Bank of America Complaint

BOA Mortgage Practices - Mortgage Practices

Reviewed by MaryhelenOregon
Complaint

Concerning Bank of America Mortgages:

I am bitterly disappointed to find out that the

promised "ability to lower my refinance rate in case of a change in the market" was a lie. It was promised by both the original interviewer I spoke with and by my closer. This was one of the main reasons I agreed to refinance with Bank of America and it was used as a closing argument 'to get me to sign' by them to assure me that the interest rate I was paying could be adjusted within the first year if a strong downturn in the economy happened.
Well it has......and they have not honored this promise made to by my original interviewer 'Joshua Jones' on August 5, 2008 nor the same promise made to me in the following calls made by 'Anne-Marie Vaughn'
This basically constitutes FRAUD by Bank of America and I can assure everyone at this establishment...that with what little voice I have left......I will always steer people away from Bank of America in the future and will in no way ever open another account with this bank.
I am stuck with my higher than promised mortgage rate ( which is no doubt a reason they published a profit this last quarter....cheating people like me out of their money )but I do not have to fund any more of their business.
This is a classic case of;
BUYER BEWARE !!!

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Comments - Consumers and Companies Connect by Commenting

rgwe says: (7 months ago)

I have experienced the same issue but with a 6 year ARM., I was told by the BOA person I could "lock in" at agreed rate or "lock in" at a lower rate if they went down. I Paid the extra fee for this option but because it was not written in specifically on the Mortagage contract BOA would not honor it. I had called several time last year and was told "no problem" after they reviewed my mortgage. But I waited for it to drop. Then BOA remoevd the 800 telephone number from their web site. When I called the main line they told me I had to go to my local BOA. I di and they said they never heard of such a thing.

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DetailsReview Rating: 1 out of 5
Reviewed By: MaryhelenOregon
Company: Bank of America
Product: Mortgage Practices
Date Added: 8 months ago

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Bank of America Complaint