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Bac/bank Of America / Home Equity Loan payments

1 TX, United States Review updated:

My home equity loan was with BOA for 3 years. When BAC took over they started splitting my payment into 2 parts. One going to payment amount and the other to misc. principal, leaving my payment amount less than what it should be. BOA even sent a confirmation saying they had received the lower amount on my payment. I have talked to customer service 6 times. The 1st 4 times they said they would correct, the last two said it was the system doing it. One guy even said most people would be happy with a lower payment. Yea, until it hits your credit report that you are not paying the right amount. I am at a loss.

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  • Ba
      27th of Jan, 2011

    I spoke to a lawyer and he explained that BAC makes more money if the house is forclosed. BAC is NOT Bank of America who owns the note. BAC is just the servicing company. If you try for a modification, each rep will tell you something different to do or a different place to send certain documents. When you follow up, you'll find that they have no records of such documents and you'll have to start all over. Once they finally acknowledge that they have your info they will tell you it is being reviewed and to call back in 30 days. When you call back, they have no record of any documents or review. They don't get paid as much if you pay the terms of your loan! They want you to forclose because it benefits them more so they intentially shuffle stuff around and don't communicate internally. This is by design. I would encourage anyone having difficulty with them to file as many complaints to the Federal Trade Commision as possible. It is easy and you can do it in 5 minutes by going to this link on the FTC's website:

    https://www.ftccomplaintassistant.gov/FTC_Wizard.aspx?Lang=en#last


    Hope this helps!

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