We have a different issue with Bank of America. We requested a modification from them, since oour interest rate was high. We entered the loan modification program and were given payment amounts to make during the period the modification was being evaluated. They were lower than our normal payment, so I assumed I was only paying the interest on the loan during this period. We paid all of these payments on time. After six months, our modification was approved and our interest rate was lowered.
Several months later I checked my credit report and discovered that during the six months that the modification was under way, Bank of America reported that we did not make ANY loan payments, and that we were up to 180 days late. This brought down our credit score significantly (I had been working hard to build this up). When I called them to find out why they reported this way, I was told that even though they accepted my payments, none were applied to our loan until after the modification was approved. I went round and round with them, explaining that I all my bank statements showing that the payments were paid on time, and that they should fix this with the credit reporting agencies, but they refused.
As usual, Bank of America took the "we can *** so we will ***" approach. I have seen very few companies with as much contempt for their own customers as Bank of America. This is the company that took taxpayer bailout money (I still believe that the bailout was a huge mistake...poorly run companies should fail and let better run companies take their market share).
I would love to hear from others with a similar story. My email is email@example.com. These kind of practices cannot be tolerated.
Product or Service Mentioned: Bank Of America Loan Modification.