Bank Of America is holding money issued by our insurance company for flood damage that occurred November 13 and will not release the funds. We have requested the insurance funds to be released and Bank of America keeps delaying the dispersal of the funds. The damaged home was not habitable and was torn down per the structural engineers report. We first attempted to put a modular home on the site in December with the financial assistance of Bank of America, but that was refused and took them two months to refuse. We were told that in order to put a modular home on the site, we would have to come up with the additional funds ourselves. We did come up with the funds and had Cardinal Homes build the house. When it was done, we requested the insurance funds from BoA again and they said we had to prove we had the other funds to complete the home before they would release the funds. I sent them the financial documented proof that we were able to complete the home and they continue to refuse to release the funds for the home. The house was built by Cardinal Homes in 8 days three weeks ago. The delivery of the home has been cancelled twice because BoA did not release the funds. Cardinal Homes was paid a deposit of $6000 by me personally as a down payment for the home. BoA has the receipt for the payment I made and never reimbursed those funds to me either. Cardinal Homes is very upset because they purchased the materials to build our home and owe their vendors money for this house as well. My 70 year old Mother-in-law is disabled and the rental that she is in has been extended twice. The landlord said no more extensions and Oct 31 is the move out date. BoA just told me they won't be making a decision until Nov 1st 2010 after leading me on since September 13 by saying it will be 10-14 days for approval. Then saying it will be 5-7 business days from Sept. 17th when it was "expedited". On the "7th" day of waiting (today) I called and was told it would be another 33 days before they tell us something. They need to release the $50800.00 for the construction of the house immediately! Our account number for the claims dept. Is 874268047. We have never been late on any payment to Bank of America. We have been paying $1400 a month to rent a condo since Nov. I have been lied to by the customer service reps of Bank of America several times. The Supervisor Phillip Jerome said he would call me back to let me know what he found out. NO CALL BACK, Joy Ramirez, Manager, said she was concerned about how I was being treated and she would call me back within an hour. After waiting by the phone for two hours, NO CALL BACK. Tim Carpenter, another manager (REO Div.) said he would call me back too. I wonder if he will. This home is costing me a total of $118000 of which Bank of America is holding on to $50800 of my insurance money. $30000 more is being paid by the insurance company for the demolition and foundation raising, which is complete by the way. The addition funds are being paid personally by myself. Proof of which has been sent to BoA as requested. There is absolutely no reason that this money has not been released. They are causing enormous distress apon this family by keeping us displaced and causing us to move for a third time before our house is replaced. If they release the funds today the contractor may finish by October 31 so we can move in before we have to rent another temporary home for my mother-in-law. She also has daily care givers that tend to her that are also affected by these conditions. I hope that resolution comes quickly. I called three law firms today. All of which said they have dealings with Bank of America and have conflicts of interest. How amazing is that. Well now I am calling the news networks to see if they can help me. This is after all a tragic story involving, Flood, Destruction, Financial Corruption, and a Disabled Elderly Woman.
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