I lost my home to a fire on September 12th. A few days after, I contacted Bank of America to tell them the situation, they told me not to call back until I got a check from the insurance company... Well, ok. So I waited and received the check on Oct. 7th, called Bank of America and they gave me the address to send the check to and also asked for me to include a Letter of Intent stating that I intend to use the check to pay off the mortgage.
I called Bank of America again and got the payoff amount (which includes all fees), $39,456.56. The lady also told me not to make the mortgage payment. So, the next day, October 8th, I overnighted the check, Letter of Intent and all other documents from the insurance company through FedEx, so I had a tracking number (WHEN SENDING ANYTHING MAKE SURE IT IS POSSIBLE TO TRACK IT.) Bank of America received the check on Tuesday October 12th (Monday was a bank holiday), 9:28 am, signed for by D. Tran. Called to confirm and they said they didn't have it (liars), to call back in a few days.
Called on Thursday, said they received it and it would be 10 days. Called back on Friday to confirm that I did not have to make the mortgage payment, they said I did not have to pay it. So on Monday I go to their site and check my account, my mortgage payment is now past due!
I immediately call them and ask why my account is past due, they tell me because I haven't made the payment, so I proceed to tell them the situation and inform them the money is there for payoff. They said it will be taken care of. To this day it still says payment is past due! And to top it off they took the pmi payment out of my escrow account! I called about this, they said they would make a note of it and it might still come out again 'by accident.'...?
So there is a form on the site where you choose why your payment is late, I chose, Decline to answer, as the other options do not apply to me. Then I choose: payment was sent, then the date; October 8th, method of delivery; overnight, payment amount; $39,456.56.
I go back every day and it still says past due! And to make it worse they lost my letter of intent (yeah right) so, since I have a copy (COPY EVERYTHING) I fax it right over, now this is crazy, it could take up to two days for them to get the fax, first it goes to a company that reviews it and once approved it goes to Bank of America...? They must get a lot of 'hate' faxes.
On Monday, the 25th (9 business days since they received my check) they said it will be 14 days... From Monday! I need the remainder of the insurance money to start rebuilding my home, I have been in a motel since September 12th. It really angers me that when a customer is late they take no time to tell them and charge ridiculous fees, yet when the tables are turned they take their time because they don't care.in this situation we should be able to charge them when they don't process our claims in a timely manner.
Someone needs to change the way these things are handled, like in my situation, the insurance company should ask the homeowner what they want to do, in the case of a payoff they should have to contact the mortgage company and get the payoff amount and send a check directly to them and then the remainder should be sent directly to the homeowner. Sounds much easier to me!
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