Bank of America Borrower's Protection Plan Bank of America new from the get go I was not able to pay this Jumbo loan.. yet still took my money anywhere Texas
We bought a home in Katy Texas and almost all homes in that area are to be considered Jumbo loans. Well, they convinced us that we would be covered for the period of the loan with this Borrower's Protection Plan. We didn't have a real estate agent by outside since this was a owner to owner sale. We didn't read the fine print and it states " that the loan will terminate at the end of the loan or 120 months from the time of the signing of the contract, which ever comes first" ... Well, they new from the start it was a 25 year loan and it was way over our heads. We paid them the 120 months payment and still paying the loan,... yet we no longer have coverage and what I read no one really does. I agree with all the homeowners ... Bank of America scammed all of us and they knew they would never pay out anyone... so they continued selling it to the new homeowners. I want to be part of a civil suit. They took the money and ran,.... and I have to tell you that never do business transactions with out professionals... I wish we had had a real estate agent.