Bank of Satan? Come on. What an insult to Satan. At least we know what to expect and he is consistent. Bank of Amirikaw on the other hand

Inconsistent for sure...
Supposedly...we ended up being short over $1500 in our escrow and didn't hear anything about it until we got a letter saying that we had less than a month to come up with the money or be turned in to a collection agency.

Why would you get referred to a collection agency for a shortage in escrow accounts. Shortages in escrow accounts and overages in escrow accounts are normal and routine. If there is an overage, it is spread out over the years payments and reduces the payment. If its an shortage it's spread out over the year's payments and your payment goes up a bit.

I've never heard of collection action for an escrow shortage on a current and active loan that is being paid every month--never.

You’re not alone, Off. The news is full of stories about people getting kicked to the curb who have never missed a payment. See the following articles

http://www.therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=5963

http://www.nakedcapitalism.com/2010/11/servicer-driven-foreclosures-the-perfect-crime.html

And this one about Bank of America who threw a family out of their home on Christmas Eve who had never missed a payment.

http://foreclosureblues.wordpress.com/2010/12/29/impossible-foreclosure-never-late-on-a-payment-barry-ritholtz/

“In one of the more bizarre foreclosure cases, Bank of America is threatening to throw a West Hartford family out of their home even though the couple never missed a mortgage payment.

The largest bank in the United States earlier this month notified Shock Baitch and his wife Lisa (Friedman) Baitch that foreclosure action will start today – Christmas eve – unless the couple agrees to put their home up for a forced sale.

Why? Because another unit of Bank of America erroneously reported to credit agencies that the family was seeking a loan modification, ruining their credit rating and as the result putting their mortgage into default.

All this is happening even though the bank – after admitting it erred and sent a letter of apology in September – handed this case to a special unit at Bank of America that is charged with dealing with severe customer issues. It promised to notify the credit reporting agencies that the couple were not deadbeats, but were good credit risks”

It’s called servicer error and fraud and if you get caught in this web of deceit, you can lose your home even if you have made every payment on time.

The only way to not know not that this is happening is if you want to not know it.

[quote="bofaismybank"]Right, uh-huh, sure. Can you prove you went to collections for escrow? Don't you see what he wrote to you? Escrow is not billed to you separately. It's calculated for the next 12 months of your payment and is added to your payment! Amounts don't keep changing!

What were YOU doing? Refusing to pay the increased amounts maybe? Is that why you went to collections? You decided to make up your own payment?

Well, if YOU read what I wrote, you will see that we actually paid before we went to collections. Who knows if we would have really went to collections or not.
Yes, I realize that escrow is not billed separately, but it is broke down separately in that there is a predetermined amount that is taken from the payment you give them and is put into escrow. And no... you are correct, the actual amounts should not change unless property taxes increase or the bank screwed up their calculations when we refinanced - which is EXACTLY what happened. They decided that instead of simply increasing the payment, or telling us that we were short in excrow, they sent us a letter saying that we had "missed the payment for December" and would be going to collections - which is impossible since the payment is automatically taken out twice each month from our account. We called and explained this, and they admitted that we didn't miss the December payment, but that were short in escrow. That's when we found out that it was all because they didn't calculate the correct escrow when we refinanced with them (which took about 9 months of them sitting on their hands - different story demonstrating their incompetence). We couldn't have (and wouldn't have) refused a higher payment if that is what we needed to pay to keep everything caught up.

You know... one would think that the amount you owe would not change each time you call - that would show a bank that has their crap together and knows what they are doing.
We called at least 8 times (got a different person each time) and were told different amounts each time we called - that shows an incompetent bank.
All we wanted to do was find out what we owed and pay it so we could simply pay it. That proved to be too much for BOA to handle.

Tell me... what should a competent bank do if it sees that you are going to come up over $1,600 short in escrow at the end of the year?
Should they wait until the end of the year to say anything about it? Should they call, write, email the customer and let them know about the shortage before it "snowballs" into something that most people can't afford to pay?
When someone calls and wants to find out what they really owe, shouldn't the bank know exactly how much the customer owes? And shouldn't they all be able to tell you exactly what that amount is - no matter who answers the phone?
And when you pay and tell the bank where the money needs to be applied, shouldn't they be able to apply the payment correctly? Should the customer have to babysit BOA's every move?
What would YOU think about a bank like that "bofaismybank"? In addition, what would you think if people dismissed your testimony with a "Right, uh-huh... sure..." simply because they were jerks who don't care or too illiterate to follow along?

I am on the same path with this bank making same assumptions you made and going to local BOA to straighten out problem. I have a HECM so I pay my own property taxes and I pay them quarterly as all other residents in my town. We pay to the town assessor and they pay the county, etc. This way in the entire state of NJ. We also have a 10 day grace period before we are late and this is by Statute. Also, at the end of the tax year, an extension of 10 to 14 days is often provided. My countrywide loan had no problem with this. Bank of America who now has a servicing unit in Settle appears to be having a problem and that problem is a loop which cannot be fixed. I cannot fly to Seattle! The local bank cannot help. I get on the phone and try to talk to Customer Service and they seem to have no information. This is nonsense. Why have these people at Customer Service if they have no information about your loan payments, your letters.


I found out in last year that BOA had cut a check for my property taxes in May and sent it to my assessor. I went to pay the taxes due on June 1st (extension for everyone was June 1st) and taxes were paid. Assessor told me that they had no record of BOA and did not ask for these taxes. No one could figure this out. I went to local bank and they said my account had been changed and could not find it on the computer. I called the number in Seattle that the local bank gave and spoke to a fellow who knew nothing. I explained the situation and he thought if I sent the taxes to him that all would be o.k. So I sent money orders in the amount of $1238.04 to Bank of America Customer Service Mr. Lewis. I got a letter telling me that my payment was received and I was no longer in default. I had never been in default! I tried to get that straightened out --- not possible!!! It is like a word from God. I sent the notice from the Tax Assessor telling me my taxes were due on June 1. No difference. I asked for return of fees and equity they took from my account. No response. I called NJ Banking and Insurance and they said -- No can help -- Bank is Federal Bank. I filed complaint with Comptroller and that was like buying a ticket to a revolving door to which you can never escape! They evidenlty use phones that have no call back number. I have a cheap cell and evidently they called and I did not hear. I would call back the number at Seattle hoping that I could reach the person named in an Email to me. No person with that name in Seattle. I pointed out they needed to use a phone with a number that I could find on my inbox. No deal. I finally got a phone with a mail box feature but did not get a message in that. Around we went. I would send another letter. I got a note that I had moved and they could not reach me (that is like telling a person with a HECM they are violating their contract since we are not allowed to move or sell the house). I called to get that straightened out. No one knew anything. I sent the email response. No more response. The other day a lady called me (Mrs. Hower) who was responding to a second complaint I made against the bank. This time I learned they applied my property tax money to additional HUD Mortgage Insurance! I had already paid the $4500 premium at the start of the loan in late 2008! They also did a credit check on an account I have to unlock. I was not happy to see that they were investigating me, taking money from my equity for mortgage insurance, etc. I wanted to know how that would work and why. The lady was nice and we discussed my frustration. She said she was calling from NC corporate headquarters. Today, about 5 days later, I get a letter telling me the BOA cannot reach me and I should immediately tell them where I have moved, informing me about my contract and the violations for being out of the home, etc. Well, here is how stupid this is! Why are they sending me a letter to my address where my mortgage is, telling me they cannot reach me at my address. It was not sent certified so how does this help anything? These people want to continue make everything difficult, make you stay awake at night and never again feel like you have a home. As to the tax problem, I finally learned that they hired CoreLogic, a computer tracking shadowing and we help with foreclosures company. They check with the county where I live and then evidently inform the bank I have not paid my taxes. This means that they are checking the wrong place. Further, they have no information about the laws of my state and what is required to pay our taxes here. If this happened to me I assume it has happened over and over to other people in my state. I asked a Mr. Melendez why they are making it so hard -- what is wrong with them that they do not understand that tax assessors do not make up rules and that we have the right to pay our taxes according to what is required here. Basically he told me, after a long silence, if you do not pay your taxes by the 1st, you are delinquent -- ie., you are defaulted. So now we can all sleep well tonight with that straightened out. So, it will make no difference what my town says or if I am paid on time here. As far as BOA is concerned, I am not paying my taxes and the hell with consumer rights in this state, the hell with the statutes in my state, and the hell with the fact that living in this house with this loan, not able to get a job because of the job market, and trying so hard to keep everything going -- not going to the doctor, etc., will be rewarded with this HECM loan which was supposed to make it possible to have a home! What a SCAM!
[quote="OutoftheLoop"]

George Mahoney worked and saved and built his cozy, colonial-style home in Lynnfield, Massachusetts, in 1981. There, he and his wife raised three lovely daughters. For many years, the Mahoneys paid down their relatively small mortgage with their local bank -- a division of Bank of America (BofA). In 2007, they took out a second mortgage to help a daughter start a small business. Two wage earners, a great credit record -- the loan was a breeze. That was when the trouble began.

About a year after getting the second mortgage, BofA started notifying George that his payments were late. Soon they jacked his credit card interest rates from 7 percent to 28 percent. Next, they ruined his credit record. His Sears card dropped from a $10,000 limit to a $500 dollar limit. Then one day in the fall of 2009, BofA initiated foreclosure on the house he had built and owned for 28 years.

The only problem? The Mahoneys had never missed a single payment on either their first or second mortgage.

Initially, George thought the problem would be easy to fix. He went down to his local branch to get help, but the local employees were rebuffed by corporate headquarters. So he started getting a receipt for each mortgage payment and faxing it to BofA headquarters. He also started the first of thousands of calls. Usually, BofA staff would readily concede that he was right. But even if they initiated a "fix" it never lasted more than 90 days, when the saga would start over again. In the last few years, he has received foreclosure notices twice -- most recently in October 2010.

"Banks shouldn't be allowed to ruin people's lives this way. My stress level for the past year and a half has been a 10 and my wife is a wreck," George explained. His wife Marianne confirms the toll the trial has taken on the family.

"The whole thing is a nightmare. The stress we live under is unbearable and it's embarrassing too. No one can help us, no one can do anything and it's ruined our credit. I have always been proud to have perfect credit," she adds, the strain evident in her voice.

After receiving a foreclosure notice in October, hiring a lawyer to send urgent letters to BofA, and even after repeated talks with top-level staff in the office of BofA President and CEO Brian Moynihan, the Mahoneys are still in jeopardy.

Bank of America Fraudclosure Central?
Recently released data from the Federal Reserve shows that BofA received almost one trillion dollars ($931 billion) in taxpayer assistance during the financial crisis. The Fed has also been investigating snowballing allegations of fraud in the foreclosure process, allegations that include false notarizations, false affidavits, accounting fraud, abusive fees, false practice of the law and more. Fed Board Governor Daniel Tarullo told Congress that the problems identified "raise significant reputation and legal risk for the major mortgage servicers... requiring immediate remedial action." But will it come in time to aid the Mahoneys?

The Mahoney's experience indicts endemic accounting problems at BofA. Payments are misapplied constantly and the default position is abusive foreclosure. The bank reports some 1.3 million customers behind on their payments, but can regulators trust any data coming out of BofA? How many of these people are trapped in the same hell as the Mahoneys?

In a lengthy interview with the New York Times this weekend, Brian Moynihan reviews his first year as BofA chief. "I feel proud of what we have done," he said. "You never want to have a customer feel that something isn't right." But given BofA's track record, Moynihan's cheerful "there is not a better job in the world!" tenor strikes a surreal note.

http://www.huffingtonpost.com/mary-bottari/trapped-in-bank-of-americ_b_797001.html

this bank is insane. how can they be trusted to tell the truth about whether or not their faulty paperwork is faulty or not? the bank keep stating that they have finished their review and all the paperwork's fine, yet we have story after story about bank of america foreclosing on the wrong people or the wrong house. all the banks should be audited by outside sources. all this is doing is giving the banks time to cover some of their tracks.

We started a refinance after Bank of America bought our Mortgage. we were locked into a 4.1% rate however now after 3 months of hell we are told we would loose that rate and the loan at a higher rate would be approved 1 April 2011. This of course was after we spent $400.00 on an apprasal. YEP Bank of America is the poster child of corporate greed.

I joined this forum trying to help my elderly neighbor out of the quagmire of BS from BOA. After reading some of these threads, I am thinking she needs an attorney, but she can't afford one. Can anyone tell me if they have any experience with debt relief companies and BOA problems? Thanks.