Bank of America Complaint - Liars and Thieves
Bank of America is the worst company I have ever done business with. I went through a divorce over a year ago and was trying to sell my home so I could give my ex-husband half of the equity. The house was on the market for eight months, but I received no decent offers. I called my mortgage company, which was Countrywide at the time, and they said that I could get a cash-out loan of thirty thousand dollars to pay my ex and then I could refinance the house. The catch was I had to take my house off the market for one month, so I did. A month later I called them back and they were now owned by Bank of America. Interest rates went up during that time so I had to buy down my interest rate to get 4.5 because they wouldn't lock in the rate until the house was off the market for a month. Then I paid 400 bucks to have the house appraised. A month later they called me and told me I could only get a loan for 20 grand. My ex was unhappy, but he accepted it. Bank of America told me I needed to modify my divorce and state that my ex would be receiving a cash-out loan of 75 percent the value of the home minus closing costs minus the payout amount, which was around 20 thousand dollars, instead of the 30 thousand I was originally promised. So I went to a legal class to have the divorce modified and I paid 100 bucks to file. It has now been almost four months since I took the house off the market and my loan still hasn't closed. I still haven't received my appraisal either even though they promised to send me a copy! I recently received a call that because of the "declining market", I could only have a cash-out loan of 70 percent the value of the home minus closing costs minus the payoff amount, which is only 8,000 dollars! So now I have to go to my credit union to get a personal loan. I have to give them the title to my car so I can have a lower rate. My credit union said I can qualify for a twenty thousand dollar loan, which I should've done in the first place instead of dealing with Bank of America. Bank of America is now telling me I will have to modify my divorce again to say my ex only gets the 70 percent. I told them that I absolutely refuse to do that... that he still is receiving the 75 percent but that I getting the loan somewhere else even though they are the ones who changed their minds about what percentage they'd give me, so now I'm waiting to hear back. They have demanded so much paperwork of me... 401K and 403B statements, insurance, W4's for the last two years, a letter explaining why I had the house on the market and took it off, the divorce modification, the last 4 check stubs, an MOS cancellation. I have excellent credit... I'm in the top 0.5% of the country, and with the refinance my mortgage will actually be lower than it is now, yet they still act like I'm not going to pay them or something. I've done direct deposit the whole time I've had a mortgage and not once have I been late on a payment. I have had enough of this company. And yet my loan still hasn't closed after four months! I know they are just waiting for my next house payment to go through so they can rip me off another 1400 bucks. Unless you want over four months of hell closing a loan on a refinance, I advise you to do business elsewhere. It wouldn't even surprise me now if they tell me they won't give me a cash-out loan at all. Screw Bank of America.
More Reviews on Bank of America: