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Angel's Comment on
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Main thread--Bank of America Complaints
State: New Jersey Posted: 10/27/2009 Subject: Mortgage loan Injustice Comment: The Bank of America (BAC) Did both my wife and I an injustice, they issue us a loan but not without consequence, giving us a 75% loan instead of the 80% loan we had expected and as shown in the good faith estimate. We were told that 99% of the time the good faith estimate represents the actual loan you will receive. Also I had locked in my rate for 45 days until September 14, 2009 and after that date I call to ask if I can get a better rate since Fannie mae kept on dropping the 30 year fixed rate and was told I could not . They said once I locked in I cannot adjust to a lower rate. I then realize after signing the contract on the day of closing that the locked rate expiration date was changed to October 15, 2009. This was done without my knowledge, this and the fact that they waited to the actual day of closing October 5, 2009 to tell me that I was finally approved for the loan is a total disrespect to myself and my family as we had to scramble to get the movers and reset our priorities. My wife and I are existing customers of this bank with excellent credit and still had to wait better than sixty days to get approved for a smaller loan. The bank did the credit check on both my wife and I, then knew we had excellent credit and gave us a good faith estimate showing an 80% loan with a 20% down payment. After they gave us the good faith estimate we thought we would easily get this loan knowing that we were existing customer with excellent credit and never had been late on a payment.Immediately from the start we provided the bank with all the documentation as they requested and made it easy for them as we scanned all the documents in one file to their office via email. They then waited 40 days to request these same documents again and again on the 50th day they requested these documents yet again, plus additional info on pension statements. I ask the bank why they kept asking us for these documents specifically our bank statements and they did not respond. As we were getting closer to the 60th day and closing date, we were still not approved for the loanThe bank continued to request additional info into the final days prior to the new close date on Oct. 5, 2009. This made it very difficult for me and my family because we had to reset our schedules with the job, movers for the change in closing dates. Still to the final day the bank was requesting info on a JC penny account that was open and a cable company (Comcast) account that was open. The JC penny account had zero balance and millions of people have cable accounts, but yet I had to answer to these request in writing, also on the final days they ask for additional info on my employment verification even though I had given them this information several times already. Finally we were approved on the day of closing and as I stated above, to my surprise it was only for 75% and not for the 80% percent that was shown to us on the good faith estimate. The bank never gave us any immediate notice, hint, warning or any indication that we were not approved for the 80%. On the day of closing my lawyer call to inform me that we only got approved for 75% and that we needed to come up with an additional ten thousand dollars at the closing. The bank took advantage of both my wife and I because they knew we had the extra cash available in our saving account, we now know why they kept asking for our bank statement to the very end. My wife and I work very hard to earn this money; we had this additional cash for our new house necessities and also as an emergency in case of layoffs or other immediate needs. This bank cleans us out and did not do business in good faith. I will inform my family and friend and all the American people via the internet, blogs, angie’s list and LinkedIn so that all is aware the way this bank operates and does business, so that hopefully in the future no one is treated this way again especially if you have great credit and are applying for a smaller mortgage, 20% down payment, existing customer no late payments etc. We were at their mercy and could not get out of this loan being that we had an obligation to the buyer’s of our existing home. This is a very sad time for my wife and I as we do not have the cash now to buy the necessities for our new home, we can’t enjoy our new home the way we like to and at the same time while making the move to the new house my car broke down adding to our expenses, in addition my medical bills are adding up do to my sickness. We are confuse, disappointed and feel cheated by the treatment we received from this bank. They took advantage of us only because they knew they could and in support of the next American family we will tell our story, we owe it to them if we are going to make a difference in helping unite us. We the American people must help the president of the United States bring the economy back strong again. But the bank must take the lead and play a big role if we are to prosper. To all our friends, family and the American people please help us spread this letter to get the message across, that banks cannot be allow to get away with this. We will spread this letter to channel 2 news and all the other networks in the hope of getting the message across. Hopefully those in power positions can help us and not let banks get away with treating the American people in this manner. |
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