Bank Of America Corporationmortgage

M Jul 12, 2019

Every year we receive an analysis on our mortgage account stating that our house payment will be going up (which we expect) however Bank Of America has completely changed the amount! We have in writing that if we pay the escrow shortage of $115.28 by July 18, 2019 then our payment will be $765.38. We called in on Friday July 12, 2019 to make the escrow shortage and then we were informed that we needed to pay $198.00 plus some odd cents and the new payment will now go up to $774.99! This is false advertising, bait and switch and other things I am sure! I am making a formal complaint about this ...we have had nothing but trouble and fights every year in June when this analysis comes because they always want to hike the payment up way more than it should be. I don't understand how this company can get by with increasing the shortage amount as well as the monthly payment when we have in writing what it would be! He tried to tell us it had something to do with our insurance however this letter does not say anything about these amounts being contingent on what our insurance comes back with in August. The analysis was done in June and only done once a year so how can they analyze it again a month later! I can understand (and fully expect) that it will go up again for next year but this insurance amount should be applied to next years new payment not this years! I will gladly provide you a copy of the letter we received spelling out what the new payment should be prior to, the bait and switch!

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