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Bank of America Mortgages

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Tong of Garden Grove, CA June 21, 2009

After I closed the mortgage loans with BOA, they buy a flood insurance without my knowledge or agreements. There are no indication that I need to provide the flood insurance during closing. I do not live in the flood zone, FEME classified my zone as X. None of my prior lenders ever asked because I lived outside the flood zones. The company the buy from is unknown to me and the cost almost double my home fire insurance. They did not provide me any policies from the flood insurance, I only find out when I pay the mortgage for the first time.

Trish of New Harmony, UT June 19, 2009

My husband and I are quickly finding out that the Home Retention Department set up by Countrywide/Bank of America is nothing but a scam. BoA has taken the 5.3 BILLION from the government and used it to hire lawyers and collection agencies in order to either get their money or take houses away from hard-working Americans. Trying to talk to them is like trying to keep water in a sieve. It just doesn't work. We bought our house when housing was horrible, prices were ridiculous and lenders were definitely predatory. We were transferred, so didn't have much choice but to move. Our original lender qualified us for a home we never should have been to get. Lenders tell you what you want to hear and we bought into it.

Doug of Fairfield, CA June 4, 2009

My hope is that this information may help a few others. After many, many months of trying to get BofA/Countrywide's attention, I finally filed formal complaints with the CA Attorney General's Office (Dept. of Corporations) and the Comptroller of the Currency Administrator of National Banks. I included a long chronological list of applicable dates and events, etc. In both cases BofA called me regarding the complaints submitted by these two entities on my behalf.

And at least, for now, BofA has provided me with a Negotiator that is responsive to my polite calls and working on a solution with me. Unfortunately, it has taken a lot of written correspondence and detailed documentation just to get this far, but hopefully it will be worth it.

Pamela of Mather, CA June 5, 2009

We have a 15 yr fixed rate loan with BofA with 11 yrs remaining. No late payments, good credit score (over 700). We applied for a refinance with BofA (Sarah) on Feb 6, 2009 to obtain a 30 yr and lower our payments. I paid a 450 application fee after being told my fannie mae backed loan qualified for their "Home Already" loan program at 4.75% locked rate with 2.125 % discount points and overall closing costs about 11k which seemed high but I felt I was between a rock and a hard place because I cannot afford my 15 yr payments any longer. I was told no PMI, no appraisel necessary. Loan would close May 4. My 2nd would be subordinated.

All paperwork seemed to be moving along when I was requested in March to pay holder of my 2nd 100 processing fee to subordinate the loan. I did so. I then received a call in April saying I needed an appraisel and that appraisers had told the loan officer I informed them I was cancelling my loan app. I have no idea what they were talking about, as I did not tell any appraiser such a thing. The BofA rep Sierra told me that the "system" market value was too low and they needed a walkthrough appraisel.

May 5 I was told my appraisel was too low to meet guidelines, my loan was denied after all and my loan would be sent to "underwriter" I contacted Sarah and was told by email she was looking at whether we qualified for Obama's Home Affordability Act. We received that conditional approval and documentation started transferring over. Still 4.75% but now 2.75% points. Now appraisel is showing up on their system as 35k higher than they told me it was when they denied the first loan.

However, they have sent me a 2nd conditional approval which bumps the points to 4.5%! I have yet to get a satisfactory answer as to why this would be. I'm being told they are "tracking" it back to figure it out. In addition my loan closing is now pushed out to August. Meanwhile I'm struggling to make payments as both of our salaries are being reduced by our gov't employer.

For the first time I feel at risk of losing my home if I don't get into the lower payments I really need now. I am out 550 in loan fees and no new loan to date. The loan closing costs are much higher then originally promised - they are now estimated at about 18,000. And I'm not confident this loan will go through at all.

Clarissa of Modesto, CA June 11, 2009

We applied for a refiance back in February. Our credit is excellent. The gentleman David jones said that it should only take approx. 45-60 days to complete the loan. We payed Bank of America the cost for apprasial which was around 500.00. The gentleman came out to do apprasail within two days, we were thinking that this process was going to go fast because they were effeciant about sending someone so fast. We waited for a month, did not hear anything from David Jones. So we called him, he said that he had such as pay check stubs and personal documents or he misplaced them. So we were a little concerned with that especially with all the idenity thefts going on. We trusted Bank of America so we sent our personal documents to one of his co-workers, as requested the co-workers name is Jonathan Smith. So he recieved those documents then he was the one taking care of our loan.

More time passed, the was a problem with the title, they didnt call us and tell us about the problem they let it sit for a couple weeks until we called them and asked about process. So promptly we talked to our lawyer and fixed the problem. We did everything they asked us to do, they said there was still a problem with the title and they were sending it to their lawyer to figure it out. Some more time goes by, we call Jonathan Smith several times to give us an update on what was happening, he does not return our calls. He returns our calls a couple days later saying he doesnt know what to do! We asked him are you saying you can fund our loan. he says no, just dont know how to process it because of the situation. there was no situation, it was all fixed. So we decided to go with a loan officer in California because we were dealing with Jonathan over the phone. We went to the bank of america office in Modesto, Ca where we live so we could physically walk in and see someone instead of trying to track them down on the phone.

We went into the office and started the new loan with a new loan officer Orvale Neal. He said that we may need to pay for new apprasial because of the time that has passed since the last appraail. A certain time frame like 160 days, it has not been 160 yet. He called us today and said to come drop a check by for the second apprasail. Bank of America has told us that they had a our paperwork and to wait for someones call from a title company intown to call. they never called so we called them, they said they never recieved any paperwork from B of A. So we called Orvale from the Modesto office and he said that the title company had to be mistaken because he sent them the paperwork. Another week went by and nothing because someone was on vacation or had their thumb a up their butt! so now because people at B of A werent doing their job we have to pay for another apprasail. THAT S WRONG!!!

ROY of CLEARLAKE, CA June 11, 2009

they have been sitting on my loan modification for months .I call them and they saythey received it but no one is assingined to it and its been excalatted but its been almost 5 months.I finnaly called H.U.D but it may be to late .these people have defrauded thousands of people and they need to bee prosecuted to the fullest extent of the law. what has happened to zero tolerence.IS IT ONLY FOR US POOR WORKING PEOPLE????

Jen of Rockford, IL June 2, 2009

In Jan 2009 I contacted my mortage company, at the time Countrywide Home Loans, to see what we could do about our payments since both my husband and I were laid off from our jobs. We were already behind on our payments and I didn't want to be foreclosed on or hurt our credit any more than we already had. At that time we were told that we may qualify for a workout program and after collecting some information on our income and debt the Rep I spoke to said we qualified. I explained very clearly that we had unemployment only as income. At that, only my husband's unemployment, because I didn't qualify for the benefit.

I was to fax proof of income to them, which I did the next day (unemployment statement) and about 2 weeks later they sent us a package with a loan modification agreement in it. This modification was called a Homeowner's Retention Program and would lower our interest rate from 9.25% to 4.84 % for a yr, then for 10 years slowly go up while we paid interest only payments. We agreed that this would help us and signed the paperwork. Again they requested income information with the return paperwork and I sent the recent unemployment statements. This was late Feb.-early March.

They documents were recieved and logged into their system on 4-7-09 and listed as Approved and Completed right on our online account. During this time we recieved a letter telling us that Countrywide had been acquired by B of A. I didn't think this would effect our already signed and completed agreement. I had paid the new payments for 3 months and heard nothing until 5/28/09 when I recieved a call from B of A. I was told that we were 5 months late, had xx amount of dollars in late fees and an intent to forclose had expired in Dec. I explained that we were on the Homeowner's Retention Plan, which I had to do before when I made a payment and was informed that they just hadn't updated the information in their system.

Ok, then they also informed me that we do not qualify for the Homeowner's Retention Program because we are on unemployment and that isn't verifiable income. Well, if that were the case then why did they offer the program to us in the first place? I faxed income information to them, unemployment information and they sent the packet offering us the program, why would they do that if unemployment isn't accepted as a form of income? Not only that but when I sent back the signed paperwork I also sent unemployment documents again. There is 2 chances they had to call and tell me that unemployment isn't accepted as income. Did they? No. They approved and completed our paperwork and accepted not one, not two, but three new payments from me.

Tell me that is ethical business practice. When I asked to speak to a supervisor I got to talk to him (Steve) however, he was no help and assured me that no one at the company would help me. I asked him if they would rather forclose on our house or put us on this program and he said, "you don't qualify for this program" that leads me to believe that they would rather forclose. We are deliquent on last years taxes and I can't pay anything toward that until they consider our account "up to date". My escrow payment is over 100 more because of this. I believe when B of A took over they saw an opportunity to get money from us. They knew that we didn't have the credit to refi, I saw on my credit report that they checked our credit just a short time ago after this started. They know we don't want to loose our home, so they figure that we have to find a way to pay the higher payments. Another little consumer crushed by the largest bank in America.

Antoinette of Buena, NJ June 2, 2009

I applied for refinance with Country Wide at 4.5% on March 20, 2009, and paid 400 application fee. I currently have my mortgage through them. I was told by the interviewer David Slayton, I may not need to make April payment if closing occurred quickly enough. On March 27, 2009, appraisor came to home, and I mailed back all information from the packet received on March 25th via Federal Express from Country Wide. I had been calling my rep, K. Kyrillidis to find out when my closing would take place, and could never get a call back so I kept leaving voice mail messages. On 4/30/09 I received a message from someone named Jonathan from Bank of America (no last name) on my home phone, even though I kept leaving my cell phone number, that my packet should be back from processing either Friday or Monday; that would have been May 1 or May 4. The expiration on my contract was May 4, so I was extremely nervous about things not being completed since 4.5% was a substantial monthly savings for me.

I called again 5/4, 5/6, and finally on 5/12, I called the main number and asked if Kevin still worked for them. I was told yes and explained I could not get a return call. I was immediately told that if I wasn't happy, I should talk to his supervisor. I was sent to Karen Diamond's voice mail and left her a message with details. I received no call.

On 5/19, I sent an e-mail to Kevin Kyrillidis asking when or if the closing would take place and expressed my displeasure at the lack of communication and service. I also indicated I would file a complaint with the State Banking Commission. It has been over 60 days and no one has let me know what is happening with the refinance, or whether it will even occur.

Bank of America (Formerly Country Wide) has 400 from me and I have no evidence that anything is happening with my refinance. If I have lost out on the chance to refinance at 4.5%, I can't get that anywhere else now because they have dragged their feet. At the barest minimum, I want my 400 returned.

Jason of Winchester, VA June 7, 2009

We obtained our first mortgage, through B of A, 2 years ago. Unlike many people at the time, we didn't buy out of our price range. We found a nice little ranch house, on nearly and acre, with a fence around the huge back yard. Perfect for when we start a family, we thought. For 2 years, we never were so much as late with a payment. After 6 years of disappointments, our daughter was born on December 24th, 2008! Knowing what expenses lie ahead, my wife contacted B of A in November, and asked about a 2 month deferment on our mortgage payments, so that we could bank that money in case of an emergency.

After nearly 30 minutes of phone conversation, our December and January payments had been deferred. The paperwork was to be in the mail, and our next payment was to be due in February. Around the second week of January, we receive a call from B of A, wondering when they could expect our December mortgage payment. We explained that we had deferred the payments, and that's why they hadn't received it. After a week of going back and forth with them, and countless hours on the phone, they said that they had no record of the conversation, the deferral, on anything, BUT, they did let us know that they had reported us 30 days late on our mortgage. After many years of building our credit up to scores over 700, we now find ourselves slowly creeping up on scores in the lower 600s/upper 500s. After getting nowhere with them, we sent the 2 payments that we had put into savings, just to get back to even with them.

In May (2009), we found ourselves faced with the choice of either paying multiple bills that had pile up since the birth of our daughter, or paying our mortgage. With all of the new plans, and Gov't bailouts, we would surely qualify for some assistance, so we opted to pay the bills and not our mortgage. We started the modification process, which included 82 pages of financial information. We faxed the 82 page packet, and waited one week for a call. Nothing. We called them, and they informed us that they hadn't gotten anything from us. We then put together the packet a second time, and this time we mailed it certified so that we knew it would get put into someone's hands.

2 weeks passed and they finally realized that they had the paperwork. To make a very, very long story short, we have done EVERYTHING that we can. Applied for EVERY aid, or modification program that we can, and to no avail. We don't qualify because we were late on a mortgage payment, but then the next person tells us that we don't qualify because we are current on our payments. One person says that we don't get help because we make too much money, and then another says that we don't make enough. No refi because of our credit scores, that B of A destroyed with their deception. As of today, June 7, 2009, we are nearly 2 months behind, and as far as we're concerned, they can have the house back. Good luck selling it for what we owe!

Denise of Redlands, CA May 27, 2009

We started what was to be a quick, simple refinance with BofA in Feb. It has turned into a nightmare. We had them for our checking, savings, mortgage and Heloc. All we wanted to do was roll over the heloc into the mortgage with a 15 yr term. The interest was supposed to be 4.375. I was told it would close April 24th, no problem. I told them we would be out of state after that date. Well, I went through two processors, numerous lost documents that had to be resent, had to retell stories several times, and still no closing by April 24th.

I had everything in to them as required on time. Then, when I get home on May 11th, I get a call from them telling me I will have to pay another 1/2 point to get the loan I want. Enough is enough, I cancelled the loan on the spot, and requested funds be returned to me as it was not my fault they did not meet the deadline. I don't expect that I will get them. I have had 3 calls from them since then trying to get me to keep the loan. I am not interested.

I have been a 30 year customer of theirs and can not believe the way I was treated on this refinance. I am also considering closing the rest of my accounts with them. I am in the middle of refinancing with Schwab and am having a totally different experience with them. I deserve better treatment than I was given with Bank of America and they have lost a loyal customer over the way this was handled.

They could have said at the onset that these loans were taking months to get done, but they just keep taking the loans with no one to process them so they can get the money up front. That should not be allowed. Don't process a loan or refinance with BofA! I paid 450.00 up front and am having to pay this again to go with another agency. I also would have paid much less for my mortgage if it had gone through. I retired in March and was counting on the refinance to lower my monthly costs.

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