TAMPA, FLORIDA -- My husband and I refinanced our home loan with Countrywide (circa 2005), which was subsequently taken over by B of A. I do not recall issues initially with B of A. During the recession, as business owners, we suffered a huge hit to our income and could not make our mortgage payments. The loan was then transferred to Bayview Loan Servicing (with whom I have absolutely no issues and to whom I am forever grateful for approving the modification).
My husband and I separated, and having lost everything else, I was determined to not also lose the only thing I had left, which was my home (and my dog). He agreed to help with income verification, and after 2 long years of being rejected and filing endless paperwork, the modification was approved and on my own, I made the trial payments, then continued paying on time for about a year and a half, when I was informed my loan was going back to B of A. Sad day, indeed.
The notification letter did not state a loan payment amount, so I stupidly figured that the payment would be the same and that is what I paid, on time. The following month, my statement listed the payment amount as what I had been paying to Bayview, so again, I stupidly think everything is good, and I paid on time.
The third month with B of A, I get a statement which increases my monthly payment over $1100/month. Upon calling to find out why, I am told I have an escrow shortage. I disclosed that I don't have an extra $1100 a month to pay, or why would I do the modification in the first place if I don't need a reduced payment amount. And again questioned why this shortage.
After all, when I checked my escrow liability, I determined it had increased under $200/month for the next year. I told the representative I would be paying the original payment amount until some satisfactory explanation and proof was presented to me that I owed over $1100/month additional on my payment. And, further, I asked why there were no options offered to pay this supposed shortage. I was told B of A doesn't have options.
The 4th month, B of A again asked for this ridiculous increase but I paid the original amount because they still had no resolution for me. The 5th month, I did not receive a statement but a notice stating that my new payment had decreased over $700/month, making it about $365/month more than what my original payment was. This was still a shock to me and my finances, but obviously more palatable than an $1100 increase.
So the 6th month, I paid that amount even though my statement stated that my regular payment read that that lowered payment had never happened. For the 6th month, I was given 2 different payments. One, the $1100 additional amount, and the 2nd was a "new" payment that dropped back down to about $300/month over my original payment that I had had with Bayview. During all this nonsense (which is putting it lightly), B of A paid my insurance, which had already been paid by Bayview and it was clearly stated in the records B of A received.
I discovered this on my own and asked my insurance company for a refund, which I marched right into my B of A branch with my loan number and instructions to apply it to the Escrow Account. Next I had researched the existing year (2018) and following year (2019) for increases in taxes and insurance, and as mentioned earlier, the total monthly obligation amounted to less than $200/month. During all my endless phone calls, and after the insurance duplication had been credited back to escrow, I was told that my escrow account was still short by about $4700.
This is another longer story that I can't even go into here, but suffice to say that Bayview had identified the same shortage and had adjusted for that by giving me a 60-month payment increase to cover that, which is what I had been paying. Because the 2 banks could not (or would not) talk to each other, this is something I have never been able to resolve. It would seem that my monthly payment had taken into account this shortage. But stupid me what do I know.
At this point, I felt so defeated. My credit score had plunged because B of A wasn't crediting the on time payments I was making. I felt I had no option but to scrape up from every source I had, money to give them every last cent I had managed to save, draining every account to 0 and giving them the $4700. They do note that they received that. But they do not note that they themselves dropped my payment down and are still asking for a higher payment.
I have spent hours on the phone, being transferred to people who do not help. I was told I had a dedicated representative who would help me with the escrow account, then when I called a subsequent time and asked to be transferred to a supervisor, she told me there is no such thing as a dedicated representative but she did tell me she is highly experienced and that she will help me. For about 5 minutes I believed that.
By the end of the call her form of help is to tell me that if I were making the correct payment I would not be in pre-foreclosure and that she could help me by getting me to "workout" where they may be able to lower my payment for up to 6 months if I provide them a wheelbarrow full of paperwork and if I then qualify. I told her I do not want a workout, I want my escrow account corrected and I would sooner burn my house down and be done with B of A. Then I hung up on her. I prayed about it and came to the conclusion after a few days that I just needed to start out with printing out every piece of paper they had issued to me since obtaining my loan.
Unfortunately (stupid me who has been a business owner way too long to not document phone calls) I did not document phone calls. I took all the paperwork and created an Excel spreadsheet of dates, amounts I paid, amounts asked for, and what B of A stated was my "regular" payment, with notes on each line. After summing up what I paid and what they actually had changed my payments to each month (that they kept denying happened), I have ended up overpaying my mortgage in these 6 months by just under $150!!! Can you believe that? And they are ready to begin foreclosure.
Somehow, I feel victorious after creating my ammunition for my case with them, and I WILL get this resolved. B of A is a huge Medusa with so many snakes coming out of its head and none of them having any idea of what any of the rest of them are doing. And they're all evil. I am old enough to have experienced many business takeovers. I could write another review of DirecTV. Who began by giving what I would rate as A+ customer service. Then they were taken over by AT & T and that CS, while not actually what I would term as horrible, has diminished greatly. Then there was Nextel. Wow! In my estimation, again A+ customer service. Taken over by Verizon, and what can I say further. Not horrible, but not good either.
My observation is that large corporations just provide "corporate bullshit". They are too big. They are too concerned with executive compensations and how they fuel them. Give me a small local business any day. Personally, I bank with a credit union because fees are low to none, they know me when I come in, I don't even have deposit slips and they know where my money goes. Come to think of it, I must write them a glowing review. Unfortunately, the only glowing review for B of A will be if you see flames rising from my house.
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.
Yet another reason to not get another account at BoA. On Friday of last week, I received my refund of my overpayment of my escrow account. I purchased this home in June of 2011 and told BoA that my taxes would be less than $100, as I am a disabled veteran in the State of **, and they provide a large discount for property taxes.
BoA stated that they wouldn't be able to do anything about it until my tax bill came due, and they had proof of it. No problem, I'm used to corporations feeling that they are superior to everyone, and that no one they deal with has a shred of decency or honesty... particularly bankers, as they tend to spend time around other bankers and see such traits. BoA further stated that they wouldn't send my tax payment to the county until they received the bill.
In October, I received my tax statement (showing I owed $61.00 in taxes... that is not a misprint, it is sixty-one) and dutifully sent it to BoA (expecting them to receive it three days after I sent it... after all, BoA states the same thing about anything THEY send). Apparently, in my ignorance, I didn't send it certified mail.
In December, my wife sent an email asking if BoA had received the tax statement, and paid the taxes. BoA claimed they did not receive the statements, but without ANY documentation of any kind, decided to send the full amount in my escrow ($3800+) to the county. They further stated that if I wanted the overage to be returned, I would have to deal with the county.
So, I called the county. They stated that if they received an overage, they would cash the check, apply whatever is required to my tax bill, and then send a letter to BoA asking them what to do with the overage. BoA would then fill out a form, send it back to the County, and request the overage be sent to them. The County would then send the money back to BoA (presumably, BoA would not receive it, but just in case they did), BoA would then eventually issue me a check.
That scenario was entirely unacceptable, so I called BoA, and spoke to a gentleman named **, who took ownership of the problem. He corrected my tax bill, he corrected my escrow to reflect the correct amount of my taxes, and managed to get the refund check to me on Friday, Dec 23.
So now, I took the check to the local BoA branch. After having to prove my identity through four pieces of ID, my wife and I got the check cashed. Only to be told, that because we don't have a checking account with BoA, we would be charged six dollars. Now six dollars isn't going to break me, but let me point something out to you. BoA has my mortgage of $195,000 (not by my choice, but BoA bought it from someone else, and presumably felt they could make a profit off of it). The interest rate on the mortgage is five percent. Over the life of the mortgage, BoA will PROFIT nearly $100,000.
Further, we have a credit card with BoA. Its interest rate about 9%. We use that regularly, and rarely pay off the monthly balance. On top of all that, you kept my additional tax payment (of $3800) in escrow for six months... not paying interest to me on it. So here's what's bugging me. You can take the six dollar service fee, and stuff it **. You can further be assured, that in the interest of full disclosure, I will contact every person I know, pass by, or can contact through email, telephone, telegraph, carrier pigeon, smoke signal, or hieroglyphics, and let them know my opinion of Bank of America.
HUNTINGTON, NEW YORK -- They are very "conservative" but what that simply means is that Bank of America only looks at your income to see if you fit in a parameter. Any additional information, no matter how relevant, is not permitted. They took a long time to process my mortgage. Not worth going to them.
USA, TEXAS -- I want to make this short and sweet. It took at least 4 years of fighting and arguing with BoA, my nerves are shot and I shake every time they call! I have never disliked any entity so much as this place. They have been a constant nightmare for us ever since they took over our loan from First Franklin a few years ago. Transferred to so many people with so many different explanations and outright lies, at least 100 times if not more. I started a new "folder" every 6 months to keep up with all the phone calls and stories they gave me. All this because we needed a modification.
They threatened us so far that I melted all my precious jewelry to send them a payment that I later found out I did not need to do. You see, I was trying to keep up payments as they told me to do, when really we had to be 3 month behind to actually get any help. I was driven to crying, and physical illness with these people. I found from some freak accident I'm sure that our local BoA in Denver could actually help us, and they did. They did all the paperwork with us and made sure all the figures came out right. They filed our mod, and filed it again and again and let me know each time what other papers we needed.
The ridiculous amount of paper and information on our private lives is outrageous and I am sure they did not look at half of it! We finally, just last week on Aug 9th, got a reply in our favor - they approved our mod, except they did not change our terms, they upped our payment over 300 dollars. This is called a modification! We are now with them in this new mod and they act like they did us a big favor!
I will never trust anyone at this company again, ever. As soon as we are able, we will refinance our loan and get away from these dirt bags. So, if you need anything in the way of changing your mortgage, please don't go through the pain that we did. Immediately contact your local branch and tell them what you need, hopefully you will get their help and stay away from these 800 # thieves!
VERO BEACH, FLORIDA -- BOA is one of the biggest crooks on the planet and any scheme they come up with should be looked at with great scrutiny and a great deal of skepticism. These greedy creeps participated in the biggest mortgage scheme of the century that helped to put us into an economic and housing crisis that will last for at least a decade. Yet, as any of you have ever tried to get a mortgage from them lately know, they now treat their customers and potential customers as if THEY were the crooks!
We are trying to get a mortgage and have credit scores of over 800, own a home that is paid off, have solid work histories for over 30 years, pay off our credit card in full each month and only have a car payment each month. We've never filed bankruptcy or had a judgment against us. We collect rent on our paid off home and are in the process of buying another home in Florida. We put down 25% as the down payment and the Loan-to-Value ratio is only 75%. But BOA is treating us like we are trying to rob them of the $135K instead of borrowing it.
Each day I awaken to another litany of unreasonable and often silly demands for documentation that proves nothing more than the documentation they already have which includes 3 years of tax returns and letters of explanation for just about every deposit into our checking account that is over $1,000 for the past 3 months. We're supposed to close on our new house in a few days and they still have not given us final approval for the loan.
The stress has been incredible. IF THERE IS EVER AN INDUSTRY IN NEED OF REGULATING IT IS THE BANKING INDUSTRY. But we'll never see it in our lifetime and there is very little people in the 99% can do about it. The bank that was too big to fail took taxpayer money to save it, paid out millions in bonuses to their executives and is doing nothing to help get us out of this mess that they helped to create... unless, of course, it is a plan that benefits them first.
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.
I took out a loan account several years ago. When I did, the representative told me that if I paid on time for one year, I could negotiate a lower interest rate. I was conned! I paid on time, over the minimum due, but could never negotiate a lower rate. I have had fees tacked on, and later promised to be removed by a representative. It took several more calls, months later to finally get the amount credited.
I paid off my account, in full, with a credit balance. I did this, being aware of their "hidden" fees, and not wanting any open balance that would incur additional fees. I called the company requesting that the credit be paid back to me. Well, they won't do it until the next statement date! This, because the fees due to them, won't be known until that time!! I closed the account and received a confirmation number for the closure. I requested that the balance be mailed to me, at the next statement closing date. To this, I was told that I will have to make a separate telephone request on the date of the statement closure!
Each time I call this company, I'm put on an unreasonable hold time. Why should I have to keep calling to request my money?! I should be able to charge BOA for my time and interest on the time that they are holding my money!! I just closed another credit account, by written e-mail request. The account was simply closed. My payment, for the amount due, sufficed, with no additional charges. Why can this banking firm do this but not Bank of America?! How are they LEGALLY justifying all of these fees?
How can they refuse a written request, on my password entered internet account and require that I make multiple phone calls!? How is this legal?! I wish there was some recourse. This bank leaves the customer completely powerless!!
TEXAS -- In the year 2005 I bought a home through First Franklin only to find out it was a adjustable mortgage, in which my payments began to exceed what I made it was a struggle but I continued to make payments never being behind. I then tried to refinance in which I was able to get my payments down to $1075 per month. When President Obama took office, I tried to get it re-financed through his plan and after start I later found that my mortgage was being sold because of a lawsuit on First Franklin, sold to Home Loan, then to Bank of America, where they are now handling my home mortification, but are really taking advantage of me.
I was told that if I came up with I don't remember the exact figure, but I was able to come up with it through sacrifice, back to the point it would lower my mortgage payments only to find out it was never lowered but continued to go up. Now $1,289 much more than what it was from the beginning. They put the money on back payments. When I made that payment I spoke with someone in the mortification dept and was told it would be added correctly. From then on it has been an issue. They just don't care. Now I am receiving a statement stating my escrow is short of $2,983.43 and is due by 02/01/12.
I thought mortification wipes your slate clean for a new start, that is what the First Franklin did, they started the Escrow, and went from there. I am afraid to give Bank of America money for Escrow because they did not do right with the first payment which I gave them stating it would lower my payments only to find out they took the money and added it to late payments from times past and I was not even with them at the time.
I am not asking for charity. I am a working 57 year old mom and grandmother. I work hard and do not want to lose my home. I feel like I am set up to fail with them. I also back with them, and I am told by someone that work there they should not be charging me to bank with them since my mortgage is with them, so I believe they are a rip off, unconcerned and do not care.
CARPENTERSVILLE, ILLINOIS -- After 6 years of pain and suffering, Hubby and I finally did it. We were down to the last payment on his car. Even when we were short on cash and had trouble buying groceries, by golly, we made that payment. Rather than paying the car off the way I made every other payment (online), I wanted to go into a branch with that final check and get a receipt that something akin to "paid in full." I had the 10-day payoff quote letter printed out and in my hand when I went into the branch on Randall Rd in Carpentersville yesterday.
Now, granted it was near closing time (my clock said 12:50), but the doors were unlocked, so I went in. I went up to the teller and explained the purpose of my visit. Right away some lady in a suit (didn't get a look at her name tag) asked if I had a payoff letter. I handed it to her and it took her several minutes to read it (meanwhile, the teller was asking one of the other workers to lock the door). Then she handed it back to me and said I couldn't make the payment here. I had to mail it into BOA. Excuse me? It is the 21st freakin' century and I have to mail in my payment like it's 1989? I don't think so.
She went on to explain that they could process my payment here, but there was no guarantee that the amount would pay off the loan and there was no one for them to call to verify the amount. Again, excuse me? I have a payoff quote letter that is good through 11/22 and you can't guarantee anything? Forget that. I decided that they just didn't want to make an effort that close to closing time. I left, called the customer service number, and got someone right away, so obviously they were lying about that too.
The woman on the other end of the line told me that they absolutely should have been able to take my payment with no difficulty since the expiration date for that payoff amount was 10 days out. I asked if I could file a complaint against the branch and she recommended I just call the branch on Monday and complain directly to the manager. Meanwhile she said she could take my payment over the phone, but I declined. I ended up going home and just transferred the funds electronically, but it wasn't as satisfying as handing a real check to a human being would have been.