Phoenix, Arizona
Not resolved
13 comments

In the beginning of October, I began business with Bank of America to complete my mortgage on a home I am purchasing. To this date, they have unecessarily delayed completing the loan.

Bank of American representatives will not respond to phone calls or emails. When they do, representatives will repeatedly state that they are working on completing the loan. I have extended the puchase contract on my loan two times so far and will need to do it a third time. I may lose the house because of Bank of America.

This is absolutely the worst customer service I have ever received. My first contract expired on November 6th, thus for the entire month of November, Bank of America has been unable to complete the loan. I have provided them with all the information they need, it is all on their end. I wish I could do business elswhere but they made me pay $425 upfront for the appraisal.

It would also uncessarily delay my purchase of the home by even more to switch companies.

Product or Service Mentioned: Bank Of America Loan.

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panaduce
#418148

I have applied for my unit over a year ago and since then I have been ran in circles and still have not closed on my loan.

Since my application:

-My intrest rate expired twice

-Case number expired

-FHA grant expired forcing me to reapply

-My inspection expired forcing me to pay for a second one

-Paying insurance since a year has passed on a unit I am not living in

-Being asked for information on documents that's irrelevant to the condition. One example is being asked for credit reference letters which state that my payment history is up to date, but then ask for the letters to show how much the payments are (I do not understand how showing how much the payments are is crucial to the letter already stating that my payments are up to date)

I have been asked by my inspector, FHA processor, sales agent, and my own wife on why is it taking over a year to close loan to which I have no response. It makes me think of the integrity of BOA and as to wheather this is being done to delay my process.

any thing I can do?

Anonymous
#418146

I have applied for my unit over a year ago and since then I have been ran in circles and still have not closed on my loan.

Since my application:

-My intrest rate expired twice

-Case number expired

-FHA grant expired forcing me to reapply

-My inspection expired forcing me to pay for a second one

-Paying insurance since a year has passed on a unit I am not living in

-Being asked for information on documents that's irrelevant to the condition. One example is being asked for credit reference letters which state that my payment history is up to date, but then ask for the letters to show how much the payments are (I do not understand how showing how much the payments are is crucial to the letter already stating that my payments are up to date)

I have been asked by my inspector, FHA processor, sales agent, and my own wife on why is it taking over a year to close loan to which I have no response. It makes me think of the integrity of BOA and and if this is being done to delay my process.

Anonymous
#136233

I will never deal with BofA again.

This company must be shut down!

No one ever picks up the phone, answers emails, and nothing gets done - they only take the money from you.

Anonymous
#122679

In the beginning of November, I began working with Bank of America to complete my mortgage on a home I am purchasing. To this date, and two extensions later they have unecessarily delayed completing the loan.

Bank of America representatives will not respond to phone calls or emails, just as the last customer said!!! When they do, representatives will repeatedly push the blame on the L/O, processor, or underwritter. No one is held accountable. I have extended the puchase contract on my loan two times so far and it seems the seller's will not accept another extension.

I may lose the house because of Bank of America. This is absolutely the worst and most inept, and incompetent bunch I have ever dealt with. I have provided them with all the information they need, but once I show them what they need; it's something else. I wish I could do business elswhere but they made me pay $475 for the appraisal, $600 for the title, $500 for the inspector, and $900 for the lawyer.

It would also uncessarily delay my purchase of the home by even more to switch companies. very upset pls pls pls don't ever use this people if you want to close on a home.

They are unreliable and dishonest. If this does not go through I will surely withdrawl and close my checking account with them.

Anonymous
#112867

Dear terrible mortgage experience,

Same thing happen to us when we tried to get a loan from Bank of American. In the end we lost 960.00!

for home appraisal and lawyer fees. NEVER AGAIN-

Anonymous
#107343

We decided to refinace in august , thinking it would be easier to go with our current mortgage holder boa( which used to be the other crooks countrywide)we sighed the papers in september and it is the january still no closing date, today I went to surepoint. They ran my credit gave me a better rate and a closing date of 14 days.Do not deal with boa I lost the money for the property assesment not mention the time and trouble to put the paper work together and got nothing

Anonymous
#103620

UPDATE!!!!Bank of America has now notified the buyers of my home that they will not accept the appraised value of my home.(This appraisal was ordered by BofA and done by an independent appraiser)It appraised at $170,000. BofA states that my pool,spa and 1000 square foot detached garage are not typical for my neighborhood and the value of my home should only be $165,000.Wow...we do we even have to pay for appraisals?I guess the banks can name whatever price they want for a home. Who's running BofA now Monty Hall???Trying a new version of Let's Make A Deal!It's not enough that the market value is down so deeply, we now have the lenders trying to cut our throats!!!

Anonymous
#103020

My house is currently in escrow and we have had to extend the escrow because of BofA. The buyers (as well as both agents) of my home were told loan documents would be ready to sign on January 6th, then 8th,then on the 8th all parties were told it is going to take another 2 to 3 weeks.

I am so glad I didn't go with BofA. I have a loan with Coldwell Banker Mortgage waiting for my new home purchase.

However, if BofA continues it's deceptive communication and practices, I will probably have to cancel escrow on my new home as that seller does not have the time nor the patience for all this BofA BS! I will probably become another victim of BofA's deceptive practices and I didn't even chose them.I just wish I would have checked BofA's mortgage loan reputation before accepting this offer on my home.

Anonymous
#102556

I am also having the same problem. I have been trying to refinance for 3 months..have yet to recieve my package for signatures even though i was approved.

No one will return calls or emails...and just recieved a call from Old Republic title telling me that there was a $14k tax lien..may not be me..but in there search found a lien against a person with the same name as i , in the city close by..really??? Isnt that what i am paying for..for them to 'due diligence' regarding determining what is against the property as well as confirming findings before they contact directly and then ask for additional information regarding emplyment and salary, of which the same information has been given to BOA repeatedly....I do thought feel better that i am not alone in my frustrations over the process , as I started this process once before in 2008, and stopped because of the service provided.

and o by the way, I have been customer with BOA since 1990 and all my mortgages have been with them......I have never had a late mortgage payment with BOA in over 20 years...and this is what i get?? Dont think so...i will follow the others and look elsewhere for a honest banking establishment.

Anonymous
#99718

I've been waiting on BOA to sell my home. It's a (Countywide)BOA to BOA loan, closing has been delayed 3 times cause BOA needed more time.

On top of this BS, they have thrown my home into foreclosure process after I've repeatedly notified them of the situation.

Now in order to close I will have to pay them over $3,000 in foreclosure FEES. Highly pissed!!!!!

Anonymous
#98531

I am having the exact same experience now. I would suggest keeping all documentation about the delays and false promises from Bank of America.

If you do end up losing the house because of their incompetence, I would not hesitate to threaten them with legal action. If more people stand up for themselves instead of letting these *** take advantage of them, maybe the company will be forced to take notice.

Anonymous
#92870

If you can finance with another bank, I would highly suggest it. BofA just purchased my FHA loan and I have been unable to even get my first scheduled payment to them processed?!?

Terrible customer service on the phone, online and chatting with specialists. No wonder people go into foreclosure when BofA consistently has problems processing payments.

Anonymous
#90470

Dear Terrible Mortgage Experience. If you change over to Quicken loans now. I believe

you will have your mortgage way before B.O.A. I did it myself. I will be closing

on the 1st of DEC. 4 weeks from begining to

end.I am very pleased with there service & the people are very helpful.If you decide to switch speak with a wonderful person by the name of Natalie.Bank of America should have told you they are back logged for at least 3 months due to record low interest

rates. Good Luck with your new home.