Getting screwed by Bank of America – Piggington's Econo-Almanac

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September 15, 2009 at 12:33 PM #16343

Oxford
Participant

My loan is being “processed” by Bank of America. It started out great then it went beyond insane. Read on.

With a 30-day Close Of Escrow, they promised that it would be processed in time. I fulfilled all document requests within hours.

A few days before COE they asked for a few additional docs, which I supplied. My loan rep said I was approved and they only needed to confirm my revised loan amount and down payment with the loan manager. I am thinking, GREAT, we are good to go. Not so fast.

COE date comes and goes and my loan has not been sent to escrow. My rep cannot get any information from the main office in Brea about my loan status nor can his superiors. The BOA main office will not even answer the phone or return their calls. Emails are seldom replied to.

I finally get the whole story from Jim Looney, a senior officer. BOA is buried with all the junk loans from the Country Wide merge and a ton of “Making Homes Affordable” (the Obama Plan) loan refinancing. To make matters worse, they are migrating their processing to a NEW computer DB system. My loan and all the MHA loans got dumped on the old legacy system and are mired down. So I have no idea when and if my loan will be processed. And neither does BOA.

It is now costing me $100 a day per diem. BOA called and is reducing my lending fee by $850. I may have to rent back daily from the dreadful condo I am living in. Also, I could lose the REO house if the seller runs out of patience and cancels the contract.

In the meantime, BOA continues draw new loans to their black hole of chaos, mismanagement, slipshod, irresponsible and deceptive loan processing.

Sheldon, you were right.

OX
… f-ed

September 15, 2009 at 12:57 PM #456882

AK
Participant

Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.

September 15, 2009 at 12:57 PM #457076

AK
Participant

Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.

September 15, 2009 at 12:57 PM #457418

AK
Participant

Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.

September 15, 2009 at 12:57 PM #457490

AK
Participant

Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.

September 15, 2009 at 12:57 PM #457683

AK
Participant

Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.

September 15, 2009 at 1:23 PM #456908

Oxford
Participant

[quote=AK]Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.[/quote]

I just got off the phone with another lender and he said he could close in 20 days and says he gets “getting screwed by BOA” calls all week. I had a rate of 4.875% with 1/2 point with them. New guy offers 4.875 with 2 points.

I am not sure what to do now and starting to boil over. Do I wait it out? How long? Start a new loan process? Will the seller work with me on this?

I wish the media would do an expose on the bullshit BOA is running on the public. It is almost criminal.

ox

September 15, 2009 at 1:23 PM #457101

Oxford
Participant

[quote=AK]Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.[/quote]

I just got off the phone with another lender and he said he could close in 20 days and says he gets “getting screwed by BOA” calls all week. I had a rate of 4.875% with 1/2 point with them. New guy offers 4.875 with 2 points.

I am not sure what to do now and starting to boil over. Do I wait it out? How long? Start a new loan process? Will the seller work with me on this?

I wish the media would do an expose on the bullshit BOA is running on the public. It is almost criminal.

ox

September 15, 2009 at 1:23 PM #457442

Oxford
Participant

[quote=AK]Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.[/quote]

I just got off the phone with another lender and he said he could close in 20 days and says he gets “getting screwed by BOA” calls all week. I had a rate of 4.875% with 1/2 point with them. New guy offers 4.875 with 2 points.

I am not sure what to do now and starting to boil over. Do I wait it out? How long? Start a new loan process? Will the seller work with me on this?

I wish the media would do an expose on the bullshit BOA is running on the public. It is almost criminal.

ox

September 15, 2009 at 1:23 PM #457515

Oxford
Participant

[quote=AK]Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.[/quote]

I just got off the phone with another lender and he said he could close in 20 days and says he gets “getting screwed by BOA” calls all week. I had a rate of 4.875% with 1/2 point with them. New guy offers 4.875 with 2 points.

I am not sure what to do now and starting to boil over. Do I wait it out? How long? Start a new loan process? Will the seller work with me on this?

I wish the media would do an expose on the bullshit BOA is running on the public. It is almost criminal.

ox

September 15, 2009 at 1:23 PM #457708

Oxford
Participant

[quote=AK]Sorry to hear about your ordeal. Is it too late to start another loan app as a backup plan? Maybe a reputable/honest mortgage broker could arrange some kind of bridge financing so the deal doesn’t fall through.

FWIW, I had a little problem with BofA several months back … I got a preapproval letter that stated in bold print “No prepayment penalty” with a little footnote … when I read through all the various disclosures, addenda, etc., it turned out there was indeed a substantial prepayment penalty. I got a lot of grief on these forums from people who accused me of being a flipper, financially illiterate, not worthy of joining the ownership society, etc. … but the way I saw it, a company that shows a lack of respect to its customers in one aspect of a deal can’t be relied upon or trusted in other aspects of the deal.

BofA didn’t clean up Countrywide — instead, Countrywide dragged them down to their level.[/quote]

I just got off the phone with another lender and he said he could close in 20 days and says he gets “getting screwed by BOA” calls all week. I had a rate of 4.875% with 1/2 point with them. New guy offers 4.875 with 2 points.

I am not sure what to do now and starting to boil over. Do I wait it out? How long? Start a new loan process? Will the seller work with me on this?

I wish the media would do an expose on the bullshit BOA is running on the public. It is almost criminal.

ox

September 15, 2009 at 1:43 PM #456913

jpinpb
Participant

ox – that really sucks. After finally finding the place you want, going through this crap.

Edit: No wonder the bank owned like the cash deals.

September 15, 2009 at 1:43 PM #457106

jpinpb
Participant

ox – that really sucks. After finally finding the place you want, going through this crap.

Edit: No wonder the bank owned like the cash deals.

September 15, 2009 at 1:43 PM #457447

jpinpb
Participant

ox – that really sucks. After finally finding the place you want, going through this crap.

Edit: No wonder the bank owned like the cash deals.

September 15, 2009 at 1:43 PM #457520

jpinpb
Participant

ox – that really sucks. After finally finding the place you want, going through this crap.

Edit: No wonder the bank owned like the cash deals.
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