BAC home loans reviews and complaints

I attended an event on March 3 at Cobo Center in Detroit Michigan. My loan officer was Jason Mathes [protected]) at this event. I brought all the requested documents to this meeting and met with Mr. Mathes for about 3 hours. I was offered a mortgage rate of 4.5% which would gradually rise to 4.875% maximum with a balloon payment of 160, 000 in 2035 if the home has not been refinanced before this date of 2035.

I agreed to pay the 3 trail period payments of 1448 for 3 months at which time official paperwork will be mailed to my home (according to Mr. Mathes) making this interest rate and payment official. I also expressed the need for my 2nd mortgage (#[protected]) to be modified as it is currently at 11%. Mr. Mathes assured me that while this event was for 1st mortgages only, someone from BAC would contact me within 30 days to “aggressively” modify the 2nd mortgage rate.

Week of July 18th: I have since been in contact with Mr. Ongchango, a mortgage service manager for BAC [protected] ext.: 14465). He sent me a Fed Ex package requesting 15 various documents some of which are not relevant to my file such as divorce decree and child support. All of the relevant documents have already been given at the March 3rd event and I also sent in updated bank statements and pay stubs per the June 17th request stated above. I explained my file to Mr.Ongchangco and he researched the file and gave me an update yesterday.

Mr. Ongchangco stated that the notes on my account from Mr. Mathes (dated June 23rd) state that I refused the modification due to the 2nd mortgage not being modified. This is false. I would have never refused a permanent modification just because the smaller 2nd mortgage was not yet modified. The words decline or refuse never entered into our conversation during this event on March 3rd. BAC policy is to modify the 2nd mortgage only after the 1st mortgage modification is official although this information was not known to me during the event. Mr. Ongchangco told me that my offer has expired and that I will need to start the modification process all over again. This outrageous and completely unacceptable.

The status department at BAC and specifically Erica [protected] ID: 6167) is the only department to my knowledge that has access to the notes made by Mr. Mathes during the March 3rd event. I do not have a copy of these notes as I am only allowed to be read the notes over the phone. These notes confirm the fact that I am approved for the trail period payments from April –June and upon successful completion of the period official documents will be mailed to make the modification official. The notes that state I refused the modification were added to the system and they are dated June 23rd. How is this legal?

I have a few questions about this turn of events:
1. When was I given the opportunity to refuse or accept the terms of the loan? Where does it state this? I have no official documents from this event. Mr. Mathes stated there would not be any until the trail period ended.
2. What is successful completion of the trail period? The payments were made and arrived on time to BAC. I was asked for additional information only at the end of June.
3. What were the dates a.) Beginning the trail period and b.) Ending the trail period?
4. Why was my “refusal” added in June (23rd) after the event in March? If I refused the loan terms (which I did not) why wouldn’t this be stated in the original notes?

Addendum: My last notice from him was on July 21st at which time he stated that he was researching my file and would get back with me at the beginning of this past week (25th or 26th). I have not heard from Mr. Ongchangco as of July 30th. In addition, I have called Mr. Ongchango each day since the 22nd of July and he has not returned my phone calls. I have also called his supervisor Marie Castro ex: 14435 and their manager Mary [protected]) none of which has returned my calls.
Today 7-30-11 I received a “Notice of Intent to Accelerate” my mortgage. I must pay 26, 000 before Aug 25th in order to avoid foreclosure. I have not had any due process nor have I had an opportunity to discuss my file and be updated regarding my questions above. The questions left unanswered above suggest that as a consumer I was not properly informed of my obligations and due dates. This is unconscionable.

First off-I bought home in June-I have made all of my mortgage payments on time and have the check stubs online to prove this. I received a call from BAC Home Loans Servicing, LP Collections Department at 8:20 PM. I missed the call but promptly called it back when I realized it was BAC Home loans.

Once I reached a representative, she said that I was a payment behind. I explained no I was not, but she would not listen to me. She asked me if I was in WA and proceeded to give me HUD’s number. I explained that my Mortgage check went through Bank of America (also my bank) and was showing on the online banking as being cashed on Feb 7th. She tried to tell me that was the check for January and I owed 886. I said my mortgage payment has always been 847 so I dont understand this. Then she tried to tell me that the extra amount was due to late fees. I explained again that I have made my mortgage payment on time every single month. She started to read off the payments that I made starting with October 2010 and then she said that she only had a payment for January and that was what I was looking at online. Again, I explained that NO the payment online banking was the check I just sent on Feb 1st. ALL checks from the first one in August to the one in February were all online and I had them in front of me on the screen on the PC. Then she said if I want to dispute it I could call this number tomorrow.

I have always paid my mortgage on time. I’ve never been late and now this could show as a late payment. I realize many people are having financial problems and can’t pay and but its as if this rep just assumed I was one of those people and would not even look into it or listen to me.

I am another Bank Of America VICTIM. Apparently my morage was taken over by BAC when Taylor Bean & Whittaker went under. I was NEVER notified of the take over and set my payment to be made as usual to TB&W in August, 2009. The harrassing phone calls and emails begain the last week in August. I finally was able to catch the incoming call. I explained that I never received a notice or an account number so how was I to make a payment when I was not aware of to whome it was to go to. I explained the August payment was made and provided the date. I have been reported to the credit bureau as being a month behind since this point. They have increased my payment because of this. My account had never been late until there half a.. take over. I am discussted with this company. I have gone to the corporate office to get this corrected which I was told had been done, but the credit bureau still showed me a month behind. well I finally got p... off and said to h... with it andstarted making payments late. I have never been trated as they do. When you call you only get a collection agency...and they do not take or read any notes provided by corporate or customer service. They need to be shut down...this is the most unprofessional company I have ever dealt with in my life and I am 58 years old. If anyone has any ideas as to how to get our morgages away from them please let me know, my email is, [protected]@aol.com

I notice that I am not the only one to have this complaint. A year ago BAC Home Loans took over the mortgage on our property from Taylor Bean. In the past year, despite calls and letters, they have shown us to be a month behind... resulting in a ding on our credit report that has affected, adversely, our ability to get credit. They acknowledged problems with the transfer and told us it would never get on our credit report... but it has and they appear unwilling and unable to make this work! Every time you write or call, you get another person... VERY POOR excuse for a company! Now we have written a complaint to our state Auditor (Division of Banking) who has forwarded it to appropriate Federal agency for involvement. Does anyone know how to get legal action (service in local small claims court?) for damages?

BAC is crappy business... If you get involved with them, just be aware that they don't operate quickly or adequately... and don't care about how it ends up in terms of your credit.

we receive a home loan modification we accepted and we send in our fist payment in July and we send it in and they received it before grace period was over. and we also send it for this month to our surprise we receive a foreclosure notice with a sale date for next month and now they are telling us that our payments was to be there on the first or before. not after. But when I call in and ask if we had the same days periods like before and who i spoke to said yes and I spoke to them last month and no one said any thing but they did took our payment. This is a ripoff. Can we say that yes bank are helping?