We are writing to you discouraged, disgusted, and angry. We were supposed to have closed on our house by now. However, after an extended 80 day closing, Bank of America is still working on our loan. Although I understand there were lots of issues to be cleared up, there is no excuse for the disorganization, miscommunication, and length of time to close we have experienced. My grievances are as follows:
1. Our loan service specialist, Lisa Young-Bresnyan, often did not return our e-mails or phone calls. She routinely told us that she had not gotten a chance to review our loan yet. She once told me, I am completely and utterly unorganized, which sums up our entire experience with her and with Bank of America.
2. After we had an accepted offer and the paperwork with BOA was signed, we did not hear of any concerns from BOA for over 30 days. This says to me that BoA did not really look at our file until late in the game. Perhaps, if our file had been reviewed, the problems could have been cleared up earlier instead of later, requiring us to extend our closing twice. We were told that we were one of many files and that they would get to our file when they could, that they were understaffed, etc. Your lack of people and abundance of loans should not be my problem.
3. We were told twice that our loan was dead in the water only then to be told that we were back in the game.
4. Our loan went to the underwriter at least twice, where problems were found both times. Why werent ALL the problems found on the first time? That would have given us 2-3 weeks to clear up the second issue instead of waiting until it was too late? There appears to be a major breakdown somewhere in your system
5. We were encouraged to go rural housing. When we originally contacted BoA to be our lender, our loan originator told us not to go THDA but rural housing, even though we were originally interested in THDA. Then, 70 days later, our same originator told us THDA would have been the way to go and we would not have had any of these issues had we gone the THDA route. We have since contacted another lender who repeated this and told us THDA would have been the easier, better way to go and that we would have already been in this house.
6. It looks at this point that we have lost the house.in the last two weeks, both our originator and our service specialist have gone to bat to get this loan through for us. It is too lateBoA should have been going to bat for us the entire time. We have likely lost a great house, one that our realtor and our own knowledge assures us we will not find again. We have lost over $700 dollars in wasted appraisal and inspection fees. We have come to the end of our apartment lease and will now pay an additional $150 dollars a month to live month-to-month until we can find another house.
No one deserves to have the poor customer service BoA has given us. BoA has not only given us poor customer service but has also affected us having the home of our dreams. BoA has also wasted our time, our money, and caused us utter disappointment. We will never, EVER use Bank of America services again. As two young professionals looking at future loans for cars, boats, etc. As well as accounts for banking, savings, etc. You have lost not only our business but the business of hundreds of our friends and family who have watched as we have gone throughout this process.
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