• Report: #1068545

Complaint Review: Bank Of America

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  • Submitted: Fri, July 19, 2013
  • Updated: Fri, May 16, 2014

  • Reported By: upset — Texas
Bank Of America
Internet USA

Bank Of America home owners loan modifications . Internet

*REBUTTAL Individual responds: Bank of America has recoverd but homeowners have not

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We were eligible for a loan modification due to being hit by a Hurricane. We submitted our paper work and were told not to make any pavements while the paper work was being processed.  By the time they said they had received and processed the paper work they had already begun the foreclosure.  We were able to stop the foreclosure but our interest rate is over 4% and it should have been 2%.   Here are exerts from 

By Michelle Conlin and Peter Rudegeair

Fri Jun 14, 2013 5:42pm EDT       

(Reuters) -

 Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative, charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP, according to an affidavit by William Wilson, who worked at the bank's Charlotte, North Carolina office

Six former Bank of America Corp (BAC.N) employees have alleged that the bank deliberately denied eligible home owners.  The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp (TGT.N) and Bed Bath & Beyond Inc. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing loan modifications and lied to them about the status of their mortgage payments and documents, For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not

This report was posted on Ripoff Report on 07/19/2013 05:44 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 REBUTTAL Individual responds

Bank of America has recoverd but homeowners have not

AUTHOR: One of Many - ()

 I just want to add to all the other homeowners who have experienced the "deception and dishonesty" of Bank of America Modification program: YOU ARE NOT ALONE.

 I was one of the many who reached out to Bank of America; just wanting HELP.  My husband and I had both lost our jobs, as we are in construction in Oregon and it took a huge hit.  So we thought if we could just get our mortgage modified; for which we had never missed a payment.  We applied and were approved for the modification and completed the trial and waited for the permanent.  4months later BofA wrote us a letter stating we made too much.  This was absurd and when we called to explain there had to be a mistake they said we were past the appeal time, which was 30 days.  We had not received the denial letter for 4 months.  That started a spiral of events that led us down a rabbit hole and it went on for 2 years and  then the  bank no longer accepted our payments and started foreclosure.  It was HORRIBLE.  We contacted a Class Action lawyer and it did stop the foreclosure during the class action but it is just a matter of time until they come at us again.

I have no faith in the judicial system and do not feel very optomistic.  Bank of America has all the power (and money) and have gotten away with this accross the country. They are not held accountable for how they have cheated and deceived people who were desperate, vulnerable and just trying to get help. 





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