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Richard of Mill Creek, WA April 30, 2009
Fact: we have been attempting to re-finance our home mortgage with Bank of America since late January 2009. Here are some pertinent facts:
* I am a retired Vice President with Bank of America with 27 years of excellent service
* My wife is a retired Vice President with Bank of America with 25 years of excellent service
* I have a 812 credit score, my wife has a 816 credit score
* We have 3 checking accounts, 2 savings accounts with Bank of America with about 114,000 in deposits
* We have 2 credit card accounts with Bank of America, which are paid off monthly
* We have an existing home mortgage with Bank of America (the one we are re-financing) for about 94,000,
that has never had a late payment
* We have approximately 1.5 million with a stock brokerage, 80% is in cash
* We are attempting to re-finance a 94,000 mortgage on a hosue appraised at 650,000
After nearly 3 months we have not been able to complete the re-financing process. This is unacceptable. We are discussing looking for a more responsive financial establishment for ALL of our needs.
Janis of Malibu, CA April 22, 2009
We have made several attempts to work out loan with B of A as well as a neighbor has made a verbal offer to us for the house. All have been flatly declined. They did offer us a 2 year amoritzed over 15 years with a 300,000 up front on top of the 700,000 we puy down 5 years ago bring our payment fron 12,500 to 25,000 amonth. What a deal! Anyway, they have refused everything we have prposed and are charging us still 11% a month on the balance of 2,560,000. They paid 2 years of taxes and they are saying attorney fees have excalated to 40,000 with no details to back the amount. They want 2,910,000 for us to keep our home or they are selling on Monday April 27, 2009. They have not budged because they think of course that they can get their money because we were on of those honest people that put a sizeable amount down initially. We also have been working very aggressively trying to sell it for 6 months with no offers yet but some people very interested. Barbara of Boyton, FL April 10, 2009
Company is honoring Modification on loan that was agreed upon.
Stress on possible losing our home. Disable on fixed income, could continue to pay mortgage that was modified now bank of america wants to increase our payments and deny whats was already agreed upon.
Julius R. Lockett of San Diego, CA April 3, 2009
I live in San Diego, but do not own a home here. I wanted to purchase a home in Tennessee. I went online and started the BOA No Fee Mortgage process. A BOA representative called me, assured that I qualified, and submitted my application. I set a closing date for approximately 30 days out. I was assured that they could meet the closing date. My credit score is excellent, and I had already received an approval letter from another lender, but because of the possibility of a no fee mortgage, I went with BOA. Further, I already had an investment property in the same city in Tennessee; and I made that perfectly clear to the BOA employee who took the initial application.
Ultimately, Ms. Cory was assigned to my loan application. Over time, and in a timely manner, I provided her with all of the documentation requested. Two days before the closing date, BOA, via Ms. Cory, said that I didn't qualify for the loan because I already own an investment property in that city. They withdrew the No Fee Mortgage and offered me another investment property loan at a much higher interest rate. Again, I made it perfectly clear at the time of my application, and stressed that BOA was my lender on the investment property. If they couldn't execute the loan, they should have told me immediately. Consequently, I feel as though I have been victim of a bait and switch.
I put up 1,000 earnest money. I had to put up an additional 1,000 to continue the process. In order to make the next closing date, or lose my 2,000, I am now being forced to take a much higher interest rate (5.25 vs. 4.375) and loan is a 3 year ARM. The extra mortgage cost over the life of the loan, and the inevitable refinance cost could run in the thousands; not to mention the stress that I have had to endure through out the process. I want an attorney to contact me.
M. E. Hodge of Bowie, MD March 27, 2009
I worked with an organization to have my interest rates lowered in order to have a reduced mortgage payment in July 2008. NACA negotiated a lower interest rate. Bank of America sent me the documentation in September 2008 stating this is my new interest rate, my new terms, my new payment which is to take affect in December 2008. I have had a mortgage since July 2007 and have never been late because Bank of America was automatically deducting my mortgage payments out of my account. When my new payment was to start in December, the old payment amount was taken out. Of course I got on the phone immediately discussed the problem, which also resulted in bounced payments to my other creditors.
I had to fight with Bank of America to get my money back but they have yet to give me my bounced checks fees back. I of course stopped my automatic debit until they can update my records. I have sent in my Jan - March payments on time (I have the processed checks to prove it). They have yet to update my account with my new payment arrangements. The people on the Loss Mitigation Team don't know. The call always ends with me not knowing anything more than when I first called. They keep saying they are backed logged and don't know when they will be able to update the system with my account information which to me is unacceptable. The last time I called (3/23) after speaking with 3 individuals, I asked to speak to a supervisor or manager who had the nerve to hang up on me when I inquired to when my account will be updated.
I received my escrow payment information which is still reflecting my old payment so the system is still not updated with my new payment information. Someone looked at my credit report and told me that it is showing that I am 60 days late paying my mortgage which due to their lack of responsibility is now affecting my credit rating. I am sick and disgusted with the LOSS MITIGATION TEAM AT BANK OF AMERICA. I don't know where else to go/turn because no one else will give me a loan or refinance with my terms that I have with Bank of America and I can't afford to pay higher than what I am already paying.
Kevin M. Folta of Gainesville, FL March 26, 2009
Bank of America accepted 45 Billion in TARP funds. Now they are not lending it out. I have perfect credit, no debt (except for a mortgage at 5% that will be paid off in 7 years, 2 years ahead of schedule), and pay my bills.
I wanted to expand a home equity line of credit (with a zero balance) by a very small amount so that I could invest in solar panels. I'd have the money paid back once the rebates came in, maybe weeks or months.
Our application was declined. First time in my life. They blamed it on my home's low value, but their number was a lowball excuse to not fund loans. My home was just appraised at a value substantially higher than their estimate.
My complaint... Bank of America wants federal assistance because of their bad business decisions. They then do not want to fund those of us that are making sound and responsible decisions.
I wish that we could take back the TARP funds and let them crash and burn.
Just inconvenience. Now I cannot use my home's equity and take advantage of the tax leverage. Now I have to initiate a regular loan-loan at higher interest with an individual lender. Jasper of Elizabeth City, NC March 20, 2009
BOA did not sit down and discuss what we could do to get back into my house.We have called BOA many times. They (BOA) recieved all required paper work to show how my job came to an end with Ford, but I am working now. My husband is disabled and has always been since dealing with BOA. BOA just need to work with people who have lost everything better.
I am not in my house no one seems to care.BOA recieved america tax payers money and don't want to work with me to get my house back at reasonable payments.
Craig of Tulsa, OK March 19, 2009
My home is currently morgaged with them(NOT FOR LONG THOUGH)Myself and my wife stopped in and spoke with Amber R about refianancing for a lower interest rate,Amber explained to us that she could not quote us a rate without putting a 400.00 deposit down.She assured us not to worry becouse if they were not able to get a rate that we liked it would be no problem we would get our money back.
Later in the mounth we recieved our quotes in the mail,we were basicaly being offered the same interest rate so we decided to look elseware,though I called her several times I was only able to leave a message.I finally went down there and spoke with her she told me she did not recall saying what she said and told me I could not get my money back if I cancelled.Bottom line is the bank has not done anything for me to earn the money.It is to bad I trusted Amber on her word,I have learned a lesson there.I struggle to make things work for my family and do not have money to throw around I hope this can be resolved and I get my money back.
For now I am out 400.00 dollars and a great hassle dealing with it that I feel was took from me unfairly.
Craig of Tulsa, OK March 19, 2009
My home is currently morgaged with them(NOT FOR LONG THOUGH)Myself and my wife stopped in and spoke with Amber about refianancing for a lower interest rate,Amber explained to us that she could not quote us a rate without putting a 400.00 deposit down.She assured us not to worry becouse if they were not able to get a rate that we liked it would be no problem we would get our money back.
Later in the mounth we recieved our quotes in the mail,we were basicaly being offered the same interest rate so we decided to look elseware,though I called her several times I was only able to leave a message.I finally went down there and spoke with her she told me she did not recall saying what she said and told me I could not get my money back if I cancelled.Bottom line is the bank has not done anything for me to earn the money.It is to bad I trusted Amber on her word,I have learned a lesson there.I struggle to make things work for my family and do not have money to throw around I hope this can be resolved and I get my money back.
For now I am out 400.00 dollars and a great hassle dealing with it that I feel was took from me unfairly. Kenneth J Arcieri of Micco, FL March 5, 2009
My wife and I applied for a pre approved mortgage on 2/5/09 subsequently we were then approve for a mortgage on a property we liked. we were then offered and we accepted a 30 year fixed no fee mortgage plus loan for 64,000.00.we were then called and had to adjust the paperwork for a loan of 62,000.00 we the were toldto call and lock in our rate which we did and were locked in at a good apr 4.84% . we then went to the branch office where we originated the loan and faxed all of the required paperwork in to the mortgage office, We had a passing date of 3/5/09 which is today.
However we then never heard anything again we initiated contact with an unidentified person at the mortgage center who in formed us to fax again all of the paperwork in which I did, for the second time, I then learned that the person assigned to this loan a person named A. Martin Home Services specialist. This person was assigned this loan on 3/3/09 with a passing date of 3/5/09 After visiting their website to check on our progress as the closing date was only two days away me and our realotor were unable to contact anyone at the mortgage center by phone as listed in the online service or bye mail as it was kept secret by BOA all voice message boxes were full at the mortgage center including the supervisors as no one was answering phones.
I then went to the branch office where we originated this process and the branch manager could not get to speak with anyone either but siggested that we fax the documents again which we promptly did as the online site said we had to do as part of the process this being the third time. We already had acknowledgment of the receipt of said faxes by verbal communication and from a fax record (2). I then spent all of 3/4/09 on the phone and in going to the branch office and trying to get a human to talk to along with the branch manager who tried very hard to help us and kept apologizing for her company and stated that they are overwhelmed with loans and can't process them fast enough I then told her we should have been told this up front and that the so called home services specialist should have called us to inform us of what is going on and to advise us of what the bank needed from us (as per their website mortgage application status )
As of this writing we have not been contacted nor have we been able to contact A. Martin who we learn from the Branch manager is unable to get to our case because of the large workload and not enough help as they laid off most of their employees in this department since the recession. As of now we are just awaiting word that we can close sometime and we are contemplating scrubbing this deal completely as we feel we have been lied to.
We can be fined 100.00 per day by the seller of this home for not passing as intended. I had payed a deposit to a mover for the move that will not take place in time and will lose my deposit if this is not done. If this does not go through I can lose my deposit of 1000.00 on the property. The mental anguish this has caused my wife and I.
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