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How Americans Got Burned by Bank of America

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Have you been burned by Bank of America (NYSE: BAC  ) ? If so, then you're in good company.

Two weeks ago we published a widely read article about how the nation's second largest bank by assets is alleged to have delayed and denied mortgage modifications to qualified homeowners under the Home Affordable Modification Program, or HAMP. Why would it do such a thing? According to the testimony of a former employee, "the more we delayed the HAMP modification process, the more fees Bank of America would collect." As I noted in a follow-up piece about the bank's abhorrent record for customer service, exorbitant executive salaries don't pay themselves.

The interest generated by these two articles was surprising but consistent. In short, people are mad at Bank of America. And they're mad for good reason.

Here's how one commenter put it:

If you have never experienced [Bank of America], take a moment to experience what so many people have experienced.

You can do this in the privacy of your own home. Place your thumb inside the window sill of a double hung window or inside the jamb of a heavy exterior door and slam it shut!

If you did this, you now know this experience is more enjoyable than a relationship with Bank of America.

Here's another:

My experience with Bank of America taught me one thing: I would go to a loan shark before I would ever do business with them again.

And another:

I have been a [Bank of America] customer since Feb 1999. Not a month goes by when it [doesn't try] its best to lose me as a customer. I hate hate hate them. And once you set up all the autopays, it is darned hard to undo it all (but I am doing it).

[Bank of America] takes perverse pleasure in hurting its customers.

I could go on and on with the complaints, but I suspect you get the point.

But while these articles dealt with relatively narrow band of unscrupulous behavior -- that is, allegations that it unjustly delayed and denied mortgage modifications under HAMP and thereby pushed thousands, if not tens of thousands, of homeowners into foreclosure -- a cursory glance at Bank of America's past suggests that this is more than an isolated incident.

The pattern that's emerged over the past few years is one of a bank that cares neither about its customers nor, for that matter, its shareholders. It earned an estimated $4.5 billion by reordering its customers' debit card transactions in a manner that maximized overdraft frees. It settled a lawsuit alleging that it misled shareholders about the 2008 Merrill Lynch acquisition. It's being sued for intentionally originating and selling "thousands of fraudulent and otherwise defective residential mortgage loans" to Fannie Mae and Freddie Mac that later defaulted, causing more than $1 billion in losses and countless foreclosures.

And most recently, it's been reported that multiple state attorneys general are contemplating new lawsuits against the bank, as well as Wells Fargo (NYSE: WFC  ) , for violating the terms of the $25 billion National Mortgage Settlement, which the nation's largest mortgage servicers entered into at the beginning of last year.

To be fair, Bank of America is far from the only bank that's been accused of blatant misdeeds over the last few years. Both Citigroup (NYSE: C  ) and JPMorgan Chase (NYSE: JPM  ) are purportedly under investigation for their involvement in a scandal to manipulate the London interbank offered rate, or LIBOR. And the British banking behemoth HSBC (NYSE: HSBC  ) settled a case earlier this year that alleged that it illegally conducted transactions on behalf of Mexican drug lords, terrorists, and customers in places like Iran, Libya, and Sudan, among others.

But the misdeeds of others is no solace to the thousands of unwitting victims of Bank of America's less scrupulous practices.

And it's for this reason that we're calling on you, the reader, to share your story with us about Bank of America in the comment section below. Good and/or bad. It's our intention, if sufficient interest is generated, to publish the most egregious comments in a subsequent article and to present them to the bank. If Bank of America has burned you, this is your opportunity to vent, if you will, or to share what happened and thereby help others to avoid a similar experience.

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Read/Post Comments (72) | Recommend This Article (17)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On June 29, 2013, at 3:17 PM, mythicalmike4 wrote:

    I have been a Bank of America customer for 15 years and have multiple accounts with them. I wont say its been perfect but I think these bashing articles are over-done. I also did a HAMP refi with them with no issues or delays. Don't you have an investing article of some value to share? "To be fair" --- this is a pointless, thoughtless article that should not be published.

  • Report this Comment On June 29, 2013, at 3:32 PM, Rusty56 wrote:

    I agree with the previous 2 posters, I have NEVER had anything but good luck with this bank. I have found getting a six figure loan to be quite simple and anytime I want to take out more money, I walk in and out in 5 minutes with my home equity limit raised to where I request it to be. I also pay my bills on time, unlike many on here who like to bash the bank I'm sure. The big bad bank - bull. Too many losers out there who can't afford to buy dinner much less repay a loan they took out. I'm also sick of the bashing and obviously you along with many of the fools suck in offering any real advice. I actually get amused at your lack of any expertise, at least from what I've read. You can take that to the bank.

  • Report this Comment On June 29, 2013, at 3:35 PM, danbow wrote:

    I have been a BOA customer for many years and pay my bills on time, including paying off my credit card every month so I don't have any interest. For the most part they do ok but when there is an issue their customer service is awful. They obviously are just like all companies, the only thing that matters is the bottom line. They have misleading advertising about their credit card they offer. They said 3% back on gasoline but note there is a limit and not near all gas stations are included. I think the article was more than fair and the only problem if any was it did not mention all the financial institutions that have ripped people off and taken billions in taxpayers dollars.

  • Report this Comment On June 29, 2013, at 3:38 PM, Atalya wrote:

    I would not use BofA if they were the only bank in the world. We had a home equity loan with a bubble payment that we tried to re-finance. They turned us down after months of submitting paperwork, sometimes multiple times. Then they said we could get a loan remodification. We again spent months submitting paperwork only to get a letter saying that they were turning us down because we had not submitted the paperwork in time. When I talked to them again, they asked for a multitude of additional paperwork. That included a copy of a letter denying the refinancing. Not only did we never get such a letter (we were told by phone), but the letter would have come from their organization and should have been available to them without us sending a copy.

    In addition to all this, getting through to them in the first place is a nightmare. I would call the 800 number, select all the buttons, give them all the information they asked for, finally get a person, give them the same information, only to be told I had the wrong department. They would then transfer me to someone else's voice mail or disconnect me. One more thing is that the last person I finally got to talk to said several times she would call back in 7 days; I have never heard from her again. Out of pure frustration I finally withdrew the money from my 401k to pay them off so I never have to deal with them again.

  • Report this Comment On June 29, 2013, at 3:39 PM, Atalya wrote:

    Forgot to mention that we never paid late or missed a payment- ever.

  • Report this Comment On June 29, 2013, at 3:42 PM, lt1926 wrote:

    After reading in the newspaper in the spring of 2012 about the National Mortgage Settlement, I knew I qualified and contacted Bank of America.

    They took my info and told me someone would get back to me. After no contact for BOA, I called them numerous times and they had no idea what I was talking about and transferred me to numerous departments who still had no clue!! I sent e-mails, same result. Finally, in March of 2013, I received a letter for BOA saying I qualify under the National Mortgage Settlement agreement. After sending extensive documentation (often twice), I now have a reduced payment. It was only been a little over a year!!! I will NEVER ever do business with BOA


  • Report this Comment On June 29, 2013, at 3:42 PM, eshodge5 wrote:

    My sad story about Bank of America:

    I contracted to have a new roof put on my house and intended to pay for it with my Bank of America line of credit, which we had used for many years.

    I wrote a check on the line of credit to the contractor for a down payment, and the check went through fine.

    A few days later workmen began tearing off the old roof. Then the contractor phoned to say that a truck load of roofing materials was on its way from the lumber yard, and the truck driver was going to want a check for $7000.00. So I hurried down to the B of A office to get a check (I purposely did not keep checks on hand), but the bank clerk refused me the money. He said my credit had been cut off. No one in the bank office could help me or explain the problem.

    Fortunately, I had another source of funds and disaster was avoided. Otherwise there is no telling how long I would have sat in my house with no roof.

    A customer service person later said that the reason for cutting off my credit was that they had "discovered" (it was no secret) that my husband had passed on several years previously, and they needed his death certificate for their records. They had never asked me for this, did not give me any warning about cutting off my credit, and never sent a written explanation for their actions. I didn't bother to send the death certificate, preferring to just pay off the outstanding balance as soon as possible. Some time later they sent a letter stating that I "may have noticed" my credit had been cut off, but that they had changed their minds and my line of credit was restored.

    No dice. Eventually I will have B of A paid off and will never deal with them again.

  • Report this Comment On June 29, 2013, at 4:14 PM, BecomeInformed wrote:

    BOA agreed to refinance my loan but only with no cash out despite the fact I would still have about 40% equity remaining. However, they said I qualified for an additional home equity loan, at a higher rate and with full settlement costs. Needless to say, my loan is no longer with BOA.

  • Report this Comment On June 29, 2013, at 4:19 PM, Deadpair wrote:

    Just another example of the victim and handout society we live in?

    BAC made me buy the house

    BAC made me take out the loan

    BAC forced me to miss my payment

    BAC did not let me out of my debt.

    Get those bad BAC guys!

    So we see a low admin level Ex employee(s) claim the management at BAC at a national level committed fraud.

    Couldn't be disgruntled ex employees or a rouge office, it is BAC.

    It is sad when society moves to the handout mentality not the personal responsibility society that made us great.

    See how great we are without great banks.

  • Report this Comment On June 29, 2013, at 4:26 PM, donwjr wrote:

    Unfortunately, I and my sister-in-law became customers/victims of B of A through no actions of our own. Neither of use would have chosen them but they bought my pension account and my sister-in-laws home mortgage from the previous holders. It seems that there should be some vehicle of choice so that people can avoid institutions that they would prefer not to do business with. Under the present system they can be sold to virtually anyone without recourse and could modify the terms of the agreement to something far less favorable than originally agreed to.

  • Report this Comment On June 29, 2013, at 4:46 PM, Alericc wrote:

    The funny part is that BoA is betting all their share holders money on the New and Improved Mortgage business. They just recently dumped their Bank Card Merchant Services division to FDR and closed most of their other credit card services and now they look to the Mortage division to make them all this money back. If this is how they start its going to be a worse mistake than Ken Lewis buying Country Wide and claiming that it would make them billions.

  • Report this Comment On June 29, 2013, at 4:54 PM, Wingman95838 wrote:

    Bank of America is the most non American firm I have ever tried to do business with. I am a combat vet serving in Afghanistan and Iraq. I tried to re-fi my home in California. I have positive equity of almost $150,000 a great credit score of 765 and a good income. My wife is a nurse and I am an officer.

    I am about to retire this year and they screwed far worse than the Taliban. My current interest rate is 6.5% and I wanted to re-fi at 2.79% and take it to 10 years on a VA Loan..

    After messing with me for 7 months and giving me a conditional approval the next thing I know they say O sorry you are going to retire and your income will go down so we can t do this...

    Every single veteran in the country should dump them and get rid of them..If you have served your country you should get a picket sign and stand in front of every Bank of Un America this 4th of July and help them go out of business ...


  • Report this Comment On June 29, 2013, at 4:57 PM, RussWllms wrote:

    I have a mortgage with Bank of America. Approximately two and a half years ago I started a "Hamp Modification" trial period. I completed the 3 month trial plan and was approved for a final modification. The packet included documents along with a new mortgage agreement that I was to have notarized and return along with my regular mortgage payment and a seperate cashiers check for $398.00. Which I did, then the following month I was to start making my new modified payments. Approximately a little more than a month later we received the cashiers Check that we sent to Bank of America back in the mail from our personal bank, VystarCU. Apparently it had become seperated during processing at Bank of America and they sent it to VystarCu requiring whom the account holder was. However. VystarCU mailed the check back to me. When I received it I called Bank Of America and they stated that because my regular payment was a personal check it was okay but the cashiers check was in my banks name primarily so when it became seperated from the rest of my paperwork they weren't sure where it belonged. They also instructed me to just mail it back. I would like to add by this time I had already made another mortgage payment to Bank of America. Which I continued to make my new modified payments that were stated in the loan agreement for the modification for two and half years. All the while getting random visitors verifying occupancy of our home and my monthly statements never reflected the modification. This made me nervous so I would call the account manager assigned and they, I say they because it was a revolving door, would assure me that everything was fine and the documents were just waiting to be signed off. I even received a letter congratulating me for keeping my loan in good standing that I was able to have my MIP removed from my loan. Although still statements and credit report showed delinquency. And the delinquency was climbing at an ever high rate because I was making my mortgage payments at the modified rate and my old rate wAs higher so it showed partial payments and fees racking in every month. When I questioned an account manager on this they assured me that as soon as the loaned was finished being signed all of that would clear up. Now fast forward to current, last week I receive a letter stating I was being denied for my loan modification for failure to return documents more than thirty days ago. First off I haven't needed to return documents in two years and I have returned everything ever asked of me. So I call and was informed they could have it reviewed. My account manager was unavailable at the time so I spoke with another representative in the modification department. I waited for my new manager to call me over a week. Finally I called requesting a supervisor. I was told they were all in meetings but I could leave a message. So I explained that my new manager had refused to call me back inspite of me having received a very concerning letter of denial of a modification I had been under the impression was finalized except for the governments needing to "sign off" on it. Finally, Tiffany Smith, my newest account manager called back. First she stated that the new modified mortgage agreement had been notarized improperly. And I questioned how come it has taken two years for that to arise she then said they never received the cashier check for $398.00. Which I can prove they cashed, my bank has provided me with a copy of the cashed check endorsed by Bank of America in August of 2011.

    Bank of America has assigned another manager for our case. The new manager, Lamont Reed, informed me that our complaint has made it's way all the way to the President. He stated that normally you cannot have a review or appeal but that we were correct in our concerns about the check so we were being given another appeal. However, without ever being asked for a copy of the cashed check endorsed by their company, Bank of America sent another letter denying our appeal. This time it gave the explanation of, for reasons previously stated. I called Bank of America to question them regarding a denial for their claim of never receiving the cashiers check when in fact I was holding a copy of the cashed check endorsed by Bank of America. His answer was he could understand my frustration and normally he would give me my other options but he could tell that I was not done with them yet. I told him he was correct and that I really feel with the current headlines regarding their company and the fact that everything those employees claim is my exact current situation that I feel it would probably be in my best interest to obtain legal representation from here on out. I have made and continue to my payments in accordance to the new modification loan agreement that I signed and had notarized back on May 5, 2011. I even paid the additional money that they required in a separate cashiers check at that same time. The additional fees where to cover any additional money not included in the new modified loan so that when our home was paid of in 27 years we would not owe any extra funds as most with modifications would.

    I strongly feel that their intent the entire time was to have us rack up fee's and interest while paying a lower payment so that in time they could increase the amount of money they could suddenly require of me when they denied a loan I had been under the impression was finalized. This is a cruel, under handed victimization of their customers.

  • Report this Comment On June 29, 2013, at 4:59 PM, michaelehubert wrote:

    I have been a Bank of America customer since 1973. I have had home loans, credit cards, checking and savings accounts. I have never had an issue with them. When I did it was my fault and they reversed the charges I accrued. I know of 2 individuals who didn't make house payments for almost two years who lived in the residences and then received a check from BofA due to the settlement. Unbelievable. It has been my experience that when bills are paid on time you don't have any issues.

  • Report this Comment On June 29, 2013, at 5:05 PM, hwyman1968 wrote:

    First I am sorry for the few who have not had the displeasure of having problems with BOA. You are a lucky few. I paid my bills on time. Before BOA purchased my home loan from Countrywide I never had a problem. My loan was set up as not having an escrow. I paid my homeowners insurance twice a year. I did this for 3 years no issues. The first time my bill was sent out with a due date for my property taxes BOA did not wait for me to pay it because they paid it in full and then had the gall to accused me of being delinquent!

    I fought with phone calls and letters for over a year. BOA said they were exercising their right to place my account into an escrow because I was delinquent! BOA had NO right to do this! When I refused to except there "right" to place my account in escrow. I was charged fees for being late, I was charged a fee for not sending in the 'NEW" loan payment that included the escrow for my home insurance and property taxes. My payment was sent back and I was considered late for my payments! When I pushed back and accused them of trying to steal my home and place me in foreclosure. They denied it 100% I actually got a letter of threaten foreclosure if I did not pay them $4500 to get my loan back in fair status.

    After arguing with them for over a year and when they finally admitted wrong I was told we are no longer servicing your loan. And we can not tell you who it is you will receive a letter soon. Well I was sold to M&T Bank like so many that I have herd from. BOA sucks and must be held accountable for their deceit and unrealistic demands from hard working homeowners!

  • Report this Comment On June 29, 2013, at 5:28 PM, lear05 wrote:

    I presume that BOA made some of their workers write positive comments about them. Surely anyone else involved with them through no fault of their own do not hold such glowing opinions. I applied for a modification with BOA, not because I was behind in my payment but to make my payment more manageable. I have gone through the same thing that hwyman1968talked about. The trial period and waiting and then being told that you have a modification after waiting another three months, getting the paperwork, then one year later getting paperwork saying the previous paperwork had an error and they have to do the whole thing all over again. Meanwhile they have reported you to the credit bureaus as being delinquent by 60, 90, 180 days, because you are making a lesser payment because of the modification. The whole time they are throwing fees at you from out of nowhere. You can never get anyone on the phone who knows anything. They give you some pat answer that you know they have been trained to give. Finally after being approved in 2011 for a new payment under my new modification,they have come back in 2012 and again in 2013 needing new paperwork signed and as always new fees tacked on. I have contacted everyone Governmental agency I can think of with no relief. All I can do is continue to pay the amount they said I am to pay in the initial Modification according to my attorney and hope these crooks font try foreclosure. So frustrating !!!

  • Report this Comment On June 29, 2013, at 5:29 PM, kimba918 wrote:

    For the people backing BOA, you seem to forget that a lot more people than you forked over a ton of money to bail their greedy butts out after they sold bad loans and significantly contributed to the Great Recession. WE BAILED THEM OUT and in return, they screwed thousands of their customers and are still doing so.

    tlc you forgot to mention that for your modification you now have a 40-year load and that all the equity you previously had in your home is gone.

    Millions of people lost jobs over the actions of our banks that were just too big to fail. Instead of being grateful that both Bush and Obama decided we the people could afford to cover the crooks, they have become bigger crooks.

    I too applied for a modification and I too lost my job as a direct result of the Great Recession. Submitted paperwork several times and kept the receipt. They sent a denial letter saying the reason was not providing the paperwork. I called and asked for an accurate letter and the gal said they only had that one. They did not have accurate letters.

    Finally, they sold my mortgage to another small company and eventually I did receive my modification but my loan is now 10k more than what I paid for the house and anything I accrued over the 7 years I have paid is gone obviously, not that it would've been a lot but to add another 10k to the loan, it would've helped.

    I am still waiting for a check on the lawsuit for when they illegally foreclosed on my rental. The sent letters every month stating that it was going up for auction only to find out it never did. Any chance of saving it was gone because for a year, I thought it was already gone. Any calls to them resulted in nothing but misinformation. I even offered to help them sell it so it would end faster since they had misinformation in their advertisements but they didn't care. They weren't interested in selling it faster, they were interested in the insurance check from Fannie Mae.

    It doesn't matter if you pay your bills on time or even if you personally have not been affected by BOAs scams. What you should still be concerned about is that your bank is run by a bunch of thieves who have illegal practices and procedures.

    You are supporting those illegalities with your business and your money. You are supporting the actions that led to the Great Recession.

    If that works for you, so be it. But don't you dare complain the moment you find yourself on the other end of that coin.

  • Report this Comment On June 29, 2013, at 5:33 PM, kimba918 wrote:

    OH yeah and that's another thing. BOA returned a check to me as well saying it was $100 short and then immediately started foreclosure procedures. It wasn't $100 short, I'd paid over $700 ahead but they never applied it.

  • Report this Comment On June 29, 2013, at 5:43 PM, countusin2 wrote:

    BOA let an employee of my company who was not on the company account write stolen checks off my company account for two years.

    And she was forging my signature on the checks right at the window without an ID.

    this would be bad enough except they promised that no one could write a check on the account but me and i would need to show ID!

    I figure about $35,000 was the lose.

    just leave your checkbook laying on the hood of your auto, it will be just as safe as with BOA!

  • Report this Comment On June 29, 2013, at 6:01 PM, boogiebayou wrote:

    MY LOAN WAS CURRENT!! Hurricane Katrina hit Louisiana in Aug. '05. Since I was in a federally declared disaster area, I accepted an offer of a 3 mt deferral on my house note. I was told that it would not cost me anything extra or negatively affect my credit. But, most importantly, I would not loose my home.

    I am here to tell you that 8 years later, the bank has committed the most egregious, underhanded, not to mention illegal, tactics designed to do ONE thing-Put more $'s in their seemingly bottomless pockets.

    After the 3 mt. deferral, I resumed my payments and contacted my lender. As per the regulators, banks were instructed to treat loans that were current before the storm as current after the storm when the deferral was over and payments resumed. Of course they did not do this. In the next 11 months they accepted my payments, yet began force placing insurance that was not needed and misapplying payments. In Oct. '06, they returned my payment saying I did not include enough in my payment to cover all the bogus charges they had been adding to my note.

    The next 7 years have been a living hell that I can not get any help in ending. I have written/called/visited every known agency that should do something, but refuse to.. I have jumped thru hoops trying to resend the documents they never seem to get or keep track of. The list of crimes is vast and totally premeditated.

    I am continually amazed at the ignorance of some people who seem to think that the homeowners are somehow responsible for the abuse these banksters are allowed, even rewarded and encouraged to perpetrate.

    Not hundreds..not thousands, but MILLIONS of homeowners have or are suffering at the hands of these greedy thieves. People have been forced to commit suicide rather than have these crooks steal their only asset.

    I mean, what are the odds of millions of people all defaulting on their loans at once?? Don't forget that these loans were being pushed on the public as the best thing going, and were designed and expected to fail. It is just what the banks wanted. Mo money, mo money.

    All I did is live in the path of a hurricane! I did not do anything wrong, and if the bank actually wanted to help me, I'll bet they could have done it before the 8 year anniversary of Katrina rolls around in several weeks. Lets not forget the over $65,000 in illegal fees, charges etc.they have tacked on to my loan in those 8 years, and actually expect me to pay.

    Let's see...if they got $60,000 from each of the millions of homeowners- how much would that be? Those executive bonuses are pretty big...have to come from somewhere.

    Until the regulators, who are paid by the banks, do their job of regulating, we don't seem to stand a chance against one of the biggest banks in the world...I bet if they are actually as incompetent as they make out to be, when they continually seem to loose the multiple documents they are sent, they probably would not have grown as large as they did.

    To all the homeowners I say DON'T GIVE UP. Don't let them destroy your life.

    To all of the unenlightened who blame the homeowners for this disaster, I say WAKE UP AND GET THE FACTS STRAIGHT BEFORE ASSUMING YOU KNOW ALL THE ANSWERS.

    We need the help of the media desperately. The ones who should fix this won't, so we need to make our stories known, and I thank you for making this 'venue to vent' available. Hopefully we will see Justice served before we all grow old and die.

  • Report this Comment On June 29, 2013, at 6:19 PM, John1118 wrote:

    I took out a conventional mortgage through Countrywide which was bought by BOA back in 2007. Everything was great with that loan and I have never had a bad experience to date with payment of that loan.

    I bought a second home and decided to get the mortgage through BOA since my other mortgage was through there. I got my pre-qualification letter and found a house for substantially under what I was prequalified for under a VA loan. BOA was terrible in processing the paperwork. I can't even count how many times they lost paperwork. They have terrible interoffice communication and nobody in their customer service center knows what is going on and just say things are in underwriting even if the paperwork has been misplaced and never made it into underwriting. I had to get 5 extension on my closing date due to lost paperwork. When I went to close after being assured everything was ready by the director of underwriting (at least that is what he said he was) I found out they had funded a counteroffer amount and not the final agreed upon price. Pure incompetence. After the closing company was in contact with BOA for several hours on closing day and had to reprint all the new closing documents. We closed on another day. At least they haven't screwed up billing and payments to date. BOA will not be getting any future business from me because of the poor experience. Sounds like a company with no leadership or direction with serious organizational and communication problems. I had the impression that BOA employees hate their jobs and it shows.

  • Report this Comment On June 29, 2013, at 6:24 PM, npruitt wrote:

    I think that all banks are a crooked . I banked with Wells Fargo, and they tried to stick me with all kinds of unnecessary charges. I suggest to people who use banks to print out the itemized balance that shows whether or not you have any pending charges and your current balance. I did this, and when I confronted Wells Fargo with my proof, they started squirming when I wanted an explanation for the charges. I now Use a credit union. My advice to anyone who uses a bank, watch them, because they'll stick it to you any and every chance they get.

  • Report this Comment On June 29, 2013, at 6:33 PM, lear05 wrote:

    Thank you boogiebayou

    I feel your pain.

  • Report this Comment On June 29, 2013, at 6:51 PM, Sawahtb wrote:

    I realized in 2008 what a piece of work BofA was when they wanted to sock me with 14% interest on my CC's suddenly. For no reason. I asked them to be more reasonable, but all the managers would do was shrug, so I pulled all my credit and money out of BofA. Sadly I went to Wells Fargo, but later I moved out of California and used a small local bank. I closed all my Wells Fargo accounts in 2010. I am so glad I decided to stop putting my money in anything but small local banks.

  • Report this Comment On June 29, 2013, at 6:54 PM, tvo714 wrote:

    Every month when I go into Wells Fargo to pay my mortgage, I'm asked to open up a checking and/or savings account with WF. I was told every single thing was free since I have a home loan with WF. I received my first monthly statement for my checking account, but I never received my savings statement. I went to the bank and found out it deducted $5 from my savings account as a monthly fee. I've been banking with Union Bank for over 12 years and not one dollar was deducted from my savings account with Union. I quickly closed my checking and savings account with Wells Fargo.

  • Report this Comment On June 29, 2013, at 7:07 PM, duhmerican wrote:

    Pick any company in America, permit me just a couple days of access to their front line employees and an assortment of long- and short-term customers and I'll uncover precisely the same sort of mixed bag of comments an article of this type attracts.

    In a nutshell every company has its loyal customer base who'll admit the companies aren't perfect but that, overall, they're satisfied customers.

    And, likewise, you'll find those horror stories of poor customer service, unprofessional conduct, unethical behavior, etc.

    Each story lacks a key component that renders it completely and totally WORTHLESS: context.

    Without context there's no way to truly understand what happened. Crappy company? Impossible to please customer? Poor customer service? Consumer looking to score something for nothing? Inconsistently applied policy? Consumer name dropping a relative in an effort to get special treatment they didn't deserve?

    Articles like this are as POINTLESS as reviews on Yelp. No context = no value, no matter how you slice it.

  • Report this Comment On June 29, 2013, at 7:46 PM, sfoklnd wrote:

    In 1970, I returned from Vietnam and applied for a car loan with Bank of America. I had over one-third down cash to put down. The branch manager told me I was turned down because I had no credit history over the past 3 years.

    I told him that I had spent the last three years defending my country, the last year in Vietnam.

    He said that didn't matter.

    I told him that I would never do business with Bank of America again.

    And I have kept that vow.

    I hope that every robber who robs B of A is successful.

  • Report this Comment On June 29, 2013, at 8:12 PM, katies010 wrote:

    I applied for a loan modification thru Making Home Affordadable with Bank of America after my husband lost his job. It drug out for over a year and when they were pressed by an employee of HUD they told him and me that I had not made all of my payments. I sent copies of all of my cancelled checks proving that I had made all the payments and they still insisted I hadn't made all of my payments. They also said I was 4 months behind on my mortgage when in fact I was 2 months behind. I had to settle for an inhouse loan modification based on their claim that I was 4 months behind and I would lose my home if I didn't. This increased my monthly payments and ended up not helping me at all. Then just before they got in trouble the first time, they sold off a bunch of loans and mine was one of them so I can't take advantage of the settlement that they were required to pay after they lost the first lawsuit.

  • Report this Comment On June 29, 2013, at 8:21 PM, STYX1023 wrote:

    B of A bought my home mortgage from Country wide when they folded. When my father passed away, I tried to get his name removed from the mortgage loan, they wanted $250 dollars just to remove it.. then they wanted another $250 to add my mother (who's name is on the title, along with my fathers and mine). When we started having money problems I called B of A and tried to get HAMP. They sent someone out to talk to me and he left and I never heard another word from this person, I called and sent paperwork in and then one day when I called they said the mortgage had been sold to some little tiny "mortgage" company in Jacksonville Florida (I live in Georgia). Everytime I call this "Bank", "Mortgage Company" they state "THis is a debt collector trying to collect a debt". I had to file for Ch. 13 last year to stop the foreclosure on my home.... Bank of America never had any intention of trying to help me and my mother. I can not stand B of A

  • Report this Comment On June 29, 2013, at 8:33 PM, Aegius wrote:

    Their idea of loan modification is to extend the loan to a 40 year loan with a temporary reduction in the interest rate. This of course ensures more money for them in the long run. My house which I purchased for 150K dropped in value to 50K within 5 years. I was forced to relocate do to job requirements. They refuse to process a short sale unless you are behind on payments, and it took them 8 months to process my short sale despite having a buyer lined up from day 1. During that time they tracked me for foreclosure at the same time. They also make it so its impossible to reach anyone at the bank to discuss the situation with. Their short sale hotline is a bunch of drones that have no power to do or see anything. Day before the closing on the short sale they cancel the short sale because they were missing a document from my realtor. F*ck them. My realtor ended up begging them for help because of my military status. They eventually came through after taking 9 months to process a short sale. I still blame the banks for creating the housing bubble that caused me to have to resort to a short sale.

  • Report this Comment On June 29, 2013, at 9:18 PM, doctorj240 wrote:

    I believe that the Bank of America is fundamentally corrupt. I had (briefly) an airline credit card with B of A. I mailed the payment on the day I received the statement, which was 20 days before the due date. B of A charged a late fee and interest claiming they didn't receive the payment on time. A call to the "customer service" rep. was met with unyielding rudeness. I paid the ill-gotten penalties but cancelled my card, and I'll never do business of any kind with them again. And, I'll tell anyone who will listen.

  • Report this Comment On June 29, 2013, at 9:31 PM, sofiegrace wrote:

    I maxed out an open line of credit, lost my job, bills were adding up and it was easy to use the open line of credit to pay the bills. B.O.A. was always sending me these checks. Don't get me wrong I take full responsibility for my stupidity and it took me years with a debt management company to get myself out of debt. What Bank of America did tho was they ran my s.s. number and found that my 69 year old mom had me on her checking account just in case anything ever happened, I would be able to access her account and pay her bills until she was able to. So they took all her money to pay my bill. I called and told them she was elderly and this was all the money she had in the world. And that I had never even written a check from her account. That the account was not mine. They said too bad for her.

    She was devastated. And I was too. I called the national comptroller and then had to write my story to them. I mailed it thinking this will never get me anything so I worked on finding a way to pay my mom back on my own. One day out of the blue I got an unsealed envelope mailed to me by B.O.A. and inside (don't know why it didn't just fall out, but it didn't) was a check for the amount they had stolen from Mom's account but the check was written to me. They just wouldn't accept the fact that that account was not mine or they wouldn't admit that they had taken money from someones account that they had no right to. So I endorsed it gave it to Mom and she deposited it in her account. Later I got a letter from the National comptroller saying that B.O.A. had no right to take Mom's money to pay my debt and that they had to return the money. During those phone calls to Bank of America when I tried to explain that my elderly Mother had nothing to do with my debt and that the money in her account had nothing to do with me the people I spoke with were beyond rude, beyond unfeeling, they were cruel and evil. And I believe they enjoyed telling me too bad for your Mom. Well too bad for them they had to return the money and it took me several years but I paid them back and will never do business with them again, and if word of mouth means anything I make sure I tell my story whenever the opportunity presents itself.

  • Report this Comment On June 29, 2013, at 9:49 PM, Melia1977 wrote:

    In 2011, BAC took every dream my mother had from her. After my father passed away, my mother attempted to refinance the mortgage, to secure a lower payment so she could keep the house. After 6 months of stalling the paperwork, BAC, denied the refinace. She then attempted another type of loan with BAC, in order to keep the her home. Again 3 months of stalling (lost paperwork, demanding copies of irrelevant papers, ect) she was denied. Up until the death of my father, the payments were sent early. Without my fathers paycheck, my mother could not meet the the payment requirements. BAC did not care. They demanded their payments, sent her a huge bill on interest, plus "Rent" while she lived there during the mortgage paperwork battle. Finally in the end, my mother walked through her empty home, the last of her possessions packed, ran her hand over the hand carved wood my father patiently crafted in every corner of the home and said goodbye. She relienquished the home just barely over the 1 year anniversary of my fathers death. Within one month of giving up her home, BAC sent her a bill totaling more than $25,000 over the remaining balance of the home. They demanded the Balance plus the $25k. Now another year has passed and to this day my mother is battling in court against them. BAC is absolutely the worst company to ever do business with. They will suck you dry emotionally, financially and physically.

  • Report this Comment On June 29, 2013, at 10:05 PM, sofiegrace wrote:

    To those that say these bashing e-mails are overdone. I say that your just one payment, one late fee, one mistake made by someone in India, one phone call away from understanding. When it happens and it will if you do business with Bank Of America, know that you'll be welcomed into the bashing e-mails club. And that there will be no late fee's.

  • Report this Comment On June 29, 2013, at 10:15 PM, daffodil16 wrote:

    We HATE BofA- the most un-American company out there and yes, they do have call centers in India....we tried for over 3 years to achieve some sort of modification w/ no avail. There's not enough space here to explain the entire situation. Still can't believe they were bailed out and FAILED to ASSIST HOMEOWNERS w/ good JOBS. We weren't looking for a hand=out- Bof A###= contacted us and told us to apply for a modification. What a joke! This was a ploy by them to make it appear they were following the "new rules" the gov't imposed on lenders. I have a file that weighs at least 5 lbs. containing all the faxes and communication w/ them. All they ever said was "WE CAN'T FIND THE PAPERWORK", "IT WAS NEVER RECEIVED", "MORE FORMS are necessary", etc., etc.

    We decided NOT to file for the recent settlement with the knowledge it would never be enough- they can't even get THAT right- we hired an ATTORNEY who is handling this for us. Our AMERICAN DREAM was crushed by them- and even after being out of our home for more than a year, they still contact us via FEDERAL EXPRESS and phone-

    Much of the bailout money surely went to FED EX as that's how they like to communicate- sending 2-3 packages a week- even though they don't have the employees to open any that are returned. What a joke-

    I tell EVERYONE who in my presence ever mentions a bank NEVER USE BofA## for ANYTHING---EVER. Check out Consumer Reports sister site the Consumerist- search BofA##- they place in the top 2 WORST COMPANIES in AMERICA consistently- and these comments are just a drop in the bucket of all the HELL they put people through....

  • Report this Comment On June 29, 2013, at 10:39 PM, wriggm wrote:

    I was burned bad by BAC with my mortgage. I was one of the ones who had Countrywide sold my mortgage to BAC and it went down hill from there. I bought the house in 2005, I was placed on a adjustable rate but in 2007 when things started to get bad for me and I lost my job, refinancing was a disaster. I was having problems refinancing, they gave me the run-a-round and then I was told I originally qualified for the HAMP program, but once the paperwork went thru, they decided that I didn't qualify. So I went thru with everything and started paying on my new payment for the refinance. I refinanced in May and I made 3 payments and got a letter from BAC stating " we made a mistake" and they took the refinance back to its original balance with late payments and a large balance. I was just in awe that how can this happen when I had started to make payments on a refinance but sorry we have to go back to the way it was before you refinanced. I then put the house up for sale and did a short sale and was fortunate enough not to have lost it in foreclosure, but now they list the house on my credit as a bankruptcy and I filed bankruptcy in 2006, but the short sale happened in 2010. Don't know how this can happen either and the last I checked in 2012, I still had a balance on that home and the loan was still in my name almost 4 years later with a owed balance but yet I have paperwork on a sold home. I am just waiting on a class action lawsuit to get on the bandwagon hopefully to benefit the people who were hurt in this charade!!!

  • Report this Comment On June 29, 2013, at 10:48 PM, pepperdey wrote:

    I have been trying to refi my home loan with b of a for almost 2 years now. I went thru a divorce and had a loss of that 2nd income. I spent almost a year struggling to make payments and I always made them on time trying to enter into multiple programs they SAID I qualified for....only to be turned down cause I was current. I was assigned a customer service rep that I could never get a hold of, I filled out and faxed more than 3 different times almost 80 pages of documents...check stubs, taxes, letters of employment, hardship letters etc....I was transferred weekly sometimes multiple times in a week to my own "customer service rep" with each time having to explain my situation, and start from scratch. Finally had to fall late for any type of help. Now that I have been accepted to a trial modification they have started calling me daily, sometimes multiple times asking for my payment cause Im past due. I explain each time Im entered into a trial period and to please note it on my file. I finally got a hold of 1 customer service rep that was with me for about 30 days. Then I was given 4 more within the next 30 days. I have a stack of papers on my desk almost a foot high of letters they would send daily and 2 per address I have, what a waste of paper. I seriously hope this trial period (3months) puts my loan into a normal situation, in my name only, and lowers my payment since my income changed dramatically. I tired to ask for help for over a year and NO ONE would work with me...NO one read the files, notes, or anything...always had to start from scratch. They have the worst customer service and If I had any other option to use someone else I would in a heart beat. Its really sad when you tell people you have a mortgage with B of A and they look at you like your have a rare contagious disease and offer you such sympathy. I am a little relieved that Im not the only one out there and dont feel so alone in my troubles with them. Im glad those of you who have had good service have had good service....every institution has good and bad situations...but I truly thing B of A takes the cake. There isnt enough space here to tell you my troubles for the last 2 years, It did help just to vent a little bit. Good luck everyone

  • Report this Comment On June 29, 2013, at 10:50 PM, Earthman60 wrote:

    I had A BOA card for years, and an 800+ rating when the economy tanked in 2008. BOA immediately raised the interest on my account from 12% TO 30%. When I called to complain the "Customer service" rep. told me she could lower it to 27%. The economy tanks and the BOA tried to take advantage of the situation and gouge their clients. When I told the Rep. I wanted to cancel my account with BOA she warned me it would hurt my credit rating. I told her I will never use BOA ever again-no matter what my situation--"CANCELL IT !"

  • Report this Comment On June 29, 2013, at 11:35 PM, anonymous234 wrote:

    As a previous BOA mortgage employee within the Office of the CEO and President, Default Servicing Complaint Resolution dept, I can say that whats being reported is sadly true.

  • Report this Comment On June 30, 2013, at 12:03 AM, 2fools4nun wrote:

    I stuck BOA to the tune of $60K and I feel real good about too. I told them not to treat people so poorly or they'd never see that loan paid back... and they never will

  • Report this Comment On June 30, 2013, at 1:05 AM, boogiebayou wrote:

    Thank you lear05. I feel the pain of everyone here who has had their lives decimated by these crooks.

    BUT anonymous 234 has just said it all!! The office of the CEO and President is about as high as it goes....the greed and corruption goes all the way to the top and I am so grateful that people like you are willing to tell the truth.

    So, duhmerican, this is not about a rude teller, or disgruntled ex employee. No, this is much more sinister and far reaching. It was a well thought out and executed operation that has and is still causing unmeasurable pain and damage to millions of innocent citizens all over the country. Fueled by pure greed. And we the taxpayers are not only suffering the pain of the unrelenting abuses these banks continue to inflict, but, we have to also foot the bill to bail them out over and over so they can continue to prey on us.

    Obviously this needs to stop.

    Stay strong fellow homeowners! There is hope for us yet.

    Paul Kiel with ProPublica has been following this situation for years and has written many articles that explain the offenses and context very well. A good read that I would recommend to all.

  • Report this Comment On June 30, 2013, at 1:10 AM, cami117 wrote:

    Is simple the worst bank. 2 years for loan modification, that never happen. I send multiple time the same paper and only contacting the OCC office I got a response. They request to send a new document via fax needed for the next day, not email because is not allowed. Got denied because I didn't send the file on time (was send in the same hour that was requested) and they told me a fax takes 4 days to go in the system. The only person that cared and was giving me the real info to how to work the system, she give me her email address, told me to send via email not fax. A called her one day for same question and a recording saying that she no longer work for the company.

    The worst company.

  • Report this Comment On June 30, 2013, at 2:45 AM, Mickoopen wrote:

    I am a former BofA employee. I had became laid off because I had saved to many homes from foreclosure and had a low HAMP denial rate. With all the scandal tactics they, and not I, would use I honestly am glad I no longer work for BofA. The only reason I had got the job in the first place is because I wanted to help people. I just pray the ones I was able to help or started to help got to keep their homes. If you are going through a modification get assistance from an advocacy like NACA. Banks hate them because they have to help and comply with them and don't give up! Good luck and God bless.

  • Report this Comment On June 30, 2013, at 6:29 AM, noBoA wrote:

    WOW I GOT MY 300 CHECK FROM THERE "SETTLEMENT" I fought for 4 years to modify my loan, never a call back, denied for no reason and excuse after excuse after excuse. SOMEONE NEEDS TO STEP IN AND TAKE BACK WHAT THEY TOOK FROM US! OUR HOMES!!!


  • Report this Comment On June 30, 2013, at 7:26 AM, lear05 wrote:

    You can forget NACA. I called them for help and they said they would have to refer me back to Bank of America. When I objected they said alright you should see an attorney. Have they sold out also.?

  • Report this Comment On June 30, 2013, at 7:27 AM, lear05 wrote:

    Thank you Motley Fool for giving us a platform. Don't let us down.

  • Report this Comment On June 30, 2013, at 7:28 AM, jbc123 wrote:

    I was not going to put the corporate sodomy that BOA did to beat my 85 year old dad out of a house & now Homeless until I saw that arrogant POS Mythicalmike talk about they are great, he is (of course) great & these stories are evidently made up & over done! A branch Mgr. in Cali made first contact with my Pops & Dad being "Old School" trusted these BOA employees because in his day, you could. this broker told Pop, "I am sending you a refi package, complete it as instructed, send back & we will do the refi." Now here was the trust that did pop in. He told this broker, "Good because after my wifes long bout with cancer if I can't refi to lower payments, I will lose the house, I can't keep up long. So the package was completed & returned the next day. Well, about 3-4 weeks later the same person in cali calls & tells pop, "Gee sorry, but you need to make copies of the package & send it to our Englewood, Colo. branch." He does. 2 business days shy of 3 more weeks & same person calls with..oops you need to fax that to our Phoenix office." Well, being retired & no fax, (Oh but she insisted it had to be faxed) cost pop at fed ex a little over $50.00 he didn't have to spare. BTW after the Englewood delay tactic, my Dad asked every time, "Can't you make a copy of the refi pack I sent you & send it for me?" EVERY TIME MIKE, HE WAS TOLD NO!!! So now Friday of the same week (over 3 months at this point) And gee sorry but Englewood WAS the correct place...Can you fax another on..followed by Florida, North Carolina, California again & finally Arizona AGAIN. Well darn the luck, gee, just not fast enough to beat the foreclosure to the finish line! Sorry give up the house good luck. Mythicalmike I am so fuming mad over your comments I wish I knew where you were at because I would LOVE to Monkey Stomp your ass, you don't have a clue what pure evil is The BOA..It also shows why The US Govt. until what the 70s or 80s Had strict regulations against banks being allowed to become national chains, That must have been when the right bank lobbyist paid off the right politician & Poof. National chain banking is what we need! They chose to push an 85 year old man , who spent every last dime watching cancer take his wife of 53 years, out of his home for thirty years, when all indicators were that the refi of the lower balance along with the lower interest would have made the needed difference in the monthly bills. Nice

  • Report this Comment On June 30, 2013, at 7:36 AM, johnmiami123 wrote:

    I spent 3 years faxing the same documents to a black hole in BA. Never did anyone ever acknowledge receipt. Noone cared. Then I guess they tired out and somehow they received all the documents. They finally approved me for a modification trial period and I started making my payments. Document said during the 3 months I would be receiving my final documents to sign and it would be done as long as I made my 3 months of trial period payments successfully. Of course I kept calling to find out where the documents were and I was told its still in review. But that is not what the documents said would happen. I was told to keep making payments while it was still in review. Past my 3 months and received a congratulations letter to continue to make payments while it was still in review.......Why was it still in review and no final documents received to sign off on.......Keep calling week after week same answer. A couple of months passed I called and then was told Oh its been too long and its been cancelled and now you have to start over but keeping making your payments. Of course I was infuriated!!!! I even appealed (so I thought) but I had to start the entire application process again and start faxing documents again. But I kept making my trial period payments. I even reached out to my states government officials. One actually inquired on my behalf and I thought I got to someone who would help in BA but that was short lived. Of course I was denied the modification again but I kept sending my payments. I was never going to be approved again even and they were never going to honor the original modification and never gave me a reason why not. So after 18 months of religiously paying my modification payment BA started rejecting my payments and put me back in foreclosure. They have since moved my mortgage to Ocwen. If there is a class action suit that I can get on I want to. They owe me for all the pain and suffering they have put me through with their intentional manipulation of the process, unethical practices, for cheating the American people for their own gain. That CEO should burn in hell. Everyone knows this was not going on at the bottom without his direction. Only to fill his own pocket. I wish there was a way to make him pay personally. Greedy no good for nothing scum of the earth. He is a disgrace and something should be done about it. Where is our government when you need them? Its time for them to actually do something for America instead of filling their own pockets too at our expense.

  • Report this Comment On June 30, 2013, at 7:43 AM, lear05 wrote:

    I read that BOA is now going to India so they will have another excuse as to why nobody understands them. Touche !!!!!!!

  • Report this Comment On June 30, 2013, at 8:05 AM, mellison36067 wrote:

    Seeing that america is more corperate/facist, than constitution. Ya. America's more corperate than constitution. So how will the workers get payed or pay, if everyone is a CEO money gruber.? Better to go.on tbe barter system. No need for.blood money!

  • Report this Comment On June 30, 2013, at 9:34 AM, NLitend wrote:

    Lost my job Nov 30, 2009.

    August 2009 applied for Home Modification with Bofa

    Multiple Bofa Customer Service Reps involved, often at the same time, none of whom knew of the others.

    There always was something that needed to be updated that restarted the process.

    Unemployment benefits ended Dec 1 2011.

    Jan 2012, stopped sending mortgage. This actually sped the process up for a couple of the reps, but that was confounded by the three different reps handling the file.

    Jan 2013 family breaks up and I live alone in a house that is pending a short sale.

    Bank of America does not do the right thing for the people, only for the bank.

    Bank of America does not care what any of us think toward their business and enterprise, as they are the ones living large and ignorant of the hardship their practices create.

    Ralph Waldo Emerson is given credit for the quote "What you do speaks so loud I cannot hear what you say".

    Fairness is severely hampered when greed is the motivation. Bofa is greedy.

    Now alone and wondering what will be next, I am in college using my veteran's benefits to get my Bachelor's degree to become a certified teacher.

    I owe it all to the Bank of America Loan Modification Experience.

  • Report this Comment On June 30, 2013, at 9:38 AM, peterson1985 wrote:

    If you have to send paperwork to BOA during a modification make sure you send it certified return receipt,so you have proof that an BOA employee signed for it with the date and time.

  • Report this Comment On June 30, 2013, at 10:46 AM, tryingtogetalong wrote:

    We begged for help for over a year to prevent the situation for over a year only to fall on deaf ears. Homeowners for over 9 years. Offered a position in another state. Brought in unreliable renters. Current but broke until December 2012. Completed paperwork with BOA in December2012. They ask you to rate them the same day you meet. Now 6 months later........after hearing, "commited to customer service and will return your call within 24 hours" more times than I care to mention. We were finally approved for a Mod. But they couldn't provide details on the Mod AND your loan has been sold. Three weeks and countless calls later still no details in our Mod AND our loan will be sold in two days.


  • Report this Comment On June 30, 2013, at 12:06 PM, funfundvierzig wrote:

    Soooo...who is at the top of the Bilk of America organisational pyramid? Why it's Chad O. Holliday, Jr. Chairman of the Board of Directors of Bank of America Corporation.

    For over a decade, Holliday as Chairman & CEO ran the world's most unethical and corrupt chemical conglomerate, the DuPont Company!


  • Report this Comment On June 30, 2013, at 2:48 PM, burnedbybac wrote:

    After my husband lost his job, I spent months trying to work with BAC on a loan modification. The people I worked with were beyond horrible and every person would tell me something different. I had to re-send endless documentation, and of course when I would call to confirm that things had been received I'd never hear back.

    Once they were finally satisfied with everything - nearly 90 days later - and said they were going to send it to underwriting, they instead transferred the loan to Green Tree lending. When I questioned what would happen I was assured by BAC that Green Tree would pick right up in the process and be able to send my package to underwriting.

    After the transfer to Green Tree I learned that not only did Green Tree not have my package, they had been given the account as an up to date account in good standing wtih no mention of my request for modification.

    Since that time I have been forced into short selling my home. In speaking further with Green Tree they mentioned they have seen this same thing over and over. Apparently BAC transferred a whole portfolio of accounts to them that while they may have been up to date, the consumers were like me and had been desperately trying to save their homes through loan modification.

    I have appealed to the Consumer Finance Protection Bureau regarding BAC's shady practices, and BAC basically responded with a condescending reply about how I signed the note stating that I would pay the loan, and they were no longer responsible for the account at this point.

    I will never have another good word to say about Bank of America and hope I never have to deal with them again.

  • Report this Comment On June 30, 2013, at 7:34 PM, boogiebayou wrote:

    WAY TO GO MICKOOPEN!! Another decent human being willing to come forward and expose the underhanded tactics of these "professionals".

    I knew there were some of you working there, but, for so long, no one would confirm what the rest of us were unfortunately experiencing first hand.

    Multiple CSR's who you had to start all over with every time the last one dropped you.

    Lost multiple mailings of multiple pages of documents many times submitted.

    The list of manipulation goes on... aimed only at making the rich more rich, despite the total annihilation of innocent peoples' lives. Just trying to survive the Great Recession brought on by these very lenders.

    Please, we need more of you brave souls to come forward and tell these unenlightened few who up to this point have evaded the death grip of BoA., just how unethical and pervasive this grand theft goes. I would never have believed me, either, if I had not lived it myself. The blatant manner in which these smug jerks operate above the law is absolutely sickening. The more citizens who make noise, the more likely we will live to see Justice done..

    Thank You MFool for giving this forum life!

    OK who's next? We need more stories from the masses.

  • Report this Comment On July 04, 2013, at 3:33 PM, chiefchicken wrote:

    B of A great when things are going great for you, got sick tried to modify mortgage--one month of different people, different "script" each time, different set of guidelines. Finally was told short sale was our only option after waiting 52 days to get an answer. We could have been told from the start, short sale was only option, with "customer service" people that would be allowed to think. Now waiting on a price for the short sale, multiple people interested in the house--always waiting on someone B of A has outsourced a part of the process to. B of A and the government have too much in common: never learn from their mistakes; no one can make a decision, no one is accountable for anything--big surprise. A great reason to deal with a community bank--maybe your are able to see the person your dealing with--not a toll free phone number without a face or accountability.

  • Report this Comment On July 10, 2013, at 10:40 PM, BBenita wrote:

    NEVER thought I would say this, but to the "schmucks" that keep BRAGGING about paying your bills on time, I hope you never go through a divorce, lose your job, have a spouse pass away, or run into any other financial hardships.

    I welcome ANYONE to sit in my office and see the REMARKABLE level of incompetence that is Bank Of America.

    I have been helping homeowners for more than 8 years and NEVER seen a more incompetent heartless group of individuals.

    I could go on for PAGES about the LIES, GAMES, and UTTER NON-SENSE that goes on, but I do have better things to do.

    I welcome ANY feedback and ANY of you in my office to see!!!!

  • Report this Comment On July 10, 2013, at 10:41 PM, BBenita wrote:

    forgot to add the most recent link about Bank Of America employees being TOLD TO LIE TO HOMEOWNERS (and these are only the 6 that left):

  • Report this Comment On July 10, 2013, at 10:42 PM, BBenita wrote:

    OK....last one. We are involved in no less than 7 short sales where the bank is now TRYING TO TAKE RELOCATION MONEY FROM THE SELLER!!!


  • Report this Comment On July 14, 2013, at 6:27 AM, dkit123 wrote:

    When we were no longer able to afford the mortgage, we moved out and rented our home to a family. My sister ended up filing bankruptcy after losing her job and other circumstances out of her control. She decided she did not want to keep the house and decided to file accordingly. My name was also on the mortgage as well and I had not filed, and continued making payments.

    After her filing was complete, I waited a several months before contacting BOA to arrange to have the title put in my name only. At that time I was informed that I would need to have the account in good standing to remove her name and the account was 4 months past due. How can this be? It turns out that my mortgage payments from Dec that previous year until April had been be posted to my sister’s credit card account that had been discharged in her bankruptcy. After working with my bank that had sent the payment, we were finally able to get 3 of the 4 months payments returned and applied to the mortgage- supposedly. The other payment seems to have disappeared.

    I was then told that my credit was not acceptable to put the loan in my name only. My credit score had taken a huge hit since it was now showing I was 5 months past due. BOA then doubled my escrow charges on my account in some type of internal error so it showed twice what was actually due. After numerous calls, where they “fixed” it each time, it seemed to finally be posted correctly around Aug, but the payments were not showing. I stopped sending payments as recommended by my attorney, until they fixed the payments that had been received and agreed to a loan modification. In the duration, my credit report is still showing no payments since Dec. We (my sister and I, since her name was STILL on the title) received foreclosure notices. My father was diagnosed with stage 4 lung cancer and I decided to move back to the house in which was closer to spend more time with him. The renters moved out and I was determined that I would be able to get the loan details worked out.

    The week I arrived in August, the A/C stopped. Then in October, the furnace stopped working. In Nov, the electrical system was shorting out and I had some rooms without lights because I couldn’t afford an electrician to come in and find the problem after moving across the country and paying to have the A/C and furnace repaired. After requesting loan modifications of all sorts along with inept offers that did nothing to help my situation and in some cases actually increased payments, I decided to give up the house. It was causing me too much stress to receive the 6-7 duplicate certified letters every other day (Really? Do they not have anyone who can notice they are duplicating their mail and wasting their money?? The USPS may have made a little extra from this scenario) with notices that the house was in foreclosure and the full payment was due immediately to stop foreclosure procedures along with the phone calls several times a day. Finally, one of the certified letters received showed that the house would be listed for sale on Jan 2. I moved out by Dec 24 (and a Merry Christmas to BOA!). I continued to receive payment demand letters and calls.

    Eventually, in March, I realized I had no hope of recovering my good credit standing. My name was still on the loan showing no payment for over a year. I thought that filing bankruptcy would help fix my credit rating so I would someday be able to buy another house. When I went to file, I was informed that I still owned the house. How can that be, you might ask? It turns out that they pushed back the sale date several times. So I had to list the house as property I was discharging on the bankruptcy instead of the debt from the balanced owed. That’s not all. Over 1 year later, and the title was still in my name! I was receiving letters that I was liable for anything that happened to the property and that they would not transfer the title until the property was sold. I explained that they WERE the new owners when I discharged the house in bankruptcy. Finally, the house was listed for sale and the title has been transferred. (It still had both names on it, by the way, all the way up until that final sale was complete.) I would never consider BOA for any type of banking.

  • Report this Comment On July 15, 2013, at 4:22 PM, MHAScams wrote:

    Im filming a Documentary about the "Mortgage Modification Nightmare- David V/s GOLIATH"

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  • Report this Comment On April 30, 2014, at 4:58 PM, BruceBonnett wrote:

    BoA is the worst. After I provided tons of required documentation, BOA finally sent me a letter on Nov. 6, 2013 stating that I was approved for a trial mortgage modification. This letter said I needed to make 3 trial period payments for the modification to become permanent. The letter continued to say that the 3 payments were due on Dec. 1 Jan. and Feb. 1 -- but to send in the first payment before Nov. 20 to accept the offer of this modification. So, I sent in my first trial period payment shortly thereafter and continued making the trial period payments in subsequent months. Now-- 5 months later --- BoA says that they are denying the loan modification because they received the first payment too early! it was due on Nov. 20 -- and they say that because they received it on Nov. 15 that was too early and I was therefore disqualified for the permanent modification. Incredible. The Nov. 6 letter says hurry and send in your first payment before Nov. 20 to take advantage of this offer. But, now they say that Nov. 15 was way too early! Crazy. They obviously are just pretending to try to help people while really just stealing more… Thieves.

  • Report this Comment On August 29, 2014, at 4:28 PM, flk9s wrote:

    We first had Countrywide (the beginning of the bad luck saga). It was then sold to someone else briefly--- then along comes Bank of America, and the fun REALLY began. Bank of America sent us foreclosure letters immediately upon taking over our loan. Mind you, we weren't late, never missed a payment, etc. After 40 or 50 calls, letters, certified letters, etc. we finally straightened that out. 5 years later, my husband became unemployed. He also needed major heart surgery and we also had no medical insurance because the company he worked for cancelled it, and we had no idea that it was cancelled. Our fault for not asking. We called BOA immediately to explain our situation, and see if we could work with them because we had excellent credit and didn't owe anyone else a dime. They said they'd be happy to work with us. Oh, they were happy for sure. They sent paper work - lots of it. We sent it back, filled out and notarized and certified. They lost it, 5 times in total. Finally we talked to an actual person. She said she'd personally handle it for us. She then sent us more paperwork and explained that we needed to send them $3500.00 and BOA would do a modification for us. Their idea of modification was to take the $3500 and give it to their legal department to sue us for foreclosure. We called "Mrs. Nicholas" and lo and behold, she was no longer working there and there was no record of our paperwork. We asked about the check we sent and they cashed. They said it was use for back-payments and interest accrued. We set them copies of the forms we signed and the copies of the signed certified mail receipts. They actually accused us of fraud and said they had no records of any of it and would foreclose immediately unless we were able to come up with the 3 missed payments and another $5000.00. Well, we couldn't. We gave up, my husband had his surgery and we were forced into moving to a horrible rental unit. 5 years later, we still have no resolution, the bank has let our beautiful home deteriorate and now they want to short-sell it for $195,000.00. We paid $349,000 for it. They want us to come up with the rest of the money. If they had just let us keep the house and modify it at the time to the $195,000, we would have been able to afford it. It makes no sense to me that banks will force you out of your home, but sell it to someone else at a payments that were able to be met. Insanity. If I had the money I'd sue them, but the only one that wins are the lawyers. It's just plain crazy.

  • Report this Comment On September 04, 2014, at 5:14 AM, CnfdntiaI wrote:

    After facing two layoffs within a five year period, substantial loss of income combined with increased bills due to tuition, credit cards & costly environment, I found myself in a positon which I most dreaded, having to speak to the Bank Slaveowner about possibly Modifying my loan. I did my research. I even sought out a not for profit counselor sponsored by the Federal Government to pre-screen my situation to confirm that I would possibly qualify for a Modification. Just for the record, before I faced this scenario, for over 15 years I have never been late on the loan & credit was always in the mid 700's. Long story short, since my loan was sold behind the scenes several times to various investors & now managed by OCWEN, I was directed to work with them in order to start the Modification Process. After inquiring who the Investor was, they finally revealed that it was Bank of America. As you can imagine after reading the stories, I was discouraged BEFORE even starting the process. DETERMINED to keep them from using their infamous delay tactics & excuses of losing paperwork or reduntantly asking for the same things over & over, I chose to find an accountable person & securely E-mailed them the paperwork, following up with DAILY calls to confirm that paperwork was received being reminded by everyone who I spoke with that if I fell beyond 90 days on my payment, they would NOT ACCEPT any further payments unless it was the entire amount due. In other words, not even Partial; payments. In addition, at that time, they would also begin the foreclosure process. So here I am, fearful of falling behind. Doing everything possible to keep up those payments with now, half the income & double the bills. After waiting over 60 days & finding out that my house was worth 50K more than I owe, OCWEN called to let me know that as per the Investors Bank Of Americas Guidelines, I DID NOT QUALIFY for the Modification due to the fact that I was NOT in ARREARS over 90 Days. To clarify, Bank of America's reasoning was an Oxymoron at best. I of course lost it on the telephone with the poor clerk on the other end trying to make sense of the fact that Bank Of America seemed to want to make sure you are at their Complete MERCY, naked in the corner, in danger of Foreclosure with no recourse BEFORE they even consider the Modification reminding me that even at that stage, Modifications ARE NOT GUARANTEED. As far as I am concerned, This whole Modification Idea is just window dressing due to the fact that it has NO TEETH to force these abusive Banks to make good in helping Middle Class Families. To repeat, Modification idea is WINDOW DRESSING at best. An excuse for the Bank to say that they tried, when in reality, it is all a WASTE of TIME especially when their is NO REAL INCENTIVE for them to help the public remain in their homes. In conclusion, I am struggling trying to figure out how in the hell I am gong to pull this off. With the Grace of God I am determined to figure it out. In the interim, when I do get out of this situation, Bank Of America better hope that I do not get into a political or judicial position where I can destroy them financially with a simple slam of the gavel or deciding vote. Wish All of us Good Health & Success.

  • Report this Comment On September 29, 2014, at 5:16 PM, funi1 wrote:

    My family is another that went through the loan modification process with Bank of America, I have a letter saying congratulations on successfully completing your modification.I have been paying on the new loan amount for two years. Today I have received a letter saying I never completed the process and they could foreclose. How can this be legal? The lady on the phone said it looks like some form was not filled out right but since I have been paying the wrong amount for two years, I may not even qualify for the modification now. I said how can that be fair when I didn't know the modification had not gone through, she said it doesnt matter what I did or didnt know. This is legal?

  • Report this Comment On January 14, 2015, at 3:52 PM, HITECHBUBBY wrote:


  • Report this Comment On January 14, 2015, at 4:09 PM, susieQQQ wrote:

    I went through the loan modification process with help and I still got taken by B of A.

    It took about 2 years give or take to get the loan mod. They didn't tell me they were going to report me late on my mortgage, even though I was NEVER late. The Loan Mod was due to Medical BILLs.

    BofA also did NOT explain to me the homeowner that this Loan Mod process would prevent me from refinancing later.

    I also found out when trying to refinance, I had a "Silent Second". This was never discussed with me by BofA.

    Another lender told me this silent second is a lean against my property. They told me I need a lawyer.

    I probably would not have gone ahead with this loan mod if I had been properly informed by BoA before I made my decision & signed the paperwork.

    I want bof A to come clean with me and eliminate this silent second/lean on property/loan so I can refinance ASAP

  • Report this Comment On February 28, 2015, at 4:42 AM, Warden68 wrote:

    My dad who is a disabled Vietnam veteran took out a mortgage on his home through the scam artists Country wide, which by no choice of his, was turned over to BofA. Then the nightmare began. In 2013 he fell ill and missed two payments, I believe, either way when he was well again we called BofA to get this taken care of. Not only would they not take some extra on top of the reg payment till he got caught up, they informed him he would need to refinance and they were sending him the paperwork he would need to fill out and send back asap! Four times he filled it out and sent it back only to be told they didn't receive it or it wasn't right. The fourth time the lady was so rude not to mention non English speaking or understanding, she hung up on him. Then the calls from different debt collectors started ; Recon trust being one. They demanded a large sum of $ and no other option along with more paperwork "They never got", they informed him he had his last chance and blew it. That was 2013. It is now 2015 and they finally foreclosed sending a stack of notices with peoples name on them we had never even heard of!! It goes up for auction in March and I have tried every option I can to help him save this home. I just don't understand how they can get away with this and the more I read the madder I get! The bank employees were given bonuses to lose paperwork, the big bank bailout, sent them on luxurious vacations, now the feds sued BofA for mortgage scams totaling 1 billion dollars....but they can still get away with taking the homes? Then I just read that they have a fund set aside to help those who have been wronged in this mess but don't call them, if you qualify they will call you?? Seriously?? All this has really taken a toll on my dads health and his mental state. He has gave up basically and it's killing me! Come on America..I look at all these complaints and still we are allowing them to do this?? There is a video Big Bank Fail with good info for all those who believe BofA is working for you!!

  • Report this Comment On December 02, 2015, at 2:35 PM, BOABunchofAholes wrote:

    I am still hurting financially from the theft of my home by BOA after they foreclosed when EVERY single one of my payments were made ON TIME. They NEVER notified me of problems. I found out when I applied to refinance to get rid of a higher interest and was told that I couldn't get the refi as I was in foreclosure. This was the first that I heard of it. I called the bank and after being transferred to multiple different departments, including ones that I had been transferred to previously was told to call an outside company who was handling their home loans. I did and the totally scrit driven jerk on the other end of the line was unable to even tell me why I owed anything or how much. He just kept repeating that I could clear it by paying $500.00. This went on for a month or so with no one able to help me even when I drove >100 miles to the nearest bank (my loan had been 'sold' to them). By then the "fees" were up to $2500.00. I finally hired a lawyer to help me (discounted thru work) but due to the ABSOLUTE discooperation of the band of analorifices he could get no where also. Unfortunately this was at the time that all the banks were misbehaving and acting greedy and the lawyers thru work were overwhelmed by the shear volumne of the problem. Outside lawyers wouldn't even talk to me. Upshot was they brought in their lawyers - not to talk to mine - but to threaten me. The threatened to give me only 3 days to "get out" as they laughed and laughed audibly. Fortunately I knew the law in my state and since I had renters they had to give 90 days. I had moved a ways away due to job and basically only had the phone to try to get to someone who was a Bangladeshian (apology to those citizens not so employed but the accent of the lawyers was unmistakeable) scam artist in training. I went by ambulance into the hospital for emergency surgery and the following day was the "last day that we are giving you" and my lawyer, with me and my family on speaker phone, me drugged up on post operative pain meds, tried again. Again the same song and dance of multiple (I remember >13 but my kids say I missed a few) transfers, again on the merrygoround of transfers to the same extensions they said I could have my house back for $17,000.00. This was only thousand less than my down-payment had been. I too had gone to every governmental agency including the white house and received nothing but the excuse that it wasn't their problem or nothing they could do. So I lost my house, which was to have been my retirement, and all this without EVEN ONE written notification from boa(constrictor). They ruined my credit and then 2 years later I received the ONLY paper from them and it showed that every single payment had been paid. I called the B*^*^#** of America and, surprise, they now were able to tell be what had brought this about. $27.00 of fees to do with a compound account but they were not able to tell me more. If this wasn't state sponsored (via taxpapers bailout) theft I don't what was. I have read that it continued. I guess if I could get a 3 BR house for $27.00 I might take it, but even when I only had $0.89 in my bank account, years previous, I never would have stooped as low as they did. But if there is justice in this world they will burn along with all their ill-gotten homes.

  • Report this Comment On January 03, 2016, at 12:36 AM, OverWhenOver wrote:

    BOABunchofAholes, surely you could win back what you lost in a lawsuit. I sure hope you try.

    I just had to file bankruptcy to keep my house. My husband died and I had stage 4 cancer. As soon as I got better I started apply for loan mods and it is 6 years now. They screw me out of national mortgage settlement with this one incredible sentence:

    "These are the reason the leases are being requested to be sent is a current leases, we have no current documentation these are legal and current."

    My leases were current. I run a business and I write one lease per tenant. All my tenants were current year after year and my bank statements and tax returns showed it. What the help did they mean about "legal?"

    That was a stupid trick to delay and the next month my loan had been sold to some kind of meth trash mafia in Texas.

    Between the medical incompetence that nearly killed me as a cancer patient and the pharma poison that diminished my brain during the first 3 years of 6 on the loan mod hampster wheel and the wheel itself, I don't know why I bothered to get treatment for cancer. The years have been miserable and I hope to God my late husband is doing better. I didn't need this. Government said apply for a HAMP if you have a hardship. HAMP is a hardship. Whoever let the banks trick us for years should be locked up for for a decade.Here's hoping Gawker does an article on Geithner soon.

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