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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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beware of BANK OF AMERICA!!
nothing but scams!! because of this great bank they switched my whole mortage around and now I am paying more a month and we have to close today so I can even go find another bank!! They ****!! Needed to Vent!! Don't use them!!
Denise
Message edited 3/1/2006 12:10:38 PM.
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Posted 3/1/06 12:08 PM  |
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KaRiSsA
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Member since 5/05 4646 total posts
Name:
KARISSA
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Re: beware of BANK OF AMERICA!!
I am so sorry!
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| Posted 3/1/06 12:13 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: beware of BANK OF AMERICA!!
Sorry to hear that.
I used them and had no issues. Went through a broker. They gave me a killer interest rate and got my committment in four days.
Did you go with them directly... or through a broker?
What terms did they change on you? I don't see how a bank can legally change their terms in the middle of a deal.
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| Posted 3/1/06 12:20 PM |
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LIFamilies
Thanks for the memories DAD!
Member since 5/05 2267 total posts
Name:
LI
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Re: beware of BANK OF AMERICA!!
did you lock the rate in?
what is on the truth in lending statement?
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| Posted 3/1/06 12:26 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: beware of BANK OF AMERICA!!
Denise,
Did they mail you any forms prior to your closing. The top one our the second page should spell out exactly what rate you received and all the terms of the mortgage. If there is a difference between it and the actual mortgage documents bring them to your attorney's attention and see if she/he can help you get what you originally agreed to.
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| Posted 3/1/06 12:34 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: beware of BANK OF AMERICA!!
I use BofA and haven't had any problems. Sorry you are going through this - def check the original statement they sent you, they shouldn't be able to pull a switch on you like that.
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| Posted 3/1/06 1:35 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: beware of BANK OF AMERICA!!
YES WE DID LOCK IN WITH THEM. THEY TOLD US SINCE WE DID THIS BACK IN JUNE THE MORTAGE REWARDS PROGRAM THAT WE GOT INTO WAS A 5 YEAR ARM INTEREST ONLY FOR THE FIRST MORT. GREAT LOCKED IN FOR 260 DAYS PAID $350 BUCKS. THE BANK SAYS OH SINCE THIS ACCOUNT HAS BEEN OPEN FOR SO LONG THERE LOAN PROCESSOR FOR MY ACCOUNT IS IN CALIFORNIA SINCE THAT IS WHERE THE HEAD QUARTERS IS I'M ASSUMING BUT IF WE WAIT 2 MONTHS THEY COULD OF HAD THIS DONE A LOAN PROCESSOR IN SC WHICH IS WHERE WE BOUGHT THE HOUSE. SO CALIF DECIDE TO REVIEW EVERYTHING LAST MIN. AND DIDN'T TELL US UNTIL DAY BEFORE CLOSING. SO WE HAVE TO GO WITH A DIFFERENT INTEREST RATE OR PUT ANOTHER 10% DOWN!! HELLO DON'T THINK SO!! THEY REASON WAS OUR FICO SCORE WENT DOWN 5 POINTS FROM 751 TO 746.. HELLO LAST I KNEW THAT IS GREAT CREDIT. IDIOTS!! SO WE HAD TO GO WITH WHAT THEY GAVE US BECAUSE WE HAD TO CLOSE SO NOW WE ARE IN THE PROCESS OF TAKING THIS UP LEGALLY!! BAIT AND SWITCH AND ITS NOT RIGHT!! THANKS FOR LETTING ME VENT AND I'M SO UNHAPPY BEING A FIRST TIME HOMEBUYER THEY MADE MY EXPERIENCE AWFUL I'M SICK OVER IT!!
DENISE
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| Posted 3/2/06 11:10 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: beware of BANK OF AMERICA!!
I am curious and have a couple of questions:
Was this through BoA directly... or with a broker?
Why did you lock in back in june? 260 days is a little long for a rate lock. Was this new construction?
Why didn't you just stick with your original deal... loan consultant?
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| Posted 3/2/06 11:13 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: beware of BANK OF AMERICA!!
Hum, a 260 day rate lock seems like a long time, but you stated you paid $ consideration for them to keep the rate open, correct? Did you tell your lawyer? Do you have the forms which spell out your earlier rates? Did the forms say there were any contingincies for keeping the rate open or at a certain rate?
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| Posted 3/2/06 12:00 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: beware of BANK OF AMERICA!!
Posted by DjPiLL
I am curious and have a couple of questions:
Was this through BoA directly... or with a broker?
Why did you lock in back in june? 260 days is a little long for a rate lock. Was this new construction?
Why didn't you just stick with your original deal... loan consultant?
Yes new construction with was through Bank of America directly.
we locked in so early because we didn't know what the rates were going to be when it was going to be time to close. since the construction was about a 8 month process.
what do u mean by sticking with the original deal??? That is what B Of A switched on us
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| Posted 3/2/06 12:20 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: beware of BANK OF AMERICA!!
Posted by LSP2005
Hum, a 260 day rate lock seems like a long time, but you stated you paid $ consideration for them to keep the rate open, correct? Did you tell your lawyer? Do you have the forms which spell out your earlier rates? Did the forms say there were any contingincies for keeping the rate open or at a certain rate?
I have to look this over with our lawyers in the next week. we just need to close by Tuesday of this week. so once they receive the package today next phone call is to the lawyers office about this situation. Yes we paid for the lock in and that is why we also went with them because they could lock in so long for us.
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| Posted 3/2/06 12:22 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: beware of BANK OF AMERICA!!
Posted by NoStressBride
Yes new construction with was through Bank of America directly.
we locked in so early because we didn't know what the rates were going to be when it was going to be time to close. since the construction was about a 8 month process.
If your lock-in was in writing... i don't see how they can change the conditions of the deal. But you have to read the fine print. Even though your credit score dropped 5 points... thats petty. But if their fine print says ANY drop in credit score... you could be on the hook for the crappy deal.
You are doing this the right way though (getting the attornies involved).
Good luck with it. Let us know what happens!
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| Posted 3/2/06 12:31 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: beware of BANK OF AMERICA!!
Posted by DjPiLL
Posted by NoStressBride
Yes new construction with was through Bank of America directly.
we locked in so early because we didn't know what the rates were going to be when it was going to be time to close. since the construction was about a 8 month process.
If your lock-in was in writing... i don't see how they can change the conditions of the deal. But you have to read the fine print. Even though your credit score dropped 5 points... thats petty. But if their fine print says ANY drop in credit score... you could be on the hook for the crappy deal.
I will thanks!!!
You are doing this the right way though (getting the attornies involved).
Good luck with it. Let us know what happens!
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| Posted 3/2/06 1:02 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: beware of BANK OF AMERICA!!
Since you are bringing this up with your lawyer, ask them how much they will charge you to look at this issue. Is it included in your closing fees? Are they charging you hourly? If so, get the hourly rates.
Look at the forms BOA sent you. What does the fine print say? As DJPill said, it depends upon the fine print.
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| Posted 3/2/06 1:28 PM |
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