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The PMI Scam
Posted by Paybacktime on 04/17/2008
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 of never happened, let alone someone from a totally different real estate market. Also, It should of 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 loose 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 loose 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 wont 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 then 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.
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Posted by MSCANTBEWRONG on 2008-04-17:
I've purchased several homes and sold one...on each of my transactions, I was given the option of obtaining an appraiser. If I did not want the responsibility, the bank said they would find someone but it was always better to let the buyer/seller obtain one as they could find an appraiser in the buying/selling community. This whole post seems a little strange to me...
Posted by paybacktime on 2008-04-17:
Bank of America uses their own appraisal program called LSI to get the values. LSI farms out the work to Bank approved appraisers ONLY. They do not allow their customers to hire independent appraisal firms to obtain the value. What part of the post seems strange?

Posted by *Brenda* on 2008-04-17:
Can you get your own appraiser and fight it?
Posted by grandma005 on 2008-04-17:
The only way you are going to get rid of PMI insurance is to refinance your loan with another loan company. Banks or loan Companies will not let you get rid of PMI insurance because it is high profit money for them.
Posted by paybacktime on 2008-04-17:
I did pay for an independent firm to look over the apparaisal and they provided comps. I took that to BOA who then sent it back to the VERY appraiser who did the original one and he said he is sticking with his desicion. I know he is going to wish he did not make that statement soon. Why Bank of America does not have a department overseeing the appraisers themselfs is beyond me. This can potentially become a BIG time CLASS ACTION LAWSUIT aginst BOA, because I know I am not the only one they are fraudently trapping in the program because of dummied down house values. As for getting a refi- I dont want to pay to do that. If I found a mortgage company that does not charge to do it I will switch.
Posted by *Brenda* on 2008-04-17:
Sorry, I missed that you had already hired your own appraiser. I hate Bank of America. I hope you get this resolved somehow!
Posted by moneybags on 2008-04-20:
Most Appraisers are licensed through the Real Estate Commission of the state in which you (or anyone lives.) Send them a formal, written complaint with copies of both appraisals, names, etc. Appraisal companies are required to have E&O (errors and ommissions) insurance, just like real estate agents/brokers. There is legal recourse thru the RE Commission. Good luck.
Posted by paybacktime on 2008-04-23:
They ordered another appraisal and low and behold the value came in high enough to release me from the PMI program.
For my "effort" I will get 1/3 of the price back of the appraisal and $100 gift cert. It hardly seems worth the min 15 hours I spent dealing with this, but better then nothing I suppose (?!).
One thing I did do is write to my States Dept of Real Estate Regulations. Let's hope they take a hard look at the appraisers practices.
Posted by alove on 2008-09-05:
There are so many problems with this post I do not know where to start but I guess I will hit the main topic. Borrowers are not EVER to hire their own appraiser. The lenders are only to use appraisals order by themselves or other lenders to keep appraisals as independent as possible. While borrowers ordering appraisals was once common, they should not have been doing it for several years not (An OCC bulletin sent out in 2003/2001-one of these years anyway- covered this). The reason is they want to make sure appraisers are not influenced by anyone. Now it is common practice for lenders to hire a third party company to handle the ordering of all their appraisals so they can keep in line with the OCC. I am an appraiser and an appraisal instructor. Hope this explains something anyway.
Posted by pburg on 2009-08-01:
I just got an appraisal from BOA (in an effort to remove PMI). They appraised our 5 year old home for less than the build price...and we've added a 1,000 square ft finished basement and hardwood floors since then...as with this case, there are all sorts of mistakes on the appraisal form. The most frustrating is that they have the square feet at 150 less than reality (which is published on the auditor site...how hard would it be to get that right?!) And, the comps are not right...there is a house for sale in the neighborhood same floor plan as ours but older, which I told him about, and they DIDN'T use that one but did use some that are 500 sq ft smaller without any upgrades on small lots. The "SOLD" comps he used are not even in our neighborhood! I'm not looking forward to the undoubtedly multi-hour long call on Monday. They are so dishonest!
Posted by I Sued Chase and Won over $7K on 2010-06-14:
Please read my post "I sued Chase and won over $7K".
LSI is owned by the banks. Talk about a conflict of interest! That is why they "push" the lender to use LSI for appraisals. This practice is ILLEGAL. It is at the crux of why I won AND COLLECTED over $7K from Chase. (Public record in San Mateo County, California.) If you would like to know more, you may contact me at "sanmateo53@gmail.com".
Posted by Jolly1 on 2010-10-23:
Now it is common practice for lenders to hire a "third party" company to handle the ordering of all their appraisals so they can keep in line with the OCC. I am an appraiser and an appraisal instructor

As an instructor you should know as the rest of the appraisers in this country do…. THE "3rd party" is owned by there client....THE BANK!!!! Call it what you want. Bottom line ..it's the banks way of killing the real estate appraisal industry and going back to the pre-S&L days where most of the banks used there OWN appraisers....notice how I capped "OWN" because that’s what you are when you work for a VMC i.e the BANK/LENDER.
L/S LSI/TSI are all owned BY there BANKS. They are continuing to hire staff appraisers to do appraisals in house (by the QUOTE-Third Party).

At least next time the person above won't have to complain,… because the bank/third party will know what’s going on and they will make sure the right number is on the bottom of the appraisal….if that’s what you’ll want to call it.
Posted by barneycody on 2011-04-18:
three months of customer inadequete service w/h bank of amer, after 8 years, still have to get a appraisal to remove pmi., what a rip off!!
Posted by nancy on 2011-08-14:
I have spent 18 months trying to get PMI deleted. I readed 80% loan-to-value more than a year ago but still have to pay PMI. I was told (and it said so in my loan docs) that I could hire my own licensed appraiser. They filled out the required forms. BOA lost them. I sent them again. They were lost again but a smart customer service rep found them, misfiled. Then was told I had to hire THEIR appraiser. In all this time I have been unable to reach the same customer service person a second time for follow up. What recourse do we have?
Posted by BentOverbyBAC on 2012-03-11:
bank of america is owned and lead by the devil.
Posted by mariej on 2013-08-09:
I know how you feel - just went through the same with BOA - was doing a refinance with them - they sent out an appraiser that didn't know his a** from a hole in the ground. Had our house listed with less bedrooms, wrong items for heating etc. when we disputed the appraisal they said they would have it reviewed (by the original appraiser "surprise") but I had to send in photos and measurements and also comps of houses in the area. The appraiser was from the city we live in rural Pa where property values have gone up in the past 5 years due to gas drilling. I spoke with a friend that is a realtor to get the comps and he asked me if the appraisers name was so and so I said yes - he stated that he had several dealings with the same appraiser and had the same problems - he did not understand the lease with the gas companies to factor that into the value of the property.
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Beware of Excess Mortgage Escrow Charges
Posted by Macm on 01/11/2010
Beware all Bank of America home loan borrowers, especially those former Countrywide customers, especially re excess escrow charges. B of A had been charging my mortgage account more than $200 per month in excess of my $1335 monthly payment, and had been doing this for awhile with no notice to me. My regular payments were accepted, and no notices of any shortages were mailed. (I do not get paper statements, only email notifications, usually to tell me my payment was timely received and reminding me of upcoming payment). They reported to the credit bureaus in November 2009, and first sent me a paper statement for the increased amount in Dec. 2009. In Dec., their representative said I had an escrow deficiency and that if I made phone payment they would waive late charge & that eff. Jan. 2010 my new monthly payment amount would decrease to less than $1200. I made the payment and began decreased payment in Jan. I just received a Jan 2010 notice that I was back on partial payment status because my most recent payment was short. As it turns out, B of A did not update escrow analysis from Feb 2009 when they had placed and then removed a flood insurance policy when my condo assoc. provided insurance documentation. Plsu, my property taxes had gone down each of the last 2 years. As it turns out, I had been paying excess escrow every month during 2009, and I never had an escrow shortage. At it turns out, Bank owes me almost $2000 for excess escrow collected during 2009 and for my addtl payment in Dec. They say they will reverse bad credit report. This took a lot of wrangling, two different phone calls with four different representatives, after being provided no information or bad information. The last call commenced with the rep's request to take a phone payment for an additional $2k, when it is I who am owed this money. Mind you - not one of them ever thank me for the use of my money, much less apologized for the error or for the inconvenience to me.
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Posted by Class Advocate on 2010-01-11:
You may be surprised how many times this happens. Bank has no incentive to reduce escrow.
Posted by saj80 on 2010-01-12:
Federal regulations limit how much "overage" a bank can hold in an escrow account, and also require that annual escrow statements be sent to all customers with escrow accounts. Did you receive one of these? Before you answer 'no', are you sure you didn't toss it, thinking it may have been junk mail? This annual statement will show all escrow payments received for the previous year, and all payments made (taxes and insurance). The year-end balance is limited to a certain percentage of the escrow amount, and any overage must either be refunded to the customer or applied to the loan, and the customer gets to make this decision. Annual escrow payments are required to be sent no later than January 31 of each year (much like W-2's), so you need to be looking for this in the mail. If they owe you $2,000, then either choose a refund or have it applied to your loan. If they owe you and don't refund you, then immediately file a RESPA complaint with HUD, whose address can be found online. One of the fastest ways to get a banks attention when it regards home loans is to file this complaint, as HUD takes them very seriously and actually acts on them in a very rapid manner. If a bank fails to correct the matter or ignores the complaint, there are very serious consequences,including huge fines and, if necessary, more regulatory oversight.
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Ignore the customer and they'll go away...I Hope
Posted by Chrisup88 on 09/14/2012
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.
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Posted by trmn8r on 2012-09-14:
Customer service has really gone to the dogs at large companies. When the issue is something important, like a home loan, it is that much worse. Good luck.
Posted by Wells Fargo Customer on 2013-06-23:
I just tried, as well, to take advantage of the low rates ( high BofA fees) which has turned out to be a confirmation of my past experiences with Bof A. Although I may have missed a deadline, because of my 11 year old's broken arm (oh wait, BofA doesn't care what you have going on personally - they just want to collect your $) 95% of the delay in our transaction was as a result of BofA's systems and customer service, charging me an additional 10K in fees!!! The first agent I dealt with was, at times, rude and condescending and was annoyed that I told her "I was shopping around" in order to get the best deal possible. Again, they don't care - they just want the $. I spent hours scanning and trying to upload docs to their system - spare hours I DO NOT HAVE! I know this sounds like a rant, which it is, because I am so disappointed that we did not get the original loan we discussed which would have meant a savings of $150K over the life of the loan and a $300.00 per month savings. I feel like BofA's lack of customer service is due to the fact that they are so large and disconnected with their colleagues, putting them in a situation where they don't care about the average home owner just trying to keep a little extra $ per month instead of giving it to them. Conclusion BofA: ACT like you care.......
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Bank of America Home Loans don't know what they are doing
Posted by Agupta on 05/28/2010
I originally had country wide home loans, and since Sept 2009 I have been making payments, and in February I found out that my credit score was very low because I had delinquent on my mortgage payments. Only to find out later that Bank of America automatically put on loan modification and then put my house on foreclosure. I am in the process of buying a new house now and I cannot get the loan approved because of Bank of America. When I call their loan modification department they transfer me to customer service and vice versa, this happened to be for 5 hours straight. I have called them many times for 2 weeks now. A couple of agents were arguing with me that I was late in my payments and were not transferring to a supervisor. They even told me that I am calling them too much and I am not letting them do their work. I hate bank of America and I am closing my account with them immediately. This is sad because I have been very loyal to them since High School. Bank of American screwed up my credit score, I don't trust them with my money any more.
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Posted by ron65ron on 2010-12-01:
It took me forever on the phone just to pay off my BOA MasterCard, they kept offering me other cards to transfer the balance to. I kept saying that I just want to pay off the card and just close it out. Finally got someone to take my payment, but was STILL unable to close the card. It took me 4 days to get someone to close the credit card. I will never do anymore business with Bank of America.
Posted by momsey on 2010-12-01:
What did Marks say, I wonder?

Anyway, were you late for any payments?
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Bank of America can't stick to their own Agreements
Posted by Skunktrain300 on 05/22/2010
This scenario I'm about to explain just might top them all...
My wife and I fell on financially trying times starting back in September of 2008. After much thought and research, I contacted a friend of mine who for a reasonable and money back guaranteed fee, was able to get us a loan modification. Here is where it gets really interesting... When we started this process our mortgage was in limbo as it was transitioning from GreenPoint Mortgage to Countrywide. What really shocked me about that was the prior news that Countrywide had already gone bankrupt. Needless to say we were offered a loan modification by Countrywide 5 months after starting the process, and we were on track to save a whopping $42 per month. Immediately after that Bank of America took over. They assured me that there would be no lag in transition and that none of my information, agreements, etc., would be lost in translation/transition. Just as I was to make my very first new monthly payment, (according to the signed and notarized APPROVAL we sent in), I called in to confirm the department and address to send the payment in to, only to learn that 2 days before the payment due date they notated a denial of the loan modification. The denial stated that the "financials" don't meet their requirements. I climbed up the ladder and spoke with several managers who stated that I should send in my payments anyway so that I was not in breach of contract. At that point I even asked the manager if he would make a payment if he were in my shoes… Had something in writing stating he was approved, but couldn't get the same information from the associates working there; and HE said "NO SIR, I WOULDN'T". I went on to forcing this man (Robin was his name), to notate in the system that I was going to send in my payment with copies of the signed and notarized approval, and to notate based on other notes in his system that I WAS in fact approved for the loan modification. The manager did as requested. I know because I called in and confirmed it with a different associate later that day. On numerous phone calls that took place from 4/8/2009 through 5/7/2009 I was transferred from one department to the next. Nobody at Bank of America was on the same page and the majority of my calls resulted in a left message in the voicemail box of some person that did not return my call(s). This trend continued into July of 2009 where at last, I had a collections manager calling me every Friday with updates, if any on the progress or lack thereof on our file. For months we made our new, modified payments only to find that Bank of America was not honoring the written approval. They were actually applying those payments to the past dues that according to my approval letter, (signed & notarized), had already been worked into the modified balance and loan terms... This was just the first Phase in which we spoke to people in the Retention Department, HOPE Department, Loan Workout Department, Customer Service Department, Foreclosure Department & Collections Department, and several managers in differing departments as well.
Going back in time just a bit… In May of 2009 I found new employment with a company that specialized in financial assistance programs which included loan modification negotiating. Figuring that the end result of our so-called loan modification offered to us in March was a result that clearly favored the interests of Bank of America, we decided to employ the company I was working for to get the job done and finalized. We started our second attempt at a modification in August, 2009. Due to the fact that our mortgage was owned by Freddie Mac we were eligible for the “Making Home Affordable” (MHA) program. In September, just prior to our being approved for the MHA program we received a certified & recorded NOD, (Notice of Default / Foreclosure Notice with Intent to Sell). Almost immediately after that, in October we were approved for the "Making Home Affordable Trial Modification Program". All we had to do was make our 3 “trial payments” on-time and Bank of America would then advance into making the loan modification permanent. Nowhere in the documentation that we received, signed and sent back, did they mention ongoing negotiations and/or underwriting, etc…
We have now made 7 payments. All of them on time and all of them over the phone, in which we have recorded confirmation numbers for each payment made. Bank of America is claiming that on 5/3/2010 they denied our workout for a permanent modification due to missing documentation, (that was never requested of us). I have also found out that they notated one of our trial payments as being received late, which is a blatant lie that can easily be disproved if a subpoena for their internal records was ordered. This would show the date and time that the confirmation number was issued. The representatives at Bank of America also claim that they sent us a written request for additional documentation, however if they did, we did not receive it. We live in a condominium complex with 321 units. We are always getting mail intended for someone else and vice-versa. What is most upsetting about this is that all of the original offer(s) for a loan modification was sent Fed-Ex (which required a signature); Isn't it safe to assume that any documentation with such a high level of importance be sent via "first class mail" / "certified mail" or the equivalent? These are just all out terrible and irresponsible business practices...
Nevertheless, the reason I found out that they denied the loan modification on 5/3/2010 along with the other aforementioned claims, is because I called them again to get to the bottom of our loan modification, which I was doing because we received 13 copies, (6 by certified mail), of a "Notice of Trustee's Sale" on our property. The public auction is to take place on 6/8/2010 at 10:00 AM. Furthermore, Bank of America states that they issued an Adverse Action Letter to us to inform us of the denial, but that too has never been received. I was informed by a gal there that my home was NOT in foreclosure and that all I needed to do was send in the “missing” documentation, which included our 2009 signed & complete tax return, a signed 4506-T which gives Bank of America permission to access previous tax records, (that they should already have on file for 2007 & 2008 because we sent that in twice already), and proof that we are currently paying our HOA dues. When I asked why this process is taking so long, and educated her a little about the federal making home affordable guidelines that her employer is unable to adhere to, she stated that it’s because negotiations were still taking place. I firmly disagreed with her adding that there was nothing further to negotiate. She countered with a response pertaining to the “investor” needing to agree to and attend to negotiations. I countered back stating that the investor was Freddie Mac who FINALIZED their negotiations with the Feds and the President long before they even launched the MHA program and offered it to the public; and that the MHA program we were offered was only available to us due to the FACT that the program was tailored to homeowners who’s mortgages we owned be either Fannie Mae, Freddie Mac or was an FHA loan. I also went on to say; and with that said, there were no other pending negotiations, just lack of compliance, lack of follow through, lack of professionalism and stall tactics, which boarder on predatory business practices.
Right, wrong or indifferent, I faxed all of the “required” information to Bank of Amerca’s Loan Retention Department along with a copy of the Sale Notice and called the next day to confirm that they received the documents. I figure that if I had any leverage at all; it would rest on holding up our end of the bargain. Their representative confirmed receipt of the documents and went on to tell me that in addition to our modification being denied on 5/3/2010, that they also notated on 5/5/2010 that our file needs a 2nd review for underwriting. I asked if they could give me a timeframe for the review and the gal stated they are not allowed to tell me, in which I replied; "because if you did the feds would shut you down for lack of contractual compliance". I mean after all, aren’t all those phone calls supposed to be recorded for quality assurance and training purposes? I called back later to try to find out the name of the underwriter or negotiator in possession of our file but they couldn’t give that to me either. I asked to be transferred to a manager of sorts which resulted in my call being transferred in the voicemail box of a "collections" manager who did not return my call. I bet that if somebody with enough time on their hands could get to piecing together all of the phone call recordings in chronological order, and per consumer getting the run-around by Bank of America, that Bank of America would be under Federal investigation before the Supreme Court and trying to defend a tangled web of lies and lazy business practices, in no time flat!
We’re still playing the waiting game with Bank of America. We’re on the verge of losing our home despite doing everything asked of me and then some. I also know, based on conversations with Bank of America representatives and co-workers who deal with Bank of America as a daily profession, that I can request for Bank of America to postpone the foreclosure sale date on my property. BUT; they will not actually do anything to fulfill those requests until roughly 10 to 3 days prior to the scheduled sale date. …Which basically means that Bank of America is not only being unprofessional and distasteful about their modification practices, but that they’re simultaneously and tactfully hindering hard-working citizens from proactively saving their American Dream and their homes.
We have worked long and hard to have what little we possess, and to provide to our child. To educate, discipline, and teach our child the values of honesty and responsibility. We find comfort in knowing that our child’s moral compass is pointed in the proper direction. To me it’s unfathomable that child who still knows very little can make better morally grounded decisions than the staff at Bank of America.
Unfortunately, Bank of America isn’t the only villain out there. I have contacted a couple of law offices with open / active cases against Bank of America. Some small, and some class action; but all they want to do is get me to start a new lawsuit against Bank of America so that they can collect a hefty retainer fee for their services. Unfortunately this is all turning out to be the works of a federal government who’s congressional leaders are bribed by our President and the interest of corporate officers and shareholders. The Feds know that Bank of America is the largest financial institution in the world and that any legal action against them that favored the hard working AMERICAN, would result in the absolute single worst economic banking decline since 1929. The same CRAP that scared the feds into $ Billions of bailouts to the auto industry, and other Wall Street ventures, etc…..
I am going to post this on every blog I can find, and share this with as many people who will read it or listen to it. We the people are not being treated with any dignity by our government or the financial institutions reaping on the benefits of our woes.
Whatever happened to: “We the people, By the people, & FOR the People”?
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Mortgage Modification/Incorrect payment processing/Incorrect Credit Reporting
Posted by Tashie on 07/15/2009
Bank of America is extremely dishonest in everything they do! I urge anyone that can move checking account, credit card balances & mortgages to other banks to do so now!!
I have Soft Second mortgage. I wrote a letter in March 09 requesting a simple interest rate reduction because I read and watched TV and thought well if all these banks are getting these funds to help home owners why shouldn't I try to make an interest rate request. I'm extended...full time student/full time worker/have family/private school tuition for child/credit cards due to home repairs.. I requested this because I know that I am extended on my expenses. I provided all my financials to the Loan mitigation department at BofA. They wouldn't offer a simple small interest rate reduction but would only offer to extend mortgage from 30 year to 40 year. Ultimately tax payer hands over tax money to stimulus to Banks and thats all they offer. I get hit 2x as a tax payer and then a consumer if I take the 40 year because I'll be paying way more in interest for mortgage and yet my property value has plummeted to depths of hell! I declined the modification offer. Since then, I no longer receive my monthly mortgage statements. BofA started sending me late notices and foreclosure notice letters. I've called about 5x/weekly and also go into the branch now to pay my mortgage. I have never been late and never behind on my mortgage at all. I have all my bank statements showing that Bank of America takes funds every single month before or on the 15th of month but they show my payment history as processing after the 15th of the month. BoA reported me as delinquent on my mortgage back to May 09 to all 4 credit bureaus. I have been in constant contact with reps. I have spoken minimum of 15 times since March 09 to current. Every representative stated "oh, we have you as good customer and paying on time...there is no issue" It wasn't until I prodded and kept asking questions that I got more info. The receipt of late notices raised a red flag for me and I was proactive and requested a payment history for both mortgages ranging all way back to origination of mortgage 2006. I also demanded letters from BofA explaining why I'm receiving late notices when I'm not late or behind on my mortgage. I have never been late but found that they marked me late 3-5 times on both accounts. I pulled all of my bank statement including cancelled checks where BofA stamped the date. Every cancelled check is stamped prior or on the 15th of month.
This really affected me. I was so worried about receiving wrong late notice/FORECLOSURE LETTERS incorrectly I felt that they could put a lien on my house for my credit card. I think that they are strategically working to hit people with fees and even taking peoples homes. I decided to transfer my BofA credit balances to another credit card company. The other credit card company decreased original credit limit by $500 because I learned that BofA reported me delinquent on my MORTGAGE going back to May 09 and its now July 09! I unknowlingly paid with the chase transfer check to BofA and then that check got denied by Chase. But, BofA sent me my latest credit card statement making it look like they processed my credit card payment. So I better make a payment prior to my regular period and more than the usual payment just in case.
I have filed formal complaints with Attorney General, Bank of Commerce, www.helpwithmybank.gov. I've also contacted my congressmen complaining about this dishonest bank. You may be saying to yourself, "theres more to her story...she must be late or behind on mortgage.." I swear and speak honestly..I am not behind or late on my mortgage.
My neighbor had Countrywide and was then bought out by Bank of America. Neighbor never received notice to mail payments to BofA. They continued to pay mortgage to Countrywide. Then BofA started out sending late notices and foreclosure notices to neighbor. Thats how it started for my neighbor too..they received late notices/foreclosure notices. Neighbor shows that checks were cashed but BofA kepts stating that neighbor din't make payments. They have told me same thing with me..one day I'll speak with one representative that will say..."you're showing late.." next day I'll speak with representative and they'll say..."you're good customer we show you paying on time and current". My Neighbor got RealEstate attorney and BofA even stopped speaking with RE attorney. 4th of July weekend my neighbors moved out of home....left home and turned the home over to BofA. This was their 1st home...lived there since 2003. They were family of 4 with 2 small kids. My neighbor is a City cop...both work and are respectable...I thought there was more to their story too...until I started getting wrong late/foreclosure notices too! Please, if you are having issues with BofA like these...go to the website I provided www.problemswithmybank.gov Write your state attorney general and report to every agency that you can...I also reported formally to the Bank of Commerce. I also contacted my congressman of my area. I will also try to find CEO of BofA write him letter too. This is not ok. We have the power individually and as a group of American Consumers by pulling our personal accounts out of Bank of America all together... The only way that we have to fight back right now is by our consumerism. On all accounts...if you want to have a job...we have to stop buying china...and every other country that ships into us but doesn't allow us to ship our goods into their countries. We have to send a message to government and these dishonest corporations that we have power and we as American PEOPLE are taking the rest of our power back. This includes the future of our country...our jobs and our personal finances. If anything...I have learned recently..."as a borrower...you are slave to the lender". I will work hard to get out of dept and never rely on a credit card or borrow from any bank ever again.
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Posted by Anonymous on 2009-07-15:
Many other financial institutions out there. Start shopping around to see who can offer you a good package.
Posted by tashie on 2009-07-15:
yes, but I have a very good program that was offered through mass housing partner where I don't even pay interest...its graduated after 3 years and every year after. If I refinance...I pay money out for refi and lose the MHP program. The mortgage program is exceptional but it not if I'm going to be reported incorrectly to credit bureaus
Posted by grandma005 on 2009-07-15:
Bank of America's Bill Paying service is the best ever. Chase skewered me over on Bill Pay by taking out payment in a account that I did not have enough money to cover. I know that I was sure to mark the right account. I cancel Chase Bill Pay. I will never use it again.
Posted by Anonymous on 2009-07-15:
the first paragraph of your review sums up boa to a *t*, of course there will be those that will comment that everything is your fault and you *must* be delinquent, and boa never makes mistakes yada, yada, yada.

don't let boa get away with these shenanigens! if you have absolute proof that a payment was never made after the 15th of the month, gather up your documents and go see an attorney and ask for help.
Posted by MaggieMcT on 2009-07-15:
Also, send copies of your proof of on-time payments with a dispute to all the credit bureaus.
Posted by tashie on 2009-07-16:
Thanks for tips. Re-iterate...not late or behind motgage. For some reason BofA reps don't know how to process CHECKS! I write accnt # on check.. Since learning BofA reported wrong as delinquent to credit bureaus...I made formal complaint to
-Commomnwealth Massaschusetts Division of Banks
-My congressman
-online customer complaint with Treasury.gov
-Mass Attorney General
If a person takes this much time in making formal complaints then you might be able to ascertain that I really am paying my mortgage on time & not behind. BofA is very tricky. I received a late letter but every time I've called BofA 1st reps say..."you're not late or behind don't know why you're receiving notices." but more reps you speak with such as the Mortgage mitigation dept then they state you were late such month...it was only through me calling over and over that I got more info. I finally learned the incorrect reporting when I was trying to transfer my credit card out of BofA!
I even write date when I mail my checks. I now go to branch pay mortgage. I have all my bank records to show that I'm on time. I'm gathering all of my cleared checks with BofA stamp on it because they have many dates in payment hx that they provided showing me late...but my checks show them cashing on or before 15th of month. I'll be correcting credit bureasu too...and I'm going to really research finding a re-fi with different Bank for mortgage. BofA isn't worth the risk!
Posted by BokiBean on 2009-07-16:
tashie, you are correct, BoA is NOT worth the risk. Find another financial institution and check them out online before signing up with them.

Some banks (and credit unions) are still trying to do business the old fashioned way, with an eye towards their customer's satisfaction..BoA isn't.
Posted by Laurzie on 2009-07-20:
My advice... get automatic withdrawal for your payments from your checking account. That way you will NEVER be late because when you have an automatic deduction from your account, they have to deduct the amount on time. I have been paying my mortgage this way for 7 years and I've never had a problem. Just make sure you have the funds in your account. I set my automatic withdrawal to occur right after I get paid so I don't end up spending the money on something else. Just a thought.
I hate Bank of America too, but I do have a low interest rate so it would waste my money if I went with someone else.
Posted by tashie on 2009-07-22:
Lauriz....u misunderstand...I've never been late. They process my checks wrong. BOFA can't process paper checks manually I'm sure not going to give them auto to my checking!
I have all docs showing they cashed my checks prior to 15th of month but they said I was late and reported me late. It was because I pulled all my docs and proved it to them that they finally corrected. I WAS NOT LATE ON MY PAYMENTS!!!!
Posted by PepperElf on 2009-07-22:
i'm assuming the checks were due at the 15th...

I'd suggest, if possible, getting them in even earlier... maybe in at least a week early. then it'd be even easier to prove them wrong.

also if you're making payments, some companies will allow you to pay online directly through your bank account - and i am sure the bank itself has the option.

i know i have that option with my gas/electric bill. i am sure that since you're dealing with payments to the bank, it might be an option to consider... especially since you won't have to worry about having something lost in the mail etc
Posted by BokiBean on 2009-07-22:
tashie, you need to move your account..whatever else you do.
Posted by tashie on 2009-07-28:
Guess what...I now go to Bank of Asses and pay my mortgage at the branch in person on the 9th or 10th of month and they have STILL processed my CHECKS wrong. Some of us consumers are in DENIAL...about this bank! I will not get automatic withdrawal with Bank of Asses. I will however move my business out of Bank of Asses and I encourage anyone that knows the illegal&unlawful unfair business practices of Bank of Asses to move their business else where too and NOW!
Posted by tashie on 2009-07-28:
-Also, to everyone that keeps giving advice of do the "automatic deduction" from checking. I will not be doing this.

-I have all proof that Bank of America has cashed all my checks well before the due date (15th of month) but in there own payment history records they marked me late. So, anyone that keeps saying send check earlier...my stuff isn't getting lost in the mail if I have proof that Bank of Asses is cashing my checks on the 12th,13 or 14th prior to due date.
Posted by Anonymous on 2009-07-28:
Tashie, what's the date on your receipt, compared to the payment date on your statement? How much discrepancy is there?
Posted by powerguy64 on 2010-06-24:
I love that first comment by passing by ya right there are a lot of financial institutions out there but nobody wants to get involved with you once BOA has you. they f*** your credit up and no other financial company believes that is possible so you get stuck in the cold screw you you have not been throught the f*** BOA ringer maybe someday you will GOD help you
Posted by JBS on 2012-03-08:
Tashie is 100% correct. We have a mortgage there (It was sold to them, we would have never gone to them) and they have done the same to us. We have been battling them for 2 years. Same with us, payment due on the 15th, we have proof of them receiving the money before that. After hundreds of hours on the phone, they admitted that they had been applying it to someone else's mortgage.

This month, 6 months later, our credit rating dropped 50 points by this garbage. We've been trying to refinance. I will be reporting them and I'd like to sue the crap out of them, but financially need to wait and hope there is a class action suit in our state.

I hope thier big wigs burn in hell for a very long time.
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StarEmpty StarEmpty StarEmpty StarEmpty Star
Bank of America Still Abusing Borrowers
Posted by Rlcarn11 on 01/22/2013
KANSAS -- With all of the settlements brought against them by the government in recent years Bank of America continues to abuse their customers. My wife and I have owned our home for 2 1/2 years. It's not the American Dream but has become an American nightmare and an American disgrace! We have been the victims of BOA's misconduct concerning the mortgage modification/foreclosure process.

To be considered for mortgage modification you must be three months behind in your mortgage payments but they don't tell you that this automatically places you into foreclosure. This is where the process becomes very difficult for you because BOA shuffles your paperwork, loses paperwork, assigns numerous customer service managers, and makes one request after another for the same paperwork already sent.

BOA sent people to our house on seven different times to take pictures of our home and peek in our windows. The only way we were able to keep our home was to file bankruptcy. We continue to try to get a modification but no luck so far. My opinion of Bank of America is not a mortgage lender but a mortgage predator we wish you all luck in dealing with them.
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Posted by sally on 2013-03-18:
yes B of A sucks.they do lose your paperwork,also they say you did not sign you papers,and they say dont pay your mortgage so the bank can see you cant afford it and you can get a loan modification well that BS.they lie about everything and still people money they work for and they dont care.We need to get rid of B of A anyway do we need them.They are full of Crap.We got a mortgage since 2000 and it been a nightmare and still is.One thing that pisses me off when they say they dont receive your information.BS
Posted by Michele on 2013-06-18:
This is happening to me right now. It has been going on since March. After sending all the paperwork three times, I got a denial saying they couldn't give me a modification because they didn't have all the paperwork. I have it all documented becuase I am going forward with a law suit. I called the bank on 17 different occassions to make sure they had all the paperwork. Each time I was told yes, they had everything they needed. I appealed the decision and the appeal was denied because, yep - you guessed it...they don't have all the paperwork. Its a complete disgrace. I know I am at fault for falling behind, but my child was sick and needed to be hospitalized for more than a week and if I had to do it all over again, I would absolutely pay for his medical services before paying my mortgage. If they want my house, they can have it. I still have my family and my pride in the end. Bank of America should be SHUT DOWN!
Posted by don't understand on 2013-08-03:
i know someone who had a mortgage through Bank of America and when all this mortgage confusion came about they haven't paid their mortgage in almost 5 yrs, living rent free in a house!!?? Explain that...no foreclosure, no penalties...
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Bank of America - Avoid them at all costs!
Posted by Chrissiann on 08/26/2010
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 t hey 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 zipcode, 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!!!!!
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Posted by yoke on 2010-08-26:
Why did you not just mail the payment to BofA? Are you saying that you were up to date on your mortgage and they still want to foreclose? I would contact a lawyer NOW.
Posted by Anonymous on 2010-08-26:
Basically, what you're saying is that BoA has held your mortgage hostage and now you are facing foreclosure because of it? I always try to see the OP's side on these reviews, but something tells me there is more going on here than what we're seeing.
Posted by SaMoore on 2010-08-26:
I think I know exactly what's going on here. My mother used BoA for her mortgage... She would pay her November mortgage payment + say 200 on Nov 1st. Then later in the month lets say Nov 21st she would pay her December mortgage payment + 200. BoA would then claim b/c the payment had been made on Nov. 21st that they applied it to Nov. payment as well and claim Dec. mortgage had never been paid. They also shut off her online access, lost her address [funny since it was the address of the mortgage they held]. Then they tried to foreclose on her all the while taking monthly or bi-monthly payments from her.

Posted by Anonymous on 2010-08-26:
SaMoore, that is nuts. I didn't think even BoA would stoop to that level, which made me think there had to be more to it. I would think in that situation a person could pursue legal action against them...did your mom ever get hers straightened out?
Posted by leet60 on 2010-08-26:
I can actually see the two payments posting in one month scenario happening - as the loan likely has a 28-30 day period in which interest is calculated, all payments during that cycle are likely posted to that cycle - it does not negate the need for a payment the following month.

I have to questions some parts of the OP's post as I found the following by simply googling Bank of America - New Orleans:

Bank of America - www.bankofamerica.com
Ste 2660, 909 Poydras Street, New Orleans - (504) 584-5530

Bank of America - www.bankofamerica.com
3725 MacArthur Boulevard, New Orleans - (504) 363-4757

Bank of America - www.bankofamerica.com
7934 Maple Street, New Orleans - (504) 862-4011

So there are most certainly local branches where the OP could address this issue.
Posted by SaMoore on 2010-08-26:
She ended up taking a hike from the mortgage, one she had paid religiously and on time for years. I was saddened to see yet another person posting what seems to be a close experience.
Posted by chrissiann on 2010-08-30:
Hi ladies and gents. what i am telling you here is what is going on while not leaving anything out. this is what has happened. for 20+ years i have excellent credit. I pay my loans quickly and in full without late payments. it think this is what is scaring BOA. I was on 5-year intersest only (where i only pay interest) and after 5 years the ARM (very dangerous) kicks in. I asked if i can pay off early with no penalty, which they said was OK. SO the 5 years will be up next year, and they noticed that i knocked off 1/3 of the principal already in just 3 years because of my on-time and high payments. They knew it was possible that I'd have the entire loan paid off before the 5 years was up (which is next year) so they started giving me hell 3 years into it. First they started to misapply my principal payments and would not put them to principal so the balance was not going down anymore. they just took the money and essentially stole it. I complained about it, and they finally put it towards my principal. i guess they thought i would not catch it, but i am very serious about my credit. So they blocked me by mail, online and want to charge me outrageous fees if i use the phone. I am scared to give them any money bc they just steal it! They seriously just took my money and did not post it to my bill! i have the statements to prove it and they did this more than once! I think this is why they refuse to send my bills with staements anymore. Now they block me from paying (because they know I keep paying extra towards principal) and now they want to foreclose and steal my property for themselves. they are so evil! if you think ther is only one side to this story, then let's all of us get together and contact BOA with this matter. this bank is horrible! I would recommend them to my worse enemy!
Posted by chrissiann on 2010-08-30:
I meant that I would NOT recommend them to my worse enemy!
Posted by chrissiann on 2010-08-30:
Jesus, leet60, for the love of god, don't you think i already did that????? I mean, come on! and the next time you post something like this, at LEAST call the numbers yourself to find out that they either are no longer in service or belong to another business, then you won't look so silly anymore. Those branches do not exist anymore. I already tried them. I tried to find a local branch to pay along with all my other attempts to keep my excellent credit BEFORE i had to resort to warning everyone about BOA. also, if you want to be into googling, that is great: for the love of god, google "Bank of America complaints." I realized on my quest to warn others about BOA, i found that I am not the exception, I am the rule. It is not just people who are behind on payments that they screw, they also rape people like me who pay their loans off faithfully and quickly. I have dealt with creditors for more than 20 years, and i never experienced anything so evil like BOA in my life. Please do not take my word for it. Everyone who wants to mock me, please, open some accounts with Bank of America now.
Posted by Lifemates on 2010-08-30:
Big banks vs. little people, who wins?
Posted by chrissiann on 2010-08-30:
there are powers in numbers... :) Let's all the "little" people get together and fight. What BOA "banks" on is that we will just sit back and take it from them. I never go down without a fight, honey. :)

Yes it is more than them screwing me while I am "up to date" on my payments. I was paying off the mortgage before the "5-year interest only" was up. That is what upset them. I specifically asked them if there would be no penalty to pay off mortgage sooner, and they said no penalty. So what they do is see that I have been paying thousands extra toward the principal, they realize the possibility that the mortgage would be paid off before the ARM kicks it (which is what i wanted to do bc i don't want to get screwed by the ARM), so they started to misapply my extra payments and put it into limbo so it was not going toward principal anymore. I caught what they were doing, now they block me from paying anything at all! So they block me, then say they are gonna foreclose on me for nonpayment! how do you win in this situation? BOA is the most evil bank I have ever had the misfortune of dealing with. i have never dealt with anything like this in my life. no other creditor gave me trouble for paying my bills in full early. I actually got excellent credit ratings for it before! BOA is a parasite!
Posted by chrissiann on 2010-08-30:
Hi all, before anyone askes me again "why don't you do this" or
"why didn't you do it this way" or "google this" just ask me, "Did you do this already?" and I will say "of course!" you must realize I have been putting up with this from BOA now for 14 MONTHS! 14 months they have been putting me through hell with this. They are trying to stall before March 2011 when the ARM kicks in. They know I can pay off my mortgage quickly. It is apparent by now that they would rather block my payments and foreclose and steal my property than to just allow me to pay the mortgage off in full fast the way I had planned to do it from the beginning.
Posted by Helpful on 2010-09-15:
I think I have to agree with J.C. on this. For someone to really state that, basically, it was made impossible to pay their mortgage seems far-fetched.

chrissiann, don't take too hard of a stance. It may be you'll find yourself standing outside of your home.

Best of luck.
Posted by chrissiann on 2010-09-20:
I want to thank a member on here for actually being nice who sent me positive message in my inbox. I am glad to encounter someone who is considerate on this website. This means a lot. Some people on here seem so angry with their lives that they attack and judge others at kneejerk speed. I was not bothering anybody, but realized I had to start defending myself against mean comments and accusations after I posted about BOA. And please, before anyone decides to "simply google" and find branches (accusing me of not trying to rectify the situation), please next time actually call the same phone numbers you are posting online in valiant attempt to "prove" me wrong so that you can find they are not in service. What some individuals on here do not seem to comprehend is that many articles and other postings that you google can be a decade or more older and no longer reliable.
Posted by chrissiann on 2010-12-15:
Hey cutipie Leet. :)
Call these numbers that you posted... LOL

from Leet:
"I have to questions some parts of the OP's post as I found the following by simply googling Bank of America - New Orleans:

Bank of America - www.bankofamerica.com
Ste 2660, 909 Poydras Street, New Orleans - (504) 584-5530

Bank of America - www.bankofamerica.com
3725 MacArthur Boulevard, New Orleans - (504) 363-4757

Bank of America - www.bankofamerica.com
7934 Maple Street, New Orleans - (504) 862-4011

So there are most certainly local branches where the OP could address this issue. "

A word of wisdom to all who "question" the OP. first, If you "google" places that the OP "could address," call them yourself first to learn firsthand they don't exist anymore. It is good not to appear to be a fool for everyone else to see. IMO. :)
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Are You Serious!!!
Posted by Quadjs0808 on 04/15/2010
I have had numerous problems with Bank of America. My loan was sold to BOA last October, and it has been nothing but a headache. On top of all of the other issues I have had with them, which I will not even get into, there is enough complaints on here about my issues, I don't need to add another one. This is the latest. I have my insurance and taxes added into my mortgage payment. Guess what, I received a letter from a collection agency telling me they will file legal charges on me if the bill is not paid in 30 days. So what are you doing with my money BOA????? This happened before with my insurance. They did not pay my insurance, and placed lender placed insurance on my loan. When I called my insurance Co. they told me it had not been paid for 5 month's. Again, where did my money go. Then they raised my fixed rate, stating they did not have enough money in escrow. Why don't you, your not paying my insurance or taxes. I say we all get together and file a class action law suit against them.

We may not get much out of it but if they get shut down I will then be satisfied. They do not deserve to be in business, and we do not deserve to deal with their crap!!!

Anyone interested in filing a suit please comment on this post, and I will automatically be notified that a reply has been made, and we can discuss our options. Good Luck to everyone.
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Posted by Anonymous on 2010-04-15:
The sad thing with BOA is that they don't care. They will make up some excuse why such and such wasn't done and they will some how make it your fault. Contact the Attorney General and file a complaint.

Is refinancing with a different bank or credit union an option? Something you might want to consider.
Posted by goduke on 2010-04-15:
And yet they are #5 on the Fortune 500. Amazing, isn't it?
Posted by saj80 on 2010-04-15:
Pro, refinancing is not usually a good option, as it is time-consuming and expensive. There are very strict regulations for timely payment of taxes and insurance on escrowed mortgages, so a RESPA complaint directed to HUD (contact information can be found online) should be done immediately. In addition, it may be necessary to retain the use of a good real estate attorney, which will probably cost less than a refi if used only for contact purposes. The HUD complaint is a good start, though, and should produce immediate results.
Posted by tnchuck100 on 2010-04-15:
ProConsumer is exactly right. In addition, don't be afraid to go after them in small claims court. If you have documentation proving you have been supplying funds to the escrow account then you should have a good case.

If you can document their refusal to correct this problem you may be able to hit them with punitive damages as well.

Dig out your original mortgage contract. BofA may have bought the note but they cannot change any material terms.
Posted by madconsumer on 2010-04-15:
i would never bank with anyonbe else. bank of america is the bank i trust for my money, specially while traveling. they are nation wide, with branches in nearly all cities i visit.
Posted by MRM on 2010-04-15:
MadC, here here!
Posted by Anonymous on 2010-04-15:
Good info, Saj. Thank you.
Posted by dtw1398 on 2010-04-19:
Lawsuit this is a good start,Im mad as hell over there lack of respect for customers,complaints, and AMERICA in general.What has happened to talking to a person instead of a 30 min machine conversation,and then somebody in INDIA,which just tells you what you want to hear,and never solve the real issue.Im behind you 100 percent.
Posted by Balbannock on 2010-06-14:
My story is just like all the others who tried to get a modification of their mortgage. I suffered through them losing part of the application I faxed to them and then waited months while paying a "trial payment", only to be denied without being told. I found out accidently while phoning in to make my payment. I was told I should wait 3 weeks and a letter of explanation would come. I made 4 phone calls between the end of March and beginning of June, and finally I got a letter by FedEx that gave a different reason than I had been told over the phone. When I called again, they said it was because their "investor" declined the application. The rep wouldn't tell me who this "investor" is. She told me to call a different number after I asked her why it was a secret, and again I was given different numbers. I was at least able to find out that this "investor" is Fannie Mae. Why does that have to be a secret? I have finally made the decision to approach this through an attorney. It seems to be the only way.
Posted by Jaydog12343 on 2010-08-04:
If you get a class action going count me in. I have had it with BOA and their lies about sending me a modification package that never arrives and no real person to discuss the matter with.
Posted by CaptainSpaulding on 2010-08-04:
goduke: Of course BOA is #5 on the Fortune 500 list. They are the 5th biggest bunch of theives in the world!
Posted by 1voicetobeheard on 2010-08-08:
Another frustrated BofA customer. I started my mtg modification Sept 2009 and completed all the paperwork they Fed Ex me three times and can you believe it still have yet to hear from anyone one it..... I have been told several times when I have called in to check the status that my modification is under review and when I have asked who the person is reviewing my modification I have been told 5 different people in the last 6 months.... I would NEVER recommend BofA to anyone, even my worst enemy.. How can BofA get away with treating people like this, oh I know how, our wonderful government doesn't follow through on what Banks and making sure they are following the laws and regulations!!!! I CAN'T WAIT TILL I CAN REFINANCE MY HOME AND GET BOFA OUT OF MY LIFE FOR GOOD. I WOULD LOVE TO JOIN OTHERS IN A CLASS ACTION LAW SUIT AGAINST BOFA. GET THIS I PAID MY LOAN PAYMENT AND LATE FEES, YET THEY ARE HOLDING MY LATE FEES PAYMENT IN A PARTIAL PAYMENT ON MY LOAN AND NOT APPLYING TO THE LATE FEES SO AGAIN THEY CAN MAKE MORE MONEY, CONTINUE TO CHARGE ME FOR THE OUTSTANDING LATE FEES WHEN THEY HAVE ALREADY BEEN PAID, YET THEY DON'T POST THE PAYMENT TO THE LATE FEES THEY LEAVE THE MONEY SITTING ON THE LOAN AS A PARTIAL PAYMENT.... ISN'T THERE ANYONE OUT THERE WHO CARES AND WANTS TO PUT A STOP TO THIS....
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Delay of Short Sale Review Forced Me into Foreclosure!
Posted by Forced Into Foreclosure on 08/20/2009
PLEASE if you can avoid it at ALL costs, do NOT place your home mortgage with Bank of America. You will certainly regret it if you do!

I had a home loan with Countrywide Mortgage that was acquired by Bank of America earlier this year. My husband lost his job and he couldn't find another where our house was located. We put the house up for sale and, finding a job in another state, we moved. We received a purchase contract on the house in May of 2009 - here it is August 20th and the buyer has backed out because it was taking too long for Bank of America to review the sales contract. The sales contract would have PAID BANK OF AMERICA IN FULL (there are two mortgages on the house).

My home is in foreclosure now and will now be sold at a public auction on September 8th thanks to the IDIOTS at Bank of America, their lack of experience, their lack of urgency, their lack of caring when they WRECK someone's life.

My realtor and I have placed dozens and dozens of calls to Bank of America's supposed "mortgage specialists" (HA!) and each one we speak with is more dumb than a rock and can't give us any definitive answers.

I would never do business with Bank of America again in my lifetime and I will advise everyone I know to follow suit. I wish I had money to file a lawsuit against them but it has been a hard year and I need to pay the rent and electric bill instead of an attorney. How sad this is.....
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Posted by Anonymous on 2009-08-20:
This certainly sounds like they did it on purpose for whatever reason. What idiots! They were going to be paid in full if the sale went through?
Posted by saj80 on 2009-08-20:
If the sale would have paid off the loans, I'm not sure why you needed approval from BOA? All you need is a payoff statement for the closing agent. BOA would only need to approve a sale if the net proceeds were less than the loan balance, so I'm not sure we are getting all of the information related to this.
Posted by Eloise on 2009-08-20:
I read in USA Today short Sales are regularly taking from three to six months due to the number of people attempting to get this type of sale.
Posted by JDSmith on 2009-08-20:

I'm with saj80 on this one. This would not be a short sale if the mortgage is being paid in full.

In a short sale the bank has to approve the offer because they will be accepting less than the mortgage balance. Banks may be willing to do this in order to avoid having to foreclose and auction a property.
Posted by Forced Into Foreclosure on 2009-08-20:
Hi...I'm the homeowner involved in this discussion. There are two mortgages - one with B of A and one with Wachovia. My realtor submitted the purchase contract to BOTH lenders as a short sale (probably shouldn't have done it that way) but only the Bank of America loan would have been paid off. I have not made payments since February 2009 and they have proceeded with the foreclosure process despite the purchase contract being in their hands.
Posted by Forced Into Foreclosure on 2009-08-20:
P. S. It is not B.S. I have tried everything to put this sale through but money is very tight and I can't hire an attorney. My husband lost his job, was out of work for months and then found a not-so-great job in another state. When he lost his job, we couldn't afford the payments on the house any longer.
Posted by moneybags on 2009-08-20:
Some SHORT SALE contracts take 2 weeks but others can take months for approvals. The mortgagor takes less than what is owed and the mortgagee (seller) walks away with no money and no balance due. I've had several buyers withdraw offers because of the time taken by the lenders. They have gone on to buy regular foreclosures.
Posted by Eloise on 2009-08-20:
You haven't made a payment on a house that has two mortgages for 7 months. You didn't do the bank any favors by not paying the mortgage for more than six months, why should they do a favor for you. Bank of America didn't force you into foreclosure you did that all by yourself!
Posted by Suusan B. on 2009-08-21:
Needless to say, times are tough. You haven't paid on either mortgage since 2/09 through no fault of your own, yet it still means you have defaulted on the loans. Banks and mortgage companies are under no obligation to accept short sales and just because you present one doesn't mean it will be approved. You home is not in forclosure because of BofA's lack of care, urgency, experience or anything else. Your home is being auctioned because you defaulted on your mortgages and BofA did not accept your short sale offer. Sad but true . . . .
Posted by BOAsucks on 2009-08-21:
Bank of America and Countrywide together are two evils of America.They will not help you, they want to screw you.
Posted by Eloise on 2009-08-21:
Didn't you screw them when you didn't pay your mortgage for over six months? Pot meet kettle!
Posted by madconsumer on 2009-08-21:
i have purchased short sales homes before, and some can take months to be settled.
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