- Report: #478464
Complaint Review: Bank Of America - Simi Valley California
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Bank Of America
www.bankofamerica.com Simi Valley, 93062 California, U.S.A.
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866-653-6183
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Bank Of America Ruined Credit While Waiting 5 Months for "Making Homes Affordable" Assistance! Simi Valley California
Like everyone else in the country, when the economy went south late 2008, I found myself with need of assistance with regard to my mortgage payments. I was originally with Countrywide but Bank of America bought them out early 2009. Soon after this, the Obama administration announced a new program to help people just like me get their high interest rates reduced.
In March 2009, I contacted Bank of America and told them I was interested in taking advantage of the Making Homes Affordable (MHA) program. I gave them all of the pertinent info over the phone and was told that they would be turning this over to the appropriate department.
In April I got my monthly bill from BofA and noticed that it stated I had not paid March's house payment. So, I called BofA and was reassured that nothing was getting reported. They confirmed my payment was received but was being escrowed while awaiting the outcome of my application. I made April's payment over the phone and hung up.
In May, June and July I called and made on-time payments. I also asked if the delinquencies that were mounting on my printed monthly bill were indeed NOT getting reported to credit agencies. Each time I was reassured that everything was alright and that nothing negative was getting reported to any credit agency. However during this same three-month timeframe we received notices from Cheveron, Exxon/Mobil, Sam's Club and Capital One that our interests rates were being increased and our credit lines were being reduced (in the case of Chevron and Exxon/Mobil, the accounts were actually frozen) due to delinquent payments. Most recently, we were turned down for a student loan for my son's college education.
Last Friday (8/7/09) I called BofA once again to inquire on the status of our MHA application. Once again, I was told that it was being processed. I pressed the young man to let me talk to someone in that department. Instead of giving me a contact name/number, he said he would escalate the issue by emailing the department and that I should call back on Tuesday (8/11/09). I called back and
1) Found out that even though BofA had been escrowing my payments they had also been reporting my account as delinquent;
2) I had been charged Inspection Fees and that these were due to BofA sending someone out to my home on two occasions to verify we still lived in our home;
3) We were never being considered for the Making Homes Affordable program (we had only been approved for a 4-year extension of our current loan percentage rate (8.35%);
Needless to say, I was livid. I spoke to a supervisor who did agree to have my escrow funds released and applied to my loan. He also said he'd try to get the inspection fees reversed. He said that he would send notice to the credit bureaus that the loan was and is paid as agreed but said this would take at least 90 days to show up on my report. He then took my information (for the 5th time since March 2009) for the MHA program. When we were done, he said that I didn't qualify for the program because my debt ratio was too high. I explained that the info I had given him was best guesses and asked to speak to someone in the department so that I could provide more accurate data. His response was that he didn't see any need in this and that it was the government that made the decision not BofA.
So, here I am, 5 months later. My mortgage interest is still over 8%. My credit is shot thus I have no options for refinancing. Creditors that I've had for nearly 20 years have frozen my accounts and/or raised my interest rates. I can't get a student loan to send my son to college.
I'm screwed!
Thanks, Bank of America!
Steve
Grapevine, Texas
U.S.A.
Click here to read other Rip Off Reports on Bank of America
In March 2009, I contacted Bank of America and told them I was interested in taking advantage of the Making Homes Affordable (MHA) program. I gave them all of the pertinent info over the phone and was told that they would be turning this over to the appropriate department.
In April I got my monthly bill from BofA and noticed that it stated I had not paid March's house payment. So, I called BofA and was reassured that nothing was getting reported. They confirmed my payment was received but was being escrowed while awaiting the outcome of my application. I made April's payment over the phone and hung up.
In May, June and July I called and made on-time payments. I also asked if the delinquencies that were mounting on my printed monthly bill were indeed NOT getting reported to credit agencies. Each time I was reassured that everything was alright and that nothing negative was getting reported to any credit agency. However during this same three-month timeframe we received notices from Cheveron, Exxon/Mobil, Sam's Club and Capital One that our interests rates were being increased and our credit lines were being reduced (in the case of Chevron and Exxon/Mobil, the accounts were actually frozen) due to delinquent payments. Most recently, we were turned down for a student loan for my son's college education.
Last Friday (8/7/09) I called BofA once again to inquire on the status of our MHA application. Once again, I was told that it was being processed. I pressed the young man to let me talk to someone in that department. Instead of giving me a contact name/number, he said he would escalate the issue by emailing the department and that I should call back on Tuesday (8/11/09). I called back and
1) Found out that even though BofA had been escrowing my payments they had also been reporting my account as delinquent;
2) I had been charged Inspection Fees and that these were due to BofA sending someone out to my home on two occasions to verify we still lived in our home;
3) We were never being considered for the Making Homes Affordable program (we had only been approved for a 4-year extension of our current loan percentage rate (8.35%);
Needless to say, I was livid. I spoke to a supervisor who did agree to have my escrow funds released and applied to my loan. He also said he'd try to get the inspection fees reversed. He said that he would send notice to the credit bureaus that the loan was and is paid as agreed but said this would take at least 90 days to show up on my report. He then took my information (for the 5th time since March 2009) for the MHA program. When we were done, he said that I didn't qualify for the program because my debt ratio was too high. I explained that the info I had given him was best guesses and asked to speak to someone in the department so that I could provide more accurate data. His response was that he didn't see any need in this and that it was the government that made the decision not BofA.
So, here I am, 5 months later. My mortgage interest is still over 8%. My credit is shot thus I have no options for refinancing. Creditors that I've had for nearly 20 years have frozen my accounts and/or raised my interest rates. I can't get a student loan to send my son to college.
I'm screwed!
Thanks, Bank of America!
Steve
Grapevine, Texas
U.S.A.
Click here to read other Rip Off Reports on Bank of America
5 Updates & Rebuttals
Janice
North Branford,Connecticut,
United States of America
BOA - Countrywide Debacle
#2Consumer Comment
Thu, April 08, 2010
I simply want to say that what happened to you is happening to me and then same. They tacked on thousands of fees saying last 7 payments were never received then mysteriously they reappeared when I sent copies of checks they cashed. Now they are trying to say I was never in a forebearance for the Home Affordable Program (through a third party intermediary).
EVERYTIME I talk to someone at corporate, there's a different story. Also saying, "yippee, we found your money but you still owe March and April" while the lady had my cancelled March check in her hand! I am paying April cuz that's all I owe. I am now receiving help from the State of Connecticut Capital in Hartford.
Kumbaya
Nova Scotia,USA
taxes skyrocketed!
#3Consumer Comment
Fri, March 05, 2010
I am a widow who works two jobs in order to survive in todays world. I had re-financed my home after my husband died. My house payment was one that I could afford. One year after his death, the property taxes on our home went from $200 per year to $1200 per year. This not only increased my house note by the additional amount needed for next year but also an additional amount to make up the escrow shortage for the prior year. This additional amount plus an increase in the cost of living caused me to get behind in my house payments. I heard about NACA and after attending a meeting, with their help, submitted all the necessary documents requesting a loan re modification.
Karl
highlands ranch,Colorado,
U.S.A.
ISN'T IT NICE TO KNOW THAT....
#4
Wed, August 12, 2009
Countrywide was making it 'AFFORDABLE' for POLITICIANS to own their homes?
'Google' this- LAWMAKER GOT CHOICE COUNTRYWIDE LOANS, and read it!
*Remember, Bank of America now OWNS Countrywide, correct?
'Google' this- FRONTLINE BREAKING THE BANK, and watch that documentary on the web. Bank of America also OWNS Merrill Lynch, doesn't it?
WELCOME TO AMERICA- ONE MASSIVE PONZI SCHEME!
Karl
highlands ranch,Colorado,
U.S.A.
Bank of America now owns Countrywide, correct?
#5
Wed, August 12, 2009
'Google' this- LAWMAKER GOT CHOICE COUNTRYWIDE LOANS, and read that article!
WHY are POLITICIANS getting 'special' interest rates on their MORTGAGES? There are MILLIONS of innocent Americans who CAN'T get their mortgages modified, but POLITICIANS were able to get special rates on their home loans???
WHAT'S GOING ON IN THIS COUNTRY?
Thank you.
Ashley
Springfield,Missouri,
U.S.A.
they are correct
#6Consumer Comment
Tue, August 11, 2009
Unfortunately they have very narrow requirements for the new government program. The government decides who qualifies. If they kept your interest rate the same but extended the loan 4 years, that should have lowered your monthly payment. Which is your goal isn't it? This program is not for just anyone who wants a refinance. When he said your debt ratio is too high, that means you are carrying too much debt to the available credit you have. Again, these guidelines were laid down by the government. Like they said, in 90 days your credit should be back to normal. Additionally, I've never heard of bad credit keeping you from federally subsidized student loans. My credit is HORRIBLE and I got 40k in student loans over the last 5 years.
