Bank of America/BAC Home Loans Complaint - Beware of Excess Mortgage Escrow Charges
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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