Usacomplaints.com » Business & Finance » Complaint / Review: Bank of America - Loan Processing bank - mortgage refinance. #752267

Complaint / Review
Bank of America
Loan Processing bank - mortgage refinance

On June 4 I went online to pay my mortgage payment - and just for the record, I have never been late or missed a mortgage payment. I have had my mortgage at BofA for 8 years. I looked at my payoff information and a short time later a gentleman from Bank of America called me and asked if I was thinking of refinancing my home. I told him I was - he was so helpful - so we completed the paperwork on line and on the phone. I paid $400 to lock in the rate and to order the appraisal.

A couple of weeks later he called back and said my home had not appraised for as much as I thought it was worth.incidentally - I based the estimate on my tax statement from the county - I questioned this and he finally admitted that they had done a "drive by" appraisal even though I had paid for a full appraisal. Long story short the appraiser came and my home was appraised for about the amount I said it would.

It is now 7 months later and still not closed and has been in underwriting for weeks. I have submitted every piece of paper they have asked for and in most cases had to submit the same paperwork at least three times with no explaination as to why. This week I had to write a letter explaining why my 401K statement went to my place of employment instead of my home address.

Ialso had to explain why I deposited $2000 into my checking account.

Still no word! Did I mention that I am a 71 year old widow who is still working. I earn approximately $70,000 a year and can afford this loan even if I should lose my job. All I was trying to do was consolidate a less than $20,000 second mortgage which has a high interest rate that I used to put new siding and windows on my home. The total I owe is $47,000 on my home that is valued at $80,000.

Because of the hoops I have been asked to leap thru and what I believe to be an underwriter on a power trip - I am now convinced that this is all about my age and nothing else, since there is no oother reason to deny this loan or drag it out.

The reason I stuck with this is unknown even to me - I was just curious to see what reason they would come up with since the law says I can't be denied because of my age.

I am disappointed in the service at BofA and thought I was a good customer. Obviously that isn't the case. I have saved the hundreds if emails requesting information and all of my responses to those emails and the documents that were requested and submitted either the same day or the next day.

All I want is a good answer as to:

1. Is there EVER going to close
2. If not - What is the reason


Offender: Bank of America

Country: USA

Category: Business & Finance

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