Bank of America Mortgage Review
Bank of America Mortgage is the mortgage division of the national mega-bank owned by parent company, Bank of America Corporation (NYSE: BAC). We located 13 phone numbers, two websites, a number of customer complaints.
I my opinion any company making claims of “no cost” or “no fee” mortgages is suspect. Bank of America is a major advertiser of their “No Fee” mortgage program. Read about it here and here.
Bank of America Website and Phone Contacts
Bank of America Website: https://www.bankofamerica.com/
Bank of America Phone:
800-776-9361
Additionalumbers:
(800) 622-5070
(800) 250-6628
(800) 346-3178
(800) 414-6643
(800) 421-2110
(800) 424-7787
(800) 441-7048
(800) 450-8645
(800) 457-3721
(800) 527-3621
Address: 100 N Tryon St. Charlotte, NC 28255-0001
Bank of America Review
After the meltdown, Bank of America is now the single largest home mortgage originator in the US. Wells Fargo is number two. Through there TV advertising campaigns and massive branch banking network, they get more folks to use them for a mortgage loan than any other company. I’m not saying this is good, it’s just a fact.
Bank of America said in May of 2007 they would cease wholesale operations cutting off the funding source of over 7,000 mortgage brokers. Quite frankly I was never impressed by Bank of America’s mortgage rates in the first place, so we never signed up with their wholesale division.
Plus, I never worked with a lender as a broker who also orignated mortgages in my market competing with me at the retail level.
Didn’t seem right…
Something is strange though…
After 2 years supposedly with no wholesale lending division, the Bank of America wholesale website is still up. You can see what I mean by visiting …wholesale.bankofamerica.com.
So did they get out of the wholesale/broker business and then get back in?
I don’t really know…
Bank of America is one of largest mortgage servicers too.
In the case of Bank of America, since they most like service your mortgage, you can discuss loan modifications with them, but of course, modifications on loans not in arrears or default can be futile. Bank of America is one of the big winners in the banking bailout…read “BofA Gets More Bailout Money“.
It appears when I search for complaints against Bank of America, there are many. Click the link to see all the Bank of America complaints listed in Google.
BBB Activity on Bank of America
“Based on BBB files, Bank of America has a BBB Rating of A+ on a scale from A+ to F.”
“The BBB processed a total of 5377 complaints about this company in the last 36 months, our standard reporting period. Of the total of 5377 complaints closed in 36 months, 1853 were closed in the last year.”
Additional DBA Names:
Prime Solutions Real Estate loans
Bank of America Investment Services, Inc.
AAA Credit Card Services
Banc of America Investment Svcs., Inc.
Bank of America Auto Leasing
Bank of America Mortgage
Fleet Credit Card Services
See Comments Below to Add/Read Customer Opinions On Bank of America
We would really like to hear your experience with Bank of America Mortgage, so add your comments in the section below.
Thanks!
Author: The Mortgage Insider
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I would like to know how I can get my contact info included in my reply/message – so that others that have posted can contact me??? We are trying to get a petition signed and proceed with a lawsuit against Bank of America.
Chad Bahrs
Please let me know either way. Thank-You, Chad
Chad,
Printing contact information in the comment section is against the Privacy Terms of Service.
If you’d like to “share” info with others, simply joining a “social site” like Facebook or Twitter…comeback and post your Twitter or Facebook account so folks can share with you over there.
Thanks
Bank of America pre-approved a refinance loan back in May (or so I thought) They rushed me to pay fees upfront to lock-in. Stalling for months and months, now they deny without telling me. Claim “condition of home” yet appraisal from their crooked Landsafe is still above loan amount. Now they try to foreclose because I missed payment they claimed would close.
Bank of America are criminals. The country is going to hell. Thanks Obama and the rest of those crooks.
I went thru the same deal all year with BOA. Even had the AG lawsuit modification signed and returned to them. We finally did the program with NACA. It took BOA only five days to accept the deal and modify my mortgage. I am happy as hell now. So I must tell everyone to try NACA.com and go to one of thier workshops. IF you want to save your home, then do it. We sent our paperwork back to BOA on last Friday. We are very happy of the outcome.
Mark,
I understand NACA works pretty good in the state where they deal with BofA, but not so good in the states where they use Citi.
Glad everything worked out for you.
There are no modifications in the works because BofA is NOT the investor or lender of your loan. They are a pretender lender. They did not put the money up for your loan – Fannie Mae did. Then Fannie Mae put all our loans in a pool with hundreds of investors and courts even the Supreme court is rejecting the banks lawsuits coming to court to foreclose unless they are the legitimate investor. BofA is a loan servicer. BofA did not put up any money for your mortgage so they cannot go to court and foreclose. Get an attorney like I did on a contingency basis. You will be glad you did.
I had a very bad time with BoA when I tried to refinance a home that is jointly owned with an ex-spouse as tenants in common. I am now a single resident in the home because my partner moved out. The mortgage payment is still shared by both of us but I pay all the other expenses that together with even half the mortgage payment takes up most of my monthly income as a retireee. My partner agreed to a refinance in order to reduce the monthly mortgage payments. I contacted Countrywide in February 2009 to get a good rate they had offered which would have reduced my half of the monthly mortgage payment, plus I would be able to pay off some of the credit card debt to make the monthly payments easier. Then BoA took over Countrywide and the refinace sat in limbo and choas due to a number or disorgnized BoA actions for 6 months. Finally after 6 months and after calling officials in the BoA structure, I was told that my refinance was refused because of debts and low credit score. The debts increased during the 6 months that BoA was dragging their feet, and my credit score had gone down by 100 points because BoA asked for the same income and debt questions over and over at least four times, and each time their underwriters requested a credit report, my credit rating got worse because of all the inquiries. I complained to the BBB and Comptroller of Currency-(Dept.of Treasury). BBB just forwarded my complaint to the same people in BoA who denied the refinance and nothing happenned. Never heard back from the Comptroller of the Treasury. I was frustrated with the entire episode so decided to try an equity loan with local banks and my Credit Union that I have been a member of for over 40 years. The loans were denied for the same reasons. Started with BoA in February 2009 and continued with the local banks. I took a one day class that was held by the local credit union and asked who was setting the rules for mortgage loans since all the banks seemed to be working with the same rules. The instructor said the Credit Union only has so much money to lend out, then it has to get money through Fannie Mae, and thereby have to follow Fannie Mae rules. Who is Fannie Mae and do they specify the loan rules for all the banks that get money through them to loan out. I thought Fannie and Freddy were having troubles and went away a couple years ago. The entire process is so confusing that I have just backed off getting any loans or credit cards because their rules have gotten so tight and confusing. At least I have a monthly pension income so I can make the payments until the house sells at a reasonable loss in the near future. What happens to people who have lost or reduced incomes and cannot get loans or refinance to keep their house? The “making homes affordable” program does not really make home affordable but only provides different ways for banks like BoA to get their money another way. Has the bailout money helped any homeowners to reduce their mortgage payments to make monthly bills more affordable? Why have banking policies gotten more stringent after the bailout money was given out? Homeowners need bailout money too.
Cheryl says:
October 14, 2009 at 3:41 pm
Cheryl,
Who is your attorney? His address/email etc. jp
Their name should be BEND OVER AMERICA!
I have filed complaints with the BBB, FDIC, and Comptroller of Currency-(Dept.of Treasury)
Anyone have any other ideas?
I have documented info dating back approximately a year ago when Bank of America promised me a loan modification and did not follow through with their promises. They tried to force me into a program that would benefit Bank of America and not myself the consumer. It all started about a year ago. Interest rates were lower than they were when my mortgage originated, and I wanted to refinance my mortgage. At that time I was approximately one month behind on my mortgage payment. Because there were not any local BOA representatives, I had to do this over the phone. I talked to BOA over the phone about refinancing and they told me that they could not simply do a standard refinance of my mortgage. The BOA representative suggested that there was a special program available (later identified as a government funded program called “home affordable modification program” that can be used for situations where the mortgage is behind by two or more monthly payments. The BOA representative told me that because I was barely one monthly payment behind that I did not qualify. My response to their offer was that it did not make any sense to need to be a behind even more than I already was to refinance my mortgage. The BOA representative said the only way that they could help me was for me to miss another mortgage payment, enter into a forbearance agreement, and then they would be able to refinance to lower my mortgage payments.
Thinking that I had no other options available to me at that time, I did exactly what my mortgage lender suggested that I should do. I waited one more month and contacted them again to get the process going. They sent me a forbearance agreement that stated I would receive a workout/refinance within two months time. The two months passed by and I received no such paperwork or any contact whatsoever from BOA. I contacted BOA over the phone to express my concerns and to ask what had happened. I let them know that I had not yet received the workout agreement that I was promised. I also asked the representative when I would be receiving the necessary paperwork, and when I should send my next payment. The BOA representative told me that they were behind on getting the paperwork completed. The BOA representative also assured me that they were working on it and not to worry that I did not have to send any payments or take any action on my part until I received the paperwork from them. I contacted them on several occasions to check on the status of the agreement and was told each time that I did not need to take any action on my part until I received the paperwork from them.
I truly feel that I was forced to use a program that was not right for me in the first place. I later discovered on my own that there was a program that allowed for borrowers that were 30 days or less behind on to use the government funded program called “home affordable refinance program” which would have eliminated the need to purposely miss payment(s) that I could have easily made. BOA advertises all over including on CNN that they are working with people and using a government program to offer help or workouts for their mortgages. My Lawyer and I are prepared to counter sue BOA for false advertising, misleading me, not providing the services that they had promised to me, and attempting to charge me fees and interest for things that are clearly the fault of BOA. Anyone want to join us/class action in sueing them fo the same thing??? They have no scruples; they are not interested in making practical loan modifications. They are interested in tacking on more fees and interest to the loan. The longer they hold off the borrower the more interest and penalties they can try to collect. They got all that bailout money and none of it is going to the consumers. Shame on Bank of America
I need to get out of this bad situation so that I can get my credit back on track where it belongs. I am very reliable and hard working individual that has a guaranteed steady job. We are as busy now (if not more busy) as we were in the past. In hard economic times my pay is not in danger of being effected, as a matter of a fact I recently got a raise compared to the pay cuts and layoffs that some borrowers are experiencing at this time. I make $50,000 per year, and do not have any bad outstanding debt (besides what BOA is trying to do to my credit). I would be a better credit risk than allot of people that are out there getting loans with no problems. I have a guaranteed steady job.
I have hired a lawyer and they are not working with him in this matter anymore than they were with me. There is nothing that I can do to get to get through to someone that has the power to admit that there was major the bottom of this situation with Bank of America.
I FEEL THAT EVEN IF I CAN RESOLVE THE MATTER AFTER OVER A YEAR OF BEING PUSHED AROUND THAT I WILL STILL HAVE TO ANSWER TO THE MOST CROOKED BANK IN THE U.S.
Ideally I would obtain financing from a trusted local financial institution in order to pay off the mortgage with BOA. That is no longer an option any more. I have tried many different local lenders and they will not touch paying off my dysfunctional loan with Bank of America. Mainly because my credit has been severely affected by this matter.
The second best = Reach a Fair Agreement that is favorable for both parties:
1- Bank of America to admit their fault: Remove all interest and fees that were accrued on my account because of their gross negligence – Under no circumstances will I be paying these fees.
2- Agree on a fair Interest rate equivalent to what is being offered on the market. If a fair rate is not established we do not have a deal.
3- Pay my attorneys fees in full. A consumer should not have to resort to hiring an attorney after they have tried everything that they can possibly do on their own in order to straighten out mistakes that were made by Bank of America.
4-Fix my credit – back the way it was (GOOD) before Bank of America ruined it!
5- Wake Up Bank Of America – Do you honestly think I will ever deal with the Bank of America again? No! Will I let everyone I know what a terrible experience I have had with them? Absolutely!
6- An appology letter adressed to me and sent to me in the mail for the troubles they have caused me
Like mentioned above… I have hired a lawyer and neither myself nor my lawyer has been able to reach a FAIR agreement. If they will not work with us we will be forced to let them have the house back.
We are also filing a lawsuit for false advertising. The program they were advertising and pushing me and probably others into was not even a functioning program. They admitted to me that the program was mot functional until recently even though they offered it to me approximately a year ago. It is not a secret that they are not capable of actually modifying loans for people! I am not the only one that knows this!
I will try to keep you posted on my lawyers progress with the lawsuit.
One thing I am shure of is they are not recieving even a penny from me until the give me a fair agreement in writing. Otherwise they can have it back and I will just buy another one. I have the money that is not a problem – the problem is there little games they like to play.
I used to have my mortgage with Countrywide but it changed over to Bank of America. My Homeowners Ins. was not included in my mortgage, I paid it seperately. For a while I had no income because of health issues so my homeowners insurance had lapsed. I was recently declared disabled in July and was awarded SSI. My lawyer is still fighting to get me Disability. Right about the same time that I started receiving SSI I got a letter from BOA saying that they noticed that my homeowners insurance had lapsed and that if I did not get my own insurance by such and such date in September 09, that they were going to be putting their insurance on my bill every month which would cost $810 per year. I received this letter from them in July. I immediately called the insurance co. that I had with my car, since I have AARP, and set up the new homeowners insurance with them, which was around $879 per year and it included Wind and Hail. The insurance company sent me paperwork to sign, which I did, and I also called BOA, to tell them that I was sending them the paperwork for my new insurance and letting them know over the phone that I had it in place. While I was on the phone with BOA about this matter, I told them that I noticed that the figure that they quoted me, for the insurance that they would start charging me for if I did not get my own insurance, was cheaper than the new insurance I was calling them to let them know I was getting. They informed me that their insurance did not include Wind and Hail…So I said forget it, since my new insurance does. Then after everything was supposedly going ok, I got a call from my new insurance company saying…”Ooops! We made a mistake! We do not cover you for Wind and Hail in your Area. So, the quote that we gave you is wrong and we do not cover Wind and Hail in your area at all.” So, here I go again, immediately looking for insurance. I ended up going back to the original Insurance Agent that I used to have before my insurance had lapsed and she found me homeowners insurance, including Wind and Hail for around $600. I was thrilled with that price. It was cheaper than all of them so of course I signed up. While sitting in the agents officed that day, she called BOA to make sure that everything was ok with the new insurance and she also Faxed the paperwork to BOA. This was in the beginning of August. still within the time frame that BOA gave me to have my own insurance by a date in September. Ok, so now everything is ok. I thought. The next thing you know I got a letter in the mail from BOA telling me that they were going to bill me $1803.97 for their own insurance that they were going to start billing me for because I had not gotten insurance yet! I called BOA and talked to one of their insurance people. He looked up my account and told me that Yes, I was correct, that I did have my own insurance. He apologized to me and told me he would take care of the error. Well, once again, just today I got yet another big important letter from BOA, telling me that they are billing me $1803.97 for their insurance. They were going to be tacking it onto my monthly mortgage bill. I called them immediately and I was on the phone for an hour and a half, being put on hold for long periods of time. After talking to this guy, he informed me that they were going to be taking off the $1803.97 but still were going to bill me $88.00 for the two months of June and July that I did not have insurance! OMG! I was furious! I said to him what the heck are you talking about? In their own letter that they sen me, it said that I had until September of 09 to get my own private insurance or in september, if I did not have my own private insurance, they were going to bill me for theirs. He kept insisting that they were still going to bill me for June and July, even though that is not what the letter says. Finally, after yelling at this guy, after literally crying, because I was so frustrated, he told me, after putting me on hold again for a long time, that he spoke to his Manager, and that BOA was going to be sending me a check for $88. Because…they are billing my mortgage splitting up the $88 for the next 12 months. So, because finally I guess they are saying they are doing me some big favore, they are going to send me a check for $88 to pay for this bill, that I should not be being billed for to begin with. I asked him, why can’t you just delete this bill from my account. If you are going to send me the check, than you are admitting that it is wrong to bill me this, so just delete it. He told me that they can’t for some unknown stupid reason. I cannot believe what BOA has been putting me through. I have been with them for many years and I also have a credit card with them. I plan on remortgaging my home in the upcoming months. When I do, I am getting rid of the credit card bill that I owe them and I am cancelling it. I will never do business again in my lifetime with BOA.
Also, I do not believe for one single second that they are going to be sending me that check for $88. I am giving it one week to see if this happens.
It just seems like BOA, for some strange reason just wants to bill me for things for no reason.
Also, mind you, when I was with Countrywide, right before BOA took over, I had done a Mortgage Modification. I have been reading all kinds of things about BOA and these Mortgage Modifications that Countrywide did before BOA took over. It is scaring me. I just have a feeling that they are targeting me for this reason. Please, someone tell me what to do! I feel so insecure now with this criminal rip off company.
We had our home loan through TB&W and had never missed a payment but when I tried to make August payment found out they were being shut down and not to do anything till we got a letter from BAC. So I waited and finally got one on Aug 30 and I put a check in the mail the same day for Aug payment. One week later we were already getting phone calls and foreclosure notices from BAC. They said we was already 2 mos behind and I told them we had mailed a payment. I understand they I am partly to blame for not having the 2 payments to send them but they also need to be more helpful during this time of confusion I also read that they need to send me a notice to me 15 days before payment is due. Anyone else having problems???????
Go to a BOA office to make your payment till they get there stuff together had to do it last week, dont and I repeat DONT pay by check over the phone they rejected mine and didnt bother calling me either, got a confirmation and the whole nine yards c,y,a if you know what I mean. They said that they couldnt take just one payment, I was paying three in three weeks to catch up my account from TBW jacking it all up and they refused the first, holding the second, the thrid I called on and they said to pay two this time because they refused the first one (are you confused yet) finally I said the heck with it and just went down to the local branch quite hot, nice guy that I ended up talking to and explained it to me like this, they only service the loans, and to be quite frank TBW just screwed up almost everything they touched, not taking up for BOA by any means, just go pay at a office through a mortgage person
I have a similar story…Started the modification process with BOA in Nov 08. After months of them giving me the runaround, finally the fedex package came with a modification package that we could afford and the new loan documents that we had notarized and sent back to them. This was in March 09. We have been making ALL of our new payments on time since then. All of a sudden 3 days ago we get a Act 91 notice to foreclose- In a panic we call BOA- they tell us our modification was later declined- BUT THEY NEVER ONCE INFORMED US OF THIS!!!! We have 30 days to come up with $18,000 or they will start the foreclosure process. All this time since March we were doing everything they told us to do!!!! They told us since we are so far in debt now, they cannot help us!!!!! IT’S THEIR FAULT we are so in debt- In the modification they had added our payments that we were late onto the back of the mortgage and all these months since the modifications have been “partial” payments according to them!!!!! I am 7 months pregnant with 3 small children at home and now I may have to leave my home in 30 days???? I am in total and utter disbelief over this company!!!
We need to start a class action lawsuit. I have tried everything else with no luck. Just more of bank of americas games – round and round we go where we stop nobody knows. Mark said he is in. Anyone else? the hard part is reaching people that have experienced these problems with BOA… How many people do you think they are ********??? My guess is hundreds at a minimum! just think in a short anount of time three of us came across / posted similar complaints on this site!!!
Totally agree about the lawsuit we need to get a petition signed and send on to our representatives. Hardship due to hours released. Tried to be proactive when we found out about reduced hours. They always tell you to make sure you have at lease 6 months saved up for emergency. Who has that? Anyway, been about 6,7 months just getting run around. Between mortgage amd ever increasing interest rates on cards, how are we the taxpayers allowed to get from under this burden. I am contemplating using retirement funds. Maybe we can all get jobs with BOA as they seem to be keeping all the $$ in house. Oh but wait we may all have to move to India for that as they seem to be taking advantage of the them too.
i would like to join the lawsuit also. boa since nov 2008 has been giving me the run around and i am one of the few that wants to keep there home!!
Anyone have any Ideas on how to recruit more people with the same problems with Bank of America? The more the better! I am still working on getting the “class action idea” going with my lawyer – originally I was persuing this by myself… Meanwhile if anyone has any questions or suggestions please don’t hesitate to let me know. Thanks, Chad
I’ve been making my payments on time since my modification was approved. No one told me that the first three months were a trial to see if I could make the payments. Fortunately, I was able to make them. My payments have been on time since June 1. Bank of America is recording all of my payments as “Past Due Payments.” Each time I make a payment, the “Past Due Payment” amount increases. When I called to ask about that today, I was told that they were waiting to hear from my investor before they could update my file. My modification has closed. And, my credit report shows me $12,000 in arrears. That is the exact amount that was added to my previous mortgage balance. This is really scary.