When my mother passed in BOA wanted to foreclose on her $350.000 home, she only owed $20.000 on it. I was the Excutor of her trust and they refused to talk to me when they found out I was planning to pay off the loan and sell the home and disburse the money per the Trust instructions. They tried to foreclose and held up the sale for about a year.
The estate lost $75.000 due to there actions, and I had to write many requests for a buy out of the loan and sent notorized copys of the Trust that they refused to accept., By the way it was a Reverse Morgage so nothin was late, in fact she could have borrowed a couple of hundred thousand more if she hadn't passed away, she was 87 years old, A reverse Morgage is a very bad idea, and never deal with Bank of America, I will never again, I was a customer since 1984 and had over 300 K in there bank before they pulled this, said I should just let them foreclose and they would take all there expenses and give the Trust what was left;
They finally charged us $13,000 in fees and excepted my final payment very reluctantly, Then after the home was sold began sending me letters again saying they had transfered the loan to a new office they set up in another state and were planning to begin the foreclosure procedure all over again, I hope they do because I have the proof I paid them off in full. I even have a Full Reconveyance. Bank of America is a RIP OFF bank never use them for anything, I still have 65 K there but the day the terms are up its out of there, Wont get any early withdraw fees from me (wanted I believe 20%)
0 comments