Bank of America Mortgage Reviews

I just bought my first house one year ago. At closing I was so happy and proud until I found out later that Bank of America was paying taxes they were not supposed to pay for my property. The previous owner was responsible for paying the taxes for when he still resided there. BofA knew that. All of a sudden I received a new payment booklet from Bank of America saying my new mortgage payment was $2400.00 dollars because I owed over $8000.00 dollars worth of taxes that I was not even responsible for. They took it upon themselves to pay taxes for a property that I did not even live in. I had my lawyer step in. When I asked to meet with a representative to discuss this sloppy mess, they said, well, we are in New York city and unfortunately the individual branches cannot help, only the mortgage department can deal with this. I have missed work on account of this and am in complete emotional distress for fear that I might lose my house.

We recently refinanced our home with Bank of America. We thought since we currently had our mortgage there, that it would be easier to refinance with them. We had a terrible experience.

I paid a couple thousand dollars more for PMI than I should have.

We refinanced with BOA in March of 2006 and, after reporting our previous real estate taxes (which did not rise this year) were given an estimated monthly payment a little over $1700.00. We paid on time through May, June, and July, but when I went online to pay the August payment, it was reported as being around $2065.00. After checking with the Hillsborough, NJ tax assessor's office to make sure there had been no increase, I approached the Hillsborough branch of BOA. A helpful employee there contacted the mortgage department and informed me that the difference was because of the initial estimate (based upon our reporting of previous taxes, remember) was more than $300.00 short and that the bank, in accepting our $1700.00 payments, had run us about $1400.00 into escrow debt and had to reclaim the money by upping our payment. We were not informed in time of the bank's mistake and would not have been informed at all, had I not gone to the branch and had an inquiry made.

After being pre-qualified and paying $200 for a credit check, we had very sporadic communications with B of A prior to closing on a home in Leesburg, FL. We were told that we were locked in at an interest rate of around 6.5% and there would be closing costs. The calls continued right up to the last minute, when we were told we needed closing costs of $7500.

I called Bank of America Mortgage to make arrangements to postpone payment after my house and health were seriously affected by the recent storms in Texas. They said that they would not draft any money until I told them later this year. The next day, they drafted the payment anyway. I called to ask why the draft was done and they were very rude and sarcastic in their replies.