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I hate Bank of America

If I knew after refinancing to a lower rate, my mortage would end up with Bank of America,I would have refused the loan or stay with my old mortgage company. My prior mortgage company was Pennsylvania Housing Finance Agency (PHFA). I was very happy with their service, with the website, online bill pay...They paid my insurance and property tax ontime even when there was insufficient fund in the escrow account. Escrow account is setup to accrue 1 year of insurance and property tax in 12 monthly payments. However, the insurance and property tax bills come couple of months before due dates. With property tax, I would receive 2% discount if I pay the bill early in full during the discount period, which mean I would not have enough fund in the escrow account to pay the bills. PHFA paid the bills anyway and never charged me a penny, then collected the fund from the monthly payments. PHFA paid interest on my escrow account, not a whole lot but it showed PHFA did not rip me off by withhholing thousand of dollars without paying interest. With bank of America, there is no interest paid on the account. Now, this is what pissed me off. Starting next year 2012, Bank of America will start withholing an additional 16% above the total amount that would require to pay my insurance and property tax annually (about $3,400), again no interest will be paid on this amount, $544 a year. So Bank of Americal witholds close to $4,000 from me without paying a penny in intertest. Their reason: Federal allows us to withhold additional fund as reserve. This is a good example of Corporate Greed! Everyone, feel free to repost my comment on other site.
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You must beone of the some compassion. If this is not corporate greed, then why didnt the OP's first bank do the same thing that BOA is doing? This is absolutely the definition of greed...and further read the definition of good business practice, ie ethics....good business practice is not writing high risk loans in the first're the one that's ill-informed.


David PuzniakMortgage Loan OfficerBank of America Home Loans628 North New Ballas Rd Creve Coeur, MO 63141david.puzniak@***.comOffice: (314) 994-****Mobile: (314) 486-****Dear David Puzniak & Bank of America:I will be sending this letter to anyone who will read it and listen to the injustice that we have suffered at the hands of Bank of America and Freedom Mortgage. My intent with this is to have Bank of America honor the agreement that they had made with my husband and I in 2010 about streamline financing my current FHA mortgage with Bank of America.

And to also make Bank of America fix some of their current processes that harm families like ours. Below is an approximate timeline of events:November 2009- We received a postcard in the mail from a company called Freedom Mortgage offering to refinance our home with a new FHA streamline refinance and save us on our interest rate and monthly payment.November 10 2009- I spoke with Freedom Mortgage about the postcard that was sent to me and to ask questions about how it worked. They said no credit check, no appraisal and no closing as long as I had made all payments on time. I told them sounded good I would speak to my husband and if we were interested I would call them back.

They asked if they could send paper work to look at and I said yes in case we decided to accept the offer. January 5, 2010- We get a letter from Russ at Bank of America offering the same thing that Freedom Mortgage was offering. We called Bank of America because they are our current mortgage company and we thought it might be easier to deal with since they had all of our information already. February 2010- I call and speak to Russ and ask so questions about their program.

He assures it will be very easy and we should consider the offer. I tell him I will speak with my husband and call him back. So a few weeks later we call him back and talk to him on three way together so that Jason can ask the questions we has as well so we can make an educated decision. After speaking to Russ Jason feels confident and says we should proceed.

So we call Russ and ask him to proceed. March 2010- Russ calls and says he needs to go over the numbers again because something is wrong in the escrow numbers and that our payment is about to go up to $1800 a month. He says it’s good we are going to refinance now so we can get the payment down. We are concerned with the payment going up because we are trying to lower our current payment to get out of debt and pay off some bills.

So now it looks like we need to refinance just to stay afloat much less pay off bills. I feel bad for people in our shoes that don’t have two incomes to fall back on. I think no wonder there are so many homes in foreclosure. It saddens me.May 2010- I tell Russ we are going to be out of town and ask if he knows when our closing date will be since we are getting close to 90 days now.

He says we will get it all done when I get back in town. June 2010- When we get back in town Russ is on vacation. I leave a message. When he calls back we ask him about a cheaper rate that is being offered.

He says ok he will look in to it for us. He calls and leaves me a message to call him. I call and leave a message for him.July 2010- I call and leave messages for Russ. He calls me back once and leaves a message for me to call him.

I try him back but have to leave message again.August 2010- I leave message after message for Russ to call me. We really need to get out mortgage closed badly. Finally I call one evening and ask for him, they don’t put me on hold and I hear him say, put her into my voice mail I don’t have time for that crazy lady. I ask to speak to his supervisor immediately.

Dave Puzinak gets on the phone and I explain what has happened. He apologies but it seems like he is just sorry that Russ gets caught saying it, not that he really is sorry that he did say it. He says BOA would like to keep my business. So I agree to proceed.

September 2010- Dave sends me new papers with the new rate on it and says the processing has to start over because of the new rate. So he says we won’t close this month either.October 2010- Dave says we missed our window for this month as well.November 2010- Dave says we can’t close this month because there is a very short window they have to close these loans. And they must be done by the 26th of the month and they are shorthanded and can’t get the paper work processed and completed for this month. I am very disappointed.

I even file a better business bureau complaint and they offer me a $25 gift card for my trouble and say it will be done in December for sure. I call another mortgage company to see if we can get it done quicker and to see if I am being lied to. They run my credit and say they can’t help me because my credit score is too low to finance with them. They suggest I continue on with BOA since there is no credit check required.December 2010- Dave calls for my bank statements so I send them to him.

He calls me and asks why I have deposited a $2000 extra in my account. I explain that it is a loan for our Christmas vacation. He says we can’t close because they will think its borrowed funds for closing. But I tell him I have the money to close even if that had never been borrowed and he said yes but that would be too much paperwork so we should wait till the next month.

I am beside myself at this point. Money is really tight and my payment is supposed to be more than $300 cheaper a month. And every month I get further and further into debt because I can’t get my house closed and my payment lower. I am scared I am going to lose my house at this point.

I have 5 more people in my household to take care of.January 2011- I call Dave and ask about closing date. He says once again we need to wait one more month till Feb 15, 2011 to get bank statements in with now extra money added to my account. I am livid. I fuss and complain but he says there is nothing he can do and it will be done next month for sure.

There is nothing I can do except comply, BOA has my family home in its hands. I pray they can fix this next month because I don’t know how much longer we can hold on to this house without the refinance.February 2011- I get an email from Dave today saying not to forget to send him the bank statements on the 15th so we can get moving and not miss that window again. I am super excited that he seems to be being proactive. Then 3 hours later I get a call that says he needs me to call him.

I call him back and he tells me that because Freedom Mortgage held on to the file or application for 4 months, I am no longer eligible for the no credit check offer and they ran my credit and it’s too low for them to do the loan. I was devastated. I only spoke to Freedom Mortgage One time. I never signed anything or told them that they could do anything.

They had called BOA for a payoff quote which I had to pay for even though I had not authorized it in anyway shape or form and they changed my designee on my homeowners insurance through State Farm. How can a company do that? Isn’t that an invasion of privacy? Don’t I have to sign something giving them permission to do all that?

And how can BOA back out of a deal just like that? Should they not have to own up to their agreement? Dave has said now after this whole year that it’s Freedom’s fault, I am sure if I call them they will say it’s BOA’s fault, but ultimately my family is the one who suffers because now we cannot refinance our home and will probably lose it because we can’t pay the note every month. I thought President Obama’s mortgage reform was to help people like us, but it has not.

So it’s either his fault, the FHA (that’s the other place BOA blames), or one of the mortgage companies fault. But of course I am sure no one will fix this or take the blame. My husband and I both work in education and I thought we were pretty smart people but for the life of me I cannot figure this one out. When we first purchased our home our payment was $1500 a month to Taylor, Bean and Whitaker and we could afford it.

We had plans in two years to refinance. Then we get a notice saying they are closing down and Bank of America now has our loan. Then last year for no reason we can understand our payment went up to $1841 but our taxes went down and our homeowners stayed the same so why would it go up? I am going to send this to everyone on my email list and my face book to let my family and friends know of our injustice before we lose our home so that people will already now it was our mortgage companies fault.

I am also sending it to anyone I think might be able to help me get the word out to help some other poor soul from putting their trust into either of these companies.

It is wrong what you have done to my family. I hope you open your eyes and do the right thing or that the FHA or someone higher up can step in and make you do the right thing and correct this mistake you have made for us.


No, it's not "corporate greed" as ill-informed people say, but just good business practice. All banks need to make a profit and cannot afford to carry deadbeats or non-paying customers on the books.

You do NOT need to stay with BOA---just pay off the mortgage and then you can pay your property taxes on your own. Like I do.

I have never paid interest on anything in my entire life---stop complaining. No one forced you to take on a mortgage.

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#270964 Review #270964 is a subjective opinion of poster.
Philadelphia, Pennsylvania
Bank Of America Mortgage