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Bank of America modified my loan by sending me an OFFER to modify. I did not accept their offer. They modified my mortgage anyway by opening an escrow account, contacting my homeowners insurance company to send them my bill, paying my entire bill - which I pay in affordable installments - and now have sent a letter of intent to accelerate because my escrow account is behind! I DON'T HAVE AN ESCROW ACCOUNT AND I DID NOT MODIFY MY LOAN, NOR DID I ACCEPT THEIR OFFER OF MODIFICATION!!! Bank of America sucks!!! Can you say beyond pissed!!! If they don't fix this - then guess I'll be hiring a lawyer to sue them for breach of contract!!!
I had filed a joint chapter 7 bankruptcy and had a discharge in 2015. It’s been 3 years. Bank of America Home Loans has not release my discharge when my attorney had sent discharge papers to their department. I have been calling them each month to get this problem solved and every time they assured me that they will look into the problem... Nothing has been done and my attorney has done their part. I don’t understand why Bank of America home loans is taking 3 years when my other property mortgage has been discharged a long time ago. I am seeking help in getting this matter resolved. Please help.
Be warned! I advise you to check your mortgage and statements on a daily basis. BOA uses technical errors as an excuse to move money from your accounts without your permission and falsely claim you are behind payments. I am going to put a lawsuit against them. I had to call them to fix these issues almost every week in the past three months, and they keep doing fraud. Terrible bank! Terrible service! Terrible everything! At least Wells Fargo was taking money in orders less than $10 without customer knowledge, Bank of America does fraud in the scale of few thousands. It's embarrassing.
Overnight BoA mortgage added $54,000 to my $200,000 mortgage balance that I have been paying down for 7 years. As a single mother I have little time - have not had a day off work in 6 months trying to provide and survive. I pleaded, wrote, emailed BOA but they claim its [extra interest] WTH! What interest? At 4% it would take 8 years to accumulate such interest! Yet they will NOT remove it! They apparently sneaked it into a 50 page Loan Modification small print that they gave me 2 hours to sign OR home will foreclose! These bankers should rot in HELL - especially after the 4 year Loan Modification NIGHTMARE they put me through that would get any human to suicidal point. If there are ANY GOOD LAWYERS who can litigate a Utah Mortgage on CONTINGENCY - please reach out! My contact is ** on most popular email server founded by 2 Russian Math geniuses - gmail...
Beware of BofA! BofA sent me a demand letter for $62,000 last month. I never had a loan with BofA. What they did is dust off a closed pre-recession Greenpoint/Countrywide SUBPRIME loan and added interest from 2007 to 2018. And Voila, "you owe us money!" on a home I sold 2 years ago. Bank of America are the same crooks who were convicted of Mortgage Fraud over and over and eventually bailed out by taxpayers during the recession. So now they have found a new way to profit. Again, I never had a loan with Bank of America. They have violated Respa, truth in lending, and other laws.
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Applied for refinance, was turned down even though had good credit, payment history excellent but my home was a mobile home. I am a disabled veteran with full eligibility to veteran backed loans. I was disappointed.
Bank of America should not be allowed to enter into mortgages any longer! We actually refinanced our mortgage - to get away from having to do business with B.O.A. They are very slow to post payments; or to rectify their own mistakes in posting. Zero customer service.
They suck. BofA tries to cheat you out of every penny and they get it by having little companies give you a loan and three months later BofA has your loan.
Although I have been making payments on my mortgage for over 20 years and have the ability to pay it off at any time, I was told that I was not eligible to refinance at a lower rate as I am now drawing SS. Crazy.
The worst customer service! Policy changes and poor payment handling. Poor or no response to feedback. Internal dept do not communicate to streamline process. Just a lot of negative scripted BS!
We have paid off this loan 4 years ago and still have not received a deed to the property. I have called in the past, and all I get is, "We're working on it." I am about ready to get a lawyer. I want the deed to my property.
I was allowed a loan modification and was told NUMEROUS TIMES that BofA had made the Loan modification permanent (orig 5 yrs). I tried to get in WRITING - all said, "No need, don’t worry. It is taken care of." Well, you guessed it - that wasn’t the TRUE CASE!
We had just moved into our house in Spring Hill, Florida having retired here after 30 years in elementary education. We wanted to find a bank with locations all over the country and Bank of America filled that requirement. We travel a few times a year and need to be able to access our account easily from anywhere in the country or the world. The folks there were very friendly and helpful, answering any and all questions that we had for them. It was a very pleasant experience for us.
BOA makes the mortgage process very difficult and lengthy. They put you through a lot of steps only to decide later that they are not loaning in your area, or they won’t loan to you. We found better, simpler processes through other banks.
Started with Quicken Loans and loaner was bought by Bank of America. When I first check Bank of America their rates were too high. It was not by choice that I ended up with them.
Every time I contact them for any type of direction when it comes to my mortgage all I get is, "We can't help you." Also, when I first bought my home they told me if I opened up a personal bank account (which only takes $200.00) I'd get all these perks. Well I did and they said they send me my card etc. in a few days. Well, never heard from them again and I don't know what happened to my money but chalked it up to experience. Trust no one. We don't get to pick our lenders and no one wanted to buy my loan so I am forever stuck with BofA.
My husband and I had our Mortgage through Bank of America, and they were awesome to deal, helpful, very Professional, easy to our payment with them, either online or by telephone.
BofA assigned a young person with little training, knowledge, or experience to handle the process. She was the only person you could talk to. Every question you asked she had to call someone to get an answer. Basically, she was a blockade. You couldn't get around her or ever talk to a qualified person. Very difficult. Parts of the mortgage process are handled all over the country. It was difficult, ineffective and I think, it cost me more money. I've had BofA for years, but this was a mess.
I was performing a mortgage modification in 1998. The bank kept telling me it was in process. We went on vacation. While gone the bank foreclosed on the house. I lost my house and 200 points off my credit score which I am still trying to improve.
I didn’t find them to be flexible or helpful, but I think the loan I have is decent as long as I don’t need to deal with them. Decent, but definitely not great.
Refinanced with them and it was the worst experience with a finance institution. The person I had to work with kept giving me excuses including that she was sick. Even with all of her delays we would have completed the entire process before the said date but they came back and closed the application and said due to the delays I had to start all over and at a higher new rate. I contacted her several times and also her boss but they would not honor the locked rate I had with them. So, I had no choice but to refinance because the previous mortgage also with them for 10 years had matured. I'm telling everyone I know to stay away from them.
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!!!
The application process was standard and my credit was good so it was approved. But on the very day we were supposed to close, I was laid off my job! I was shocked and stunned and I called the mortgage rep and told her I no longer had the job on my app. And after discussion with her manager, they approved the loan stating they had faith I would not be jobless for long. Kudos to Bank Of America!
On May 7, 2018 I called to close and get mortgage release on HELOC with no balance owing. Told me loan would close and release sent in two days. Loan off website May 9. Called May 15 to confirm. Said loan won't close until June 3 the end of billing cycle. Then they had 20 days to inform state. No exceptions. Basically two months get a mortgage release on a loan with no balance. That is BofA service for a "Preferred" customer.
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!
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.
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