Bank of America Home Loan NIGHTMARE
CINCINNATIE, OHIO -- I am not kidding - our family has been held in home loan approval hell for THREE months!! We began our honest journey to obtain a home loan on November 30, 2011. Today is February 16, 2012. As of today, our loan continues to be delayed due to EXCESSIVE PAPERWORK issues and "conditions not yet met".
Mind you, my husband and I have fantastic credit (both of us over 840), we have investments worth far more than the loan we are seeking, and the loan we are seeking is much less than what we were "pre-approved" for. We began by completing and sending in the loan paperwork that was provided to us. It sits around at Bank of America. We call to ask why the hold-up. They suddenly decide to review the paperwork. OH! They need more information.We send it in ASAP.
It goes to the all-mysterious Underwriter who sits on it for a very long time. The paperwork comes back - but it is "incomplete". However, we don't know this because Bank of America doesn't call us - we have to call them - asking "what is going on". OH! They need more information.... This goes on and on and on. Delay after delay after delay.
Bank of America will make you feel like a dirty criminal. Bank of America will treat you and your spouse like liars and cheats. My husband and I are honest people who live with honor and integrity and we deeply resent the implication that the information that we have submitted (and it has been LOTS and LOTS) is untrue or that we are trying to pull one over on them. Be WARNED. Even when you do call, you will not get through. You can expect to leave a message. Do not expect a return call, not even as a courtesy.
I feel that Bank of America is completely incompetent and fails (epically) to treat its customers with respect. Three months, numerous documents submitted, and no clear end in sight. I don't know what to do. Starting over is not an option for our timeline. Avoid Bank of America. Avoid them like the plague.
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