Slidell, Louisiana
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Backstory: I was with Countrywide originally and in April 2009 BOA took over my homeloan. I went to closing on Dec 21, 2007 and prepaid for one year projected taxes and insurance into my escrow at closing as well as paying for my homeowners insurance in full for the current year and the 10 days of taxes that were due for 2007. By prepaying my escrow account at closing I had a $500 buffer and $5380 in prepaid fees. Throughtout my time with Countrywide I kept a positive balance in my Escrow account even after the 1st year ended and my insurance and taxes were paid leaving my $500 buffer still intact and an additional $181 that was overpaid towards insurance.

Fast forward to April 2009 when BOA takes over my Countrywide loan and all of a sudden my Escrow is negative by $1194, due to the company adding a homeowners policy that covers wind/hail and hurricane. When I sent BOA a copy of my current homeowners insurance stating that on my declaration page it cleary showed a hurricane deductible and the coverages as well as wind/hail coverages and that I refused to pay for a 2nd policy. I spoke to a very rude CS rep who told me they would do an evaluation of my escrow account and insurance and determine if the 2nd policy was actually needed. After a month it was still showing up in my escrow statement and I had my insurance guy call BOA while I sat in his office and he explained in my policy I was 100% covered for wind/hail and hurricane. BOA finally removed the insurance coverage.

By June of 2009, I still had a negative balance in my Escrow account. When I questioned this I was told by a supervisor that the new negative balance was from them paying my property taxes. I asked them for a copy of the tax bill as the Tax Assesors office claimed the bill would not be sent till December. He refused to allow me a copy of this and I asked to have an itemized Escrow statement sent to me showing what was paid, when, and how much. After repeated calls for days I got another supervisor who told me there was no shortage that they would be crediting my account from the insurance policy that was cancelled but I would have to pay for the 1.5 months that it was in effect. When I refused stating it was their choice and their error in adding the policy she agreed to waive the charges and credit my account.

September of 2009, I made my regular monthly payment and called back asking why my Escrow account was negative $3380 this time. I was told they paid my taxes and insurance in Dec. 2008 and I carried a negative balance at the time. When I faxed her a copy of my statements showing I did not have a negative balance AFTER those things were paid and I cont. to carry my buffer money as well and made monthly payments with nothing being paid out after there was no way it should be negative. She said she would cont. to investigate to find out where the funds where. In Oct. my statement showed a negative balance of $3380, so I called back again. Again no luck. I threatened to get an attorney, call my State DA office, FTC, and take them to court. The responce was its only a few thousand why not just pay it. When I questioned why they can see it was in my escrow account but not visible at the moment in my account so what happened to it, the responce by 5 different people were 5 different answers.

Fighting for months my insurance and taxes come due in Dec. 09. They pay $2973 to my insurance company for a bill that was only $2073. My insurance company issued me a refund which I promptly paid back to BOA and stated in my monthly payment I was paying $900 additional to my Escrow.

Due to being negative at the time of all these payouts, my account went deeply negative raising my monthly escrow amount to more then triple the previous payments and triple my principle and interest payments. I have still not received an answer except that they see the money was in the account but cannot figure out what was paid with it. Now I am left to pay the negative balance and fight for longer to get what I initially paid into my account. I have sought an attorney who suggessted we take them to court but that is more money out of pocket.

I was told if I refuse to pay any Escrow and pay my taxes and insurance myself upon its next renewal and billing my Escrow account will go even further into the negative. How can it go further into the negative if I pay these bills myself by contacting the TA office and Insurance to bill me directly and I pay it myself? They also stated they will refuse to accept any payments that are not payments in full. I told them I wanted this in writing and they refused. They refuse to put their denials in writing and refuse to acknowledge errors in accounting for money.

They mishandle and mismanage money but yet they manage to pay back 80% of their bail out????? Ironic isn't it?

Product or Service Mentioned: Bank Of America Mortgage.

Monetary Loss: $365.

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Anonymous
#631200

Trying to collect escrow money that is owed me after sellling my house back in 2007. No luck.

Talk to people after people and promise after promise to get back to me, but no such luck. Bank of America, when are you going to fix all of your mistakes and do what is right for all of your now ex-customers.

You are such a corrupt bank. Waiting for my money.

Anonymous
#534733

I sold my house and it closed on April 2011. I was behind by 2 months when it closed.

At closing all escrows were paid in full. My escrow with BofA was 1500.00 they refused to give it to me, saying it was theirs. When I ordered a credit report in July Band of Am reported that my house was a foreclosure. This was a absolute lie.

It sold and closed and never was or even began to go into foreclosure.

How do I get my escrow money back from Bank of Am. They did fix my credit report to show it was paid in full in April 2011.

Anonymous
#482281

IF anyone here is owed Escrow overages - contact me! I have a solution.

I am a political activist and I am recruiting people - I have successfully gotten B of A to GIVE ME MONEY that they owed me for my OWN escrow account. Now I want to pass it on - e-mail me at activist@oldcity.ws - IF you were told you were owed money but never got it - escrow fund overages checks.

Anonymous
#480601

When I lost my job due to economy downfall and severe medical problems and depleting savings I had no choice but to fill Chapter 13 to save my home. I have kept all my payments up to date and has always had an escrow overage but never received and overage refund from BOA even though they said they will mail one out.

I finally called them and they told me they couldn't send my overage refund because I filed for Chapter 13. However, several people who are in the same situations have received a refund from escrow overage.

Can people who have file for Chapter 13 protection receive their escrow overage? Can anyone tell, if so what do I need to do to get it from BOA?

Anonymous
#379844

People....there are laws that protect YOUR assets that are held with BofA in the form of escrows. If BofA will not provide you with an accounting of the "trust" account which they are holding for your benefit, then they are in breach of HMDA and Regulation Z. They would be subject to a fine, and it sounds like you should all band together and form a Class Action Lawsuit, with one unified message - Bank of America has broken the law with failure to disclose or properly maintain your escrow accounts.

Don't believe me....look up the laws of HMDA and Regulation Z (Truth-in-Lending Act, also known as TILA).

Good luck.

R/E Broker

Anonymous
#350797

I am very well aware that an Escrow account is where the money goes in reserve for homeowners insurance and property taxes....so when my escrow went into the negative by 1500.00 dollars I was quick to phone BOA and come to find out...when your homeowners insurance goes up they do not have to notify you why your escrow is negative it is up to the home owner to find out why....so when our payments went up almost 200.00 a month with no notification of why it was up to us to research and well we contacted the insurance company we use and they told us they do not have to notify us when insurance goes up because of how the escrow is......and well because we live in an area with no fire department only volunteer fire department they jacked our insurance up and said they will each year...THIS SUCKS....what a way to get away from responsibility....

Anonymous
#603985
@BOA piffff

You likely got your insurance that was offered with the home purchase and through the escrow? You didn't shop around and get your own? This is what I did, i got my own, but it is paid through the escrow, so that I am privy to all changes to the account and manage it all myself.

Anonymous
#200067

My escrow payments is increasing every year

can i pay my own taxes etc., it seems to be

cheaper? My mortgage company is BOA.

Anonymous
#179335

BOA has set up escrow on my original countrywide mortgage even though I have already paid them myself as i have for the last six years!Is this legal, they charge more than 20% more than I am currenly paying myself?

Anonymous
#178337

It took a year for me to complete a "3 month modification". I finally got it finalized on May 1, 2010.

On May 28, 2010, they increased my monthly escrow payment 53% with no notice or explaination (they had not yet gotten a new tax bill, so it had nothing to do with that).

AND...they charged me a $170 "fee"...no explaination, just "fee". So needless to say after 1 full year of making trial payments on time, I was 49 days late and they sent me a letter of intent to foreclose.

Anonymous
#177839

I wish everyone who is having problems file formal complaints with the FTC (federal trade commission) consumer protection agency. Also please contact your local state consumer protection agency and file a written formal complaint.

We need to start rising up and getting these agencies to do something for us.

These big banks are taking advantage of people all over the country. The escrow situation referenced above is happening to lots of people and is resulting in foreclosures!

Anonymous
#128268

I paid my property taxes on time,however the *** bank paid them again for a reason unknown so right now i have got escrow $4000 and i don't know how to get my money back

Anonymous
#124720

IM A BANK OF AMERICA HATER ALSO THEY ARE GIVING ME THE RUNAROUND ABOUT A ESCROW ACCOUNT I THINK I HAVE IN 8 HOURS OF PHONE TIME NICE CO U BIG SHOT CEOS HOW DO U SLEEP

Anonymous
#124646

I literally was on the phone getting the run around for 100 minutes!!!! I hate this company!!!

Let me start from the beginning. In 2006 my fiance and I bought a house. We had Sallie Mae then Countrywide and now BOA!! We paid our property taxes a month late in 2008. BOA automatically paid them and so did we!!! This issue was not taken care and fixed, until December 2009, not to mention I sent them a copy of the check I wrote a few days after the notice in 2008. I kept calling, calling, calling, and more calling until they finally corrected the issue!!

In November 2009 we called to try and get an MHA Modification Loan with them, because our monthly payments are always different, and they want up over $200 a month. I lost my job so we are really struggling. Well they said it would take 6 months to go through! I called and called nothing, now they are saying we are in deliquent with our taxes... So not true!! I paid them on March 19!!

Well it turns out that the MHA loan only works with an Escrow property tax account!! They never told us that this is how it works!!! I am so frustrated with this bank!!

I think everyone needs to call and complain to the BBB!!!!!

Anonymous
#119392

Same thing here , Country wide was original loan When BOA took over OMG what complete *** In Oct 09 I went to make a payment and I see a 600.00 escrow balance I call them and ask what or why it was there , They say they received a delinquent tax notice . I ask from who They say my city school tax-We do a 3 way call to verify they Fawked up and low and behold they did I never had a escrow account pay it all myself.

This is where it gets real good Dec 09 I log on t a 4000.00 escrow balance Not only did they pay a tax that was paid they turned around and paid same tax to schools district again this time 1175.00 and state they paid all tax`s I couldn't believe what I was hearing They stated once there was a escrow account they pay everything , So I checked and they hadn't even paid the county tax`s as they stated So I did it online while on phone with them

Now its march payment due and called and said they fix there *** now or we will let a bankruptcy court decide why all this happened 2 days after I filed for a loan mod program (Lost job) They got real nice but still havent fixed there screw up But there must be some killer notes on my account cuz the minute I call escrow they do a temp fix so I can make my normal payment

I did look real fast and looked to see if they had original paper work (they did) Please all do this -If they dont THEY CANT DO A DAMM THING

Anonymous
#116265

it will go even more negative because bofa receives these bills directly and will continue to do so and if it does stop, they will assume you have no insurance and you can have ours.....

Anonymous
#108765

Wow, they're just too big. Or maybe they use that built in excuse to take folks money and see if they can get away with it.

Too big to fail, then split them up. Luckily I've gotten away from them totally.

Good luck.

Anonymous
#101267

They wont care even if u stop making your payements. The could care a less if you give them money or not....unfortunately they know they've got you cornered because of the housing market and can treat you any way you like.

I have tried things like writting my local news stations and papers. I just want to know who you are supposed to complain to.

When I don't do my job right, our clients can yell at my supervisor...who is boa's supervisor? I want that persons number!!!

Anonymous
#101238

Good luck dealing with these idiots. I would just stop making payments and maybe they will start paying attention.