Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
This was posted in another thread, therefore, here we are.
Please share your B of A nightmares here and all you are dissatisfied about with this company.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
When I think of customer no service, instantly B of A pops up. Some time ago B of A was my bank. For some time I had a good personal banker that got things done and followed through. They promoted him and everything went down hill from there.
Needless to say I pulled everything I had in BofA and went to another bank that was happy to work with me.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
15y
Is this on the REO side, short sale side, bank side or all sides?
I know for REO, they outsourced a big portion of their assets to an asset mgmt co. They do still have some BoA direct assets, but majority are not. If you have an outsourced BoA REO problem, let me know. I know the owner of that REO asset mgmt co.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
When I think of customer no service, instantly B of A pops up. Some time ago B of A was my bank. For some time I had a good personal banker that got things done and followed through. They promoted him and everything went down hill from there.
Needless to say I pulled everything I had in BofA and went to another bank that was happy to work with me.
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
i hate bank of america so much....
1. bought a property last year for 23k cash..put in new HVAC and fixed some plumbing (stolen copper, etc), and listed for a quick sale at 29k--not a large profit by any means. was under contract for 3-4 weeks.. the day before closing, bank of america calls me and says the property didn't appraise...call the appraiser and find out she appraised it for 55 or 60k (can't remember now)..call back bank of america and they change their story and say that i have to lower the price to 23k since that's what i paid and it's not fair i make a profit...after closing costs, holding costs, repairs, commissions, i told them i wasn't making anything...long story short, the buyer was depressed bc he wanted the home and knew he couldn't get a better move-in ready home at that price, i was pissed bc bank of america lied to me and screwed me, the appraiser was pissed bc they ignored her appraisal, and do you think bank of america cares? NOPE ..i have that house still, rented for 650..bank of america sucks
2. i have a rehab i'm under contract to sell now...you'd think i'd have learned not to accept offers from bank of america, but he's putting 20% down, etc. was supposed to close yesterday, then got pushed back to today..then 'hopefully sometime this week'...now they're saying next monday....here we go again....bank of america sucks
3. i took all my money out of bank of america...they were so friendly and asked me why....i said, "bc bank of america sucks"....
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
15y
Oh boy, we're desperately trying to close on a VA foreclosure right now and guess who handles the process for the VA? Yep, BofA!!!
The asset manager that BofA uses is apparently a division of now defunct Countrywide in Plano, TX, and these idiots couldn't find their own a$$ with both hands much less sell a house. It took nearly 4 weeks after our loan approval to get docs ordered because they couldn't get the necessary paperwork over to escrow. Now the lending side of BofA won't return a call to escrow after 3 days. Amateurs.... complete amateurs.
Prior to this, both my wife and I had our own accounts at BofA. I didn't have a problem with our local branch, they were all friendly and helpful, but we got sick of seeing our fees pile up every month. Then BofA bought out Meryll Lynch and promised to hand out millions in bonuses to the idiots that put the company under in the first place. That's when we had enough of BofA!!!
We closed out ALL of our accounts, my wife cancelled her BofA Visa, and we moved everything over to our existing credit union as well as open up new accounts at USAA. If BofA ever folds it may take the country down with it, but I'll still be popping the cork on a fine bottle of champagne.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
Mitch, may wife and I would join you in celebrating the demise of BofA. I think they have grown so big that they don't even know who is suppose to do what.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Originally posted by Anson Young:
Is this on the REO side, short sale side, bank side or all sides?
I know for REO, they outsourced a big portion of their assets to an asset mgmt co. They do still have some BoA direct assets, but majority are not. If you have an outsourced BoA REO problem, let me know. I know the owner of that REO asset mgmt co.
All sides, all aspects, even simple banking aspects. Chime in here.
Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
15y
I have one mortgage with Bunk of America. On average, my impounds amount changes four times a year. I got another letter notifying me of an impound amount change yesterday. I was wondering what happened since I had not received one since November, 2010. This current letter states that my payment amount is dropping but that I can send them my shortage (they included a payment coupon) so that my payment won't drop. I am still trying to figure that one out??
When I was sixteen, my first account was with Bunk of America. I made a cash deposit and was told there would be a three day hold on my cash deposit. I never figured that one out either.
When I was a Realtor, I did one short sale with Bunk of America. They held the first and there were six liens on the property. After two months of very hard work, they approved the SS if I would cut my commission sixteen percent, from 6% to 5%. This was on the day it was suppose to close. I got them more money than they ever would have if they foreclosed, and I got it to them at least a year sooner. And I saved them thousands in costs. How do they thank me? By stealing three grand from me (this was 1991).
I won't ever bank with them again and I am trying to sell the house they have the mortgage on.
Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
15y
For those of you in the Midwest trying to figure out what Mike means by "impounds", substitute the word "escrow".
I've got two pretty good B of A sucks stories, but I'll just give you one for now:
I was repping an end user buyer on a property that was bought at TS, fixed, and flipped. It was never an REO. This is important later.
The buyer was putting 20% down, and this was their primary residence. The loan was going fine (income/asset statements were provided in timely manner, loan officer was responsive, etc) until the appraisal. The appraisal was ordered, and I was a bit surprised when I got a call from the LO saying that the AMC didn't need to schedule a time with me to access the property because they only needed an exterior appraisal. Since this was in 2009 and NO ONE had done that since 2006, I went along with it, and the appraisal came in 5% above the purchase price (good). Then, THE DAY WE WERE TO CLOSE ESCROW, B of A decided that they did in fact need an interior appraisal, and would schedule one with an "expedited rush". Their reasoning for the necessary 2nd appraisal: "All REO properties require an interior inspection appraisal." Not a bad policy, as REO can certainly have some skeletons in the closet (hopefully figurative), but there was the problem that this property was NOT an REO!!! After having submitted the Grant Deed to the B of A VP with whom we were dealing, he agreed that the foreclosing lender was NOT the beneficiary, but that it didn't matter that I was right because this appraisal requirement was "at the underwriter's discretion."
This meant that 5 days later, I met an appraiser at the property, who promptly appraised the property at 10% BELOW the purchase price. Now we needed a third appraisal (which, to the AMC's credit, was completed in 3 days on a "super expedited rush" basis), right at the contract price. Escrow closed... just in time for the house they were selling to have a buyer's loan get screwed up by, you guessed it, B of A.
Commercial Real Estate Broker · Memphis, TN · Member since 2010 · 151 posts · 82 votes
15y
We had 4 quad's that the owner was letting go. He had a contract for $300,000 but the buyer would get a credit of $100,000 for repairs (so $200,000). The property needed it badly and the banks net would have been $50,000 per building. They were qualified buyers ready to close. I cant tell you how many BPO's were done over 9 months, probabaly 12. To this day I have no idea why a new one was needed over and over again. After 9 months of waiting on the SS staff the buyers walked. A few months later the banks foreclosed, the properties were listed and sold for about $15,000 a piece, not including any upkeep the bank did, agent fees, etc.
After that, it wasnt even worth it to deal with a SS BOA was involved in no matter how good the deal
Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
15y
I did a deal with B of A a month or so ago. It was a SS. It got done in 5 weeks with no problems. I would buy from them again (and just made an offer on one today). Hope it goes like the last two.
Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
15y
I had two SS signed by sellers today and sent off to B of A. This will be my third and forth time dealing with them.
There were some code violations that came up and I got an unsolicited counter from the seller today saying they were going to fix the violations in 14 days. Sorry to change the topic, but this might be the reason these guys lost the property to begin with. I didnt ask for them to fix anything?
Rehabber · Tucson, AZ · Member since 2008 · 1k+ posts · 802 votes
15y
I used to hate them with a passion, now I actually admire them. They have taken a bad situation and turned it into a skimming machine that only the mafia could rival.
They acquired (merged) with countrywide knowing their portfolio was mostly made of subprime crap. People were questioning this move. Hell, I was one of them too.
But, you need to realize that servicing loans, even bad ones, is a cash cow. Why is it so difficult to complete a loan workout with a servicer? Because they make more money servicing bad loans than they do performing ones. Nevermind the noteholder and the borrower gets screwed.
Simply put, they make money when the non-performing note is dispositioned. They will also make money on collection of deficiencies. Now I hear they are starting a property management company too. I think their plan is to never disposition the asset and keep it under managment as a rental for eternity. They could have a wet dream of a rental protfolio in just a few short months.
After being a hater for nearly two years, I actually bought some of their stock once I figured out their game. Can beat might as well join'em.
Real Estate Investor · Long Beach, CA · Member since 2011 · 74 posts · 17 votes
15y
Hate to chime in on negativity but... it IS BofA!
Had a good friend in Ohio who worked in Mortgages at MBNA --not a great department but at least well staffed and experienced in customer service and doing a fair Home Equity trade-- Anyway, merger happens and 2 departments in mortgages are told they are free to explore other employment options. They took over a huge MBNA complex and STILL don't have and BofA banking offices or even machines in Northeast Ohio.
Homeowner · Knoxville, TN · Member since 2011 · 207 posts · 73 votes
15y
About 5 years ago, a personal buddy of mine was going on a trip to Belize. Before leaving he deposited $2,000 into his .......... BoA personal checking account.
He was very careful to not spend more than the $2,000 he had alloted for the trip, but after returning home 15 days later he was greated with dozens of those tear-the-sides bank notice letters.
Long story short, BoA lost his $2,000 intial deposit which never posted to his account, as well as, charged him for over 35 seperate overdraft charges. $1,250 in overdraft fees, as well as the $2,000 intial loss totaled $3,250 that BoA was screwing him over for. He had lost his deposit receipt and had no way to prove his misfortune.
There is no resolution to this day. He has since moved banks and carefully saves all bank receipts until they post to his account. Ouch.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
One of my JV partners and I were opening a new account with BOA before I realized how terrible they are to do business with. The JV account had to clear through some random person on the other end of the phone because they didn't know how to code the account. They kept asking for papers we filed with the state....and we didn't have them because it was a JV and we just filed a D/B/A with each of our legal entities as parties to the JV.
Anyway...when my partner was on the phone with the lady he needed to speak with she asked him what type of business we had. He told her that we were real estate investors and that we had an apartment complex we were renting. She proceeded to tell him that the WASN'T A BUSINESS and that we were just "taking money." Un-freaking-believable. After several more calls we got some sane person on the phone that got the account open after weeks of dealing with red tape.
I have plenty more ammunition, but I will save it for later in the thread.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
I recall getting a check at one time at closing form a large escrow company. B of A was going to hold funds on the check regardless of the fact I had never had funds held and deposited checks in the past of similar size. It was necessary to go to the bank the check was written on to ensure that the funds were available for a transaction I was working on.
In the past I was able to talk to a personal banker and make these things work, but B of A was going through a change and changed there qualifications for a personal banker. Having worked with BofA for many years I saw many tellers and bankers come and go. Seemed like the best got promoted to other branches and the worst managed to stick around.
I'm much happier now that I work with a bank that knows my name and tries to find solutions.