We are very qualified to purchase a second home and were assured for 6 weeks that closing documents would be to escrow on time. Now it is one day past closing and no docs.
Were assured that this morning it would happen. Now not assured. Seller has signed all their closing docs a week ago, but now sends notice of termination that we have missed closing date. We will now lose this house through no fault of our own.
This is all on BofA underwriters and loan officer. This was our dream vacation home and there is no substitute. Now we must enter litigation to force the sale. Odds of being successful are not good.
Don't do a mortgage through Bank of America. They are incapable and incompetent. They pay their underwriters very low and the quality of worker is incompetent. They have asked over and over for the same documents that were given weeks ago.
Then they ask at the last second for more documents. They have had 6 weeks to process this loan and have failed in every way.
We are now going to close all of our business accounts with them. We are disgusted.
Product or Service Mentioned: Bank Of America Mortgage.
Reason of review: Poor customer service.
Monetary Loss: $117500.
Preferred solution: Let the company propose a solution.
Bank Of America Cons: Criminal business practices, Mortgage fraud, Late loan processing, Preditory practice to lure mortgage borrower, Dishonesty in making promises mortgage docs would be timely.