OT: bank of america 1098 problems

[scaredyclassic]

I signed an edisclosure agreement.

Bank of America sent me an email saying my 1098 mortgage interest form was online in january.

I refinanced in february.

got an extension of tax return.

went to do taxes .

mortgage account was no longer on bank of america website.

they never mailed me a hard copy.

called them, they said, yeah, that’s the way we do it, we can’t email it to you, we can mail it to you (10 days) or come into branch.

i said lets do both.

been a week, mail’s still not here.

went to the branch, they didn’t have it either.

they gave me the numebr s orally, so i have to trust them.

im thinking this is a violation of some federal law requiring them to provide a 1098.

sound like a viable class action?

i don’t like bank of america.

[spdrun]

AFAIK, you don’t need to send in the 1098 in when you file. Figure out how much you paid in interest last year, deduct it if it puts you out of the standard deduction range, and worry if you ever get audited.

1098/1099 is a convenience (for both the gov’t and you), not a necessity to figure your taxes. Yeah, you could sue, but don’t you have better things to waste your time with?

[scaredyclassic]

cant figure it out because all my records were online. and they’re all gone.

i dont’ want to sue. wanted to shop it around to class action lawyers…

maybe they could inflcit some pain on bank of america. apinpricks worth, but still..

[spdrun]

Dude, fix the problem and move on. Suing every cretin left and right is part of the problem with American society, not the solution.

[scaredyclassic]

well, im peeved cause i went to the branch this morning, they said my 1098 would be there, it wasn’t, they gave me some “numbers” im supposed to rely on them finish my taxes and file before the 15th.

im doubting im othe only one this has happened to.

they have a duty to disclose the 1098 form.

they didnt

now they must pay.

at least pay some class action lawyers.
i’ll get .14 cents for my trouble…

[SK in CV]

I think by law, they’re required to mail it by the end of Feb, even if you agree to getting everything else online.

I’m guessing by what you’ve said, you didn’t download or keep any copies of monthly statements? Even the last one from before the re-fi? Most lenders include prior year interest paid on monthly statements for the following year.

You have 4 days. I’d use the number they gave you and get your return filed, though as a practical matter, there is no penalty for filing late unless you owe money. Penalties are based on the amount you owe. (there are some penalties that are rarely assessed based on total tax, irrespective of when it’s paid, so don’t wait too long after 10/15.) If it turns out the number they gave you is significantly different, you can amend, though that’s a PITA.

[mike92104]

You’re mad because you didn’t keep any copies, and expected BofA to do it for you. Then, when you waited until the last minute to file your taxes, you’re pissed because BofA (who no longer services your loan) doesn’t have your info in a handy online version.

Your fault, your problem. Move on.

[spdrun]

Assuming a FRM with known amortization period, it’s not too hard to figure out whether the numbers they gave you make sense.

http://www.mtgprofessor.com/formulas.htm

[joec]

[quote=mike92104]You’re mad because you didn’t keep any copies, and expected BofA to do it for you. Then, when you waited until the last minute to file your taxes, you’re pissed because BofA (who no longer services your loan) doesn’t have your info in a handy online version.

Your fault, your problem. Move on.[/quote]

I kinda agree with mike92104…I will be sending in my taxes again at the last possible day again and always have to track down vendors for old invoices, credits, charges, etc…

Expecting a bank who really doesn’t give a craps ass about anyone to take care of your case is expecting a bit much IMO.

I don’t expect my vendors to come through all the time, but I blame myself and lack of time/laziness, not getting it done on time, etc…

Sorta like people not doing their own backups, if your machine crashes and you lose data, don’t expect IT to recreate all your work. Sorry, but most IT folks would probably just laugh (I was in IT and I laughed).

Sorry, but the whole I’m going to sue you because I waited for the last minute is what’s wrong with society…

I’d just use their number and after you get the info, you can amend your tax return if needed.

[scaredyclassic]

no. they agreed to send me edisclosures.

i didnt keep copies cause they said they’d send them online.

when i refinanced, the y didn’t say they wouldnt be online anymore.

the agreement says i agree to give up paper copies for online access.

at the very least they should have sent me notice that i needed to print it out and wouldnt have online copies anymore.

i really dont see this as my fault.

they have to send me a copy.

look at it this way. what if it were online for 1 day, and i refinanced. would i have had to have printed it out for the few hours it were available online?

according to t

[scaredyclassic]

it just seems to me the bank either has to send me a hard copy or keep it online and the fact that i refinanced doesn’t relieve them of that duty.

[scaredyclassic]

it is very cheesy of them not to keep the tax form online for at least a year.

and if they are not sued, what would incentivize them to change?

seems liek a punishment for refinancing the loan away from them

[scaredyclassic]

i have a feeling there’s a statute somewhere that provides for some specified amount of damages for failure to comply with certain rules.

[joec]

Sorry if I came off as harsh, but I agree that BofA is crap and messed up. They also said they would do this and didn’t come through.

My thoughts probably were more centered on your idea of suing and how that came out. Sad thing is that lawyers probably won’t take the case since very little money is involved and if it’s a class action, there aren’t enough people to form a class in this case.

All this said, this is why I HATE online statements. I have 1 bank which does this to me or charges me so I have a reminder in my “things to do” to print them at a set time each month. I need to go back and do this for my brokerage statements as well and put those in my reminder calendar.

You always see “Get online access to your statements for 7 years!” I personally want “Get online access to your statements forever!”

[scaredyclassic]

harsh is fine. i am not insultable.

a lawyer might take the case.

if it’s a clear winner, can get attorney’s fees perhaps, if statute provides for it.

whats th epoitn of getting online statements if i have to print them out and save them.

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