Bank of America Mortgage Interest overcharges Internet

was posted at this website on May 25, 2008, at Ripoff Report #261157. Four months and four days after it was posted, the "CRASH" occurred on September 29, 2008, when the Dow Jones lost a record 777 points in one full day of trading.

Here is the 4th quatrain of "FIX AMERICA POEM":

The 'big shots' keep cashing-in stock
A CRASH is soon coming I fear
FIX AMERICA POEM
Another one just shed a tear!

*Anyone can type in 261157 at this site and go to 'Consumer Comment #12' at Ripoff Report #261157 and read the poem.

Thank You

"Knowledge is power."

POWER TO THE PEOPLE

opinions; NEGATIVE OPINIONS. These 'negative opinions' will trigger the COLLAPSE of what we once knew as the United States of America, in my opinion.

Perhaps this Einstein quote better suits many replies left on this site..

"God does not care about our mathematical difficulties. He integrates empirically."

"Great spirits have always encountered violent opposition from mediocre minds." - Albert Einsten

This Is why the crooks from bank of america.  Get away with doing people wrong.  Because of the bank supporters on this website.  They have no mercy or compassion for people.

You really should seek professional help to help you control your paranoid and delusional rantings.

Just a suggestion.

they are aware of what's taking place where they work, okay?

In November 2009, Bank of America moved my mortgate from one BofA subsidiary to another BofA subsidiary.  Since this date, Bank of America has started overcharging me interest.  Bank of America acknowledges that their "software has changed" when loans were moved to the new subsidiary.  And that their new software calculates interest on a daily basis.  Prior to November 2009, any additional principal and/or monthly payments made before the 15th of the month, used to be treated as if they were made on the first of the month.

Thus, now if a payment is made on any day other than the first of the month, additional interest is charged upto the date the payment is made.  In the past, only a late fee was to be charged, if the monthly payment was made after the 15th of the month.

Several representatives at Bank of America customer service acknowledge that an error seems to have been made.  Going back at the loan history, they also agree that the method used to compute interest has changed.  They also acknoledged that my loan is not a simple interest loan, but one where the interest should be computed monthly.  One representative also mentioned that other customers had similar complains about overcharged interest.  However, Bank of America refuses to fix the overcharges, indicating that this is how their new system works.  And now their new software gives customers a breakdown of the principle and interest for each payment.  In this new process, the system charges additional daily interest to each customer.

Note that I have not refinanced, or done any sort of modification to my loan.  Nor have I ever been late on a payment.  Just want to make folks aware that Bank of America maybe overcharging them as well.  Folks need to look at their mortgage statement and calculate the principle and interest charged, and complain if they have been overcharged.

I guess that by converting a mortgage from a traditional mortgage to a simple interest mortgage, Bank of America can charge more interest.