Consumer Complaints & Reviews
My refinance activity began with me just looking to lower my rate. My current rate is 5.23 & I was looking to go below 4%. There are two Bank of America branches in this area that I have used since 1997. I refinanced once before which took about one week total time to go to closing. That was to lower the interest rate also. My current balance is below $55,000 (won't give actual amount here). I was told by BOA they will not refinance amounts under $60,000 so we did paperwork for that amount. When I left this BOA office the paperwork was put in for the $60,000 at the 4% rate. I received a packet of papers to sign but the rate was in at 4.5%. The BOA rep told me that that's what the rate is (no change) so we closed this activity & it went away.
A couple of weeks later I went to the BOA branch I normally deal with & spoke with their rep who told me based on my activity & credit score they would do a 3.8%. We made an appointment & began paperwork. Midway through this meeting the BOA rep told me she "just" received an email (I didn't see it) & she couldn't to the 3.8 but could do a 4.0%. We settled on that & I had to jump the refinance amount from the $60,000 to $65,000. With over 15 trips/meetings, paperwork review/signings I still don't have the BOA finished paperwork to do a closing. No return calls, emails or paperwork? It's going on three months now. I paid almost $500 for the title search & market review (a person made a visit & went through the house). I have a copy of the report & it's OK. So far my current mortgage is with BOA. No misses or ever any problems. Just can't get them to respond.
I dealt with Bank of America since 2008. I went to NACCA and got my mortgage reduce and my 2nd mortgage was removed. Once I completed the refinance Bank of America sold my mortgage to SLS. I'm happy because they lost out on 100k. Check out www.nacca.com coming to a state near you.
They upped our monthly mortgage payment double stating we were behind with insurance. This went on for several years. According to our insurance company it did not go to them and we were not behind. My husband who is disabled went to the bank several times for up to 4 hours each time and no one could tell him where the money went. Suddenly after complaints the mortgage went back to normal. So where is the 4 years of double payment monies?? We asked for a summary of where the money went and never received this. We were robbed and they basically got away with it.
I just lost one home to nasty old Bank of America and their crooked law firm in Colorado. They used fabricated, forged, and phony documents containing documents executed in blank by known "robo signers" like Michele Sjolander. Because the state of Colorado appears to be about as corrupt as B of A, the courts totally ignore any evidence offered on behalf of innocent, helpless borrowers because of Rule 120 that give any lender standing without having to prove their status as the possessor/owner of any note and trust deed. They don't even swear in the attorneys (mostly by phone where the judge asks the attorney if they have a copy of the original note and trust deed!!!).
Bank of America violated federal and state laws in dual tracking on this property and the law firm even appears to have violated state law and common sense by submitting a bid for open sale far below what was owed or required per fair market value to insure B of A would not end up with a property that literally stole and were not entitled to under wrongful foreclosure.
Even the county appears to be involved in some way by not requiring absolute proof of ownership per the initial foreclosure request after all that has transpired all these years. Little wonder that Bank of America is rated on of the worst America Companies and even more interesting that the BBB rates B of A in spite of the preponderance of evidence to the contrary based upon thousands of complaints, thousands (if not hundreds of thousands) to many agencies including the CFPB, and the same with all the lawsuits on behalf of the public, and the lawsuits brought against nasty old Bank of America by the USDOJ, the CFPB, and many state governments like the great state of Montana who stood up to nasty old Bank of America.
Maybe the BBB is a client or shareholder in Bank of America - certainly does NOT pass the smell test. We need an immediate moratorium on ALL foreclosures in the US, and the CFPB and other state and federal government agencies need to grow a pair and take steps to protect all innocent and helpless borrowers in our wonderful country. Colorado's stupid law (many claim is unconstitutional) should be immediately repealed!! That's my story and I am sticking to it. I am a 71 year old Vietnam Veteran and this is just NOT right in any way to let lenders steal homes.
We recently, tried to do a short sale through Bank of America. This process started back at the beginning of May. We were told that all paperwork would be submitted through our realtor/third party negotiator and the document collection process would take approximately 30 days. Right from the start, they kept telling our realtor that they did not receive the paperwork.
It took almost 2 weeks before he was given access to the equator online system that they use to process short sales. Over the next 2 months, paperwork would trickle down to us about every 10 days or so to sign. We immediately signed it and sent it back. I tried several times to contact BofA through our assigned BofA counselor, but was unsuccessful. The last time I received an email from her was on July 15, stating that the short sale had been declined (no reason) on June 29 - this only after I had tried several times to contact her to find out the status. Just last week (July 29) I received more paperwork to fill out and our realtor said they were still collecting paperwork!
Unfortunately, last night, I received notification that the buyer has backed out since the contract had expired. I believe Bank of America purposely delayed the short sale process to avoid having to do anything. This mortgage which was one of the Country Wide loans associated with the housing collapse has been a bad deal. Bank of America settled with the government on these bad loans, but has refused to actually help those in need. Now, unfortunately we have to start this process all over and I feel I will get the same results.
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Well 2 yrs ago at the advise of a real estate agent, we skipped some payments in order to qualify for loan modification and lower our payments. After 3 agents and a lot of papers, 6 months later we were approved and our payment went down $100. If I would have known I wouldn't have done it, anyway we were under the impression per BAC that the past due would be added to the end of the loan, YEAH right - we did a property search on our house to find out they put a $13000 lien on our house??? No idea they could do this, never received letters to pay, it was " a second mortgage" - I wish I knew an attorney to fight this!!! Don't do modifications unless you really need to!!!
Complaint: Bank of America declined my home loan 12 days before closing. Appraisal fee was lost and they have ignored my request for a refund of the appraisal. This complaint is in regards Application #:**. Loan Program: FIXED RATE FIRST-LIEN HOME LOAN. On June 1, 2016, I began the process of financing with BOA. My loan officers were Jonathan **, Nicole ** and Chuck **. Let me start by saying I have copies of ALL of the email correspondence I've had with Mr. ** to substantiate the details of my experience outlined in this complaint. I would be happy to provide the file upon your request.
There are no words to describe how poorly the entire finance process was handled and I have never interacted with a company that is so unethical in their business practices. My closing date on was initially set for July 13. After my credit was pulled and Mr. ** confirmed all of the numbers on his end, he gave me a loan estimate for $488,000 at a rate of 2.85% with one point with the help of his supervisors Nicole ** and Chuck **. He confirmed the amount I would have to pay out of pocket was the $460 cost for the appraisal. He indicated I was required to use their Appraisal Agency and they would charge/coordinate the appraisal. Once again, I have all of the paperwork and email correspondence to validate everything.
Over the next few weeks, the appraisal was ordered and completed, and all loan disclosures and other paperwork were signed and submitted by me in a timely manner - usually the same day it was emailed - and I was repeatedly told everything was on track to close on time. The appraisal came back and showed my home was valued at $620,000 - so everything was perfect until June 24, On June 29, My job received a request from Mr. ** employment verification form which was sent on after 2 hours by E mail. On June 30, I reached out and asked Mr. ** but did not answer phone or email. So called Ms. Nicole ** and Mr. Chuck ** about the status of the loan, apologized and said she didn't know what was going on, but there was a delay and "we wouldn't be able to give you loan as income to debt ratio is high and as 30 days is over your loan is declined as of today."
This caused me to lots emotional and mental stress. Finally Mr. ** emailed me and told me that, "This is due to my contract did not put guaranteed income word. I am very sorry." Not only did Mr. ** waste over 6 weeks of my time processing the loan, He required me to order an appraisal that ultimately was unnecessary for the terms of a loan he knew did NOT meet our requirements. When I requested the name of his manager and the address for his corporate headquarters so I could file a complaint, he refused to provide the information. And when I requested a refund for the appraisal because BOA failed to follow through with their commitment to me, he stopped responding to my emails entirely. I have never experienced such a lack of professionalism and customer service. BOA needs to be held accountable for their business practices.
Desired Settlement: I am seeking $5,000 to cover the cost of the appraisal ($460) and compensation for the days I took off from work and time I lost from signing/scanning countless documents and providing financial statements and other docs to BOA so we could finalize the loan. If we did not qualify for a loan in the amount of $488,000, then Mr. ** should have realized that before the finance was initiated and an appraisal was ordered. This was entirely their mistake and I should not be penalized financially for their error.
I applied for a loan modification and got it. I signed the paperwork and got temporary coupons and began paying the amount. I got in the mail a bill for the original amount and called my customer relations rep and was told it would take time for the proper paperwork to be done. After four months of getting bills and talking to my rep, I was told there was a glitch in the system and they were working on it. Meanwhile I found out my credit rating went down because the original amount was reported to the credit unions and I was delinquent on the payments even though I was paying Bank of America every month.
I contacted the Consumer Protection Agency and they contacted BOA and it was turned over to the resolution Department. I was told I was late sending in my paperwork so Rhea cancelled the loan modification. I faxed back the signed copy from the bank that the modification went through plus I was told all along that everything was fine with the modification. As of now my credit is in the toilet and it shows I have not paid since January. I can not get any credit because of this and have been turned down for credit. They tell me they are working on it but meanwhile this has a tremendous impact on my life. I do not know what to do.
My daughter-in-law has a loan with BofA for over 7 years (impound account for payments and taxes). In March of 2015 one half of the property was sold in a tax lien sale due to BofA neglecting to pay the taxes. The subject property/home had 2 parcel numbers within one lot that could not be split by law. Bank of America failed to pay the property taxes on the vacant part of the lot, a realtor bought it, BofA was notified by me when the realtor arrived stating she now owned the land. BofA had their attorney buy the land back but now put the land in their name and not my daughter-in-law. After many months BofA sold the loan for both parcels to Carrington Mortgage but kept the land in their name...
After many months (12) BofA has now placed the land back in my daughter-in-law's name with Carrington as the lien holder, however the loan is in default and she is about to lose her house thru no fault of her own. When the land was sold to the investor, my daughter-in-law stopped making house payments as she had to pay to remove her property off the land she didn't own anymore and had no faith she owned any of the lot since according to the city, the property could never be split, yet they allowed an illegal land split by selling have of the land. Bank of America has refused to compensate her or to bring the loan current, Carrington has refused to modify the loan and are moving forward with foreclosure... Anyone have any ideas for a good attorney to take this case without money upfront? These folks need to be sued for breach of contract, illegal foreclosure.
In 2004 Bank of America took over my loan from Countrywide. Balance was $60,000 at 5.25 interest 30 year loan. In late 2015 I went to pay off loan and they said it would be $49,000. When I had looked it up, early payoff on their mortgage calculator was showing it at $29,000. When I questioned them about discrepancy they said all interest was front loaded. Is this legal? I feel like they have cheated me out of $20,000.
My extremely negative experience with this bank is the same as everyone else's. What's important to know is that Bank of America has flexible policies only when it works to their advantage. All they care about is $$$ NOT the customer!!! In other words, the bank continuously makes arbitrary, on-the-spot decisions that work the system so that they can maximize how much money they can squeeze out of you. This includes changing policies about bank fees without notifying their customers, and adjusting the dates/times when they finalize transactions so that you, the customer, lose money, and they benefit. This bank is everything that's wrong with our country's financial system. You would be doing yourself a disservice by banking with them. I would recommend your local credit union instead.
Do not use Bank of America for your mortgage needs! I have purchased homes previously and have a bit of experience going through this process. Dealing with BoA was a complete nightmare. The loan processor was not communicative. There was no reply to my emails in days and when he did reply he would ask me for the same documents he already received. Only he never read his emails. Or read them once a week.
During the loan approval the dollar amount needed for closing changed every week drastically and I ended up being 'cheated' on. I have been taken advantage of for no apparent reason. I am appalled that a bank this size can treat customers so bad and expect to continue business. I will definitely search for another company to refinance as soon as possible even though I know this will cost me. At least I will not feel ripped off! I hope they use my comment to better their business and advise employees on proper attitude towards customers. Most importantly not to lie. I will make sure I add my opinion to social media in order to warn other innocent home buyers. Bank of America should be ashamed of their work ethic. Do not use Bank of America!
I was in the process of trying to buy a home. Spoke with Kenneth ** with Bank of America in Plano, TX. Also spoke with his manager and his name was Forest ** the manager. I started this process back on January 10, 2016 and by the way my name is Micheal **. I was promised that my loan was approved so in the mean time I had given my notice to my landlord that I was moving. So I went to talk with the loan officer and he talked to me crazy three time about my loan. So then I went over his head which did nothing for me. I was told that I could take my business somewhere else and get a loan. I'm a ** single disabled African American man with two disabled children. When I went for the loan I was not offered the first time home owners or the disability discount. I would like to know if all ** African Americans are treated the same way.
I was advised to provide documents and I provided them to the loan officer and then he would come back and ask for the same information and he did this four times. I was also questioned about my gift of funds ten times. I was promised that I would be in the house by April 15, 2016. In turn I lost a place to stay and had to start all over. God knows I need all kinda of help. I would call, leave message to call me back and he would never return my call or would call me back on Friday at the end of the week. I would appreciate if this could be reviewed again due to the way it was handled. In the time length it took I could have built a house. Is this the way Bank of America treat their customers. I was told not to use them and I went ahead and tried to use them. PS the system has failed me again.
I am not a financial type of guy. I borrowed funds to purchase my daughter a home. Since I had a line of credit with Bank Of America, I thought I would continue with its service(s). I paid the downpayment asked for but knew nothing of PMI. I was asked to pay just shy of the 20% requested to procure the loan. Had I known 20% was needed to avoid paying PMI premiums, I would have done so (I guess ignorance of the subject matter is not excuse). Nonetheless, when I made the complaint I was told in substance that I should have paid the full 20% to have avoided the PMI premiums. As opposed to paying off the loan within 30 years, I will pay off the loan within 3 years from an investment. The company would have made more dollars within the long run, but its greed of getting as much as possible as soon as possible will cause me to save instead.
This Abbas **. I was a first-time buyer in 2011 with no experniced at all. I went to Bank of America who I had an account with. I asked if I qualified to buy a house and she said, "Bring your paycheck and tax returned" and I did it after that I got my proof. She told us luckily your rate is high and I searched and I called her I do not want that. It was only for week which was very low as %3 and she gave to us for 4.87 and she did not listen to us we asked her to combine with mortgage she said no it is better to have spread and you will get twice a year and will be %1.15 which is for California(Brentwood) and we got bill for $6000 a year and called her.
She knew what she has done to us. I have one income and I have to take care of everything. In 2015 on May 23rd I got a notice that I have to pay $290 late charge which I was sick back and forth and family loss and family problem and I was not home at all until a few months ago. Someone was taking care of my bills and some how he did not see the bill till 17th and paid one day late. I have been calling from the bank and discuss and they said, "we waved it and you just pay your mortgage and do not worry" till few days after I received a bill nothing changed and I called again and she said I am going to call my manager to call you. I have never received a called. I called again they are not willing to help and worst bank and worst and meanest people I have ever seen. I am not happy because they lie and they do not keep their promise. Worst experience I have ever had.l wrote this because I want people to know and do not trust this bank at all
because she knew what she has done to us.
I am a first home buyer and did not have any experience at all. I just trust Bank of America. As result she told us "you get couple thousand twice year" and I asked if "you can add it to our mortgage". She "no no it is not good". We end up with $6000 a year and when I called her she said "oh no. They made a mistake." Make the story short I was back and forth, called, text properly and they said "these houses has contract for 30 yrs with school and so on and your loan officer and agents knew about it and they should of told you". Also she locked our loan in highest rate in 2011 which rate was very low and when I ask her "why should I lock my rate" she said "trust me" which 3 days after rate was 3 point.
Now on 2016 which I got so many problem with my health and family issue. I had someone to take care of bills and he was saying "there is paper. Said you can pay till 17th". I had a surgery and I just got home and I received a notice "you have to pay $800 late fee" and I was almost headache to find out whats going on. I had worst experience with customer service. I went to bank branch in brentwood to complain and get helped. The manager opened the complaint file for me and also helped me with phone.
I asked for manager. She said "How can I helped you (jisla)." I told her the story and she said "no worry I waived all. You can call tomorrow and checked." I called day after and spoke to lavien and she said "yes she did 8 and your mortgage is gonna be $1,109.99" which I always paid and I repaid back to her twice and thank her. I received a bill "not waived" and is the same. I called again. "Why do you lie to me and play back and forth". After 1 hours conversation they gonna called me on tuesday to see what they can do. I am very unhappy and there is no way I trust them and I don't let any ones I know they get worst experience as I. I need someones to take care of my issue. Thc.
I read a very similar review as mine and want people to know how bad Bank of America treats their clients and I am their valued wealth management customer being with the bank since 1987! They take forever, lose many of the papers and no communication. They are so large they just do not care at all or value your account. I had Ira and CDs which I have taken all out of the bank. It was easy to bank with them and my friend works at Merrill. They are closing branches. Closed drive thru and make it impossible to even renew a heloc with them. I went to Wells Fargo and they made loans quick and no problem and I don't bank with them. They just do not care at all.
We thought going with a big national bank would be a safe bet for an out of state move - we couldn't have been more wrong. Applying for a mortgage with Bank of America was a truly horrible experience. I would characterize my wife and me as well-qualified borrowers. This was our third mortgage, but the process was far worse than the previous two combined.
As the process went on, Bank of America introduced new requirements which had not been disclosed upfront and seemingly changed others, creating an ever-evolving burden of proof which was difficult to meet. In the end we felt like victims of a bait and switch. There were delays due to excessive requests for documentation as an example, multiple redundant letters were required from my employer. More troubling was the fact that statements and representations made by the loan officer early in the process were contradicted or disavowed by the underwriting department later on, to such an extent that the only conclusion I can reach is that Bank of America's business practices are dishonest and unethical.
Our mortgage with Bank of America closed a month late. We ended up selling our house and arriving in a new city with nothing to move into for four weeks, facing continued uncertainty regarding the mortgage and incurring unnecessary expense. Needless to say the delay irritated the seller of the house we wanted to buy. I felt there was no sense of urgency or concern for our circumstances by the people at Bank of America. Moving with a family of five to another state is challenging and stressful enough. Having to struggle to this degree with your mortgage lender is totally unnecessary. I never would have guessed that a large national bank could get away with such misconduct, but I can assure you I have experienced it firsthand. To paraphrase a prior reviewer: the more qualified you are, the faster you should run from Bank of America and to another lender!
We were informed last fall that our HELOC would be at the end of its draw period May, 2016 and we could ask about a refinance. It was recommended to me that we start the process in January, 2016, which we did. All we wanted to do was to refinance the HELOC so it would not jump to $2100/month. The loan officer at our local branch was very enthusiastic about combining our first (not with BofA) and the HELOC into one loan. We agreed and began the unforeseen grueling process.
The first problem that should have sent up a huge red flag was that the appraiser undervalued our house by $60,000.00. He used comps that had several hundred square feet less than ours, had smaller lots and no upgrades. After arguing with the bank and showing proper comps, the appraisers grudgingly added $20,000.00 and said that if we wanted any more value added we would need to research and take photos, etc. of what we thought were comparable homes that had sold (even though we had shown closed sales in the past year that were comps). Now we are supposed to do the appraiser's job for them after paying them $475.00??? Crazy!
We sent them EVERYTHING they asked for but it was never enough. There was always an additional list of items they wanted and they insisted everything we sent was signed and dated, many documents to be sent to them in letter form. There was about one month that we heard absolutely nothing from them, calls not returned, etc. Finally we received a call from our loan officer that our application was going to be denied because it had taken too long to process. We received the official rejection letter from BofA stating the refi is denied because our "income is insufficient for the amount of the loan requested." Huh? We've never been late on our first or HELOC payments but the resetting of the HELOC will cause our monthly payments to go up 3x what we're paying now. It doesn't make sense. By the way, we own a small business and make a pretty decent living compared to most Americans.
Our loan officer begged us to please come into the branch so he could run a new plan by us. I asked him what the difference would be if they rejected us for the first request, what will change with the second? He assured us that it would be different this time so we said Ok! Now he's going to try to get us a loan that covers our first mortgage and a partial amount of our HELOC and this time they will need much less from us as they have so much information from the first attempt. "Fool me once, shame on you. Fool me twice, shame on me!"
Needless to say, the past several weeks have been the same old, same old runaround. They are asking for more and more and more after we have given everything except our children and dog! They even wanted an explanation as to why my husband's income decreased by 65% between 2014 and 2015. What the??? He made a few thousand less and I made more in 2015. Combined, we made more in 2015 than 2014! How is that a 65% decrease??? I sent the documentation (with letter) showing them this was not the case. So now I am starting to get angry and suspicious. What is their angle? Why are they jacking us around? Are they trying to do something with our signatures and all the information we've given them? I felt like I was going through an IRS audit!
I finally lost it two days ago on the phone when the loan officer's assistant called me for yet more requests and (as they had been mentioning frequently) another $475.00 for appraisal fees (but no new appraisal) which supposedly would be credited back to us as some point. When I hesitated to give her my debit card over the phone and approve the withdrawal of said fee, she informed me that, "Tell, the underwriters are wanting to cancel the new application." What? After all this BS AGAIN? I told her to tell them to go ahead and CANCEL IT.
We don't want to do business with them! I let her know that we WILL be taking all of our business away from them, that somehow we will refinance with another company, get rid of the HELOC. I will be canceling two credit cards, checking, savings and IRA's (which, by the way, during the first process I transferred a $25,000.00 IRA at their request from Etrade to BofA/Merrill Lynch) and my kids' bank accounts.
It was only then that I started looking for Bank of America refi complaints and found this and other sites. I truly wish I had checked them out before. I have been a loyal customer of BofA since 1987!!! NO MORE!!! My fear now is, are they going to try to do something to us like try to mess with that HELOC so they can attempt to take our house away? Maybe I'm just being paranoid, but I have lost all trust and faith in Bank of America. In the meantime we will suck it up and pay the $2100/ month.
I had an absolutely HORRIBLE experience getting my home loan from Bank of America. It was the WORST customer service EVER. I could write a novel about the agony but I will try to condense it to meet this format. Needless to say I am moving my banking elsewhere and I know they will sell my home loan probably before I make my first payment, so at least I will never have to deal with them again.
We had a 60 day closing. That is twice as long as a “regular” 30 day closing. We did not close until yesterday, day 69, at 6:30 PM (even though the original time scheduled for the closing appointment was 3 PM – they even hardcore stumbled at the FINISH LINE) following the issuance of TWO closing extensions to our seller. Our loan officer was incompetent to say the least. During our 60 day closing, it came to light that he did close to NOTHING. I sent him numerous documents multiple times – via email and posting to the online mortgage portal – that following our closing date he claimed never to have received. Even though I have a thorough email record to document that some items were sent to him four and five times!
Our case was escalated to a sales manager on Monday 5/9 (our original closing date) as our loan officer called us the Friday before – 5/6 – basically saying “there is no way the loan is going to close on time”, even though he had never given ANY indication that he was even behind up to that point. I called him literally every day that week (again, I have phone records) and he screened my calls, emails, and texts, failing to contact me in any way until approximately 2 PM that Friday afternoon. That weekend we went out of town for a trip and it was basically ruined because we were frantically calling Bank of America trying to get a manager on our case. As mentioned, no one contacted us back until Monday.
When the sales manager took our case it was revealed that we had never been charged for our appraisal, which I had obviously noticed, even though I provided my BANK OF AMERICA CREDIT CARD information to the loan officer TWICE. I can’t even mention all the things the sales manager had to do that should have been done weeks or months before. One that comes to mind is that they did not have our 2015 tax transcript from the IRS, even though 2013 and 2014 had been successfully obtained. Why didn’t they order them all at the same time, even though we signed the 4506-T for all of them? I don’t know. But I found out about it on Friday afternoon 5/13 and called the IRS myself, waiting on hold for 3 hours, obtaining it myself. The bank told me they had ordered it Friday morning and it takes “24 to 48 hours to get back” and no way I was waiting that long for them to do something they already had 60+ days to do.
The stumbling block at the closing was that the bank’s closer hadn’t sent the final purchase documents to the title officer. I had to scramble communicating with both parties myself to help get it resolved. I did not have the amount needed for the cashier’s check until literally 4 PM (the time Bank of America closes) the day of my 3 PM closing. AFTER THAT it was revealed at the closing table that Bank of America made the closing documents for the wrong amount. They did not include a $3,000 seller credit that they were supposed to. As we were literally signing documents we had to wait again for Bank of America to resend them and give us our $3,000 back. If you are getting a home loan, go literally ANYWHERE ELSE. DO NOT USE BANK OF AMERICA. THEY ARE TERRIBLE. Buying a home is supposed to be at least a little bit enjoyable, and I am really just glad it is over.
I submitted my HELOC application in March, I believe the 11th, and since then it has a been a rabbit hole full of delays, non-answered emails, and lack of progress. I was going to use the HELOC to pay off a high interest loan that I received to install my windows and move. Bank of America has a new policy, if you travel outside of the US they cannot speak to you. If you are like me and work all over the world, do not bother with them. It either forces you to lie to them about your travels or be honest like me and get screwed with new applications because the old ones expire.
If you are like me and all they needed was an additional piece of paperwork that they now require when you have already given them everything plus additional paperwork then the joke really is on you. My advice, don't bother. There are banks that actually want your business and I have a lot of business with Bank of America and I will no longer be using them as my go to bank. It was convenient that they sent me all the letters in the mail with their pre-approval but the inconvenience of dealing with their customer service outweighed the convenience of their pre-approvals.
We applied for a loan mod and after a month or so of jumping through hoops and supplying endless reams of paperwork we received a call from the robot at customer relations. Odd that he can even call himself that. "Good news!! You've been approved!!" Needless to say we were very excited. (Robot) - "I'll call you next week with the new mortgage rate, have a great great weekend!!" So we get the call, excitement in the air. "So, we offering you a $20 dollar increase a month, that's the best we can do." We are in the fricken Twilight Zone... This bank is out of control. They rob people of their lives, their homes. It's criminal that they get away with it.
I don't understand why people like this get to be thugs and that it is okay in the justice system. The CEO, Brian Moynihan sleeps pretty well at night with his 13 million a year salary. What a POS and he has the gall to call himself a Catholic. With that kind of money he must own his own confession booth with a revolving door with his very own priests to absolve him of his sins every 5 minutes.
BofA also encourages people to foreclose and do you know why? Well hold on to your hats and here's a little secret. They have taken out loan default insurance on our homes... at least 5 policies. That means for every home that goes into default and foreclosure they collect $1,000,000,00 (one million dollars) if not more. So I ask you people out there... does it make your blood boil? How do we as a society have justice on our side, what can we do? The fact of the matter is from the President on up... Yes on up... The top families run this country and really don't care at all. They don't have a conscience and most of them are clearly not God fearing people. With that kind of money we are outside of the castle walls looking in. Bank of America does not care about you, me or anyone else... They are without conscience and goodness. So we move on with our lives and try to survive the turmoil and lies they spin.
A possible SOLUTION... If everyone collectively took their money out of Bank of America at the same time perhaps they'd get the message and get back on point and actually care and help their customers. Imagine closing your account and saying goodbye to this unconscionable bank with all their robots in it. I did it and it felt great! I took my money out long ago and am only stuck with a crappy mortgage. I now support my local credit union, they seem to want to help. If you can take your money out of Bank of America it will do us all a lot of good in the long run.
So many errors. So where do I start? I had to double and triple check everything. Even the final cash to close disclosure had several errors (that would have cost me significantly had I not noticed them).The appraisal was inaccurate and used comps of pending sales (that later sold for a higher amount) and one that was inhabitable and had water damage. Oh and BTW, despite my checking in with the loan officer, they missed the appraisal deadline. They had not paid homeowner's insurance and the policy had been canceled and then reinstated, which I just found out from the insurance company.
The loan specialist was nice but completely incompetent. The loan officer who was all milk and honey until I signed off on the loan was subsequently patronizing and all smoke and mirrors when I raised any questions at all or informed him that I was aware of my rights as a consumer. All In all, it was an utter comedy of errors and would have been funny if it didn't have the potential to cost me thousands of dollars and considerable stress. One of the worst experiences with a mortgage company and if I had to do it again would never go with them although they are my bank.
I took out a home equity line of credit in 2004 with Countywide Home Loans and then Bank of America obtained it when Countrywide went out of business. From the time they took over I attempted to get a loan modification only to be told that the owner, Bank of New York Mellon did not want to offer a modification and I was denied. Just recently they attempted to foreclose on my HELOC $50,000 in the name of Bank of New York Mellon, so I wrote to the "owner" and asked them if they had standing to foreclose and they wrote me back stating that "no we do not, we do not own your loan and have no right to foreclose or modify your loan" that means that the attorney foreclosure MILL that put me in.
Foreclosure, the Bank of America, the superior court clerk and maybe even the judge, never check to see if the foreclosing entity had any standing to pursue and just allowed it to run through the court system. Since I now know that the Bank of America is acting with no owner behind it, I am suing them for illegal collection of unsecured debt, fraud, misrepresentation, mail fraud, RICO violations and any other violation I can pin on them. I am writing this to tell anyone that is facing foreclosure, needs to write to the named plaintiff and ask them if they have standing to foreclose, I guarantee that they don't, especially if your loan mentions a Wall Street investor with a certificate pass through number!!!
What that means is that your note was slice and diced, pooled and serviced and bundled into mortgage backed securities and your original note no longer exists as they cannot put Humpty Dumpty back together again, so if they are attempting to foreclose, do not take them at their word. They lie, cheat and attempt to steal a home they are not entitled to!!! All of you facing foreclosure or behind on your mortgage need to check your county documents and see to whom the loan was assigned and then write them and simply ask the entity, what their standing in with regard to your loan. It is that easy and 90% of all loans were securitized, which simply means that!!! Please do you due diligence and do not allow them to lie to you and then illegally, without standing take your home. It is apparent to me that the courts, the attorneys and the banks are not even bothering to check the paperwork for its validity and are allowing these foreclosures to proceed!!!
BofA alleges that it sold my second loan to Bank of New York Mellon days before it was required to notify me that my first was eligible for a mod under the National Mortgage Settlement agreement (NMS). The NMS would have required BofA to also extinguish my second if the first was modified. They found a way to hide the second to avoid devaluation or loss. Now I hear Bank of New York Mellon never owned the second but it was misdirection only. Even if they did sell it, they did it in bad faith and just days before they approached me so the timeline shows intent to defraud. The NMS was filed on April 4, 2012 so BofA knew very well what they were doing. Instead of relieving my debt, they found a way to mitigate their losses at my expense. I think this happened to many homeowners and we need to seek remedy. Anyone have a similar experience?
Shame on you. You are forcing people out of their homes! I have to put my home for sale because you have made the monthly payments unaffordable. Shame on you!
We got the same runaround with the B of A Loan Modification process and got denied based on some of the most preposterous reasons I have ever heard! Now, we're on to the next long step of contesting it. We're going to file with the Attorney General for unfair business practice and fraud. Don't know what else to do. It's a shame that our government knows or should know what is going on but does nothing. 60 Minutes, are you listening??
I am a long-term BofA customer (more than 30 years) who recently applied for a home equity line of credit. My credit score was favorable and I have a good amount of equity in my home. I filled out the paperwork, which included a verbal and drive-by home appraisal and credit check. I was approved for and offered $42,000 loan at a slightly higher market rate since BofA's appraiser said my home's value was slightly under the verbal appraisal they had initially provided due to my neighbor's home being on the market. They then told me that they were valuing my home at my neighbor's listed price for their home (which my neighbor told me is intentionally listed slightly under market in order to drive interest and net multiple offers over asking price; it has since sold over asking price). When BofA called me two weeks ago to arrange for my final pricing approval and arrange signing of the HELOC paperwork, I let them know that I was no longer interested and informed them that I wanted to cancel the application.
Today, I received a letter from BofA stating that *they/BofA* had rejected my application for various reasons, which is a misrepresentation of what actually happened, really a lie of what actually transpired. I have it in writing. Needless to say, I will be refinancing my mortgage and opening accounts with another bank as soon as I am able. I wanted to notify ConsumerAffairs of BofA's shady practices. I used to be a loyal customer. No longer!
I was told my HELOC was locked up in 2011 via a phone call. Bank of America cannot prove it. I called last month regarding fraud and locked up my HELOC. They would not unlock it. They stated it was locked in 2011 even though I was making transfers in and out. They could not explain. I have no proof and then they charged my checking account $35 for not being a Advantage customer. I had to prove to them that it was locked up for fraud and not a decline in the value of my home. For this is what they stated. I am seeking advice from an attorney.
My wife and I opened a $100,000 HELOC in 2003 (or 2004). We didn't intend to use it but I started a new business and ran it up a bit. I then suffered a tragedy and stopped worked for a few years which necessitated using it more. We ran it up to around $90k. Keep in mind we had equity in our home of greater than 25% despite the dropping market and this HELOC. Roughly 2 years before a balloon payment was due I contacted BOA to discuss a refi b/c I knew that I wouldn't be able to make a balloon payment. I was back to work and hadn't taken money from the HELOC but had concerns. BOA's rep told said it would be a simple formality as we had a credit rating of over 800, had never been late with a payment and had obvious equity in our home. Of course the formality didn't come to fruition.
I was told by the disappointed agent that HELOC's could not be refinanced until they were less than 12 months out. So...call back when the balloon is due in less than 12 months. We get to the 12 month date and I once again start to take steps to remedy my impending problem. I am now told that I have a very common problem and that they are not doing refinancing on these until they are 6 months out. I decided that perhaps it made sense to do my primary and the HELOC together since both were with BOA. I am told that I don't qualify.
I asked the agent if I had ever been late with a payment. Answer: No. I asked if I overpay my primary and the HELOC each month. Answer: Yes. I asked if my credit report showed that I had ever been late with anyone. Answer: No. I asked if my credit rating was good. Answer: Excellent. I asked if there was significant equity in my home. Answer: Yes. So I replied, "if I can pay $2300/month plus another $400-500 toward the HELOC each month and I have equity in the home and have never been late with anyone, why would BOA state that I am not qualified to REFI down to a total of $1800/month?" My rate on the primary was over 8 at this time. I was going to reduce my mortgage obligation by roughly $1000/month. Of course I was qualified to pay $2700-2800/month to BOA, but the underwriter had concerns about my ability to pay $1800/month. It was completely and utterly illogical.
Work is going well. Bills are being paid. The HELOC hasn't been touched other than to make payments toward the amount. The equity in our home is steady. I overpay on EVERY bill and am sometimes 2 months ahead on payments. I contact BOA to work on the refinance again. This time we were just a couple of months from the balloon payment. BOA works on it and I continually express my concerns about going over the due date. I am assured that since I am working with BOA it won't be an issue even if the loan isn't done in time. Alas the loan is done roughly 60 days after my balloon payment is due. I continued to make payments on the account. Payments on the account were accepted by BOA during the 60 day period. Once again, I overpaid and never missed a payment (except the balloon payment).
I assume that all is good. The loan is done. They gave us a 15 year repayment plan. Payments are being made. We decide to do a refinance on our principal mortgage and find out that the HELOC has had a major impact on our credit. We went from being over 800 on the bureaus to under 650 on some. The only negative mark on our credit is the BOA HELOC issue (and a contested issue with my wife's dentist for less than $100). I have had multiple accounts with BOA and never had an issue. I really like the people at my local branch. I have always paid my bills and was diligent in attempting to remedy an imminent situation, but BOA was not helpful and, in fact, delayed the process which resulted in a major hit to my credit rating. Color me very disappointed and unhappy with BOA over this.
I've dealt with all of the stalling tactics of trying to get a loan modification, etc. After my divorce in 1999, I refinanced my home. Countrywide ended up buying it. After the mess with Countrywide my mortgage went to Bank of America. The problems I'm still having to this day are with my Escrow account. They have not paid my taxes. This I find out by getting a letter from an Attorney. I fought them and they ended up paying. Now it seems every time I turn around they are not paying my homeowners insurance and in return putting lender placed insurance on which in turn makes my escrow account show short, and they increase my mortgage payment. This time they placed lender placed insurance we had two bad storms and water running down our walls.
I had already purchased another homeowners' policy with yet another insurance company therefore I had to file the claim through the company they used for the lender placed insurance. This is to protect them of course not us. Today I find out that my entire roof needs to replaced due to wind and hail damage. Bless their hearts they will cover the roof damage. Kicker is after the 2,000.00 deductible there will not be enough to even cover materials... Plus they keep some of the money until after the work's completed. I've read a lot about people having problems with modifications as well as I did but has anyone else encountered the escrow mess??? I've called and been told I didn't have one?? So where was my money going, then call back and told I did have a escrow account. Yet my taxes and homeowner's insurance is constantly screwed up!
I'm at a complete loss. I was a Peace Officer injured in the line of duty and have been through 17 major surgeries. I cannot wrap my head around how they can get away with all they are doing. Has anyone found an Attorney willing to file a class action suit against them? I again contacted yet another Attorney. Today 1/9/2016 I know it's going to rain, just hate not knowing what to do. Anyone's advice would be greatly appreciated.