ED Magedson – Founder
Bank of AmericaSeattle, Washington USA
Bank of America Reverse Mortgage Ripoff Seattle Washington
Bank of America sold us a Reverse Mortgage, within which we were given a line of credit. The line of credit was based on the equity in our home. When everybody's homes lost value, Bank of America sent us a letter saying they were putting our Reverse Mortgage into a subsidiary which "is considered a debt collector under various federal and state-specific acts, and has the right to collect payments from you." Since receiving that letter, Bank of America has been taking money from our credit line. According to the original contract, BofA agreed we would be the ONLY persons with access to the credit line. Our fear is that, when our credit line is depleted by Bank of America, Bank of America will file foreclosure proceedings.
This report was posted on Ripoff Report on 08/27/2013 02:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Seattle-Washington-98124/Bank-of-America-Reverse-Mortgage-Ripoff-Seattle-Washington-1079556. 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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