I ran across a very informative report submitted by Michael G of Cathedral City, CA. On Oct. 27th...
"I submitted an application for a home loan modification through Bank of America back in March. I sent them the Application and all of the necessary paperwork. I had made sure that I met all of their prequalifications prior to submitting the application. About a month later I received a Fed Ex package letting me know that they had received the paperwork and that I would have an answer in 30 days.
I have made numerous calls to check on the status of my application and each time (when they could find my information) I was told that I should have an answer within 30 days and was told to keep making my payments. No one could give me any information as to the status of my application. I received two Fed Ex packages in the mail in early September telling me that they received the paperwork and that I will have an answer in 30 days.in the meantime, I have not been able to make my mortgage payments for the past two months... I could no longer borrow from friends and family. I am getting notices from Bank of America to call and discuss my options. When I call, They do not give me any options but rather transfer me to the loan modification department where I am told nothing again. I am often disconnected and have to call back. When I ask to speak to the person that was just assisting me I am told that they cannot transfer to other associates. When I ask to speak to a supervisor, I get disconnected. I think there is something going on here that should be investigated. I feel that they are purposely delaying things in hopes that I default on my Mortgage. I cannot get answers nor options that I am told to call and discuss. It's a perverbial black hole."
I just wanted to say that the SAME thing that has happened to my husband and I... EXACTLY!
Unfortunately, we had 3 home loans with Bank of America for two different pieces of real estate and because we did not make payments on these loans while they were in the process of modification (which we were told not to do by the people at BOA) we found ourselves being threatened with foreclosure proceedings by BOA. The whole thing, since this past March, has been one gigantic cluster*$@*. There has been numerous occasions where BOA has "lost" our paperwork, numerous times where we have had to resubmit stuff... It has been unbelievable.
We originally applied for a modification after my husband became disabled and was given early retirement from the military. Because of the change in my husband's status, our monthly income was reduced. We immediately contacted BOA for a loan modification with the hope that we could avoid the very situation we now find ourselves in...
We have had to file for bankruptcy to avoid having our homes foreclosed upon. We would sell our second house, except for the fact that it is the only form of extra income that we have. We spent our savings and retirement money on mortgage payments and home repairs before applying for a home loan modification. We have been in 'limbo' with our rental property, first - waiting first for the home loan modification to go through, and then, waiting for the bankruptcy to be approved after we filed to avoid foreclosure. Since we haven't known what was going to happen, we haven't been able to pursue finding renters for our rental property. It has sat vacant since Feb. Of costing us approx. $9000 in rental income that we could have used towards the mortgage payments.
Additionally, BOA increased one of our mortgage payments by over $200 per month because they took out their own home owner's insurance on the property. For some reason my insurance with State Farm was cancelled and a new policy taken out with a company that BOA chose. I'm still looking into the cause of this. No one seems to know why this was done and I received no paperwork from either BOA or State Farm regarding this. My policy was cancelled in the MIDDLE OF THE YEAR, 6 months after the payment had been made to cover the entire year. State Farm has been about as shifty, lately, as BOA - so it's a toss up as to who is to blame for this one...
Anyway, found another article re BOA at this site that pretty much states the same thing...
Http://janineonadime. Blogspot.com/10/bank-of-america-lies-and-bullshit.html
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