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Bank Of America / escrow/modification

1 Hudson, FL, United States Review updated:

Back in April 2009 BOA raised my mortgage by placing an Escrow on my account. They indicated that it was an Escrow for Flood Insurance and Regular Homeowners Insurance. Problem was...the home was NOT in a Flood Zone and this was proven when the loan began back in June 2005. It took 3 months for ME to resolve this as they made me jump through hoops with FEMA. I finally got their required documentation and yet they still are charging me from Jan. 2009 to July 2009 as July is when I got the FEMA paperwork stating I did NOT require flood insurance. Jan. 2009 to July 2009 BOA claims is justified. I say they are ripping me off.
The property is a property I DO NOT live in. I had it on the market from June 2007 to August 2009; then rented it. BOA states that for 4 months in 2008 I did not have regular homeowners insurance on it. They charged me forced insurance at a rate of almost $4500.00 per year. (THAT'S RIGHT $4500.00). They did all this in April 2009...very delayed charge I might add and I argued this. First it was for a mere 4 months that there was no coverage (my error) and second..how can BOA bill me a year later?
Customer service is the WORST I have EVER seen in any business. Many many many phone calls, can't reach the same person 2X, no one has the same information and bonus for me...I actually Pre-Qualified for a mortgage modification early Nov. 2009 (due to the additional Escrow non-won battle), submitted the proper paperwork end of Nov. 2009 only to finally get an answer in late Jan. 2010. They wouldn't give it to me...WHY?...Because some BOA stupid, incompetant employee CHANGED MY EXPENSE AMOUNT WITHOUT MY KNOWLEDGE..and now the home is in PRE-FORECLOSURE.
In a nutshell...BOA is going to end up taking my home for a lousy $5000.00 of which we are disputing.
10 letters sent out this week. A detailed letter regarding the entire ordeal, my situation, my plight, timeline of events/contacts, and of my written expenses (so they can't change the numbers themselves). 10 letters...hoping someone, somewhere will help us. 10 letters...The White House, The Fed. Reservere, The Atty General, CEO of BOA, President of BOA Home Loans, BOA Home Loans, etc...IS THERE ANY HOPE?????
What a ### show BOA is giving to their clients. I have banked with them since 1999 & have paid off 2 previous Mortgages...are they kidding????? I am good for it...but not when you make it out of my reach and NOT even care. DO NOT BANK WITH THEM...Pay attention...they are the single bank that is NOT DOING GOOD BY THEIR GOVERNMENT $$$$. I can't wait till I can give my business elsewhere. My husband and I are hard working, respectable citizens and this has not only potentially cost us a home, but tarnished our reputation along with our credit report/rating.
*****************DON'T BANK WITH BOA...KING OF RIP-OFFS***********************************

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  • Th
      12th of Oct, 2010
    0 Votes

    Here is a letter I have been sending my congressman and legislators. We have gotten screwed by Bank of America

    Dear Congressman,
    I am writing you as a very concerned citizen and also someone who has lost my home to foreclosure. My husband and I bought our home in June of 2009. I did a lot of research and was able to find a loan through the USDA that would make it affordable for us to buy. Our loan was originally held by Taylor, Bean & Whittaker. In August of 2009 we made our first Mortgage payment to Taylor, Bean & Whittaker. At the end of August 2009 we received a letter from Bank of America informing us that they had bought out our loan and we needed to start making our payments to them. In September 2009 I sent them our mortgage payment as I did every month thereafter. In January of 2010 I called Bank of America to let them know I was having a difficult time in making my monthly payment for January 2010. I was told not to worry, all I needed to do was go online to my account and explain why I was going to be late and give them an approximate day when I would be able to pay. I followed all of the steps they told me and felt that I would be fine. I called back in the middle of February 2010 to Make January's payment and also set up a payment arrange for February for two weeks later. When I called I was informed that our home had gone into Pre- Foreclosure on February 18th 2010 and that I could not make a payment. When I inquired as to why our home was going into foreclosure for only being 38 days late on our account I was informed that they never received our payment from Taylor, Bean and Whittaker therefore according to their records I was 68 days behind on our loan. I had previously thought this issue was resolved because I had faxed in the cashed mortgage check to Taylor, Bean & Whittaker clear back in November of 2009 to Bank of America at which time they assured me my account would not fall behind. I was told that they had taken over many loans from our previous mortgage company and it would take awhile to adjust customer’s accounts. I spent 35 minutes on the phone trying to get an explanation as to why this had happened. I asked if I could speak to a supervisor and was told that unless my account was current I could not. I was very distraught and could not believe this was happening. The representative from Bank of America told me the only thing I could do at this point was apply for a Modification Loan or pay the full balance owing on our house which was $137, 000.00 dollars. Obviously I could not pay the loan in full so I applied for the Modification program. I was informed that I would receive a packet in the mail in 10 to 30 days via UPS or Fed Ex with all the forms I would need to sign and any documentation that I may need to send back. Weeks and weeks went by and I never received anything. I kept calling into Bank of America and all I was repeatedly told was that they were very backed up but to be reassured that because we pre-qualified for the modification it had stopped the foreclosure process on our home and if by chance I did receive anything with a sale date all I would need to do is call in and they would extend it. I also checked every time I called to see if our missing payment had ever been applied. Until this point in time that payment has never been applied to our account. On July 13th 2010 I received a phone call from a gentleman named Mark. He informed me that he had been assigned as our negotiator and gave me a list of documents that I needed to fax to him. At this point he informed me that I had 48 hrs to collect these and fax them and if I didn't our application would be closed. I was appalled, not only was my husband having ankle surgery the next morning, I couldn't believe that after all the phone calls I had made and waiting for 5 months for this process to get moving I was being given 48 hrs to get my documentation in. I informed Mark that I could not possibly do this in the time frame he was giving me because my husband was having ankle surgery the following day and I was his ride. Mark told me that he could give me one extension for 48 hrs and that I would need to have all the information to him by the 22nd of July. I faxed Mark all of the information he requested by the time line he had given me. On July 27th my husband called me at work and said the sheriff had been to our house and served him with the date of sale paperwork. The auction for our home has been set for August 24th at 1:00 PM. I immediately called Bank of America to find out what was going on. When I called in they said that they weren't showing that our house had a sale date. I informed him that he better figure it out because I just had a sheriff at my home. The representative put me on hold to call their legal division, when he came back on the line he confirmed what I had told him. I asked him why this was happening and if we could extend it. He told me no, all we could hope for was the modification being approved before the sale date. I asked him why we could not extend it and he informed me that we were too far out on this loan modification and too much time had passed. I was outraged and distraught. I let him know that the only reason why it had taken so long is because of Bank of America dragging their feet and that I had just barely been contacted less than 14 days ago as to where and who I was to send my documents too and that I had been calling in weekly for months to find out the status on our modification. I hung up with him and called Mark. I was informed that the investor had denied our loan. Their reasoning was that they said Mark was trying to lower our current interest rate and extend the loan longer than it was originally written for. Mark informed me that this was not the case that he had kept everything exactly the way that it was. He informed me that he sent it back to the lender and also sent the original loan documents with it. I can tell you honestly I have never been so frustrated or distraught in my life. So here we are waiting to see if the investor will approve us hoping our home doesn't get sold out from under us. Mark informed me that the investor could come back and deny our loan for another reason and if he did we could look at other options in saving our home like a payment plan or restructuring or even a short sale. I asked why this is the first I had ever heard of these options. Mark had no answer for me. I was informed that to start this whole process again I would need to contact their payment research department to find out if the lost payment to Taylor, Bean and Whittaker had ever been applied so they would know the exact amount that we were behind. I called and guess what. It hasn't and now they can't find the copy of the cashed check I sent them. I asked how something like that gets lost and was told it drops from the system after so much time has elapsed and that I would need to get another copy of the check front and back and the bank statement showing that it was cashed. Then I would need to call them back get it straightened out and then call the Home Loan Retention Division and start the whole process over again. Two problems here. 1- I no longer have that bank account due to online bank fraud. 2- I cannot find that bank statement. I went to my bank to see if I could get these copies and was told that for $50.00 hr they could research it and then I would need to pay $4.00 per page because it was a closed account. I do not have a problem doing this if I knew that it was going to do any good, because as of yet doing everything Bank of America has asked me to do was not good enough to save my home. I am at my wits end and I don't know where else to turn. I feel that there has been a grave injustice done to my husband and I and this never should have happened. Could you please, please give this your attention and contact me as soon as possible. I loved my home and living in Sanpete county. I appreciate your time and attention and hope to hear from you soon.

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