Has anyone had to battle Bank of America to complete a house sale?

[Frustratedlady]

They keep throwing up roadblocks that aren't true...like not making payments for a year, which wasn't true. Once that was proven false, they came up with another lie. It's as though they are trying to keep the money as long as possible.

Is this how BOA works?

[AndyA]

1. Honestly, I don't think you could possibly pick a worse place to get a mortgage.

BOA bought my mortgage, and I pray that some other company buys it from BOA. BOA SUCKS. I would never choose BOA.

[tridim]

2. JP Morgan Chase is worse, but yes BoA sucks.

[Fire1]

25. DITTO!! n/t

[Frustratedlady]

4. My son's bank sold his mortgage several years ago and they just sold the

house, but can't get their money.

I just happened to think of something. Could it be that it was a packaged deal and they don't know where the deed is? I think I heard that was a problem.

[earth mom]

Let's be honest here-ALL the mortgage companies SUCK.

:grr:

[Fire1]

26. Pretty much. n/t

[HillbillyBob]

3. We are with B of A as my partner has been with them since it was

NCNB North Carolina National Bank(prior to b of a buyout) our homeloan is through Country wide not our choice as the loan was sold to them.
We have been planning to move to a credit union for a while now, but with work sched my partner does nt have time to go do the sign up to open account.

I would seek another lender. Your complaints is par for the course for bofa.

[Turbineguy]

5. I've gone through this with banks.

Threaten to pull the application.

I always tell them: "If you don't think I'll pay the loan, my advice is: Don't lend me the money!"

[Frustratedlady]

6. They had their loan sold to BOA years ago and have been making monthly

payments. However, BOA won't close the deal now. Could it be they don't know where the deed is?

[rucky]

7. Where are you in the process?

Are you past your set closing date yet?

If not, this is pretty much par for the course, and you may have to jump through hoops with underwriting right up until the last minute.

If they're holding up your closing, then that's a different story.

[Frustratedlady]

11. They are holding up the closing. Their house has been sold for a couple months.

First, they said they hadn't made payments for the last year. They said they had, but BOA said they'd have to have proof. They got proof and BOA said they had made a mistake, but then something else was wrong. I'll have to check and see what the second thing is, but that problem is also a lie. It's as though they are trying to buy some time.

I told them to contact their congresscritter and see if they could get some help, rather than hire a lawyer.

[mnhtnbb]

19. If the house is in Iowa, check to see if you can file a complaint with

the Iowa State department which licenses banks.

Here in NC, I went round and round and round, including having an attorney contact
CitiMortgage (who had bought our loan) after our house burned down (they were refusing to adjust an interest only loan after we sent them the initial payoff from the insurance company--which was
blatantly illegal in NC) until I filed a complaint with the NC Commissioner of Banks.
Boom. Instant attention and instant problem solved--after I'd gone round and round with them for
6 months.

[mnhtnbb]

20. Here's the link

http://www.idob.state.ia.us/

[Frustratedlady]

22. Thanks! I've sent it on for the kids to check out. n/t

[Frustratedlady]

21. Thanks. That's a good idea.

I think it should be illegal for banks to sell those loans without your OK. With all the problems BOA has had and all the bad publicity, wouldn't you think they'd be bending over backwards to be "nice" and cooperative? How can people close their home deals? That's all they are trying to do.

[tabatha]

8. Which state are you in?

[Frustratedlady]

9. Iowa

[mstinamotorcity]

10. Yes, Yes, Yes

Save yourself the trouble and purchase your home through your local credit union. Much friendlier service,if your credit is good enough to buy a house they will probably give you a better rate.And we are moving away from financial institutions especially those that are involved with investment banking.Can you say Tarp?

[Frustratedlady]

12. No, they have sold their house they've had for 10 years or so.

Their loan was sold to BOA at some point, but they've never had problems until they sold it and are trying to close. BOA is throwing up roadblocks and making them jump through hoops to buy time, apparently.

[mstinamotorcity]

14. My mistake

But advice about credit unions will be good for future references.And BOA is full of s--t. There are plenty of horror stories. Don't worry you will read more as the day goes on about BOA.Not a good bank for working people.

[louis-t]

13. If not the worst, then one of the worst.

I sell Real Estate. They just dragged a buyer on one of my listings through the mud for 10 weeks. When I got the rejection letter, it had a summary. According to their report, there is no way that buyer should ever have been considered for a mortgage. Their credit history included garnishment, attachment, foreclosure, collections, judgements, and repossession, plus their income was insufficient. I suspect some of the negative info they used isn't true. They wasted everyone's time. BoA has been trying to establish a special relationship with the franchise I work at. Most of the agents I work with will not work with BoA. They will advise clients not to pursue a short sale listing if BoA is the lienholder because they take 6 months or more.

[Frustratedlady]

16. They don't have bad credit and are not trying to buy...they are trying to close.

At first, they told them they hadn't made payments for the last year. They proved they HAD made payments for the last year and they then moved to something else. I can't remember what the second one was. But, they can't close their house deal until BOA releases their lein or whatever. I'm wondering if they can't find the deed.

[louis-t]

27. Are they selling their house?

I don't quite understand what they're trying to do.

[rucky]

31. Call the title agency.

They should've done a title search by now if you're past the closing date. They can at least tell you what they know from their end.

[oldlib]

15. I'm currently involved in a Loan Modification

with BOFA. They are scary people to work with and I would advise everyone to avoid dealing with that bank.

[T Wolf]

17. BoA is a regular, predatory financial institution. My father had a savings account with

them.

Since he died in March, I have been trying to pry the funds away from them. Each time they send me documents to complete, I do so. Then, they reply that something else is needed or some other bullshit.

I have even paid an attorney to draft a request and set of notarized documents as BoA demanded on the third attempt. They refused that as well.

It is going to cost upwards of $2,500 to (hopefully) close out the account and get the money. And I am not completely confident that I will ever see any of the balance left in the account. (They have also been adding fees ever since the first request went in).

This is not some complicated financial mechanism. It is a frakin' savings account. But their SOP to delay and refuse does pay off. I am sure they are hoping that I eventually just give up and let them keep the money. But I need it to pay his funeral expenses and other outstanding bills.

Compare this experience with the total ease I had in cashing in his Veterans Life Insurance policy. That government agency was helpful, courteous, and efficient. I received the meager check a week after I submitted the one-page document they requested.

Moral of the story - private business DOES NOT OUTPERFORM government agencies. Nationalize everything!!!

[Frustratedlady]

18. Have you tried to contact your congressperson?

That story is incredible. They should not be allowed to do such a thing if you have had all the documentation requested. You should never have to hire a lawyer. All they should need is the death certificate and a form that you are the proper person to receive the funds. Pretty elementary.

I agree on the vets. It took me longer to cancel my supplemental insurance than to sign up for CHAMPVA and get the coverage started. Both companies refused to drop me until they had used up enough days to claim that last payment. I thought I'd never get away from UHA or whatever company it was.

[T Wolf]

23. Death certificate - check. Document naming me as executor and beneficiary - check.

Copy of will naming me beneficiary - check.

But guess what - NO CHECK.

Now, the fact that I live in a different state than he did may be adding some complications, but it does seem as if it should not be this hard.

The effort continues.

[Phoebe Loosinhouse]

28. This is what happens when account holders do not name a "payable on death"

beneficiary.

When you do have POD beneficiary it's usally a very quick straight forward transaction. You just have to provide a death certificate and that's it.

But you need to know that POD accounts can transfer outside of the will. This can cause all sorts of ill will and bad feelings if not handled correctly. My husbands parents had both kids on all accounts as POD's. No problems and all was up front and equitable when it was time to close the accounts.

[louis-t]

29. This is their standard MO.

Every Real Estate transaction I have ever done with them is the same. Give them what they ask for, it's not enough.

[T Wolf]

30. Well, BoA is in trouble now. My wife is getting into the situation. And she is not as nice as I am

in dealing with "troublesome" issues - she is this close to going to a local branch with fire in her eyes and angry words on her lips.

I would not want to be a BoAer if she does...

[Greyhound]

24. Yes, in every part of their business (Except maybe if you're another bank, but I'm guessing)

both inside and out. They screw employees, contractors/vendors, and customers.

I have never understood why anyone keeps their $ with them.