In June I contacted Bank of America to apply for a home loan modification. They sent me two packets of the same documents in early July, which I promptly filled out and returned by fax and FedEx. Two weeks later I called to check up on the process and was told they needed more documents, which I sent, again by fax and FedEx. Another two weeks later I called and was told basically the same story, that they needed more documents. Apparently they had lost the last ones I sent. Each time I called BAC I talked to a different representative and each time I was told that I did not need to worry, that as long as I was in the home loan modification process I would not be foreclosed on. Mid July I got a letter stating they were going to "accelerate" my mortgage because I was delinquent. I called to see what was going on and again was told they did not have all the documents they needed. I sent what they asked for, again, and was told not to worry about foreclosure. Spetemb 9 I got a notice that they were going to foreclose and on September 10 the sheriff served me with a civil summons and notice of foreclosure. Once again I called and was told I needed to submit at least one month's mortgage payment to prevent foreclosure. I did not believe that representative either because of all the previous misinformation, so I called again and was told I needed to pay $7119.33 to bring my account current and stop the foreclosure activity. I had to borrow the money from a relative to accomplish that.
BAC sent me a letter suggesting I might want to try a reverse mortgage. I applied for the reverse mortgage, paid $300 for an appraisal that was poorly done. The appraisal consisted of a visit by an "appraiser" who took some pictures and then went to the court house to retrieve information on comparable properties that had been sold. The only property that was nearby was sold very low because of its condition. So the "appraiser" submitted an appraisal for my property that was $100,000 below a previous appraisal done 2 years before.in order to get the reverse mortgage I would have to pay $20,000 at closing! I then decided to continue with the home loan modification.
In early December I got a call from a contractor named Megan telling me she was managing my modification application and that seh needed a form from me to get underwriting to review my application. I had faxed and FedEx'd the same form five times during the months since June, but the BAC people misplaced each one.
I asked to speak with Megan's supervisor and when he called he said I should get the application approved by February 1st. As of February 15th the application is reportedly in review by the "investors" (Fannie Mae) and now I'm being told it could be another month or two before the final approval is given. Meanwhile my reputation in the small community where I live has been damaged and the stress caused by all the incompetence on the part of BAC has almost ruined my health.
If you are considering a mortgage, stay away from Bank of America. They do not care about anything but their corporate profits.
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