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Member
Posts: 9
Registered: ‎12-31-2010
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My BoA Mortgage Story... The Good, Bad & Ugly.

I'll start with the Good.... Home last sold for 265K in 2007. I purchased for 105K. 3.875 assumable 30yr fixed. My realtor was amazing!

 

Now the Bad.... Closing was 2 weeks late.

 

And the Ugly.... Bank of America is a joke of a financial institution!!! They had 45 days to close and then 3 days before I was to sign I was told that my case was assigned to a new underwriter and we would have to postpone the closing by a 4 days. Then another 2. Then another 3. Then another 2..... Finally the seller said no more extensions and said that they would give me one more but I had to forfit my earnst money. I started the process of canceling the deal and my loan officer said she would personally guarantee the money, so I proceeded. After that I was always told....I'm not sure... I'll call you back... docs will be at title tomorrow....4 times. Finally I got agressive and starting showing up at the BoA mortgage office looking for answers since my calls were no longer being returned. Then started politely demanding phone numbers of internal management. My realtor and I worked every angle to try an get in touch with someone that would move it along. Today at 11am.... I had it and starting calling the Regional VP's office and leaving messages every 10 minutes until I got a response. My Realtor looked up thier boss on linked-in and sent an e-mail outling the process to date. I then called the Office of the President and CEO of BoA.

 

I closed this evening at 5pm.

 

Moral of the story... find good people that will have your back and don't take an answer that you can't accept. Fight for what you want. If you are in AZ and need some BoA internal contact information... PM me.  :smileyhappy:

Valued Member
Posts: 32
Registered: ‎05-07-2007
0

Re: My BoA Mortgage Story... The Good, Bad & Ugly.

You ended with a great though! :smileyvery-happy:

 

Will keep this thread in mind.

Established Member
Posts: 21
Registered: ‎09-21-2007
0

Re: My BoA Mortgage Story... The Good, Bad & Ugly.

Congragulations. I'm glad it all worked well. 

 

I know how you might have felt, as i had to go through the same process w/BOA i.e very bad customer service . I went w/another bank  , as fate would have it , the bank sold my loan to BOA.

 

Now another time , i made the same mistake of trying to refinace w/BOA. again the same story .. no response , loss of paper work .  Now, i refinanced w/another bank.waiitng to see what does my current bank does w/my loan.

 

in fact when i called BOA to get the status of some refund, the customer service rep boasted that i would finally end up w/BOA..  i said we will see ....  

 


kayakman wrote:

I'll start with the Good.... Home last sold for 265K in 2007. I purchased for 105K. 3.875 assumable 30yr fixed. My realtor was amazing!

 

Now the Bad.... Closing was 2 weeks late.

 

And the Ugly.... Bank of America is a joke of a financial institution!!! They had 45 days to close and then 3 days before I was to sign I was told that my case was assigned to a new underwriter and we would have to postpone the closing by a 4 days. Then another 2. Then another 3. Then another 2..... Finally the seller said no more extensions and said that they would give me one more but I had to forfit my earnst money. I started the process of canceling the deal and my loan officer said she would personally guarantee the money, so I proceeded. After that I was always told....I'm not sure... I'll call you back... docs will be at title tomorrow....4 times. Finally I got agressive and starting showing up at the BoA mortgage office looking for answers since my calls were no longer being returned. Then started politely demanding phone numbers of internal management. My realtor and I worked every angle to try an get in touch with someone that would move it along. Today at 11am.... I had it and starting calling the Regional VP's office and leaving messages every 10 minutes until I got a response. My Realtor looked up thier boss on linked-in and sent an e-mail outling the process to date. I then called the Office of the President and CEO of BoA.

 

I closed this evening at 5pm.

 

Moral of the story... find good people that will have your back and don't take an answer that you can't accept. Fight for what you want. If you are in AZ and need some BoA internal contact information... PM me.  :smileyhappy:




Regular Contributor
Posts: 188
Registered: ‎01-30-2010
0

Re: My BoA Mortgage Story... The Good, Bad & Ugly.

I started out just wanting someone to give me a mortgage so that I could buy a house.  The more I read, the more I researched, the more time went on, my whole thought process changed.

 

My mid score recently went up to where I (thought) I would qualify - so I started talking to lenders, and realtors.

 

One realtor said  "Oh, go with BofA, they are a really good choice."

So, I scratched her off my list, as that was definitely NOT someone I wanted to deal with - she must not pay much attention to what is going on economically in the world.

 

I mentioned to another realtor that I was being careful that my mortgage did not end up with BofA.  She replied, "Good luck with that, everything ends up with BofA, and you don't have any choice in that.  Everything goes on the secondary mortgage market."  Since I am not big on people who think things "can't be done", I scratched her off my list as well.

 

More research, more time, more reading.

 

More talking to lenders.  My checking / savings were with BofA, although they started out years ago with a smaller bank that got ate up by BofA.  So, just to see what they said, I applied with them.  Approved, for a good 40K more than I can ever in the world afford.

 

Twelve other lenders turned me down.  One small bank, who does NOT sell their mortgages told me no.  Not right now.  You need to be in better shape, you don't want to be barely able, you want to be really able.  I opened an account there.  Closed out BofA.  Went in there yesterday to make a deposit.  Loan officer walked by and said, "Oh, Hi Sharpie, how are you doing". 

 

I had only spoken with him one time.  Do I have a mortgage?  No.  But, I sure know where I will go when I am in GOOD shape, not just good enough.

Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: My BoA Mortgage Story... The Good, Bad & Ugly.


sharpie wrote:

I started out just wanting someone to give me a mortgage so that I could buy a house.  The more I read, the more I researched, the more time went on, my whole thought process changed.

 

My mid score recently went up to where I (thought) I would qualify - so I started talking to lenders, and realtors.

 

One realtor said  "Oh, go with BofA, they are a really good choice."

So, I scratched her off my list, as that was definitely NOT someone I wanted to deal with - she must not pay much attention to what is going on economically in the world.

 

I mentioned to another realtor that I was being careful that my mortgage did not end up with BofA.  She replied, "Good luck with that, everything ends up with BofA, and you don't have any choice in that.  Everything goes on the secondary mortgage market."  Since I am not big on people who think things "can't be done", I scratched her off my list as well.

 

More research, more time, more reading.

 

More talking to lenders.  My checking / savings were with BofA, although they started out years ago with a smaller bank that got ate up by BofA.  So, just to see what they said, I applied with them.  Approved, for a good 40K more than I can ever in the world afford.

 

Twelve other lenders turned me down.  One small bank, who does NOT sell their mortgages told me no.  Not right now.  You need to be in better shape, you don't want to be barely able, you want to be really able.  I opened an account there.  Closed out BofA.  Went in there yesterday to make a deposit.  Loan officer walked by and said, "Oh, Hi Sharpie, how are you doing". 

 

I had only spoken with him one time.  Do I have a mortgage?  No.  But, I sure know where I will go when I am in GOOD shape, not just good enough.



Best of luck to you when you decide to apply.  But what is wrong with BoA for servicing the loan?  I'm asking because my mortgage ended up with them.  I can't speak to how they would have been if I had applied with them, but I haven't had any issues with the loan since they ended up with it.  I guess I'm wondering what I should be looking out for.  Thanks.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Regular Contributor
Posts: 212
Registered: ‎06-20-2009
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Re: My BoA Mortgage Story... The Good, Bad & Ugly.

Interesting story.  Here's my BoA mortgage story, also ugly but otherwise completely different.  They bought my Countrywide mortgage in the too-big-to-fail  "merger", and I was actually pretty pleased with their servicing.  At least they didn't go into hysterics every year about why I hadn't paid my (non-escrowed) insurance a month early.  So I thought I'd go to BoA first for a refi a couple of years ago.  I hoped my good payment record might help get me a better deal.  The agent I talked to got about five minutes into the usual dialog about my income, assets, debts, etc., said he thought he could give me a 4.00% rate, which seemed kind of high to me at the time.  But I didn't get a chance to say so, because he came out with a sudden "Oh wow, you know what just happened?  An e-mail just came out, all rates are going up by 3/8 of a percent!  I can get you in at the 4% rate if we can lock within the next 20 minutes".  It sounded totally fishy, and anyway I had some other lenders I wanted to contact.  But the agent insisted it was a "no risk deal", I wouldn't be committing to anything.  I had been recording all this, so I agreed.  He said they would be sending me an application package right away.

 

Well, I wasn't going to wait and went on to call the other lenders as I'd planned.  I got offers for 3.50% from USAA, and 3.25% from a local credit union.  Neither of those agents had gotten any e-mail about rates going up.  I got a call about an hour later from an appraisal outfit already wanting to schedule an appraisal for BoA.  I wasn't too sure about any of these offers, figured I'd have the appraisal done to get a read on my property's value, even though I might have to do another for one of the other lenders, and might get stuck paying for both.

 

About a week later (with two appraisals in hand, and three GFEs) I decided to go with USAA.  I tried to call the BoA guy back at the "special dedicated number" he had given me.  Of course, I got someone else.  I explained that I was calling to cancel.  This agent said that they would charge me the $400 application fee.  I said no, your original agent said I would not be charged until I committed to going ahead with the application (pretty much a direct quote), but I was willing to pay for the appraisal.  The agent on this call asked who had handled that original call.  I gave the name he had told me, and there was a fairly long pause...  Then, "OK, we'll terminate this application.  You won't be charged for anything."  I gather that guy was notoriously "not with the company any more".

 

So, my BoA experience was:  I got conned, but got away with free appraisal in the end.  Weird.


Starting Score: EQ 804 - (April 2009)
Upgraded thanks to FICO Forums: EQ 813 / EX 842 / TU 823 - (FICO scores from mortgage lenders, June 2010)
Recent Scores: EQ 807 / TU 799 - (March 2012)
Goal: Survive Another Day
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Established Contributor
Posts: 872
Registered: ‎10-16-2010
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Re: My BoA Mortgage Story... The Good, Bad & Ugly.

Wow, excellent deal on your home! BOA does suck though.


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Established Contributor
Posts: 945
Registered: ‎02-07-2011
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Re: My BoA Mortgage Story... The Good, Bad & Ugly.

For those of you that have had a bad BOA experience... is it your actual LO that has been bad or just the behind the scenes administrative stuff that has been bad??

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Regular Contributor
Posts: 233
Registered: ‎02-02-2012
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Re: My BoA Mortgage Story... The Good, Bad & Ugly.

Drop BOA like a lead brick.

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