OVERLAND PARK, KANSAS -- My experience with Bank of America has been a nightmare. Recently we tried to take advantage of the low interest rates and refinance our mortgage with Bank of America. They already have all of our information as they are the company that currently has our home loan. After filling out the application and being approved, I asked the agent how long the process would take and was told that I could expect 2-3 weeks on average. I am a pretty patient person so I check up regularly for about 4 weeks and keep getting told that "it should only be a few more days".
After nearly 8 weeks, I am getting frustrated and am calling more often to get some answers to which I get the "I only have a few more things and it should be 24-48 hours." By almost 3 months, I've given up and started to look for another company to take our business to. Then I get a call asking to re-pull our credit report because it has expired and they can't close our loan without our permission to pull the credit.
By this time, I have been referred to another company and have started talking to them about getting our loan moved to them. I tell Bank of America that I will NOT let them re-pull our credit. Then the loan officer calls me and is furious and basically yelling at me telling me that I have "no choice" and that "I HAVE to let him re-pull our credit TODAY". I calmly tell him that I do have a choice and that I would like to talk to my wife regarding if we are going to cancel the loan (and pay the non-refundable items) and I would be back with him, to which he replied "fine, I'm going to cancel your loan".
I told him that I did not ask him to cancel it but I would like to talk to my wife. Then he told me "if you don't call me back before 5 o'clock today, I'll just cancel your loan". I told him I'd get back to him, and after speaking with my wife, I called and canceled the loan on a Monday afternoon.
We start the new loan process with the new company and after they get our credit report, we are asked to explain a few items on the credit report, one being an inquiry by Bank of America AFTER I told three separate people NOT to pull our credit report. I call the credit agency to get the inquiry removed and they say that I need a letter from Bank of America explaining the situation to get it removed. I call our agent to request the letter and do not get a response so I try the other contact information for all of the people at the office (email/other phone #) with no response.
So I contact the manager for the area and tell her the situation. She tells me that "she will get to the bottom of this" and "I will call you back before 12:30 tomorrow to let you know what I find out". 12:30 the next day comes and goes and I never get a call back so I call and leave messages for the manager and send an email and never get a response.
Now I am very angry that a complaint like this just becomes ignored so I call her boss who is the Senior VP for the area and leave a message to call me back because I am having an issue and leave my cell phone #. A few days later, I get a message from him on my home phone saying that I can "feel free to contact him anytime". Since then I have left four separate messages with no response.
I guess that they feel like if you have a problem and they ignore you long enough you will just go away. This is the worst way to handle customers and I am glad for sites like this where the consumers can let others know to avoid companies that do business like this. I plan on moving/canceling everything that we have with Bank of America, and spreading the word locally and online that Bank of America will not only take forever to help you, they will also yell at you if you try and leave, and will ignore you if you have a problem. Don't use Bank of America if you value your time or sanity.
Recently I paid Bank of America an excess of $450 for THEIR approved appraiser to conduct an appraisal on my single family house with an additional detached house in the rear of property (aka as in-law quarters). They sent out a trainee from a sister city market... this in itself goes against the Uniform Standards of Professional Appraisal Practices' Competency Rule.
Sending a trainee out to such a complex appraisal should have never happened, let alone someone from a totally different real estate market. Also, it should have sent up warning flags the moment he asked what the purpose of the loan was and what the mortgage balance is. What the heck does that have to do with getting the true value on my property? Very fishy if you ask me.
Having some working knowledge of what to look for in appraisals I noticed straight away discrepancies when I received the documents. One major issue is that he used duplexes as comps and two of the comps were in excess of 5 miles from my property which far exceeds Fannie Mae's 1 mile desirable comp. area.
I swiftly hired an independent appraisal firm to do a desktop review of the appraisal I received from BOA. The findings were SHOCKING to say the least. This "trainee" should not be getting his license and the supervisor who signed off on it should lose hers. The appraiser I hired found 5 comps all within one mile radius and the range of values were found to be 20-70k above the value the BOA appraiser gave GO FIGURE. My appraiser used the very same style of properties as mine for comps (all single family homes with detached single family homes or rentals in the rear of the property).
What upsets me is that they sent out a trainee from another market who has no knowledge of this area. He used the wrong form, gave wrong comps and did not even follow basic appraisal guidelines in doing so. Bank of America needs to have a department that oversees these appraisers and monitors their practices. Without that thousands of their customers could potentially be getting defrauded.
What it boils down to is a mere $1200 separates me from getting out of PMI based on BOA's appraised value. Their customer service is totally incompetent. To make matters worse after I sent the findings of my appraiser to the dispute dept they in turn simply just forwarded it to the ORIGINAL appraiser for review. Can you believe it??? They are not even opening an internal investigation on his practices? Of course this guy is not going to agree with the findings of MY appraiser. Do you think he wants to lose his job?
So guess what: This guy came back after reviewing my desktop review and advised he is sticking by his original appraisal, are you Kidding me?? And that is the final answer? Wow!! The very person who made at least 7 major mistakes on the appraisal won't even agree that some errors occurred. And of course Bank of America has not one trained person willing to call me and go over my concerns. Nadda ONE. Let alone one trained person to oversee the appraisals that are being sent out.
If a multi Billion Dollar Corp does not invest in any trained in house people to look over erroneous appraisals and to set forth basic standards of conduct for the sub contractors they hire, then they should not be in business at all. So much for standing by one of their core values "Doing the Right Thing for The Customer." I have spent more than 15 hours calling, writing on and researching this matter. Do you think I will at the very least get my money back for this bunk appraisal? Doubtful. Let's not forget to mention the additional out of pocket I paid to an independent appraiser for his work. I wonder how many other people this is happening to.
CLIO, MICHIGAN -- We had an RV loan that was purchased in Florida. We live in Michigan. Paid off the loan and needed the title. Was told by 5 different Bank of America employees that the title would be sent from the FL DMV within 10 days to our mailbox. Well three weeks later no title. Finally got a hold of the FL DMV and was told no title was ever mailed and they don't do that! We had to take care of it ourselves. Spent the whole day downloading papers and 50.00 later we overnighted everything to the DMV to get the title! If Bank of America would have been honest from the beginning we would have had the title right away!
Every person that works for them passes the buck on to someone else... Never will do business with them again since they have no idea what they are doing! The one guy on the phone told me to drive to the DMV. I told him I live in Michigan. He said: "Where's that?" Shows you they hire all foreign people to work customer service!!!
ARIZONA -- We had filed a modification form to lower our rate on our home. Bank of America set on it until it was considered late and they could file foreclosure proceedings. We had continued to send our mortgage payments but they refused them, thank goodness we had applied the payments to our savings. After four months we received a response "denied" and then our credit was ruined. We paid the outrageous fees Bank of America stated we owed, live in the same home never foreclosed but they tried very hard to take our home. Also refused to remove the "foreclosure" status off our credit.
We live on the South Shore of Long Island. Our business suffered a heavy loss due to Hurricane Sandy. Many of our clients are no longer in their homes. We fell a few months behind in our mortgage payments. BOA put us into forbearance. While in forbearance BOA harassed us on a weekly basis by sending a cigar smoking agent dressed in all black to our door. He plastered yellow envelopes to our home which were in plain sight of our neighbors. The envelopes were designed to hang on a door handle. Instead he chose to pull back the address numbers mounted on the front wall of our home and stick the envelope between them.
Recently we caught up with all of our payments and returned our mortgage to current status. We paid everything over the phone with our checking account. We got confirmation numbers on every payment we made to BOA. Our next payment isn't due for 27 days. But BOA is still sending the cigar smoking agent to our door. He was here at 8 am Saturday morning. Again he pulled back the address numbers from our siding and stuck another yellow envelope behind them.
We called 911 on the trespasser. The police showed up. Today I have to go to the Nassau County District Attorney and try to press criminal charges against the agent and Bank of America. I won't tolerate their mobster tactics any longer. I definitely won't tolerate it after I pay $17,488.00 in one shot and bring my mortgage up to date.
MADISON, TENNESSEE -- Since October 2009, I have tried to get a loan modification with BOA. No one has helped me to date. 2010 I had to pay them $7000 to approve my loan mod. After borrowing the money (still paying it back), they finally approved the modification. However, after completing the process, making 3 trial payments and paying on time for 6 months they rescinded my payments and said I didn't qualify. Have talked to numerous managers at BOA, Making Homes Affordable, Government, state and other agencies - no one has helped me. I haven't made any payments. I don't know where to turn nor what to do.
I am a self-supporting 64-year old single woman and I own condo in South Florida. In the last two years my equity disappeared until I was seriously "upside down." Since my debt-to-income ratio also suffered, I was excited when I read that Bank of America offered a Home Loan Modification Program which I might qualify for.
After completing an online form, I was sent an initial package of paperwork. It took some time and effort to get all of the required documents, but I sent them back. BOA replied with a package offering temporarily lowered payments (reduced by about $70 a month). Although this was a disappointingly small reduction, I was happy to get anything.
For the next eight months I continued to make the lowered payments, even though the 6-month trial had ended. Each month I spoke to a different customer service representative when I made my payment. I asked them if everything was OK. That's when things got strange. One month a representative told me that my original documents had been shredded because I didn't put my loan number on each page of documents I'd originally sent to them. She told me I had to resend everything, which I did.
The following month I made a payment, checked my status, and was told again that my new documents had been shredded because my account manager must have left the department, so they routinely shredded documents, "for privacy reasons". I faxed them again. The representative then proceeded to charge me a pay-by-phone fee in error and told me it would be credited back. It was not.
The next month I finally got a call from an account manager who told me he needed still another document. After some work and research, I got the document. Many phone calls and some time later, the information was in the hands of a man who assured me everything was proceeding on schedule. A week later I got a letter advising that I need to enter credit counselling as a condition of the reduction in my loan.
Before I got a chance to call one of the approved credit counselling agencies, I received a call advising that I need to arrange a time for a notary to come to my home so the final arrangements could be completed. I called and provided the two alternate times and dates. The next day I received another call from a different person, asking for the exact same information.
Last night I got home from work to find a FedEx package containing the documents which provide my new, permanent payment. After almost a year of frustration, aggravation, and unbelievable incompetence, Bank of America has negotiated a .02% decrease in my interest rate. The net reduction in my monthly payment? $18.00
I figure BOA must have spent hundreds of dollars in FedEx shipments, document preparation, filing (and shredding) costs, and man hours. But the important thing is that their program will now aide me in keeping my home in these hard times.
I fell just one month behind on my home loan. Tried several times to get a home loan modification but continually told by BOA that I had to fill out paperwork that they WOULD NOT send. Finally went to a lawyer and we fill out HAMP program paperwork and that was sent to BOA. They would NOT accept the HAMP modification paperwork. Then I made a partial payment they STILL to this day have in a partial payment account and WILL not apply that to what I owe. I have since been making large amounts of payments and they STILL REFUSE to add the portion that is in that partial payment account.
I have since paid off all my credit cards with BOA and wanted them cancelled, however they would NOT cancel them. It took me 4 days to get someone on the phone that could actually cancel the BOA MasterCard! Recently made 2 payments which my credit union says that BOA took out of my account and as of yet, it has still not posted to my BOA home loan! I have been receiving calls starting at 9:05 PM to 9:30 PM 3 days a week from an automated calling program owned by BOA. They will not stop the calls! I have since blocked that phone number from my service.
Again, every time I have been on the phone with BOA, I get a completely different story! Since my home loan is guaranteed by the VA, I did a 3 way conference call with the VA myself and BOA, and then again, on one call was told one thing, and then on another call, was told something completely different. All my financial information was messed up that they said was "corrected."
Every time you call them, they ask you if you are currently living in the residence, and I always tell them yes. So far they have sent out people to verify that I am living there and then charge that to me. When then do they always ask you if you are still living there. 2 faced it appears.
I was told on last Friday, that I even owed another 854.08 in fees when using the pay-by-phone option, and that I had not paid fees since 2006! I got my bank statements and it showed that every time I made a payment via phone, that they took out that pay-by-phone fee. After 1 hour and 20 minutes on the phone, a supervisor caught the error and had to correct it. If BOA accounting was correct, they would not have had to "correct" it.
How Bank of America is getting away with this is simply amazing. Even the way they had treated the VA representative during our 3-way conference call is unbelievable. Now I am making payments in the thousands etc... and appears that "everything" I Pay is getting posted "late." I check my bank statements and I see them taking the money, but it doesn't post when they take it.
I even asked them to send the money back in a check for what they are holding in the partial payment account as they are not going to post it to my account, and they flatly refused. This is the WORST bank I have ever dealt with. I hope the federal government investigates them and then closes them down. I know that I cannot be the only person.
CHARLOTTE, NORTH CAROLINA -- It seems Bank of America has made it a habit to screw the America Tax Payers and try and steal homes from citizens all across this country. I had the misfortune of having a home loan from Countrywide back in 7/2006 and I guess Bank of America took over Countrywide and now I have to deal with the dishonest people of Bank of America.
In January of 2007 I lost my job and in March 2009 I was diagnosed with cancer and prior to this we were debt free and had no credit card debt - the only debt we had was our home. After losing a kidney through cancer and not being able to find a job we incurred some credit card debt and we were still keeping current on our home and credit cards. I started working 2 jobs just to feed the family and pay the mortgage payments.
Bank of America approached me and I was supposed to refinance my home in 7/2009 and the day prior to closing BAC informed me I did not qualify for the loan program I was going under due to PMI private mortgage insurance was built into my loan. This would have reduced my payment by over $225 a month. After struggling a few more months BAC suggested I get into the Loan Modification program and in November of 2009 I was approved and provided coupons for trial payments. I have paid the trial payments and have kept paying those same payments to this day while we are trying to get this modification approved.
I have called and called and of course you get different stories from BAC and they tell you "We need your financials updated," - I have provided those 8 different times and they still claim they need updated financials. I also was informed that I turned down 2 different offers but yet no offers were ever presented to me - no can they produce these offers. Then the next thing I get a letter telling me I have been turned down for not qualifying for a loan modification.
On top of all that they reported me delinquent on my mortgage in February, March, April and ever since then even though they said they would not do so. I then appealed all of their decisions and they put under review issued a letter of correcting my credit report but now almost a year later we are still playing the game with BAC. By the way due to their wrong reporting to the credit agencies most credit card companies raised my interest rates from 9-10% to 24-29% because it appeared I was delinquent which I was not.
I have filed complaints with Attorney General for the State of Tennessee and every other agency I could think of - nothing is being done. BAC took 19 billions dollars from the federal government and this is how they reward the tax payers that pay this money. I can only hope one day this bank president can experience some of the things I have experienced - loss of job, cancer and the threat of losing my home all from the dishonest dealings of Bank of America!!! This is wrong and I will fight till the bitter end for my home.
I have had excellent credit for 20+ years, never had a problem paying my bills and still don't have a problem paying my bills. However -- “Bank of America" is only a disguise for thieves, crooks and an evil scourge on the planet. I can write pages on how they have tried every tactic to screw me for more than 14 months now. They are stressing me out every day of my life and taking time from my work and family to deal with them repeatedly.
I have had impeccable credit for 20+ years dealing with all sorts of businesses. All it takes is the fatal mistake of dealing with Bank of America. I have never had a problem paying my bills, and I still have no problems paying my bills, but BOA will try to steal every bit of money from you that they can, mess up your credit, and try very hard to foreclose on you and steal your property when you have never had a problem paying your mortgage.
I was faithfully paying my mortgage and always pay extra towards my principal thus reducing my balance owed and reducing the interest. I have always done this with all my creditors. When I first took the mortgage with BOA, they said if I pay early it was OK. Well I notice they started misapplying my extra principal. After a couple of months of BOA misapplying my funds, I complained to them and they apologized. Then they suddenly “lost” my address and stopped sending my bills. I tried for months for them to get my address right; I jumped through hoops calling them, mailing documents, etc., and doing everything they told me to do. They lost my documents.
I still was not getting my bills anymore or my statement summaries, so I went online to pay. They blocked me from paying online. I called them so I can pay my bills over the phone. They tried to charge me outrageous fees for paying over the phone unless I open a checking account with them too. When I asked to speak to supervisor, they put me on hold forever and I never get to speak to anyone else. Everyone I speak to there is completely incompetent. I even tried to locate a local BOA branch to pay, but their website states there is no branch within 100 miles of my zip code, and I live in New Orleans!!
I told them there is no way in hell I'd ever open any other account with them after the way they mistreat me. They refuse to let me pay my mortgage properly and now they only have my correct address for the purpose of sending me foreclosure notices!!! They block me from my faithful payments and are now trying to steal my property!!!
This is possible in the United States for a business to fraudulently screw faithful customer out of their property! They will stop at nothing to screw you and steal everything you have! Once I am done with them I will never do business with them again in any way, shape or form. I want to warn everybody to please save yourself and avoid Bank of America at all costs!!!