Bank of America Practice Solutions - Unfair lending practices
Practice start up loan - Complaint
WATERSVILLE, OHIO -- When I opened my dental practice in 2007 I used a loan from Bank of America to finance the construction. I have paid my loan monthly since then. In 2011 the loan was modified to reduce the high rate that was given to me in 2007.
My Amendment documents was for a payoff period of 60 months or 5 years. The document also refers to a payoff penalty of 2% of the original loan during the first 5 years of the loan.
I am now past 5 years from the closing date of the loan and have tried to pay it off. Bank of America is now trying to reinterprete the terms to be from 5 years since the amendment. I have talked to them multiple times reviewing the exact wording in the amendment that refer to "the Loan" dated 2007. I have also appealed to logic that the document states that there would be no penalty after 5 years for a payoff yet the amendment is only for five years.
At this point I plan to pay only what is owed and not the penalty and fear I will end up in litigation with Bank of America.