Bank Of America Reviews

Show reviews that mention
bank account money customer customer service service credit card credit card boa
Filter review
New Reviewer

Bank of america crook

Mike O'dell works for B OF A. Illegal accessed loan information on my residence. Used illegally obtained private info to tell everyone my business/file false police reports/stalk me/etc. Too many items to put in e mail. Complained---didn't take any action against B of A Asst VP (crook)Mike O'dell of Temecula, CA. O'dell still works for B of A. Guy is sociopath. crazy, lies, vindictive. I found illegal activity by O'dell illegal buying/selling real property 2005, 2006, 2007. Falsified loan docs, quick claimed property, lied on Fed. loan apps. don't do business at B OF A Temecula, CA. ***'t VP, Mike O'dell very bad
View full review
1 comment
#556652

Bank of America has been charging my mother a three dollars check image fee since 2011. She does not need this service and she has requested BofA to drop the service and refund the three dollar fee. I am her son and my name is on the account. I worked with BofA to remove the charge and reimburse my mother for the fee. The three dollar charge was initially removed and I thought it had been taken care. I recently reviewed my mother’s account and I found that the three dollar charge had reappeared. As it turns out this three dollar charge reappeared more than a year ago. I contacted the Cocoa Village Branch manager today. I was told that the maximum refund I can expect is six dollars.

I informed the Branch Manager that we would be closing all of our accounts and taking our business elsewhere. He seemed totally indifferent to my complaint and plan to relocate my accounts.

At the time of my discovery of the three dollar check image fee I also noted that BofA was charging several other unknown charges to my mother’s account. I asked BofA to explain one of these charges and they could not do so. They asked that we get back with them in a few days to determine what the charge was for. I called back a few days later and I was informed that the charge had been removed and my mother’s account had been credited for the charge. BofA could not explain what the charge was and no explanation was forthcoming as to what the charge was for.

I am confident that many people are charged for services that they do not request and do not need. Many people trust a bank to take care of business and just don’t question charges and fees the pop up. My mother is 85 years old and it is becoming more and more difficult for her to manage her finances.

I cannot help but think that BofA is taking advantage of a number of people and reaping the benefits for fees the people do not want or need.

ID
#280247 Review #280247 is a subjective opinion of poster.
Location
Los Angeles, California
Service
Bank Of America Loan
New Reviewer

Bank of America has Terrible Customer Service

I started with Bank of America as a child and kept their services until just after college. I was unhappy with their many fees, but as I always had a steady job, I didn't have too much trouble with this. Besides, I just thought many fees were the norm. However after learning of their many illegal actions and the many cases both private citizens and the US government held against them, and frustrated with the proposed $5 debit card fee, I closed my account and went to a local credit union. After I had closed my account, I had some difficulty because a paycheck was direct deposited to my old, closed account. When I called Bank of America about this, they told me the funds had not been deposited and that they could not hold them for me when they were received. Instead the funds would be sent back to my employer. Working with my HR department, I found out that the funds had actually been deposited and that the customer service representative had simply not taken the time to look it up and lied to me about it. When I called them again, they were unapologetic, refused to help me, would not send the funds to my new account, and were in general rude and unhelpful. This was not the first time a Bank of America employee gave me false information. I was assured by the branch manager that foreign currency exchange services were offered during one visit to a BoA branch. A few days later I went backt to the same branch at the same time and spoke with the same person to deposit about $20 in Euros into my account. On this instance though, I was informed that only paper foreign currency was accepted (despite the fact that 1 Euro and 2 Euro are only offered in coin form), and only at certain times during the day. Thus, they were completely unable to help me with this service. I would have liked to have been informed of that before I dragged that heavy sack of coins around with me all day. In short, most of my experience with Bank of America was a case of trusting ignorance. When I learned the truth about their illegal practices and went with a new bank, they were unhelpful and rude to me during the transition.
View full review
2 comments
#740338

Very similar experience but today was the worst they outright removed a name on my acct without my knowledge or consent. Then they acted like it was my fault.

The branch manager was unbelievably rude.

I've been w this bank since the 90s first acct out if college etc and they could care less about how much business you've done with them. I'm going to a credit union.

#389569

I agree with your assessment of Bank of America. They have little interest in customer service.

One way this is reflected is in their stock price, down 89% in 5 years, and in their need to be bailed out by us. Glad you switched to a credit union.

I have been a credit union member for over 20 years and have never paid a fee. Ever.

View more comments (1)
ID
#279859 Review #279859 is a subjective opinion of poster.
Location
Portland, Oregon
Service
Bank Of America Manager
New Reviewer

Bank of America - The WORST MORTGAGE COMPANY IN THE US!

I tried to login to my BofA mortgage account, and it seems like EVERY TIME I login, something change with my validation questions, or site key. I tried to call them as it is only 8:30 EST time and all I get is there *** automated system, and after wading through countless menus, I am told they are CLOSED..........CLOSED, this is one of the biggest freakin' banks in the world and they cannot help their customers 24hrs a day?!?! B of A............WAKE THE *** UP BRIAN MOYNAHAN!!! 1.) Straighten out issues with your convoluted and cluster of a website, I should not have to select what state I am in to login, it is called Geo-caching, look into it, and fix your security challenge issues. I am a 16yr IT guy, and I have NEVER been through so many issues with your website being "temporarily unavailable", FIX THE PROBLEMS! I hate to think of what a non-IT person goes through trying to navigate the issues on your website. 2.)CREATE REAL CUSTOMER SERVICE: I don't care for your TV ads touting you are the best, your NOT! A real bank that gives 1/2 a rip about their customers would have 24x7x365 customer service and NOT be closed on the weekend when people actually have time to address issues (most of which ARE created by B of A automation) After the County Wide merger, I have had NOTHING but issues while dealing with B of A. Mr Moynahan, you nor any of your exec cronies are worth a $1.00 if you guys cannot even keep a website intact, easy to use, and available 24x7. If you you are not going to have phone agents available 24x7, then I might suggest you beef up your IT infra as I have been left with no other option tonight other than to chat with a *** IVR........this is NOT customer service. Stop trying to save a $ so you can improve your chances at a big fat bonus, and put the customers FIRST! That is it, I am done and plan to spread this message to as many sites as I can. I AM a paying customer, always current on my mortgage (other than when your systems screw something up), and I am pi$$ed of at the way you do business. Signed- Shopping for a new mortgage in Charlotte
View full review
ID
#278880 Review #278880 is a subjective opinion of poster.
Location
Charlotte, North Carolina
Product
Bank Of America Account
New Reviewer

Don't choose Bank of America

We have been trying to refinance our home with Bank of America for almost 5 months now. They have everything they need and continue to find ways to delay. Others have said that they just gave up. I believe this is deliberate so they can keep everyone's application fee. They have caused much stress in our lives-jobs and relationships. I've wanted to give up many times following another large list of letters, scans, and statement explanations they repeatedly request. Please save your relationship and health. Go to another company that is more professional, especially one that communicates with its colleagues so they aren't all asking for duplicates of everything. Tammy
View full review
1 comment
#396066

It took me nearly nineteen, yes, I said 19 months!

ID
#278871 Review #278871 is a subjective opinion of poster.
Location
Rochester, New York

BOA and Keller Williams

The only Realestate company that can put through short sales through BOA are Keller Williams, BECAUSE they have an inside guy pushing the short sales through. His name is JAY RUSK, the have a "special" 46:10 sales dept. in Keller Williams, prying on people of faith. Its amazing that thats the only company that can successfully navigate the Equator system and get any short sales through. Mr.Rusk is the closing specialist who sends the paperwork to the "investors" (that dont exist) with his majic pen he can get short sales approved for Keller Williams....WHY? Because he is employed by Keller Williams. CONFLICT OF INTEREST......YEAH. THIS IS OUR COUNTRY, THESE ARE OUR HOMES AND LIVES OF LOVED ONES, NEIGHBORS, AND FAMILY THEY ARE MESSING WITH, ARE YOU GOING TO KEEP TAKING IT ?
View full review
1 comment
#1258389

Agh rubbish. Thumb sucker.Nobody except the Illuminati has such power.

A bank employee by law cannot be employed by 2 companies!!!

This is defamation of character. Hope you know that you can get sued for just mentioning such bull!!

Get your facts straight.

ID
#278481 Review #278481 is a subjective opinion of poster.
Location
Albany, New York
New Reviewer

Raised price on house after signed a deal

We made an offer on the house at 12754 Fiddleaf in Boise on 4/28/11. The house was on a short sale listed for $105,000. We offered $100,000. The bank lowered the price to $102,000. We accepted the offer. We were told everything is ready and asked how are we paying for the house. We decided to go with the 3.99% home equity loan from US Bank. We told the funds on 8/19/11 and the house was scheduled close on 8/23/11. The closing date was posted four times because BOA keep saying some title issue with the county not clear yet. The last closing date was scheduled for 9/30/11. On 9/29/11, we were told that BOA raised the price to $108,000. We declined the offer, not because of the price, but that is just wrong. A multi-billion company back off on an offer accepted??? We paid $250.00 for home inspection. We paid 3.99% interest on $100,000 since 8/19/11. About $2000 out of pocket today, still counting, with no house, because of BOA's wrong doing. UB Bank charge $500.00 if we payoff within 3 years.
View full review
ID
#274668 Review #274668 is a subjective opinion of poster.
Location
Las Vegas, Nevada
Loss
$2000
New Reviewer

Bank of America Modification Scam?

Within the last 6 months, we completed a trial program with Bank of America to reduce our mortgage payment & avoid foreclosure. We were told we completed the program & told the amount we were paying would be our new mortgage payment. About a week ago, we received a letter in the mail from Bank of America stating we failed the program & our house will be slated for foreclosure, & we have 30 days to "appeal" this decision. I was absolutely stunned, & certain it was a mistake-throughout this almost 3 YEAR process, they had sent us other people's paperwork accidentally a few times, to which we would call & send it back, making sure we were still ok & on track with everything on our own mortgage. Since receiving this failure letter, my husband & i have placed what were probably hundreds of calls-all going to voice mail & none ever being returned. He finally had an idea to call their Corporate office on Wall Street-they were surprised to receive a call like this & of course, routed us right back to where we were getting nowhere. They were slightly more helpful in suggesting we report the person who wasn't getting back to us, giving us other names of people to call that were above him & leave messages as well, which we did. Then-what a shock-our "Loan Modification Supervisor" FINALLY returned a call back to us after that-only to say they "had been sick" & were extremely backed up & would get to us when they could-using words like "don't worry". But as stated in the letter, we have a 30 day deadline before our house changes status to foreclosing-they had no answer for that. No answer as to what we should do. No answer except "don't worry". Why should we worry that we received a letter stating our home is going to go into foreclosure?
View full review
4 comments
#650441

Hi,

I would like to share important advise. This helped me when I was in need.

1) I prayed to God daily and I fast. I also paid tithes weekly.

2) I contacted a lot of free attorneys. Do a google search under your zip code. Search for a "pro se attorney", Probono Real Estae attorney" etc.

3) Create a file of ALL documents you sent and received from the bank

4) Contact an organization called "NACA.org" They have helped a lot of people obtain a 2-3% locked intrest rate for 30 years. (I know everyones situation is different and results vary). But they helped many people. Their services are FREE.

Note: Some people are volunteers at NACA.org. They mean well but lack professionalism. So be patient, and keep copies and records of everything.

5) Try to get elected officials to assist on your behalf. Also contact advocates from community based housing programs.

6) Good blessings/Good Karma comes when you help someone in need. Help someone who is less fortunate.

Good Luck

#650423

Please support the fight. Bank of America must be stopped. Sign the petition and email your stories to

stop_the_financial_terrorists@***.com

www.change.org/petitions/stop-the-financial-terrorists-bank-of-america-and-wells-fargo-from-ripping-off-americans

#387309

Where is our elected representatives and government. Why are they not regulating Bank of America and the crimes they are committing against US Citizens.

If you do a search on complaints against Bank of America you will find hundreds of thousands of complaints. It is time for our elected officials to do something about this criminal bank now.

#372894

All banks are extremely busy with all aspects of foreclosures and if you think they made mistakes before, just take a look at what *** they are in now. They do not have the personnel to handle the mess so my advice to you is to do one of two things: 1.contact your congressional rep and have him contact the bank on your behalf.

His "congressional" will get to someone with some authority and you will at least see some action---good or bad for you. But you will get some action. 2. just sit back and wait and see what the bank does.

If they do proceed with foreclosure, then you may consider seeing a bankruptcy attorney or just staying in the home until they actually do foreclose on you.

Either way, once the foreclosure action is filed, your credit is shot and you will have a hard time finding a good place to rent---unless you do it before the foreclosure hits your credit report. Perhaps it has dawned on you that you are in over your head and really cannot afford the home you are in???

View more comments (3)
ID
#274381 Review #274381 is a subjective opinion of poster.
Location
Livonia, Michigan
Service
Bank Of America Loan Modification
New Reviewer

B of A needs to be exposed in media!!!

I just joined this forum after a frustrating morning on the phone with BOA. Im in a similar situation as another member. I have well documented notes on a short sale process/headache I am going thru with BOA. The more and more I read, I see that so many of us have similiar situations as my own. BOA drops the ball a million times and you end up losing your home and having a severely scarred credit report. I actually am getting ready to file a gross negligence claim against them. However, I saw that another member did the same and the judge threw out the case bc it was past its statute!!! Are you frikken kidding me!!!?!?!???! My plea to any of you that will listen and are passionate enough about this is to go to the media. We've got to get something changed. Get your story on the news, in the newspaper, somewhere that the bank can't just dismiss it as an angry internet forum. Please contact me if you're interested in this movement. BOA helped create the chaos we are all going thru in trying to sell our homes and move on with our lives. My story is the same as anyone else, husband lost his job, found a new one in another state and we are underwater on the market value compared to the mortgage. I need to short sale, and because of the gross incompetence of BOA, I am losing my buyer and my home will foreclose most likely before I can get another. Thanks for listening. Please, please, please go to the media. Trash them to the public in this regard and maybe we will get some real relief.
View full review
4 comments
#374102

@nikalseyn, dude. Really??!!

You must be in the mortgage business. @ablaze3: The other commenter is brain dead, no worries. You are doing the right thing..

Do NOT feel guilty about what you are doing. I have been in the RE business for 12 years, the Feds have this coming to them.

#373697

yes, short sale. just smoke and mirrors.

the story of mine is long. shame on bank of america.

demand payoff numbers they sent me did not include their attorny fee's of 5k. conventional sale would have meant i would haveto have brought 5k to the table....short sale was an option but failed.

#372911

Don't u ever scold me like a school child. Ill have you know I'm probably older than you.

And if you read my post, my husband lost his job and found ANOTHER out of state, so that hardly qualifies me as a deadbeat. If I could sell my house for the amount owed, then I wouldn't even be writing this. It is absolutely not my fault that the economy tanked. That's ppl like you who's corporate greed got the better of them and pushed our congressmen into relaxing loan guidelines.

Ill further have you know I put 20% down, so was I a risk to begin with, hardly. Stop trolling and find something better to do with your miserable life than to read internet forums and try to descend from on high with your misinformed remarks, young man.

#372900

You people really should be complaining about those reprehensible members in Congress who voted along party lines to make it easier for deadbeats and illegals to buy a home and then when all of you began to default, proceeded to bail the banks out with billions in taxpayer dollars. People like Dodd of Connecticut and Kennedy of Massachusetts and, of course the pederast in chief Barney Frank.

Not to absolve you of blame in this, young lady.

You bought a home, promised to pay the mortgage and now are apparently trying to get out of paying. I have no sympathy.

View more comments (3)
ID
#274327 Review #274327 is a subjective opinion of poster.
Location
Mount Laurel, New Jersey

Bank of America Home Loans foreclosures

I know that I am not the only one with this issue with BAC home loans. I have had a loan modification in place for over 2 years and they still don't recognize it and have filed foreclosure papers on me, again. BAC did this same thing a year ago and it was dismissed. It still didn't help, and they sent back all my payments or won't accept them. Why can't they, Bank of America, admitt they screwed up and are scamming us hardworking Americans???? I never missed a payment until all this happened and they sent all my payments back. BAC is the reason my payments are "late"; they won't accept them. Isn't there something we can do???? I have been fighting them for 2 years by myself. I lost my job and I have sent all my time looking for work and calling Bank of America. Who can help us fight this large corporation since we are lone soldiers in this battle. I don't want to lose my home!!!
View full review
3 comments
#753496

This is the biggest scam of the century and they are allowed to get away with it !!!!! Same thing with our home loan which originated with Countrywide almost 20 years ago then BAC stepped in and the screwing continued.

Lost our home during Katrina and they took full advantage of that situation. Lousy, heartless, rotten no goods...

#374100

@sauce, comment to yourself. That was not appealing to read your comment at this time of the morning.

For someone to battle a bank to save her home. (AND IT IS HER HOME, IF SHE IS PAYING FOR IT.) Paid off to make it hers?!?! Not everyone feels they need to own a home.. It have been embedded in our minds by the Feds to think so.

It is a matter of pride to say, "I own _______." With that being said, please do not comment anymore. The banks do not deserve to doop us 5 times over like they have especially the last 5 years.

#373822

I understand you don't want to lose 'your home,' but the home was never yours unless you paid full price for it. Renting is easier anyway, you don't have to worry about some things depending on where you rent. I don't understand why everyone feels they need to own a home, especially with the way things are right now.

View more comments (2)
ID
#274168 Review #274168 is a subjective opinion of poster.
Location
Milwaukee, Wisconsin
Service
Bank Of America Loan Modification
New Reviewer

Bank of America Fees

On October 6, 2011, Bank of America took money from my checking account ending in ** and transferred it to my other checking account ending in ** (which was in process for unknown charges, in process of being disputed without my authorization). On October 4th, 2011, Bank of America representatives advised me that I would have a total of 2 months to pay off my overdrafted checking account before making payment arrangements. On September 17th and 24th and October 1st, Bank of America representatives stated that I could make payment arrangements on my overdrafted checking account after the in-process unknown charges disputes were resolved. I ensured the representative clarified that no transfers would occur without my knowledge. The representative assured me that the only way that would happen would be if I would set it up that way. Other than that, they wouldn't touch my account ending in *** Bank of America did not notify in writing nor over the phone about withdrawing my entire account in the amount of $1,152.27. On October 6, 2011 at approximately 7:35 am, I contacted Bank of America to find out why they had taken my money without notifying me. They indicated that they did not have any open claims on file and that they couldn't give me my money back.
View full review
2 comments
#384165

:upset bank of italy has spoken

#380063

These debits were properly assessed utilizing Bank of America's Right of Setoff that is mentioned in your Depositor's Agreement. Whenever you have an account that is overdrawn for a period of 90 days, the bank has the right to go into attached accounts that you are a signer on in order to recover funds without undue loss to the bank, since we have to pay money on funds borrowed at a high interest rate to provide your overdrawn account. While the loss is unfortunate, you would do the same thing if you as a person had the authority to do so.

View more comments (1)
ID
#273708 Review #273708 is a subjective opinion of poster.
Location
Berne, Bern
Product
Bank Of America Checking Account

BOA was going to charge me $6 for a $60 check.

My wife and I were very seriously thinking of opening BOA checking AND Savings accounts at BOA, but today, I went to cash a $60 check drawn on BOA. Since we don't have an account, they said they were going to charge me a $6 fee! We could not believe they would actually charge any fee for a check on their own bank, let alone 10%! It seems like it should be illegal to charge any fee to cash a check drawn on the bank you are cashing it at. I will NEVER open an account with them! BOA needs to reconsider its' fees, but regardless, they have lost my business for ever!
View full review
ID
#271843 Review #271843 is a subjective opinion of poster.
Location
Cape Coral, Florida
Product
Bank Of America Checking Account

Charged unauthorized fees

Bank of America is charging fees on my mortgage that were not part of the loan documents that were signed as a contract between me and my bank. When they purchased my loan, they cannot charge for things that were not part of the original loan. It would be like me starting to assess a fee for receiving my monthly statement electronically instead of thru the mail like it was originally. What could i charge for that "service" to them? It was not part of the original agreement and I would not be able to alter the terms of the contract without a signed modification of the contract by all parties involved.
View full review
4 comments
#396076

Don't sign any "modifications" unless you are an attorney and can fully understand their terms...there's always hidden language, and it's not in your favor.

#370689

Is it possible for someone to owe 6 or 7 thousand dollars on a Bank of America credit card which was charged over twenty years ago and still have a balance of over one thousand dollars currently? Bank of America appears to have been found guilty of charging unauthorized fees so, as far as I'm concerned they could be guilty of committing additional/other fraudulent type business errors.

A home which cost much more than a few thousand dollars can be paid off in 30 years so, I don't understand how the before mention senario can be possible unless Bank of America is operating in a fraudulent manner reference this matter, as they have been found guilty of doing in other consumer financial affairs.

I'm researching this matter on behalf of my mother and I'd appreciate any/all assistance in the form of information concerning such a matter.

Thank you.

#367778

Statements are not part of your conract they are a courtesy. That contract you have there is the only REQUIRED document to hold you to repaying that loan. As for the fees they most likely are somewhere in the small print (i.e inspection fees late charges mip/pmi)

#366906

have an attorney review your mortgage contract. sometimes the fine print is unclear but to someone well-versed in such subterfuge

View more comments (3)
ID
#271771 Review #271771 is a subjective opinion of poster.
Location
Purchase, New York
Service
Bank Of America Mortgage

Bank of America Mortgage Refinance

I feel obligated to share my horrible experience with Bank of America while I was in the process of refinancing my primary home. I have had my mortgage loan with Bank of America for over five years and decided that I would benefit from refinancing, given the low interest rates. To my surprise, I had the worst loan processor, who would not respond to my phone calls and voice message. I submitted tons of documents only for her to email me back requests for more documents. In the meantime, I would have to wait to hear from this woman for about two weeks. Time passed and the two months that I had the interest locked for ended- she had the audacity to send me an updated good faith estimate with thousands of additional charges because she claimed I did not submit the documents timely. I communicated my greater dissatisfaction to her boss and to my surprise she did not bother to even answer my messages. I have to give credit where it is deserved; the loan officer was great- professional, responsive and great overall customer service. I am very disappointed about Bank of America and I will work very diligently to refinance with a different bank. Bad experience! One apple can definitely ruin the rest.
View full review
7 comments
#577953

Is there somewhere to go to complain about these banking practices? Does anyone over see bank refinances?

#576302

They flat out lied to us and then bait and switched. Told us since it was a refi and current mortgage was with them and because we were military and had a ton of equity that we wouldn't even need to provide any income documentation.

They said we'd close in less than 2 months. We paid the fee and then they switched and asked for ridiculous amounts of documentation like a letter stating why I had a different address 10 years ago. When I reminded them it was supposed to be a no documentation needed refi they said that was a mistake. I requested my application be withdrawn multiple times and they said they'd send me a confirmation letter.

Instead they sent us a letter denying our mortgage application because we failed to provide documentation. Now I'm scared that will effect our credit.

#440667

The exact same thing happened to us; I too had my original loan woth BofA and thought that refinancing was going to be extremely straight forward, not the case. The loan officer, Judy Torres, was EXTREMELY incompetent and the processor of last name Jaramillo was even worse.

On one of the many trips that I made to their office and they told me that it would take another three weeks to finalize the process, I decided to go to Wells Fargo, within four weeks, I had everything approved and my loan refinanced. Two weeks later, I got a letter from BofA saying that my request had not been approved because I did not provide the information required, mind you, they already had the loan!

#375434

Someone please tell me;

Who oversees these Re-Finance operations?

Who can we file a complaint with?

#375430

We need to report this crooked behavior... or sue them as suggested.

These people are loan sharks.

I have similar experiences.. they flat out lied to me telling me a Re-Finance would not render me ineligble for a home loan modification (which it did) that would save me around $500/month and closing costs!

#374101

Attempted to get hamp . i was turned down for failure to send in documentation that was or was not requested.

Since i have a letter stating that i had sent in all requested documentation this meant i was turned down for not producing documentation that was never requested Also my application was given a second look and they could not suggest anything for me, except that i consider short sale or deed in lieu :? Since i had considerable equity and not even remotely close to being underwater i had to assume that no human being ever even looked at my application. This all took over a year to transpire. Shortly after this strange experience

i received a letter from their regular mortgage dept stating that i was pre-approved for a standard refi which i did.

Refinanced from a 15 year(7 1/2 years into it)to a 30 year. my payments went from $1250 to $579, same interest rate simple, took less than a month however cost $4800 in closing costs.

See how fast BOA can process a loan when they can collect these excessive fees? another frustrated american

#369622

Was your guys name Russ at BOA? Thats the person that messed us over there and now I am losing my house becuase of it.

Its all ascam at BOA. We all need to sue them.

View more comments (6)
ID
#271365 Review #271365 is a subjective opinion of poster.
Location
Washington, District Of Columbia
Service
Bank Of America Loan

3 times of *** re-finance/financial hardship runaround

The US government gave Bank of *** America 40 billion dollars to help or fix distressed/rip-off/corrupt mortgages. They will not help anyone and do what is right: Refinance mortgages for the fair market value of homes. Instead, the 40 billion dollars was misspent (within their own corporation) on their own lawyers to fight their own evil corruption. The banks were compensated for the money lost on home values, but did not give it back to homeowners. WHEN IS OUR GOVERNMENT GOING TO WAKE UP AND HELP AMERICAN HOMEOWNERS FROM THIS EVIL CORRUPTION? Bank of America is above the law, and money controls everything, even our government. Revolution calling...Or maybe God will step in and rain a Wormwood meteor shower on every BofA branch.
View full review
2 comments
#372685

Please go to your local media with your story.

#369624

you are so right about the bs.

View more comments (1)
ID
#271286 Review #271286 is a subjective opinion of poster.
Location
Atlanta, Georgia
Loss
$40
New Reviewer

I hate Bank of America

If I knew after refinancing to a lower rate, my mortage would end up with Bank of America,I would have refused the loan or stay with my old mortgage company. My prior mortgage company was Pennsylvania Housing Finance Agency (PHFA). I was very happy with their service, with the website, online bill pay...They paid my insurance and property tax ontime even when there was insufficient fund in the escrow account. Escrow account is setup to accrue 1 year of insurance and property tax in 12 monthly payments. However, the insurance and property tax bills come couple of months before due dates. With property tax, I would receive 2% discount if I pay the bill early in full during the discount period, which mean I would not have enough fund in the escrow account to pay the bills. PHFA paid the bills anyway and never charged me a penny, then collected the fund from the monthly payments. PHFA paid interest on my escrow account, not a whole lot but it showed PHFA did not rip me off by withhholing thousand of dollars without paying interest. With bank of America, there is no interest paid on the account. Now, this is what pissed me off. Starting next year 2012, Bank of America will start withholing an additional 16% above the total amount that would require to pay my insurance and property tax annually (about $3,400), again no interest will be paid on this amount, $544 a year. So Bank of Americal witholds close to $4,000 from me without paying a penny in intertest. Their reason: Federal allows us to withhold additional fund as reserve. This is a good example of Corporate Greed! Everyone, feel free to repost my comment on other site.
View full review
3 comments
#372696

Nikalseyn,

You must beone of the 1%...show some compassion. If this is not corporate greed, then why didnt the OP's first bank do the same thing that BOA is doing? This is absolutely the definition of greed...and further read the definition of good business practice, ie ethics....good business practice is not writing high risk loans in the first place....you're the one that's ill-informed.

#369627

David PuzniakMortgage Loan OfficerBank of America Home Loans628 North New Ballas Rd Creve Coeur, MO 63141david.puzniak@***.comOffice: (314) 994-****Mobile: (314) 486-****Dear David Puzniak & Bank of America:I will be sending this letter to anyone who will read it and listen to the injustice that we have suffered at the hands of Bank of America and Freedom Mortgage. My intent with this is to have Bank of America honor the agreement that they had made with my husband and I in 2010 about streamline financing my current FHA mortgage with Bank of America.

And to also make Bank of America fix some of their current processes that harm families like ours. Below is an approximate timeline of events:November 2009- We received a postcard in the mail from a company called Freedom Mortgage offering to refinance our home with a new FHA streamline refinance and save us on our interest rate and monthly payment.November 10 2009- I spoke with Freedom Mortgage about the postcard that was sent to me and to ask questions about how it worked. They said no credit check, no appraisal and no closing as long as I had made all payments on time. I told them sounded good I would speak to my husband and if we were interested I would call them back.

They asked if they could send paper work to look at and I said yes in case we decided to accept the offer. January 5, 2010- We get a letter from Russ at Bank of America offering the same thing that Freedom Mortgage was offering. We called Bank of America because they are our current mortgage company and we thought it might be easier to deal with since they had all of our information already. February 2010- I call and speak to Russ and ask so questions about their program.

He assures it will be very easy and we should consider the offer. I tell him I will speak with my husband and call him back. So a few weeks later we call him back and talk to him on three way together so that Jason can ask the questions we has as well so we can make an educated decision. After speaking to Russ Jason feels confident and says we should proceed.

So we call Russ and ask him to proceed. March 2010- Russ calls and says he needs to go over the numbers again because something is wrong in the escrow numbers and that our payment is about to go up to $1800 a month. He says it’s good we are going to refinance now so we can get the payment down. We are concerned with the payment going up because we are trying to lower our current payment to get out of debt and pay off some bills.

So now it looks like we need to refinance just to stay afloat much less pay off bills. I feel bad for people in our shoes that don’t have two incomes to fall back on. I think no wonder there are so many homes in foreclosure. It saddens me.May 2010- I tell Russ we are going to be out of town and ask if he knows when our closing date will be since we are getting close to 90 days now.

He says we will get it all done when I get back in town. June 2010- When we get back in town Russ is on vacation. I leave a message. When he calls back we ask him about a cheaper rate that is being offered.

He says ok he will look in to it for us. He calls and leaves me a message to call him. I call and leave a message for him.July 2010- I call and leave messages for Russ. He calls me back once and leaves a message for me to call him.

I try him back but have to leave message again.August 2010- I leave message after message for Russ to call me. We really need to get out mortgage closed badly. Finally I call one evening and ask for him, they don’t put me on hold and I hear him say, put her into my voice mail I don’t have time for that crazy lady. I ask to speak to his supervisor immediately.

Dave Puzinak gets on the phone and I explain what has happened. He apologies but it seems like he is just sorry that Russ gets caught saying it, not that he really is sorry that he did say it. He says BOA would like to keep my business. So I agree to proceed.

September 2010- Dave sends me new papers with the new rate on it and says the processing has to start over because of the new rate. So he says we won’t close this month either.October 2010- Dave says we missed our window for this month as well.November 2010- Dave says we can’t close this month because there is a very short window they have to close these loans. And they must be done by the 26th of the month and they are shorthanded and can’t get the paper work processed and completed for this month. I am very disappointed.

I even file a better business bureau complaint and they offer me a $25 gift card for my trouble and say it will be done in December for sure. I call another mortgage company to see if we can get it done quicker and to see if I am being lied to. They run my credit and say they can’t help me because my credit score is too low to finance with them. They suggest I continue on with BOA since there is no credit check required.December 2010- Dave calls for my bank statements so I send them to him.

He calls me and asks why I have deposited a $2000 extra in my account. I explain that it is a loan for our Christmas vacation. He says we can’t close because they will think its borrowed funds for closing. But I tell him I have the money to close even if that had never been borrowed and he said yes but that would be too much paperwork so we should wait till the next month.

I am beside myself at this point. Money is really tight and my payment is supposed to be more than $300 cheaper a month. And every month I get further and further into debt because I can’t get my house closed and my payment lower. I am scared I am going to lose my house at this point.

I have 5 more people in my household to take care of.January 2011- I call Dave and ask about closing date. He says once again we need to wait one more month till Feb 15, 2011 to get bank statements in with now extra money added to my account. I am livid. I fuss and complain but he says there is nothing he can do and it will be done next month for sure.

There is nothing I can do except comply, BOA has my family home in its hands. I pray they can fix this next month because I don’t know how much longer we can hold on to this house without the refinance.February 2011- I get an email from Dave today saying not to forget to send him the bank statements on the 15th so we can get moving and not miss that window again. I am super excited that he seems to be being proactive. Then 3 hours later I get a call that says he needs me to call him.

I call him back and he tells me that because Freedom Mortgage held on to the file or application for 4 months, I am no longer eligible for the no credit check offer and they ran my credit and it’s too low for them to do the loan. I was devastated. I only spoke to Freedom Mortgage One time. I never signed anything or told them that they could do anything.

They had called BOA for a payoff quote which I had to pay for even though I had not authorized it in anyway shape or form and they changed my designee on my homeowners insurance through State Farm. How can a company do that? Isn’t that an invasion of privacy? Don’t I have to sign something giving them permission to do all that?

And how can BOA back out of a deal just like that? Should they not have to own up to their agreement? Dave has said now after this whole year that it’s Freedom’s fault, I am sure if I call them they will say it’s BOA’s fault, but ultimately my family is the one who suffers because now we cannot refinance our home and will probably lose it because we can’t pay the note every month. I thought President Obama’s mortgage reform was to help people like us, but it has not.

So it’s either his fault, the FHA (that’s the other place BOA blames), or one of the mortgage companies fault. But of course I am sure no one will fix this or take the blame. My husband and I both work in education and I thought we were pretty smart people but for the life of me I cannot figure this one out. When we first purchased our home our payment was $1500 a month to Taylor, Bean and Whitaker and we could afford it.

We had plans in two years to refinance. Then we get a notice saying they are closing down and Bank of America now has our loan. Then last year for no reason we can understand our payment went up to $1841 but our taxes went down and our homeowners stayed the same so why would it go up? I am going to send this to everyone on my email list and my face book to let my family and friends know of our injustice before we lose our home so that people will already now it was our mortgage companies fault.

I am also sending it to anyone I think might be able to help me get the word out to help some other poor soul from putting their trust into either of these companies.

It is wrong what you have done to my family. I hope you open your eyes and do the right thing or that the FHA or someone higher up can step in and make you do the right thing and correct this mistake you have made for us.

#365372

No, it's not "corporate greed" as ill-informed people say, but just good business practice. All banks need to make a profit and cannot afford to carry deadbeats or non-paying customers on the books.

You do NOT need to stay with BOA---just pay off the mortgage and then you can pay your property taxes on your own. Like I do.

I have never paid interest on anything in my entire life---stop complaining. No one forced you to take on a mortgage.

View more comments (2)
ID
#270964 Review #270964 is a subjective opinion of poster.
Location
Philadelphia, Pennsylvania
Service
Bank Of America Mortgage