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.
Real Estate Investor · Phoenix, AZ · Member since 2009 · 61 posts · 32 votes
15y
I don't have a direct e-mail, but I do have the direct phone# to B of A's CEO's office ... if you do really want to call let me know, I'd rather not publish it.
He and the other C level execs have a pretty extensive staff to handle problems. I spent quite a bit of time with them trying to buy a number of their properties under the TACT Program, or at least get them to agree to a pilot in the Phoenix area.
My only major beef with B of A is that they are the only bank to date to decide NOT to participate in the TACT Program as a way to clear up their $60 billion of toxic assets.
To their credit, I was able to discuss it with them, share the benefits and they had discussions with various execs before saying no. Fortunately, their rationale for not doing it was encouraging. They agreed it seemed like a sound way to solve their problem, but felt they are too big to implement new programs so quickly. So I canceled all our offers on their REO's & short sales. They encouraged me to continue to help the smaller banks for now and eventually they would revisit the topic.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Since you have the relationships Ron maybe you should point them to this thread. I have almost universally heard bad things about BOA and I have personally had MANY poor experiences with them.
Residential Real Estate Broker · Atlanta, GA · Member since 2010 · 122 posts · 32 votes
15y
I won't go into detail but I don't like Bank of America AT ALL......I would not use them for personal use and I don't think I would ever do another short-sale with BOA as the lender I wouldn't accept the listing ....Not Worth The Headache ..... Been with Bank Of KC for the last couple years and I <3 them !
I don't personally know him. You may e-mail through the link.
Brian T. Moynihan
President, Director and Chief Executive Officer
Bank of America Corp
Charlotte , NC
Sector: FINANCIAL / Regional - Mid-Atlantic Banks
Officer since April 2004
51 Years Old
Brian T. Moynihan (51) President and Chief Executive Officer since January 2010; President, Consumer and Small Business Banking from August 2009 to December 2009; President, Global Banking and Wealth Management from January 2009 to August 2009; General Counsel from December 2008 to January 2009; President, Global Corporate and Investment Banking from October 2007 to December 2008; President, Global Wealth and Investment Management from April 2004 to October 2007.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Not really...I would rather point them to this thread. A single person writing something is one thing. Many people taking time out of their day to describe how royally they suck is another thing.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Well they aren't sucking any more money out of my pocket. I just refinanced a property and one of the reasons was to get it with a new, non-BOA lender. Life was fine with Countrywide, BOA bought them, and all hell broke loose.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
The B of A saga continues! I just heard about a scenario in which a short sale was completed with Bof A being the short sale lender. Then the buyer fixed up the property and sold it for a large profit. BofA through their scans and searches found out about the spread in the deal and somehow cancelled the short sale transaction and had it reverted. The buyer then sued the title company who provided the title insurance and then the title company is now in litigation against BofA.
First off, how is it even legal for BofA or any bank to revert such a transaction after the fact! That is beyond me as I don't see how it could possibly be legal. Secondly, BofA has shown in a tremendous amount of situations how crooked they are. These freakin banks make me sick and I just want to pull every dime I have from them and find a new means for storing cash and paying bills from that cash.
Has anyone seen the HBO movie out this year "Too Big To Fail"? If you ever want to cuss like a sailor and brake your flat screen TV from throwing a fastball through it at the characters in the movie, then this is a must see!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Originally posted by Mr_Investor:
I can't see how it's legal considering they approved it and the sale was finalized.
I can't either but that does not change the fact that they did it and now 2 parties have been forced to sue, one is the buyer and the second is the title company who insured the transaction and will now, no longer insure any BofA short sale transctions without BofA executing a full reconveyance form.
Just another example of how crooked a copany this really is. They got the best sweetheart deal in 2008 and still cry today about how they are losing. I say BS they are just raping and pilaging now!
Specialist · MA · Member since 2009 · 858 posts · 306 votes
15y
I am actually reading this Will and it doesn't even seem possible. I mean I'm sure ANYTHING is possible but NO. I don't think BOA has a leg to stand on.
How the heck can they even REVERT a transaction? They closed!!!!
This is actually a GREAT lawsuit for the buyer. They will likely win LOADS. BOA approved price and sold...that's that as far as I'm concerned.
Sorry. I just even cant fathom this is possible. I'm not even a HUGE BOA hater, but this could convert me.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Well, believe it, as it has happened, I spoke to the title company myself so this is not speculation or heresay.
Apparently, as explained to me by the title company, BofA scans the public records and when they see a transaction sold for more than twice what it was purchased for (regardless of the amount of repairs needed - they don't care about that)they flag it and investigate. If they find deficiencies (done by their own employees), they apparently going back at the deal and in the case which was explained to me, cancelled the already closed transction.
Investor · Reston, VA · Member since 2011 · 683 posts · 191 votes
15y
That really doesn't "add up". What jurisdiction? It must be that a lawsuit was filed (perhaps alleging fraud of some sort?). A lis pendens tying up the place in the meantime? Did someone violate the 90 day holding period? Did the agents have an interest in the profit?
On another note, that stupid B of A is trying to force me to overinsure a property. It's in Florida so the ins. is very expensive. I owe 13K on a first that used to be Countrywide. B of A is making me insure the property for the assessed value of 250K. No allowance for the lot value and their interest is only 13K. They threatened to place their own insurance if I don't comply - which I have for now because "their" forced policy was $2,500. The lot is worth 150K+. Any suggestions?
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Cheryl, your statement that "it doesn't add up" gives the impression you think it didn't happen, it did. I agree it makes no sense that they could do such a thing and I am sure that is why they are now being sued, however, that does not change the fact that they did do it.
As to your question, I would pay off the loan of $13k and if you need the cash, get another loan to skip such ridiculous insurance requirements by the jerks at BofA
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Yeap...I got a letter about forced insurance a few weeks back. My agent has faxed them our dec page several times now. I can't wait to get rid of this mortgage. This is the last one we have with BOA right now.
I watched that HBO special Will....makes me freaking sick. Everyone on the board...pull your money out of the big banks and put it in the smaller ones. That is the only way I can see that we can fix this nonsense.