Bank of America Mortgage Department

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Complaint

0
Russ
Country: United States
I caution any one that has a mortgage with Bank of America to be VERY CAREFUL! My dad and I share a mortgage with Bank of America, and Bank of America changes their billing address from time to time and if you do not receive an address change from them or you miss it in the mail Bank of America does receive your payments but now it is at what they consider to be the wrong location and this department holds your payment and will not forward your payment to the new billing address.

Then when you fall behind on your mortgage they foreclose on you! This is what happened to my dad and I had to file chapter 13 for him to keep his property! I make payments for my dad via online banking with my bank and my bank actually sent BOA a letter asking them to withdraw their foreclosure proceedings, cancel any late charges applied to his account and restore his good credit because my bank had proof copies of all the checks that went un-cashed.

They were sent on time but to the now wrong location because Bank of America had changed their billing address and unfortunately for us we did not receive a change of billing address notification this time, yes they have changed it before but we caught it that time. The request from my bank was refused! Why? My bank told me straight up that this is how Bank of America got to be so big! They deliberately change billing address from time to time and if you miss it for what ever reason Bank of America then forecloses because they don't receive your payments!

They receive the payments, but it's the wrong department and they just don't forward them! Proof? After chapter 13 was filed we received back one of the first checks that BOA claimed that they didn't receive, it was dated pre-foreclosure! They just flat held it until the chapter 13 was filed then sent it back. Had I not filed the chapter.13

BOA would have legally defrauded my 82 year old dad out the land he worked so hard for most of his life. If you have a mortgage with Bank of America "BE CAREFUL, BE VERY CAREFUL"! Check up on your billing address at least every six months. Thanks.

Comments

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  • 0
    Peter
    | 3 replies
    Bank of America sucks big time. I'm on my 3rd year trying to modify my mortgage, paid out $3500.00 in lawyers fighting a never ending battle with this bank.  I'm sick of them.  I call and call and get no were with them.  Every time I have gave my information to so many departments, got approvals for the modification, wait, then in 6 to 7 months call again to be told that I was denied for whatever reason.  Everytime the story changes I'm done. I'm stripping this house, moving (Renting) for now, filing banckruptcy and they can eat the F-ing house.  I'm so tired of all the bull [***] we have to go through with this bank. As I'm concerned This Bank of America crap Sucks and needs to be F-ing closed down for good.

    Also what ever happen to the 1.7 Trillion they got to modify anyone who came from Countrywide home loans.  Nothing they kept the money and did not modify anyone. [***], hope they get so burried that they will never be able to open another branch anywhere in the world.
    • 0
      ex-BOA Loan Officer replies to Peter
      | 1 reply
      They don't want your modification because it is not profitable. They make good money on foreclosures, especially if they bought an insurance policy on your loan behind your back. They do that alot. Trust me.
      • 0
        KCarter replies to ex-BOA Loan Officer
        We are buying a short sale property that has a BOA mortgage. Signed contract on 3/2/12.  Supposed to close today, however, BOA has not sent the wiring instructions to the title company handling the settlement.  No one at BOA that has handled the short sale process will even answer their Jacksonville FL phone or respond to emails from the seller's realtor and the title company.  What could be going on?  Something sure doesn't seem right, and from reading your posts my only guess is that they make more money if the property forecloses. Did BOA just string everyone along in this process? How would the current owner of the property find out BOA bought an insurance policy on their loan behind their back.  I am iInterested in any thoughts you have regarding this.  H
        Thanks
    • 0
      ex-BOA Loan Officer replies to Peter
      They don't want your modification because it is not profitable. They make good money on foreclosures, especially if they bought an insurance policy on your loan behind your back. They do that alot. Trust me.
  • 0
    spencesgal
    Contact the attorney general's office.  That seems to be the only thing that grabs their attention.
  • 0
    LARRY
    | 1 reply
    i have a 2nd mortgage that originated with Countrywide in 2006 and i have my note and documents that clearly states the terms of the loan B O A bought Countrywide in 2008 and since then the terms of my loan has been
    changed, which is securities fraud and instead of me oweing for 15 yrs on a
    fixed rate boa has me oweing my loan for 30 yrs. on an adj rate. i feel that the note is not enforceable
    • 0
      ex-BOA Loan Officer replies to LARRY
      This would be a blatant violation of T.I.L.A. (Truth in Lending Disclosure Act). Compare your Truth In Lending Disclosure from your closing to the modified terms and go see a foreclosure attorney. They will have a field day.
  • 0
    Steve
    I originally had my mortgage through CountryWide, which was bought out by Bank of America about 2yrs ago. I never had any problems with CountryWide but BoA is a different story. Back in August 2010 I got behind on my mortgage, due to a divorce and choosing staying in house which wouldn’t sell due to the poor market. The biggest reason for falling behind is due to Bank of America's policy of not excepting partial payments... This means if you payment is $1500/month and all you have is $1450, then they will not except the $1450 payment... Because of this policy I ended up getting 2 and 3 payment behind.. Eventually, my mortgage went into Accelerated Foreclosure, in which all past payments were due plus attorneys fees. I ended up contacting my 401k and applying for a hardship withdrawal.. The biggest problem was finding out from BoA what was owed. With the extra fees added, I didn't know the exact amount owed so I could get a check cut from my 401k. I had to request a quote from BoA, which I had asked them to fax to me. It took 3 days to get a fax, who's payoff quote was only good for 7 days.. Remember, it took 3 days to get it.. There was no way that I could get a certified check cut from my 401k a get it to BoA's special address in less than 4 days.. BoA wouldn't let me take the check to a local branch, so I had to request another quote from BoA, which was about $500 more that the one I got just 4 days before.. The reason for the extra $500,,, attorney fees.... To try and make a long story short, I got the all the money to BoA said I owed, and started a clean slate with BoA as of Jan 2011.. I have made it a point to pay my mortgage with BoA on time since Jan.. I make my payment at a local branch at the counter so I don't have to worry about addresses changing or something getting lost in the mail. Since Jan, BoA has tried to add other fees, about every 3 months or so, to my fixed mortgage payment. The latest was a $91 fee, which I again had to call them up and ask WTF!!! Can you believe they said, due to some increases, I hadn't paid all my attorney fees from back in Dec 2010 foreclosure.. They said that it looked like I owed over $1300 more so they had broke up and added it down to monthly payment... This is something I noticed on my monthly mailed payment coupon, no one had called me to say anything about this. Those so called attorney fees were from 6 months ago!!! WTF!!!! Well after calling and going up the ladder, explaining along the way the whole story of the 2 foreclosure quotes, and the payoff, they finally said it was their mistake and that I didn't owe that money.. Duh!!! I knew that!!! They said to just pay my normal payment and it will all be cleared up by the next statement... Well, now I've got this payment coupon with the $91 added to the monthly payment, that I have to take to the local branch to make my regular payment.. Remember the "No Partial Payment Policy".. Here we go again... I don't trust Bank of America.. I'll never have any type of loans finance with BoA.. Oh, also something I started back in Jan, on the memo line of the checks I write to Bank of America I write "F U BoA"..
  • 0
    SGT, CAMPOS
    I HAVE A V.A. LOAN, WHICH I HAVE BEEN PAYING ON TIME. BUT ACCORDING TO THE MORTGAGE DEPARTMENT, THEY ARE SAYING I HAVE NOT MADE A PAYMENT FOR THE MONTH OF JUNE, 2011. I MADE A PARTIAL PAYMENT $1,000.00 ON 5/27/11 AND $1,072.00 ON 6/10/11. BOTH TRANSACTIONS WERE DONE ONLINE. I HAVE THE TRANSACTION NUMBER THAT IT WAS PAID ON THOSE DATES. THEY ARE CLAIMING THAT I PAID $1,000.00 TOWARDS THE PRINCIPLE. I HAVE NEVER AUTHORIZED THIS TRANSACTION. INCLUDING FOR THE LAST 3 MONTHS, THE LOAN DEPT. HAVE TRIED TO CASH UNAUTHORIZED CHECKS WHICH THEY CREATED FOR THE AMOUNT OF $2,646.00. I AM BAFFLED BY THEIR ACTIONS. WHY WOULD ANYBODY PAY $2,646.00 IF MY MORTGAGE PAYMENT IS ONLY $1,991.00.

    I AM MAD AND AGGRAVATED DUE TO THE CONTINUEOUS PHONE CALLS FROM THEM. AND THE INCOMPITENT PEOPLE YOU SPEAK TO ON THE PHONE THAT DON'T KNOW WHAT THEIR TALKING ABOUT. ALL ACTIONS BY THE BANKS MORTGAGE DEPT ARE FRAUDULENT. WHY WOULD ANYBODY NOT PAY THEIR MORTGAGE AND PAY THE PRINCIPLE IF THE MORTGAGE IS THE PRIORITY?

    RESPECTFULLY:
    A MAD VETERAN OF THE US. ARMY
    SGT, CAMPOS
  • 0
    fran
    | 1 reply
    The Loan with Bank of America was in my husband name only before he died he put my name on the deed. He had an ajustable rate mortgage. after he died he received the modification he had been fighting for 2 years to get. because my name was not on the loan they will not let me sign for him and is forceing me to open up an estate when the only thing he had was the house and I was told by an attoney to open up an estate there would have to be assets of more then a 100 thousand dollars. (which there are no asset worth this amount) I have an income and can pay the mortgage but Bank of America will not work with me and wants to forclose on the house and set my son and disable grandaughter out on the street
    • 0
      khizar ilahi replies to fran
      I am in the same situation .My dad had the loan underhis name with first franklin and deed is my name .My dad passed away and i am tring to get loan mod.The note i have is with first frankilin not baof.The loan is interset only loan.MY lawyer saw the papers and loan vilation from baof .I am not paying any mortgage until they reconstruct my dad loan.
  • 0
    B
    Just like to let you know as a heads up it takes 7-10 days for the payment to process when you make it at your bank, they cannot automatically post it..
  • 0
    Wavejmpr
    On March 11 2011 I sold a home in NC and ever sinse then I have been waiting for the escrow overage (1,000.00).  B of A says they sent it to my ex's address but she claims to have never seen it, or may have accidently thrown it away thinking it was a solicitation of some sort.  Since then B of A claims to have stopped payment on that check but for some unknown reason the new check has not shown up.  Still waiting, and I think this is just another run around the ole B of A circus.  I would like to report them to the atturny general of North Carolina, but not sure if that would do any good. They are always nice as pie on the hone, very willing to help, then nothing happens, and the same things happens again and again. I am sure the feds don't care (at least under this adminstration).  My hope is toi find a way to solve this, without the extra effort of involving legal folks.
  • 0
    Rose
    Go we are experiencing the same thing. We went to our senator and are working through his office..You would be surprise how fast you get a response.
  • 0
    NATHAN
    Our mortgage is 911.06. My wife sent a bill payment of 650.06 from her online banking and I sent one the following day for 261.00. So the mortgage was paid in full by the due date, before even going into the grace period. They posted my payment to principal and called us claiming we were late, because they sent the payment back for $261.00. They then demanded we do a phone payment of $261.00 when we hadn't even received this check in the mail or they would report us late on our credit report. Then they keep asking if we are going to be able to pay on time. Hello, we have never paid late. Then we think we have everything cleared up, when we get another call claiming we are late, because they are to stupid to keep records of their phone calls.
  • 0
    Isabel1170
    I went through pure hell regarding my loan modification. Quite honestly, no one should expect a loan modification from Bank of America because there is none. It is a trick to make you default and take your home. They make much more money that way. They could care less if you are dying, got an operation, lost your job or any other unexpected inconvenience that might happen in your life. Do not fall for their traps. This is called
    F-R-A-U-D!! They need to be exterminated like a bad roach infestation that has corrupted this country's economy.

    They are committing widespread fraud. When you "mislead" millions of people to believe that you are going to help them and even make them miss payments in order to get a loan modification, that is called fraud:  http://en.wikipedia.org/wiki/Fraud.

    The unnecessary abuse that Bank of America has caused me and my family caused long-term damage. I might be impaired but I am still fighting back. Please read our press release: http://www.free-press-release.com/news-florid ... 1299633088.html

    If you would like more information about Bank of America’s racketeering practices please read here: “Bank of America is a Racketeering Enterprise” Please read my article here: http://www.piggybankblog.com/2010/11/16/bofa-racketeering/

    Everyone can do their part and sign a petition that will hold Bank of America accountable for RICO violations: Please sign this petition: http://www.change.org/petitions/the-president ... under-rico-laws

    I highly suggest that you file a lawsuit against them because they have every intention of taking your house and not helping you. I was also targeted. These criminals need prison and nothing less. Let them whine all they want after they have fraudulently made huge amounts of money off of the backs of helpless homeowners.
  • 0
    fedup
    Here is the web address

    http://www.occ.treas.gov/about/what-we-do/mission/index-about.html
  • 0
    rick
    well sounds like we all have the same problem how could that be  because its called FRAUD started geting beyond on payments after my back jury and 3 heartattacks.wanted a loan modification sent paper work 3 times over a year and they kept saying we dont have it all finally after calling a tina she said email your paper work to me and ill make sure they get it call her back in a week we did she said every thing looks good so for call me back in a month i did its been aproved she says its going to underwriter you should get it in 30 days our so well i got the paper work about 60 days later your house well be sold on the courthouse steps sept15 thats in two weeks all i ca say is if your trying to get a loan modification with boa your screwed
  • 0
    Chris
    By making bi-weekly payments one is curtailing the principal, reducing your interest over the life of the loan.  This takes money out of the pockets of BOA.  BOA is the only lender that does NOT offer a bi-weekly payment plan ONLINE.  I wanted to do this but am apprehensive reading all the negative comments regarding their payment processes.
  • 0
    Richard
    Anyone thinking about starting a mortgage with Bank Of America may want to reconsider. With all the reoraganization, lay offs, and government involvement Bank of America is going through, you may find the over worked mortgage s at Bank of America making a lot of mistakes and not making deadlines as promissed on your closing. I just completed the loan process with Bank of America and some of the problems I faced were, No communication with me, loan information going to an email address I never provided, not making the closing date on time, costing me the seller paid escrow fee, the whole process was horrible and this was a little mortgage for under 50K. Bank od America had me down for 5.5 percent interest, most lenders are going for 4.5 or under Its is more involved, what happens after your loan is approved, there will be more mistakes long term, you may have to deal with, lost payments, Bank of America changing addresses without notification and many more variables. I pulled out of the loan the same day the documents were ready to sign and close, remember this was after the closing deadline, Bank of America offered me 1000 dollars to change my mine. They proved how fast they could work when they were loosing my account. Do yoursel a favor, the odds are against you.
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