Stop Doing Business With BofA!

Stop Doing Business With BofA!

Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes

Not technically a real estate company, however, due to their large amount of RE holdings/assets, this is the place for this thread.

As many of you know, there is a BP thread about the terrible business practices of BofA (Bank of America) named "the official BofA Sucks Thread"

This thread is not to talk about those instances, but to inform all and hopefully for us ALL to come together and fight this crooked corporation who is "Too big to fail"

It seems we are all in the "entitlement age" where most Americans stick their heads in the sand and continue with their entitled behaviors. We are not entitled; our country was built and strengthened by its citizens coming together for a specific cause. In the 40's, it was WWII where the men and women came together to fight for our safety against Japan and the tyranny going on in Europe. In the 60's, citizens took to the streets to protest the War in Vietnam because they believed it to be wrong.

Today, I believe it is wrong how BofA has become so large and how they take advantage of it, on our dime no less! I really do not intend to go political here, so let’s try and shy away from that road.
My sole intent here is to have all of us stick together and fight against a wrong that has been done against us and the first on that list is BofA. We all need to spread the word, use the internet, use Facebook, LinkedIn, and all other social media to spread the word.
I feel that if we can get 100,000 people who are currently banking with BofA to see the light and stop by switching to a local community bank or regional bank, we can put a large dent into BofA. If each of these account holders hold a small average of $1,000 in their account, that is a large $100M hit to BofA!! That is only the beginning, so it could manifest to larger proportions from there. I feel if we all stick together, we can get this done.

Stop doing business with BofA and close your accounts with them! Spread the word and have those spread the word. Who is with me?

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Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y

I'll sign the stop doing BOA business pledge! I killed the last of my accounts with them 4 years ago and have never looked back.

While you are at it remove your funds from ALL of the big banks and put them with some small regional banks or credit unions. You're a RE investor if you visit this site and have no business dealing with these moronic institutions.

See this reply in the discussion

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  • MI · Member since 2011 · 228 posts · 75 votes
    15y

    Rotten bastards!

    I say, LET THEM FAIL!!

  • Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    I'll sign the stop doing BOA business pledge! I killed the last of my accounts with them 4 years ago and have never looked back.

    While you are at it remove your funds from ALL of the big banks and put them with some small regional banks or credit unions. You're a RE investor if you visit this site and have no business dealing with these moronic institutions.

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Thanks for the support Brian and Phillip, please pass the word on by spreading it throughout all the internet social media avenues you use as well as verbally to everyone you know! The power of us all can overcome such a large entity and wrongness to the country.

  • Real Estate Investor · Chicago, IL · Member since 2010 · 28 posts · 3 votes
    15y

    Fill me in... let know whats going on.... have i been living under a rock? I haven't done much business with them lately.

  • SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
    15y

    Similar to Bryan, my wife and I closed the last of our BofA accounts about 1.5 years ago. Although I didn't experience anything but good friendly service from our local branch, BofA's flaws are woven deep into their corporate fabric and executive lining. (How's that for some metaphors?)

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    @Richard - read the BofA sucks official thread found here:
    http://www.biggerpockets.com/forums/92/topics/60374-b-of-a-sucks-official-thread

    @Mitch - Nicely done, next step is to pass the word on. I am hopefull that we all do the work and pass the word elsewhere and not just talk about it here.

  • MI · Member since 2011 · 228 posts · 75 votes
    15y

    But what have they done? My current home mortgage and one rental mortgage is with them. I did try to refi a couple years back on my home. Some scheister from BofA called and tried some slick selling. Tried to get me to put down a 500 buck deposit, which is a red flag and you should never do that. Other than that....

    What do they do to investors who just stop paying the mortgage on a rental property. I have a friend who is thinking of doing that with his nightmare in Memphis.

  • Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
    15y

    Looking to move my accounts away from them for the simple fact that they are not in cinci!

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Phillip, again, perhaps you should read the thread i posted in my post above which will describe numerous things they have done.

  • Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
    15y

    I just got a mortgage loan with them. My loan officer was very nice and speedy. They gave me a low interest rate at 5.3%. I'm living under a rock also like Richard.

  • Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    A low rate of 5.3%?! That is pretty steep for rates right now. Wholesale conforming rates are 4.345% right now for 30-year money!

  • Residential Real Estate Agent · Mt. Pleasant, SC · Member since 2010 · 257 posts · 130 votes
    15y

    It sounds like their a pain to deal with on short sales and reo's, but as far as banking is concerned, I've been with them for over 10 years and have been very happy. I currently have 5 bank accounts, 1 mortgage (previously had another one too), and a credit card that has the lowest rate of any of my cards. The service at my local branch is fine, and I love the fact that I can find a BoA anywhere on the east coast when I travel. I guess if they just got back to being a bank, they would be ok.

  • Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
    15y
    Originally posted by Bryan Hancock:
    A low rate of 5.3%?! That is pretty steep for rates right now. Wholesale conforming rates are 4.345% right now for 30-year money!

    How is that rate steep for a new investor? Maybe in the future when I become a seasoned investor like you and can show more experience in maintaing rental property, I will qualify for the absolute rock bottom rate. But until then, I'm satisfied with my rate considering that I know some owner occupied buyers can't get that rate.

  • MI · Member since 2011 · 228 posts · 75 votes
    15y

    Don't focus on the interest rate. The devil is in the details. Loan orignation fee, and other fees, points...etc.

    Read this book. It was written by a former mortgage broker and tells about the various scams and games they play and how to shop for a mortage the smart way.

    "Mortgage Rip-Offs and Money Savers", Carolyn Warren

    PG

  • Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
    15y
    Originally posted by Shanequa J.:
    Originally posted by Bryan Hancock:
    A low rate of 5.3%?! That is pretty steep for rates right now. Wholesale conforming rates are 4.345% right now for 30-year money!

    How is that rate steep for a new investor? Maybe in the future when I become a seasoned investor like you and can show more experience in maintaing rental property, I will qualify for the absolute rock bottom rate. But until then, I'm satisfied with my rate considering that I know some owner occupied buyers can't get that rate.

    Interesting, i locked in at 4.99% with quicken two weeks ago. Built all the fee's into the loan. 5% is practically free money. 15% ROI annually not including principal

  • Los Angeles, CA · Member since 2008 · 557 posts · 70 votes
    15y
    Originally posted by Bryan Hancock:
    I'll sign the stop doing BOA business pledge! I killed the last of my accounts with them 4 years ago and have never looked back.

    While you are at it remove your funds from ALL of the big banks and put them with some small regional banks or credit unions. You're a RE investor if you visit this site and have no business dealing with these moronic institutions.

    Count me in, all in, on every bit of this!

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    From Shanequa on down, you are all missing the point. Regardless if you got a good mortgage rate from them or not, regardless if you are happy that you can find a btranch anywhere in the US, the whole point is that BofA is a crooked corporation stealing from many US citizens and it needs to stop.

    Since it appears this thread is going nowhere right now, perhaps more details are in order since many of you cant seem to get to the other thread for the details.

    BofA is one of several banks who were given the largest sweatheart deal this Nation has ever seen back in 2008 with the promise to start lending - well, they have not increased but decreased loans and that is a FACT. If you have not watched the HBO movie that came out this year called "Too Big To Fail" then you had better watch it, it is a realistic storyline of the almost financial meltdown (with some dramatization of course).

    On more personal levels, BofA is currently being sued by a class action law siut for illegal and imorral business practices regarding their policy institued in approx 2002 on overdraft fees. If you had multiple transactions hit your account in one day putting your account over drafted, their policy was to first use the highest transaction which would overdraft your account, then move downward from highest to lowest transaction, collecting not just one, but multiple over draft fees. The proper way should have gone from lowest to highest since the lowest transaction could have cleared, and so on.

    On short sales, there are several lw suits ongoing against BofA due to their practice of illegally reverting short sale transactions they signed off on and approved. The porr investors who purchased them, put money into the properties for rehab and then attempted to sell for a profit are now left waiting to get their funds out on a long drawn out legal suit as BofA sent the funds back to title and reversed the transaction. Now this may seem hard to believe, but it is true and on-going. They figure, if they are not making all the profits, then they will do whatever they can to ensure they do.

    BofA was able to purchase Countrywide for what is estimated to be 30% on the dollar. This means that any loan originated by Countrywide could lose 70% of the value and BofA would still be even. We all know that values on a majority of these loans never went below 50% and many much less. So every time they get a property back via foreclosure and cry how they are losing money, they are actually making it hand over fist.

    I personally had a short sale transaction with them, approved, closed, I took title, rehabbed home, and am in escrow to sell it. 7 months later, BofA had still not sent in for recording the reconveyance for the original homeowners loan so on title, the old loan that was short payed still showed outstanding and I could not deliver a clean title prelim to my buyer. It took months of phone calls and fighting with them to get it done. They are legally obligated to execute and record the recon and failed to do so in a timely manner. My recourse is to sue them for damages. Yeah, right. By the time my attorney can figure out who to serve, who to sue, and after many thousands of dollars in fees, it is not worth the effort or expense and they know it so they don't care.

    The list goes on and the point is, this bank should not be allowed by us to continue doing business and only we can stop them, and that will take us working together to accomplish it.

    I agree that having a big bank like BofA is convenient, they have an ATM on very corner, but with some simple planning, and with today's technologies, you can do everything you do know with a small local bank and get better service and in the process, kill a large bank who does not deserve our business.

  • CA · Member since 2011 · 762 posts · 182 votes
    15y

    Will: Regarding the unrecorded recon, banks and title companies are notorious for not recording recons. I know you have it resolved at this point, but did you try to contact the purchase title/escrow? They should have the payoff demand and the payoff wire, that, it would seem, should be enough for the new title company to clear the lien.

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    David, the title company is not the one with teh authority to sign a recon, it is the short sale lender. That said, of course I was in contact with them and they fought tooth and nail to get it recorded from BofA, regardless of their efforts, and regardless of the paperwork proof that the money had been sent to BofA and regardless of the fully executed short sale approval from BofA, the title prelim still showed the loan outstanding and the new buyer's lender would never fund until that was resolved.

    Here is just another prime example of BofA and their infinite stupidity, greed, and disregard for others:
    http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

    The whole point is, why should anyone continue to give business to this bank???!!!

  • CA · Member since 2011 · 762 posts · 182 votes
    15y

    Of course title can't sign a recon. However, I have had title remove a lien as an exception on a prelim with evidence of payoff, and the deal went forward. But it sounds like you pursued this angle, sorry it didn't work.

    I had an issue with B of A back in the 90's, never done business with them since.

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y
    Originally posted by David Cholvin:
    Of course title can't sign a recon. However, I have had title remove a lien as an exception on a prelim with evidence of payoff, and the deal went forward. But it sounds like you pursued this angle, sorry it didn't work.

    I had an issue with B of A back in the 90's, never done business with them since.

    Yes, I did pursue that, however, the title company is one who is in litigation with BofA and they know just how crooked they are, so they would not do such an exception without the actual recording.
    Time to pass the word on to everybody else to stop doing business with BofA
  • Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    As your business grows be prepared to be on the phone with people in India all of the time if you are trying to run a business with BOA. Be prepared to not have your banker's email address either...and to stand in line forever if you want to get something simple done on behalf of your business.

    Ugh!

  • Residential Real Estate Agent · Mt. Pleasant, SC · Member since 2010 · 257 posts · 130 votes
    15y
    Originally posted by Bryan Hancock:
    As your business grows be prepared to be on the phone with people in India all of the time if you are trying to run a business with BOA. Be prepared to not have your banker's email address either...and to stand in line forever if you want to get something simple done on behalf of your business.

    Ugh!

    I guess I've just been lucky with them. When I opened my business account, my BoA banker came in early and let me in an hour before the bank opened to help me out. And the service is great, but I live in the south, so maybe that's just the local flavor.

  • Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    Do you have an email address for your banker Chris?

  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y
    Again it seems that so many of you are missing the simple point here. Sure you can have a great persoanl experience at BofA with your local banker there. Perhaps he or she is a nice person and very helpful. That is not the issue here. The issue here is that that very same nice person works for a corrupt company and is stealing from many Americans. If you wanted to hire a contractor and you interviwed a guy who you really liked and gave you great service and a great price, but then you found out that he did work for your neighbor and stole from him, would you still do business with him?
    I sure would NOT!
    That is the point here. Everyone needs to stick up for what is right and that is putting bad business out of business.
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