Bank of America review: wont give a closing date for refinace 37

I was told by Bank of America that they couldn't provide written details of their refinance agreement unitl I gave them my credit card, but I could cancel the agreement for several days after receipt. (I can't remember if it as 7, 10 or 14 days.)

I received the agreement and the fees were higher than discussd over the phone so I canceled the refinance. BOA refused to refund my $400 application fee. I've complained to them and tried to cancel the charge via my credit card. Currently in dispute.

From a mortgage broker: my BofA friend and loan officer says BofA is not funding any refis only purchases. Has your loan officer left? Alot of them have. Look up National Association of Mortgage Professionals and find a mortgage broker! I am funding BofA's loans at .375% to .5% lower rate as well. Banks are a mess right now!

I also am having the same issues with bof they have bounced me from at least 5 people, never give a closing date, I believe I have all of you beat.I started this simple refinance in October 2009.8 months ago! It has restarted 3 times at least.NO ONE KNOWS WHAT THEY ARE DOING! Or MAYBE THEY DO?

I have most of you beat! I started my refinance in October 2009, 8 months ago! they have started my loan over 3 times, now today they inform me it will again go to process. This bank does not have any business in the mortgage business.I too refuse to cut my loss of a 3.875 intrest rate.I will not go away!

I am screwed! Never thought research is required to refinance. never had any issues in the past refinance. It's all about who we do businesses with. BoA and Wells Fargo plays the same game. I try to think from banks perspective, why would I want to lower your interest rate and save you money? that's less money for me! It's a sad sad world. I learned another important lesson in my life. But I already knew about this: dont trust nobody!

The same thing just happened to me, except that after six months, B of A told me I no longer qualified for the loan. When I asked specifically why I no longer qualified, they could not or would not explain. I paid $700 for application fees and after six months, rates have gone up and I can no longer get the rate I would have at that time.

With the amount of people this is happening to, THIS BEHAVIOR FROM BANKS IS OBVIOUSLY INTENTIONAL! When is the government going to take legal action? My tax dollars contributed to the bank bail outs and when I try to make a legitimate refinance, (I have perfect credit), I am put though intentional hell. This is wrong and shouldn't be allowed.

There is information you may need: US District Court (Massachusetts), Class Action Case No.: 10-10316, Patricia Johnson, on behalf herself and all others similarly situated VS. BAC Home Loans Servicing, LP. (Lawyers: RODDY KLIEN & RYAN). You all will be paid even doing nothing. Use and give this link to your friends, educate yourself, we so-o-o need it. It is inexpensive and amazing course help you to survive in any situation of our life. Go to: www.jurisdictionary.com/index.asp?refercode=CM0010. Best wishes.

After dealing with B of A I will never do another transaction with them. My home is currently financed through them, but I will be moving that as soon as I am able. My refinance process started in March 2009. Same story as everyone else. I finally got a loan officer that I thought would get my loan closed. She sent my financial information to an independent auditor (why, I don't know). Then they claimed I had $900 per month credit card payments, which I don't. I challenged them on this "fact, " but never received any response from them. Finally I saw that they had deposited my non-refundable application fee, so at least I received my money back. They don't want to do business with me, and why should they. I have my morgage with them, so they would lose money if they lowered my interest rate.

I definitely agree with previous posters, I initially went through the Jacksonville Fla branch of B of A to refi at 4.75% back in mid-November. I had a 60-day rate lock, excellent FICO and qualified for the Fannie Mae refinance program (heck, I do work at Fannie Mae so they couldn't pull a fast one on me) . B of A is also the servicer for my current mortgage so they had all the personal and financial info already and I needed no appraisal. I paid the $400 "non-refundable" application fee and faxed in all the required documents. I've tried repeatedly over the last 60 days to talk to my loan processor either via phone or email but never hear anything back. My rate lock has now expired and the market rate is significantly higher than the 4.75% I initially counted on. To their credit though, at the time of the refi they said it could take up to 120 days to refinance, but I doubted that it would really take it that long. These people are shams though, I guess being on the 'accelerated plan' really helps, haha.

We started the process to re-fi our home at the beginning of October, 2009. We had no problems qualifying (combined FICO score of 833; only debt the mortgage with a debt to income ratio of less than 16%). The only issue was that the appraisal came in lower than expected, with a loan to value of 84%, so instead of the 4.875% rate they initially offered, they gave us the option of either paying for PMI (private mortgage insurance), or increase our rate to 5.125%. We chose the increased rate option, and locked in with a promised 60 to 90 day escrow.

Our B of A rep, Jim, called about once a month to tell us everything was moving forward, they had all the required docs, and all we would need prior to close would be updated pay stubs and bank statements. Then yesterday, Jim called and said that we were almost there, but would we like to cancel? After waiting 130 days, why would we want to cancel? Then, he called back a few times to “confirm some things”. I started getting the impression he was looking for a way to disqualify us, but there was nothing amiss. Then he said he would have to re-run the appraisal numbers, since the appraisal had expired, but that came back with no change also. Then came the last call: “I’m sorry to be the bearer of bad news, but Bank of America is no longer financing loans with a ltv of greater than 80%, so you need to bring an additional $16, 000. cash in order to close the loan”.

Back in October, I could have chosen any bank to refinance and I’m sure we could have closed in 30 to 60 days. But now, interest rates have gone up, the rules have changed, and I’m losing hundreds of dollars every month due to my poor judgment in selecting Bank of America. I am going to post this message in as many places that I can in order to warn others.

We applied for refi in June/July 2009. The process was very simple over the phone and the appraiser came out and then NOTHING. I got EVERYTHING to them in a very timely fashion (IMMEDIATELY, that it). Same thing... we now need this.. that and one more of those... Ugh! Finally... FINALLY we closed and signed early Oct 09. We were then expecting our $2k escrow back since they have policy to put a whole years worth taxes/insur in the new loan. Come late Nov we eagerly opened that Christmas money check to read $32.53 as our refund. After over a half hour on the line with BOA (after someone finally picked up) it was explained that our payoff was $2k short b/c it did not actually fund until a month after the settlement/disbursement date! Huh! So.. they took it upon themselves to withdraw our escrow and pay the shortage (a payment and some interest)... leaving us $32.53 in escrow which is what the check was for! Yeah - what a joke. The process was almost unbearable and when I expressed this to the processor she offered to hold off until I was ready to continue. How nice of her ---- RUDE! ... but she knew our $ was in her hands! Are you kidding me? I highly recommend not using BOA to refi or fi any mortgages. The process was absolutely DRAINING and we were in the dark the WHOLE time... AND THEY HANDLED OUR MONEY (Escrow) HOW THEY SAW FIT due to the error and feet-dragging of the processor. UGH!

I applied in March of 2009 at 4.375%. After waiting for three months was told the appraisdal done in April do not made 80/20. That was 80, 000 below an independent appraisal done two weeks before BoA. They denied my loan application. I complained to the President of BoA Mortgage, About 10 days after my application was denied the estimate value of my home on BoA website shot up by 90, 000. A few day after that I got a call from BoA mortgege saying that they are reopening my loan application. I guess my complaints to the top boss worked. Atlas I understatemate the power of BoA. They again started to ask for all the documentations that I had already send them at least three times. One the most remarkable excuse I ever heard from them was after I faxed the documents trhey demand, I called them to see if they received tham. They denied ever having received them and told me as they are a paperless corporation someone might have thrown them in the trash! When I send those documents every two hours in a 20 hour period trhey told me they received them but could not read them. I was denied on the ground that as I am separated from my husband and can only gave them 9 cancelled checks out of the past 11 months I do not qualified. I explained to them that sometimes I need money in a hurry and asked for some cash. I also told them as my husband sometimes do not earned enough or had to spenp on big ticket items he is late in paying. All I get from them is this is the guide line and I have to go by it.
K Swe
Sterling VA 20164

Everyone getting the shaft trying to refi with Bank Of America

We need to join forces and start a class action suit.

Contact me - Dreamcatcher714 - member name
or - DLMcqueen@charter.net

Lets join our forces - and not let them get over on us.

We started our refi back in July. We are still waiting for them to issue a closing date. It's now November 23.
GOOD GOD!

My wife was also a victim of $450 non-refundable application fee for home loan with Bank of America. It is almost the same story that I have read from the previous post. Well, my wife and I were thinking of moving out our checking and saving accounts from this bank. We cannot deal with this bank that scammed us of our hard earned money.

I won't re-tell my story, but it took 4 months from beginning to end to get to closing date.

Then, after receiving the initial payment book, I received another. My payment went up by $1100 a month, because they misinterpreted my tax bill. When I called, they said they did an "escrow analysis", and increased it. They didn't care that in the prior 10 years I had a mortgage with them that every escrow shortage was always made up the following year with the new payment book. One of their alleged "customer service" people gave me some erroneous, made up info. It had to do with my location's tax bills. Anyway, the person at the state's office told me that the Office of the Controller of the Currency oversees banking activities at national banks. Here is their website:

http://www.helpwithmybank.gov/

This is a division of the US Treasury. I sent in a complaint, but was ultimately able to resolve my problem with B of A directly. They have a status check link as well. My problem, filed back on 9/8/09, is still being "investigated" per the website. However, it's a way to get your complaints to someone that might be able to help. Also, they have information on the above link regarding any regulations or rules that have to do with banking or credit cards issued by a national bank, which B of A is.

HOWEVER, proceed with caution if you choose to pursue your loan with B of A. I just received a new notice, they are transfering the servicing of their home loans to their "subsidiary, BAC Home Loans Servicing, LP" as of November 16, 2009. I have no idea why the change, but with B of A, I never assume a change is good. Simple googling indicates this is who was or is handling the former Countrywide mortgages.

Just say no to Bank of America. I had the same problem as everyone else. I finally closed after 7 months and many, many hours on the phone with numerous agents, so there is hope for all of you. Was a all time low for dealing in customer service. I have been a loyal customer for 25 years, never again.
I hope someone files a class action suit against these guys, maybe we can regroup some of the time and effort we spent

i had the same problem with boa with Va-Refiance had apply for va-streamline in july and still have not closing so i call my loan officer he in another office in another state he id help he told them that we had to close to night or we would loose out a lot of interested i too had 6.2 and got approve for 4.5% so they kept calling me and so i when over the underwriter head i wanted a manager, first they call and said you will close on Monday.I did 'nt hear from them so the net day i call them and lay them out, she told me she didn't know how to do the Va-streamline underwriter, that made me think someone dumb or should not be working in the office . they call and said were closing in September and then the next day say we got your file mixed with some one else, so i let go, i kept in touch and them on Friday they said your closing on Monday so no notary came to the house so i got up Tuesday and let them have it was not pretty, mad a s hell so they call me back and said your closing today i said what is the notary name and company first she said i don't know i said you better get it and call me back i close before with a different bank it was no problem so the notary people call and said yes we will be there i just hope the paper work is right because it not o they will hear a ear full from me, so i;m happy you just go to the manager not the loan or underwriter go to there boss and let them have. good luck with everyone loan.

Yep. Same thing here. Applied for a re-fi on my home which has an existing APR of about 7% way back in March. Locked in at 5% so loan payments would almost go down half if approved. Existing loan has been in place for about 10 years with no late payments. In fact, extra payments made more than half the time. Retired with a good pension and also other income from Rentals. Credit score over 800. 3-4 weeks go by and each time they ask for just another bit of documentation. When it happened again today, I just finally said, Look, I have 3 different checking accounts with you (B of A) that combined have over 100K in them. 3 savings accounts at other places with more than that in them. You already have all this documentation plus all my tax returns for the past 3 years showing more than adequate income to make a measly $500 dollar payment each month. Have the underwriter approve or not approve it so I can get on with life. I have no problem taking my checking accounts and credit cards elsewhere after 40 years of business should it get turned down. (They really donlt care about that)

BofA is just collecting on the non-refundable application fees. I started the refi process on 6/26 and by 9/26 nothing has happened. I called the loan officer weekly and he would just tell me the same stupid excuse that they had so many applications that they were behind. I think this is BS. They are just a bunch of incompetent thieves. I was told the process will take at most 60 days. The loan agent tells me that because I was applying for the "Making Home Affordable" mortgage they did not need income verification or appraisal, and that the process will not take long. At the 75 day mark the agent just kept telling me that the underwriters were behind and that he could not give me any time frame, especially since there were others already at 90 days. This is when I decided to go to my broker and apply for a more expensive loan. At this point I had no other choice, it was either pay more and get it done in 15 days, or lose the refi altogether due to personal circumstances. At the 90 day mark the refi I started at day 75 was ready to be closed. The same day I get a letter from BofA requesting income verification and other docs before proceeding with my application. How difficult is it to refi their own loan? That was the last straw and I decided I had had enough. I called the loan agent, or whatever this call center person located in the other side of the country is called, and proceeded to tell him that I wanted the whole thing cancelled. He had the nerve to tell me that I was very close to signing and that I will loose my $400 fee. Obviously he was lying, since I had just been asked to provide additional docs and who knows how long they were going to sit in their mail room. I finally told him that he already made me loose more than that with their incompetence and that I did not care. Instead of being apollogetic, he became angry and dry. I am the one who should be offended. Never will I deal with them again.

My approval/commitment is dated 4/10/09. The processor was not assigned until 6/9/09. About 4 wks passed before hearing from her, although I made numerous attempts to speak with her. From 4/13/09 to present, required documents have been submitted, re-submitted and re-re-submitted. Because of the extremely lengthy process, a new credit report had to be generated as well as re-verification of employment. Then came the issue of awaiting "vendor documents". Well, just when it seemed everything was in place and closing was imminent, I receive a voicemail and e-mail from the processor..."the underwriting guidelines change often and the value we had on your application was an automated value...our new policy requires a minimum of a drive-by valuation". Of course to benefit BOA, the drive-by valuation is $90, 000 less than their automated value. How could there be such a discrepancy? So now, BOA will be doing a walk-in appraisal (after more than 5 months). Do they really think they will find $90, 000 by doing a walk-in appraisal? All of this time and energy wasted just for them to reject the loan. I will be contacting my Attorney General and Office of Comptroller and Currency. Each and everyone of us must do this!

We too were going to refinance with BOA due to a recent change in our mortage company due to them filing bankruptcy. I was quoted a lot lower payment and I told them i didn't have any money to bring to closing. We got the papers signed and sent them back by mail within a few days. I was then contacted by another bank saying they could refinance our loan in a quicker time frame. I sent her the papers I signed and she pointed out that we had to bring almost 4000.00 to closing. Sure like I have that kind of money just laying around... NOT what I wanted. I cancelled the refinance. I feel more confident in my decision to go with another bank. PLUS BOA is being investigated by the FED Gov. I figured here we go again. MY Advise to everyone is go to another bank. Freedom Mortgage is great. Closed in a very timely manner...OHIO

Plus one to the list, 5 months and still waiting re-fi of a loan they already hold. Two appraisals, three times with the latest paystubs, twice with the W2s. I called the agent directly today and was told that it was just going off to underwriting for the final time (I think it's been there three times already), that it'll be funded in 36-48 hours and that I'll need to sign the final docs by the end of the week. I'm not holding my breath any longer. It would be comical if it wasn't costing me money. Never, never, NEVER will we deal with BofA again!

I am an agent for a couple that started this process last January. They have been promised a new loan every month since April being told each month that their documents wer processed between the 1st and 10 and should be in their hands shortly. Nothing is ever sent beucase it has just been a ploy by BofA. Yesteday they were told that their refinace hasbeen declined but that the bank is willing to "allowthem to continue to pay the negative amortization amount on their ARM loan of$1300 a month and possibly they will consider a wrap around second for $20, 00o to covner an impounds acount and the back interst they owe. Then in a year when ther ARM resets BofA will reconsider a new refinance application. All BofA wants to do is stick it to my client, get them to pony up more money and then screw them a year from now. The mortage currently sits at $325, 000 plus now the additional $20, 000 the bank wants and the property's current market valueisabout $160, 000.
Bank of Amercia doesn't care about anyone but themselves. Ken Lewis, president and his $1.5M salary isnobetter than Bernie Madoff. He needs to put his money where his mouth is and so does the resto of Bank of America.

I am going through the same thing with BOA. I began this process in March and still have not closed. I was told that I would not have to bring anything to closing and last week I was told I needed to bring $4000 to closing. I am really trying to remain professional but BOA is really making it hard. I am really getting frustrated. I don't know what to do. I don't have $4000. If I had $4000 just laying around I wouldn't be refinaning.

I am glad to see that I, too, am not alone. I began my refinancing deal in March. Here it is 9/20 and no closing. I have, like many of you, sent and re-sent the same information. I truly believe that Bank of America is using this method to collect application fees, while continuing to collect mortgage payments ( if you were with Countrywide) at the higher rate. I am so fed up with them - but determined to stick with it. I wrote the CEO last month and received a call from his office. I was told that the loan would close in 4 or 5 weeks which should be before October. Guess what! I received a call from a new loan officer Friday requesting income information. I am going to re-write the CEO, write my state Senator, state attorney and better business bureau. I have already written to the Federal Trade Commission. We need to unite and file a sue against them. Enough is enough.

same same same, I am so angry, We were with countrywide and started a re-fi, Then just continued with BofA. started 4/22 and it is 9/17 still not done...Any suggestions as to what can be done? I fee I have lost out on a lower interest rate for 3 moths at least, Not to mention the deck we added in anticipation of the loan closing in 60 days.

Same situation here! We started our refi in March and still have no idea when we'll close. As with previous poster, we currently have a home loan with BofA and have never defaulted. We have sent the same paperwork in numerous times, never speak to the same person, and still have yet to receive a phone call from our loan officer which we requested weeks ago. The loan officer is always either busy or out of town?!? My employer has had to send verification of employment more than once, with BofA even calling them asking them where it was after faxing it! BofA says they never received half the info we've sent in? They seem to lose lots of paperwork. We want to pull out but know we can't get the rate we locked in anywhere else now. So very frustrating!

I totally agree with your observation, Sege! "I think they're trying to avoid closing the loan at a low 5% and lose the interest they're already getting as they're my current lender."

I have yet the same story. I started my refinance in May and they're still dragging their feet into September! I think they're trying to avoid closing the loan at a low 5% and lose the interest they're already getting as they're my current lender. I'm withdrawing my application today.
I'm going to send a formal complaint to their regulator the OCC (Office of Comptroller of Currency), the BofA CEO, Virginia State AG's office and the FHA detailing how poorly their process has been. This is with the office down in Jacksonville, FL. A countrywide branch they acquired. They're a huge mess, and hopefully the more complaints people make with their regulator, the more fines they will be levied for their inappropriate handling of refinance loans.

Be heard! File a complaint with the OCC! It's their federal banking regulator and financial institutions flip when they get regulatory complaints!

I hate to take the Honorary title, but I started two in early February and neither have closed. :-( Appraisals were done in March and, as with others, sent paperwork time and time again and had numerous calls all asking the same stupid scripted questions about verifying my name, SSN, address, etc.

Now they're saying that the appraisal expired and the new one doesn't make the 80/20 rule so I need to pay cash for the difference.

I've also been a customer for ~25 years and this is how they treat us? As with all of you I now can't the 4.5 rate from anyone else so I don't want to cut my losses, but not sure what else I can do?

Wow, I thought I was the only one... My refinance started in March. I paid $450 up front. I sent everything they asked for, when they needed it. I have been transfered from one "loan officer" to another. I believe I am on my fifth. When I asked where my loan was in the process, I was told that I needed to contact my "loan officer" and was given the name of someone to contact; the first person I started with. I sent a harshly worded note accusing B of A of fraud, and it bounced back to me ...my loan officer is now out on maternity leave. I got another call yesterday from a new processor at the request of my old one. I have to send paystubs (for the third time) and my loan should close in October. Yea, right. I'll believe it when I see it. I am stuck, as they have some of my money. I may cut my losses and go to another morage company, except the interest rate is a lot different now than in late March. I feel for all of you in this boat with me!

The same thing is happening to me. I only paid $35 dollars for the credit check and was approved for a 4.50% interest refinance loan. They even called me at work to tell me that the notery lady was comimg out to notarize all the documents, but the lady could never get the documents to bring to me. So I called my loan officer and she assured me it would be ready the following day. It's been two weeks now. That same loan officer told me not to pay mortgage for August and September because of my approval and that it was covered under my new loan deal. Now I am late paying my mortgage since BOA doesn't know what the right hand is doing and what the left hand is doing.

I too have the same story as everyone else. We started the refinance in March and still have not closed. For the first several months they did not contact me or return any of my calls. Finally in June they started calling every two weeks to assure me they are just behind, everything is fine and they are protecting my interest rate of 4.75%. In June they told me they were hoping to close by the end of July. They have stopped calling again. It is now close to the end of August.

Same situation. We locked a rate below 5% APR, and it seems too good for them to accept the refinance. We gave BOA every document they asked for 2-3 times, and no reason to decline the refinance, but they still did after 5 months of dragging their feet and endless phone calls.
My wife and I are planning to take our business somewhere else after being years of being both loyal to BOA since we opened our first bank account. We will go refinance somewhere else and move all our checking, saving and CD accounts and close out credit cards with them. I'm done with BOA; if they cannot appreciate a good and loyal customer, then to hell with them.
We are also planning to report them to BBB and talk to our lawyers for possible lawsuit; we think we have a pretty good case.

I also have the same issue. I started the process in May with a closing date of June 30. I understand they are overwhelmed and keep pushing our closing date back. What I don't understand is why I have had to send the same information in to 3 different people. My personal information keeps going out there. And a rep is apologizing because they have had a lot of internal firing. what? Things are going on inside that the public isn't even aware of yet!
I am pulling out of my refinance (and they better give me back my $400) for doing jack[censored]!
And I am also pulling out my checking, savings and cd's.
To go where? I have no ###ing clue. Because all these banks are full of thieves!
White collar crime is worse than a petty drug dealer selling pot!

I also have the same problem. I applied to refinance thru Countrywide/Bank of America back in March of this year (2009). It is now mid August, and there seems to be no time soon that this loan will be processed. I paid them over $400 on my credit card to start the loan process which i was told would be 30 days. I am thinking of turning this into my state attorney general as a consumer complaint.