TO DEAL WITH<, I WOULD RATHER PAY HIGHER INTEREST RATE AND GO WITH ANOTHER BANK THAN BOFA. All the underwriters and the processors should lose jobs. I want to give it a ZERO stars.
My wife and I have been customers of Merrill Lynch since 1998. They manage our 7 figure portfolio. Since Merrill was acquired by BofA, it has been all downhill as far as our level of satisfaction is concerned. The people we work with at ML are great, but they have their hands tied when they have to deal with their parent bank.
ML has a program called Parent Power which allows parents to pledge collateral so that their children can obtain a 100% mortgage. We have taken advantage of this program for three of our five children. Our oldest child obtained a mortgage of approximately $285000 about 8 years ago. We pledged approximately $100,000 of our assets so that our son could get a 100% mortgage and not have to pay P.M.I. Our son has aggressively paid down the principal on the mortgage, paying an extra $1000 per month for the last several years. His principal balance is now $200,000. House sales in our son's neighborhood have appreciated rapidly, and a conservative estimate places the value of his home at $340000.
We have asked BofA to release the hold on our pledged assets. Originally, they refused, claiming that the loan had to be paid down to $178000, because they assume there’s been no appreciation in value. Now they have said that if we pay $485 for an appraisal, and the appraisal comes back at $287009 or higher they will release the hold on our pledged assets.
The bottom line on all of this is clear... BofA doesn’t care that we have a substantial relationship with ML. They don’t care that we have convinced two of our adult children to move hundreds of thousands of dollars of assets to ML. They don’t care that our son has never missed a mortgage payment in eight years, or that his credit score exceeds 800. In essence, BofA is requiring that our son proves that he has at least a 30% equity position in his home, when they are making mortgage loans with 20% down payments every day to complete strangers. It makes no sense.
The initial process ran smoothly but as time went by, the problems began. Just to summarize, I did everything on my part to get to closing in a reasonable time despite a few bumps in the road. Despite turning in all documentation and proactively doing more than I should to assist in the process, I could never understand why the title loan coordinator kept asking me for more and more bank statements and credit card statements. Even when the title company gave them the green light to accept my closing, this bank just waited and chose to twiddle their thumbs, asking for documents that no other title company ever heard of, just to lead to more delays and just enough so that my closing would miss the deadline of 4/25 which was critical in order for my refinanced loan to be funded by 4/30, instead of 5/1, resulting another month's interest.
Now I had to be out of $787 in closing costs instead of $233 as the loan officer informed me. Wow! Definitely a big jump. No matter how I reasoned with them that I should not be penalized in paying interest for May, they would not reason or compromise. Now it made perfect sense why they kept asking for seemingly minor statements over and over and why they chose not to respond to the title company in a reasonable; all for the deliberate purpose of getting an extra $533 out of me in interest.
I don't see no difference in a someone coming behind me to rob me of my purse with $533; only difference is Bank of America can legally get away with it. In essence, I was robbed. After I made it clear that I was happy about it, the loan officer kept trying to pacify me by telling me I would get an interest credit. After drilling him on it, I realized he was just making up a false story. There was no such thing as interest credit, not in my case. Then he wanted to reassure me I was getting back $451 out of my escrow. I reminded him that I was going to get that back whether I brought $1 into closing or $1000. What difference did that make and how was I supposed to feel better? Lastly, I was told there are no guarantees. Uh duh, nothing in life is guaranteed, yet, the obvious timing of when B of A finally got their act together for me to proceed to closing was more than obvious of what they intended to do all along.
I really thought about changing to another lender at the last min; only reason why I didn't because interest rates went up since and I would have to pay for another appraisal. I had to accept the lesser of the evils. Given another chance to refinance, I will never go through Bank of America even if another lender is not the model lender. Never again!
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I just paid off a mortgage loan with Bank Of America on April 13, 2018. They owe me 1983.51 in escrow balance. I tried to log in to my account on April 14. They cancelled my account. It was open when I owed them mortgage payments. Now that they owe me I can't communicate with them online. I called them and they said it would be 20 days. I asked why and was told they had to make sure the figure they gave me was right. I told them that that was a lie because the ran all the numbers to get the correct payoff. I asked them what law gave them the right to draw interest on my money instead of me, no answer. Don't do business with them.
I have been a long-term customer of Bank of America. I am a senior, with a disability, and on a fixed income. I own a home with a remaining mortgage of only $88,359 in an area that is experiencing skyrocketing home values. (My home is currently worth around $160,000.) The home was previously an investment property for me, although I have lived in it from time to time. Two years ago, I petitioned BOA to drop the PMI (Private Mortgage Insurance) on the home. They indicated that I had to submit a new appraisal (a cost of $500). I did so, but unfortunately, the appraisal at that time came in below BOA's 70/30 LTV (loan-to-value) ratio... mainly because my renters had caused significant damage to the property, which has since been repaired and updated. According to the response letter, I needed to pay $2900 on the principle of the mortgage to bring the loan down to $88,200 in order to have the PMI dropped.
Due to some serious health issues (cancer), the recent sudden death of my husband, and a very uncertain future, I did not pay it at that time. It just wasn't a priority. Flash forward two years. The property is now my permanent home. I reviewed my finances and noted that I was only $159 from being at BOA's "required" 70/30 ratio! Woo! Hoo! So I again reached out to BOA to have the PMI dropped, thinking that I could just pay an additional couple of hundred dollars to satisfy the requirement that my remaining mortgage fall below their $88,200 threshold. I figured it was a no-brainer, as I have been a customer for many years and have NEVER BEEN LATE ON A SINGLE PAYMENT for any of my accounts. Boy, was I ever wrong! BOA came back with a response telling me that I must get a NEW appraisal that shows that the home meets the 70/30 ratio.
I called the PMI department at 1-800-669-9092 and challenged the response, indicating that I should not have to pay $500+ for a new appraisal since home values have increased so much. I also pointed out that I have never been late on a payment. I offered to send pics of the home, which has been repaired and has been refurbished with many new upgrades since the prior appraisal so that they could compare the pics to the prior appraisal. I asked that they look at me a HUMAN, A GOOD, LONG-TERM, FINANCIALLY RESPONSIBLE person, and not as a "ratio." (Unfortunately, the representative had a Hispanic accent so thick that I could barely understand them. Their understanding of me appeared even less adequate, but I thought that I finally managed to get my points across to them.) I called back three business days later (as instructed) for the new decision.
After going through a lengthy hold-time, I finally spoke to a different representative. This time I was told that since the property was an investment, my LTV needed to be at 50/50!!! I nearly had a stroke! I explained that the home is my permanent residence, and has been since July 2017. I referenced the 2016 letter, and the 30/70 ratio I was quoted that the time, even though it was "investment property" then! I offered to send insurance records to prove my residency... records that show that the insured value on the home is $160,000, which was based on a visual inspection and market comparison done by my hometown insurer in 2017... an insurer who knows this town and its exponential growth well. I was told to call back in five business days for a new decision. Today, I called back. The NEW decision is that I must meet the 70/30 ratio OF THE ORIGINAL LOAN AMOUNT!!! WHAT???
Not the 2016 appraised amount, but ORIGINAL 2014 mortgage amount??? I asked to speak to someone a little further up the food chain, and was told that I would only get the same response as they were all powerless to make actual decisions. (That wasn't comforting, to say the least!) It was indicated to me that the representatives could only read the decisions handed down to them from the Gods above. I am LIVID. Recently, as this situation has progressed (or regressed, depending on how you look at it), I have read several accounts of mortgage lenders being sued in class-actions over this very matter. I have also found several credible articles (I was a legal professional prior to my disability, and have access to legal databases) that indicate that BOA and other lenders use smoke and mirrors to skirt the law and keep PMI in place as long as possible in order to maximize profits for its investors.
One such article by an alleged former BOA employee indicated that he was instructed in the tactics of PMI removal denial, with his yearly bonuses calculated according to the amount of additional PMI he was responsible for retaining! I intend to pursue this matter on a legal level (It is a matter of principle to me now.) I certainly won't have any problems finding an attorney who will be willing to back a class-action suit once they see the dollar signs. (Unfortunately, the only way to win against greed and corruption is to find an equally greedy attorney. Thank God I know a few of those personally from my professional days!) Meanwhile, I am simply refinancing my loan through a reputable lender who sees me as a PERSON, and not as a consumer that they can victimize and exploit. I am DONE with BOA forever, and will tell my story to everyone I can! No one should ever be treated like I have.
We had a mortgage with BoA and refinanced. The refinanced obviously closed the mortgage account. We had online account access and all statements were electronic. The day after closing, I went in to access the account and to pull off any remaining account statements that I had not downloaded. The online access had been immediately terminated and all access to statements revoked. The sites tells you to call a phone number. I did. BoA said they would send statements but they would charge me $5 per statement. Really!
Perhaps I was foolish to expect to still be able to log in after the account was closed but all other financial institutions I have dealt with before have allowed me to access the account and see a zero account balance (at least for a period of time) after accounts have been closed. Generally, I had a reasonable experience with the mortgage but this final dealing soured the final experience.
on vacation in the middle of our loan process without telling us and offering all sorts of excuses as to why our loan wasn't being processed in a timely fashion we were told the underwriting team was done when in fact they were not... We sent the bank all the paperwork that was requested of us and had it for weeks yet were unable to provide us with accurate statuses or positions. Will never use them again and do not recommend.
I've been a BofA customer since 1982. My wife and I will be looking shortly for another bank to conduct our business with, and you can thank the very rude Ms. Jennifer **, Home Services Specialist III, Home Loans Fulfillment - Sacramento Office. During the loan process her phone skills, tone and curtness was so evident that it has caused me to write this... and I never fill out complaint notices, until now. If she worked at my company she would have been reprimanded and/or released from employment for such behavior. Take a look at our account balances over the years and our BofA credit card use. All of that will be leaving soon. Way to go Jenn!
I am a customer who applied for $200.000 Mtg: Loan at 3.875 as advertised, from Bank of America on my property which is paid off & no mortgage. My credit score was 755 & the BA qualified my loan application & ask me to pay $517.00 for property appraisal fee & to process the loan to check my property value. The Appraisal report came. The value of $390.000 for my property. When they email me the documents to sign I found the Closing Disclosure Rate was different than what they advertise & agreed locked. More the loan amount reduced more the closing cost go higher and higher.
We were shock how those people are mishandling the mortgage loan, DO THEY THINK CUSTOMERS ARE FOOLS? DON’T KNOW HOW TO READ? They were pushing me to sign & send the documents same day. But when I try to question them, they did not answer the phone. I left the message & my call was return by a different loan officer handling my file. They reduced my loan amount for $165.000 with different figures & the calculations were wrong & send me the documents to sign but I did not sign again.
When I called them again, they did not answer & I left the message. Then they called me by the 3rd loan officer name??? Appeared to handle my files & wants to reduce the loan amount to $150.000 by holding my property, which is appraised value of $390.000. I realized that this a “Scam” is going on after charging me $517.60 for loan processing fee to send the appraisal. Then reducing the loan amount to $150.000 & holding my property!!! Now the processing fee they change the figure to $ 640.00. I immediately called the credit card co & request to “stop payment” of $517.60 issued by the “City Bank”. And called back Bank of America & spoke to Mr. John ** who is the supervisor of the this 3 ladies who handled my loan & reported that I will report to Dept. of Consumer Affairs this matter. He sounds more respective & calm gentlemen to understand my matter & agree to help me again.
Few days later he called me back with different figures wants to offer the loan again & he wants me to pay back the “Appraisal Fee” to Bank of America. I wasn’t too sure to do it after I read the consumer reports against BANK OF AMERICA MTG: LOANS. After I read www.consumeraffairs.com/finance/ba.htm I was shock to realize that this Bank is corrupted. There are so many customer complaints written against Bank of America has “No Name”. 1,071,314 reviews on Consumer Affairs are verified.
I have paid in full The City Bank credit card & closed their account & this is none of their business to involve with me. There is nothing I owe to them. (City Bank) Yesterday, I got a call from a “law firm” filing a class action lawsuit against Bank of America who wants me to submit my complaint to join them. If you have any complaint please write me at my email to **. This will stop the crookedness of “Bank of America’s” Mortgage Department. BE AWARE BEFORE YOU STEP IN. THEY ALWAYS FIND A WAY TO RIP OFF THE CUSTOMERS. NEVER RECOMMEND TO ANYBODY.
I bank with BOA, and I thought getting a mortgage with them would be easy for me believing that a big company that BOA would know what they were doing. I was wrong. The loan officer seemed to know nothing about the process. I kept asking them if I had all my documents lined up, and provided everything they asked for, but as the closing date came closer and closer, they were not able to get "approval" from their internal department on the loan because they did not get the land documents in time. They freaking could not even reach out to my previous landlords to get my rental history. I am now set to postpone my closing day. I regret using Bank of America.
Unbelievable, how unprofessional and inexperienced my loan officer was, and when I finally could not take her incompetence anymore, I asked her manager take over the account. I did not want the process to slow down because of a complaint - a dilemma! First, the Loan Office meet me with an extremely low cut blouse, to the point it was uncomfortable having a face to face conversation. Does B of A not have a professional dress code? She would lose information, I had sent her (wow, that makes one feel that their personal data is protected). She called me one afternoon, with her screaming child in the background. The manager has been more interested in covering his butt than offering good customer service. I just can't wait for this to close and not have to deal with either one of these people again.
I have been banking with Bank of America for many years. I had previous mortgages with BOA before and after the mortgage crisis. It is quite natural to select your primary bank to handle your mortgage as you believe they have a great deal of information about your financial situation and access to documents, ie. bank statements, credit card history, credit rating, etc... I believed the process would be easy. I could not have been more incorrect. I had the displeasure of dealing with a duo who can only be considered dumb and dumber. I was asked to provide documents over and over again including a bank statement.
The salesperson and the mortgage "specialist" (in quotes because if that is the person's specialty - please get a new job) were never on the same page. I was told that my rate would not change if I chose to pay my real estate taxes on March 23 and March 29, I received an email that if property taxes were not escrowed, my rate would change. I sent a copy of the email to the mortgage rep who replied that her boss allowed a pricing error and we ate the fee!!! Seriously, what else would you do when you clearly misspoke... so that was a favor? My credit rating is above average but they did not negotiate the Lender Origination Fee. I have been waiting for an approval of POA for over 10 days. I escalated to the mortgage specialist's supervisor who must have done something because my POA is in the process of final approval BUT the supervisor told me she would call me and I never heard anything.
I now received a request for adding a clause to the POA and told it would take an additional 48-72 hours for the final review. My closing is scheduled for April 9. In February, I was approved for a different purchase pretty quickly but the deal fell through. Considering the work that was done for the first approval (purchase price between the two properties within $10k), this should have been easier and quicker. The process began on March 5. Bank of America should be ashamed of employing such incompetent and lazy individuals. I read reviews on the branch that my mortgage contact resides and they were awful. If you have a choice, DO NOT USE BANK OF AMERICA FOR MORTGAGES... high fees, low customer service, inaccurate information, slow to unresponsive and lacking in professionalism.
When we bought our home, we were still selling our current one, so only put 5% down and were told by our loan officer that once we sold our other home, we could recast the loan so that we would not have to pay PMI and get a lower payment based on a higher down payment. To be clear, we bought the new home in August and sold the current one in September - a month apart. Since October 2017, we have been attempting to get this promised (in writing) recast, with no luck as of 3/24/18 and I have spoken with FOUR very inept people so far. First, finding who I should talk with about the recast took over a month, then the four bozos began. Each bozo promised they would “take care of things” and nothing has happened yet.
On March 12, bozo #4 was overnighting documents for us to sign. Nothing. And I’m fairly certain that “overnight” with FedEx doesn’t mean 12 days later. If I could have given negative stars here, I would have. I’m not sure how all this will pan out. I DO know that this is the very last time BOA will receive any of my business, money, or recommendations.
I applied mortgage application online and also called to follow up my application. After 2 weeks, no one had been assigned. This is a big bank but very poor service. Not recommend to do business with.
There are hidden fees and explanations are not clear. We were doing a HARP at which time we were never late, always paid in full and always paid ahead of time. They put some of our payments in a suspense account to make it appear as if we were delinquent. Representatives assured us they would call us back and be the main point of contact. They did not keep their word. We became very ill at the torture they put us through in this process. We would NEVER recommend this bank to our worst enemy.
I purchased a home 2009 and was financed with BOA. After 4-5 years with perfect credit with them I lost my job. I applied for a loan modification. They never reviewed anything. Just sold my account to another mortgage company.
I had two loans with BOA- I've had to complain about them putting my MORTGAGE PAYMENTS in the PRINCIPAL or Escrow section - and then turning around and attempt to FORECLOSE on my house when I'm ahead in mortgage payments by 2 or 3 Months. (I have no prepayment penalty - and I did notify them 2013, 2014, 2015 and 2016 that I was doing that!) Well in June 2016 I received a FORECLOSURE NOTICE ANYWAY- that I was AFTER I sent them a letter proof of mailing and a confirmation they received the letter which included each payment they cashed a copy of the check clearly noting the mortgage PAYMENT and back that BOA cashed it 3 months in advance mortgage payments.
I sent the amount they wanted to stop the bogus foreclosure while I argued - but they didn't cash the first check sent immediately Aug. 1- so I sent another check for $25 more because I forgot the exact amount they asked for - they put that money in another person's account named Robert something living in Armaro, TX -and didn't apply it to my account! Then finally on August 18 - they cashed BOTH my checks (only one was suppose to be cashed!) and stopped the bogus foreclosure yet transferred my loan to Seterus and RUINED MY CREDIT - so now the remaining house I have with them had my insurance INCREASED because of the bogus adverse credit BOA applied making my mortgage payments increase by $100 a month. I have filed complaints with the CFCF OCC - but they don't do anything - and the OCC doesn't do anything either. They are all government scams that appear FOR THE PEOPLE- but they AREN'T!
I also filed a complaint to Ron Johnson's Senate office E-Mail: **... But guess what? That was in February 1, 2018 and as of Feb 28th BOA is now attempting to foreclosure on my remaining house again putting my MORTGAGE payments in PRINCIPAL instead of mortgage payments in advance and doing a bogus foreclosure all over again. I attempt to CALL -BOA as I did yesterday. But wait time is always 30 to 2 hour wait time. I called yesterday and got a supervisor I asked for after an hour. I told him my issues and Randy ** of North Carolina first words after waiting all that time... And blowing a gasket having to complain about the company EVERY SINGLE MONTH... FIRST WORDS OUT OF HIS MOUTH WERE... "I can't". I didn't even wait any longer for the rest!
This is outrageous that there is NO GOVERNMENT AGENCY made to help citizens actually HELP CITIZENS and only are for big business. I contacted the OCC, Help with my bank, Justice Dept, Senator office E-Mail: **. Scott Walker doesn't even respond to emails sent way in Dec. (12/28 and again 02/14/2018). NOT A WORD - no help at all. I'll be having illegal foreclosures letters sent soon I'm sure (since I'm paid up a month in advance). My insurance goes up - my payments go up because of adverse bogus foreclosures - they already took one house from me. Chase was ordered to reverse my foreclosure and found guilty of illegally taking my house by false documents and adding on their own insurance for $2200 which they billed twice in one months so I'd lose my house. Guess what - for my $165,000 I had listed with Multi listing during the foreclosure - I was sent a check for $8.95! NO JUSTICE!
Our local bank sold our mortgage to Bank of America several years ago. We have had no problems with them concerning auto payment of our loan. However, we have sold the house; and the process of getting thru to a representative to obtain closing statements (we had to get 3 because the date kept changing), is a nightmare. First, let me say that the representatives are trained well--both in helpfulness and accurate information (with one exception). Today, I had to get an updated closing statement, and was on hold 90% of the time between 9:30 am and 2:15 pm CST.
Next, If I ever hear a recording stating that says "my call is important to us," I will go crazy. It took me all this time (mostly on hold) to get what I needed to move the closing statement forward two days! That cost me dearly in terms of performing my "paying job." If a bank sells our mortgage loan to BOA in the future, I will figure out how to refinance it with another, smaller bank. I have wasted another few minutes with this review, but it was well worth it.
In 2004 I took out a equity loan with Countrywide and Bank of America. I was having difficulty making payments but I always paid sometimes late. Bank of America was not understanding and customer service was terrible. Bank of America sold my loan 2 times with Greentree and Direct. They also filed a fraudulent bankruptcy on my home. They charged all kinds of fees. But I always was able to pay. Now that the loan is almost paid they took the loan back from Direct. And are adding they say unpaid interest on the loan. Something called amortization. If I am one day late they charge interest and at the end of the year they add the interest. Making it longer for me to pay the loan off. Bank of America and Countrywide ripped a lot of people off. And still ripping me off.
We have had this horrid bank for 20 years. In the beginning, they were top notch with customer service, and our mortgage. Fast forward to 19 years later, mortgage was, sold. We are being completely ripped off and robbed by a home equity line that increased by 2 1/2 times the original payment. When trying to get assistance, (because they claim they are "here to help"?) Calling them is worse than a ROOT CANAL!! You are transferred 15 times, and assured that your situation is being handled... only to find out that they really could care less!! Nothing that I have contacted customer service about has Ever been resolved with 1 phone call... can't wait to get EVERY dime I have OUT of there!! I have even complained to Consumer Finance protection. To no avail... because Bank of America has their OWN representative that handles complaints!!! What a JOKE!!
Always friendly, helpful and seem like they know what they are doing! They are accurate and provide answers to any questions I ask. They are very helpful. They can answer all questions I have about their banking business. They are always cheerful, and it's a pleasant place to bank.And they are helpful with answering questions I may have.
Had locked rate that was not honored by BOA. Frustrating process with poor customer service. Felt cheated and taken advantage of. Over 12 years of doing business with them did nothing for us. Joshua ** from NC sucked and you could never reach him, he never responded to email or calls, never returned call, worst underwriter. We been self-employed for 6 years and Joshua claimed there was a risk in loaning money to us. The sellers were so nice, they kept extending our contract in hopes we get to closing. A week before closing Joshua wants us to give 150,000 as down payment which is half of the home value and he claims that there is still no guarantee we will get the mortgage.
What a joke. If we had $150,000 in cash we wouldn't ask for help. We will close our personal and business checking accounts after 12 years, they basically told us we don't care about you. He gave a word if we paid our car loans he will approve the mortgage. We spent almost 20,000 in cash paying off the cars, we lost three months in hopes we will get this loan, lost the house, lost the money that I could have used elsewhere instead of paying off cars. Keep in mind we make 200,000 gross income, and we were willing to pay 70,000 as down payment with a 760 credit score and they basically said they can't trust us. Well screw you Bank of America, because another bank not only pre-approved everything but already did all the paperwork in one day for another house. DO NOT waste your time with this bank. Go elsewhere please, stay away from this bank.
We have had a mortgage with BOA for the last 15 years. There website is very easy to navigate for all purposes. Whether you need to make a payment, or find any historical data pertaining to the mortgage, it is very easy find and print the information. Nice bank to deal with.
The company violated Reg Z and the grace period and had to back it out pretty regularly on our mortgage. Then they started nickel and dime charges so after 30 years I closed all of our accounts with them. I am a retired CPA, BSA and programmer. They went downhill fast.
I had a credit score of 892, a paid house worth 1 million and other assets, like stocks, bonds, worth also well over 1 million. I applied to BofA for a loan of 500K to buy a second house, planning to move over there and sell my actual house after the purchase. Initially, BofA said there is no problem, and after about one month of documents supplied, my application was rejected with no good reason mentioned. All attempts to find out why this happened were futile. Since I am a Bank of America preferred customer and I used this bank for all my businesses and personal needs, it was somehow surprising I could not qualify for this loan.
We spent six weeks negotiating with Bank of America a loan for a resort property in our state. We jumped through every hoop, providing all paperwork, etc., negotiated an interest rate and for six weeks all was good. One week before our Friday settlement, we get a phone call that we may have a problem with the flood insurance on the property but that it will all be worked out by providing us with an exemption and that settlement should not be held up for this minor issue, oh, and, "Have a great weekend." This was 4:30 in the evening on a Friday.
After repeatedly contacting Bank of America on the following Monday and Tuesday with ABSOLUTELY NO RESPONSE FROM BANK OF AMERICA, we were contacted on Wednesday (48 hours before settlement) saying that Bank of America does not offer loans for waterfront property!!! We have lost almost $50,000.00 in penalties for removing monies from our 401K, expenses for the loan documents, appraisals, etc. During this process, all online updates took quite a while to make by the bank and I was reassured that everything was okay and that online updates just took a little longer. It has been a few hours since the phone call this morning and already, my online account has been wiped clean of the loan account information!!!
I have been with Bank of America since high school when I first opened my accounts with them. Their fees were always fine by me and I had no issues... Until I used them for a mortgage. This past fall I went in to ask how I could safely put cash (declared) into an account I would eventually use for a mortgage down payment. I was told, "Oh yes sir. You want a business account and you can use this for your mortgage needs." Fast forward months later (business savings account all stalked up with basically my 20% down payment) I found a condo, offer accepted and was already pre approved way back when.
A day after I signed all my disclosures, Chad **... My loan department guy calls me and says: "Sorry you can't touch the 20% down payment you just put in your business savings account because there's a law we didn't know about." Yet I opened my business account based on lies saying I could safely use that account for a mortgage. Better yet they tell me that money is now frozen and I could only use 3% of it for my mortgage... Yet my condo offer was based on a conventional loan which I was well prepared to pay my 20% on... But they blocked me and lied to me. And it ruined my first home buying experience/attempt. I will soon be leaving Bank of America because of Chad ** and the loan dep. They are one of the worst and most crooked banks out there and they lied to me, face to face and in writing.
Also fun fact my realtor couldn't believe they also asked for my 2017 taxes by 2 days after I signed disclosures. (Realtor explained most banks would give you longer or not need more than the 2 years they already had from me!) In closing all I can say is stay away from Bank of America especially in regards to loans. I will be buying a house in full instead this year thanks to Chad ** and Bank of America bittering my experience as a first time home buyer and being lied to and screwed over and losing a condo I did want.
Also in my denial letter they actually had the nerve to put... Lack of funds as a reason for denial. They literally have my 20%+ amount for down payment right there but blocked me and didn't let me touch that money. Do yourself a favor and stay away and make sure to especially avoid Chad ** of BOA North Beverly MA. or any of the Mass branches!! Bottom line... A bank who lies while staring at your down payment in the face... Should be avoided!!
I contacted BOA in writing and via phone to request that my PMI be cancelled based on PMI flyer included in my mortgage payment received letter. The LTV on my property is below 80% based on their flyer. I was told someone would contact me within 7 business days to let me know if I qualified. I exceeded all items listed their flyer. BOA never called and I had to file a complaint with Consumer Financial Protection Bureau to get a call from their compliance division. I received a letter saying that they would not accept my tax office appraisal value for my property, they said I had to pay $500 Core Logic to do an appraisal.
They also said that my LTV had to be 75% which contradicts the information sent out by them in the flyer. I asked if I could qualify by just paying down the loan to get it under the LTV requirement and they said (no) that I would still have to pay for an appraisal. They will milk you for every dime they can get. They are hoping that I will not pay for the appraisal and drop my request so they can continue with the PMI. Don't ever use BOA for your mortgage. Loan Depot, Quicken Loans, Rocket Mortgage, and etc. would be better. They want and would appreciate your business.
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