Home : Blogs : Jane Penttinen : Jane's Blog

Excuse me BofA! You CAN NOT have it both ways!

Bank of America Excuse me BofA! You CAN NOT have it both ways!

I refinanced a loan this week for some past clients. I did their purchase loan in 2005. We did an 80-15-5 because they had another home that had not closed yet. The 15% second was a home equity line of credit. Their previous home sold and they paid off the 15% second in March of 2006. They never drew another dime on the equity line.

June 2008:
They received a letter from Countrywide telling them their 0 balance equity line was frozen. They were not allowed to take any draws on the line because the value had decreased. No problem for them. They weren't using the line anyway.

Like lots of other people, the equity in their home has evaporated but current rates are still better than what they had on their first so we put together a Freddie Relief refinance - a great deal for them. We are able to drop their payment $200+ per month and because they didn't have PMI on the original loan, there is no PMI on the refinance even though their LTV is now 95%.

October 2009:
Bank of America (aka Countrywide) rears its ugly head! There had never been a Deed of Release recorded for the "no longer usable" home equity line of credit. The title company received a notice from BofA that there would be a $350 Early Termination Fee in order to do the Deed of Release. Early Termination Fee? On a line of credit they were no longer allowed to use?

Really?? This Early Termination Fee showing on the HUD1 would prevent them from completing the Freddie Relief refinance.

My client took BofA the statement from March 1996 showing where they had paid it off. She took them the letter from June 2008 saying they no longer had a home equity line of credit. She took them the statement showing the $350 Early Termination Fee. She asked them how in the world they could expect an Early Termination Fee when they were the ones who terminated the line. BofA's response - "We didn't close the line. We just won't let you use it." My client spent over an hour discussing this with the Wizards of BofA. At one point they actually told her "if you do your refinance with us we may consider waiving the fee".

Really?? My client told the Wizards of BofA "either this fee gets waived and you allow the title company to record a Deed of Release or I will go to the Attorney General and see what they think! You CAN NOT have it both ways! I didn't terminate the equity line - you did."

Guess what? She got it! Refinance paperwork is all signed - we will record and fund on Monday.

BofA - what are you thinking? How many other people are you pulling this stunt on?

Jane Penttinen, Sr. Loan Officer

Sunstreet Mortgage, LLC

520-547-4150

If you, your friends or family require the services of a mortgage professional, please don't hesitate to call me. I am never too busy for any of your referrals.

BK090736

Posted by Jane Penttinen on 11/06/2009 09:29 PM

Comments (104)

Refinance Loans in the ActiveRain Channel

bank of america, countrywide, tucson az mortgage loans, tucson mortgage loan officer

Post is included in group: Realtors®
Post is included in group: Crap
Post is included in group: Club Chaos
Post is included in group: BananaTude
Post is included in group: Arizona Real Estate

104 Comments on Excuse me BofA! You CAN NOT have it both ways!

NOV

Jane - I'm feeling your pain. I too am doing a refi for clients who have two BofA loans (one is a HELOC that was frozen and they have not used and are actually very close to paying it off). I won't get into the insanity that BofA is causing right now (that's a whole other post) but just suffice it to say that BofA told my clients the same thing, "do your refi with us and we'll fix that". SERIOUSLY!!!

Needless to say, my clients were pissed and we did take our supporting documentation to prove a blantant error on BofA's part that they are simply refusing to correct. Well, they will soon be forced to correct it and then we can proceed with the refi and my clients have no intention of ever doing business with them again. They're even going to close their checking/savings acct after we close escrow.

Donne- I am seriously thinking about filing a complaint the the AZ Attorney General after the loan funds on Monday. BofA's behavior is pretty much like extortion. They are really low down dirty. I'm sure that like any company they have some employees who are good but their corporate policies are despicable!

Almost nothing can surprise anymore - they will get away with and and everything if consumers let them. And half the time the bank employess have NO CLUE about any of it.

Unbelieveable... you know it probably took several people in suits..all not knowing what the left hand was doing to come up with that.

NOV

This post shows a few things.

Consumers don't know how the system works to favor the banks. The banks make policy as they go along and use their power as needed.

Consumers with good advisors have a better chance of getting a good result.

The "termination fee" is a fungible term. However, it could also be a "pre-payment penalty" and, depending on the location, could be illegal although doesn't usually apply to ARMs.

Glad it turned out well.

Does this sully the reputation of BofA? HA! Putting a pig in slop doesn't make a pig sloppy. BofA has no reputation.

What is it that Bill Mayer call them?

Yes, they want it both ways and twice on Sunday if they could.

why this story should it does not surprise me. at least this story has a happy ending

Fantastic post & maybe if we keep writing about the insanity, something will happen.

Everyone in AMerica needs to withdraw their money form Bank of America. I don't know why the authorites continue to let them break the law and then give them money. WHich they can't pay back.

Jane,

i don't know the type of company you work for, but you are the answer to why we need mortgage bankers and mortgae brokers.

consumers need alternatives to those lenders who do not care about them and/or their well being.

in this case that was you. i'm sure your clients feel they were very lucky that you were there for them

This sounds like something an attorney would salivate to get their hands on..a possible Class Action lawsuit.

I'm closing my b of a account this week, as well as canceling their credit card. Just can't stand to be associated with them. Where to go? Soon, we'll all have stuffed mattresses.

I have lost faith with large banks and financial institutions. I will be doing a lot more with local banks and credit unions (like the Realtor Credit Union) in the future!

Jane,

I love how you fight for your borrowers. It's why they keep on coming back, and bring you referrals. Today, you're my favorite blogger! Congrats on the feature!

Mike in Tucson

Jane...

And the tales of BofA go on and on and no one seems to care that can do anything about it!

Seems like just another junk fee that some banks are trying to impose on those who still have some money left to pay them.

Jane - I think the bottom line here is your perseverance and counsel for and to you clients - they are lucky to have you on their side. Big banks, lenders (insert description) will always have crazy policies that need to be fought and brought to light.

I love the way big business works and the government rewards there bad decisions but the farmer that provides healthy food to keep us alive, comes on hard times has there property taken back by the bank...we created this current situation and we have the power to change it too!

Extortion is just another tool for mortgage bankers. "Refinance with us and we won't rob you." Sorta like "I'm from the government and I'm here to help you."

BoA, BBT and Citi bank are running huge fee income at every turn. They are worse than street corner laon sharks. The only diffreence is th eway they break the legs of their customers. They do it legally and emotionally. This is indeed a sad day in American banking.

Jane, What a scary and frustrating situation? What is going on in our country with our banking industry? Some days I think I need to put my few dollars under the mattress. Good grief!

Thanks for this heads up. I'm glad you knew what to do.

When ever I read this stories I am thankful our Canadian banking system is so much different than yours. While far from perfect we don't seem to have the same issues you folks have.

Jane:

Apart from all of problems I have seen with clients, I have experienced my own situation with B of A. I went into the bank a couple of weeks ago and closed my account.

I have not been, am not currently and will not become a fan of BofA. I had an experience with them back in the 80s that was unreal and will never do business with them again. The more of these stories I hear the more I begin to understand why our nation is in the financial crisis it is in. The financial world in all it's wisdom, isn't so wise! Good for you and your clients for taking a stand!

Steve - BofA is not the only "too big to fail" bank that is intentionally harming customers but they are the most blatant.

Konnie - I'm sure they were just following Corporate directives.

Lenn- Early Termination Fee and Pre-Payment Penalty are interchangeable. But if BofA shut down the line of credit due to declining values the customer shouldn't be punitively punished. Maybe they should change their name to Bank of Arrogance.

Bob - I'm sure if they were open on Sunday's they would try to have it both ways twice!

Tony- My clients are very happy. As soon as the refinance records on Monday, they are going to close all of their accounts with BofA.

Tina - We need to make sure this type of bad business practice is exposed. So many people don't realize they can stand up to these banks and many times force them to do the right thing.

Nancy - Do you remember the story from a few weeks ago about the military funeral procession where the BofA manager came out and told the people to take down their American Flags because the flag may offend someone? Bank of which America?

Jay - Sunstreet Mortgage is an independently owned mortgage banker. We do have the ability to broker as well. And we care about our clients. Big banks only have customers - and there is a difference.

Kris - I am still considering writing a letter to the Attorney General. I don't know if it will do any good but if enough people complain with proper documentation something might get done.

I amazes me how stupid some companies can be at times.

Laurie - good for you for walking away from BofA! Maybe a Credit Union would work.

Jim - Locally owned banks and credit unions are good alternatives to the "too big to fail big box banks". If enough people do this the Big Guys might start to get the message.

Mike Jones! Thank you! And thanks for the call last night! ;)

Richard - we all need to start speaking up. If there is enough of a roar it will be heard. They (BofA) have no shame but they do care about the bottom line. If people stop doing business with them they will change.

Silvia - junk fee is right. They are getting away with it because they can.

Jeff - I was determined to not let my clients pay that awful fee. I learned a long time ago that if you stand up to unfair practices most times you can prevail.

Tim - "I believe that banking institutions are more dangerous to our liberties that standing armies." Thomas Jefferson

Jim - did you mean extortion is a tool for banks? It was extortion and BofA is a bank.

Dave - loan sharking is a pretty good description. We all just need to keep in mind that they are not the only game in town.

Jane - spreading the word about BoA is the key. Thanks for sharing this. I had an old equity line with Countrywide that "they" terminated 3 years ago. Gee, I wonder if that fee will surface on me in years ahead.

Marian - it was very frustrating and maddening. I realize banks are "for profit" businesses but this was just a legalized form of robbery.

Jamie - your system is quite different from ours. I'm sure it has some very different consumer protections.

Claudette - There are other places to take our business aren't there! Bye Bye BofA.

Jeani - it seems to me that the public is starting to wake up a little bit. Hopefully it will continue and these bad policies will be forced out along with the bad management.

Richard - they do it because they can. There is no shame.

Christine - If I were you I would check into that right away. Make them record a Deed of Release. Otherwise it may cause a delay in something you want to do in the future. If they froze the line make them legally close it out so you never have to deal with it again.

The older I get, the more surprised I am about the incompetence of the major companies (and politicians) I had esteemed as a child.

Melissa - me too. I think the standards have changed. It's not the same world any more.

Jane:

I have been around the block myself with banks and negoitators that just want to nickle and dime the sellers and the shame of it all is that many get away with it.

GOOD FOR HER! This is just another story in a long line of stupid things that B of A is trying to pull. I can't believe that their original response was to leave the fee in place. And then to try to leverage it to get the refi? Classic!

people also don't seem to understand that BofA has computer systems that are comnpletely separate from Countrywide, and they do a bad job of communicating with each other. Can you imagine what out real estate business would be like if we were as disorganized as BOfA? If coiurse, that could be the purpose.

The sad part of this is that there are so many people out there that have had to pay this or not complete their transaction. Unbelievable. Kudos to your clients for fighting for what is RIGHT. I am glad they had a great Loan Officer to guide them through the process. SO IRRITATING!

Thank you for your post! People need to be aware of what is REALLY going on in the banking industry. I agree......class action suit!

That is incredible but somehow not suprising in these times!

BofA has a brand new homeowner harassment calling system now too. They call you three times a day from India in a call center to ask if you are making your house payment and giving you the number for HUD even when you pay on time and have never been late. Their next trick is to lower your credit limit about every 3 months so that each time you make a payment you are now over your limit and they can change your interest rate to over 29.9%. This damages your FICO score and is onerous no matter who you talk to. To the gal that wants to close all her accounts and cancel her credit cards because she is being treated badly...DON'T DO IT. This will damage your credit even though you are in the right. Their blatant disregard for consumers will eventually bit them you know where but it won't be for a long time since they are the ones who helped propagate this mess in the first place. They blamed all the mortgage brokers but they are the ones that made the loans in the end and your clients 80-15-5 was a product they were thrilled with until it came time to step up and allow the consumer to use it the way it was intended. I hope you do follow up and your client does too to the AZ attorney general and I would write letters to the editor in my local paper as well. Exposure is the only way they will ever be held accountable.

Very interesting but certainly not surprising. The only thing that surprises me is the number of people who are going to B of A for their lending needs after all of the stories on how they treat their customers.

Melissa, Hats off to your client. So many times people will not take on the big guys like Bank of America.

Bank of America . . not BoA or BoFA

We want Google friendly and consumer friendly identification for BANK OF AMERICA

People need to know about this bank and it's tactics

Lorraine & Loretta - it is getting ridiculous with some of the unusual methods and fees. And unfortunately, at times the consumer has no choice but to pay.

Mark - hard to believe their initial response was "we didn't close your line - we just won't let you use it". Makes me think of the Wizard of Oz - "If I only had a brain".

Joe - I don't think Bank of America wants to fix it. They are making way too much money from these practices.

Stephanie - I'm glad they were will to fight back too. Thank you for your comments.

Mary - If each of us would just take the time to complain to our state regulators - as a collective voice - we might be able to change something.

Heather - Thanks for taking time to comment. It's hard to fathom what's going on today.

C.J. - It doesn't hurt your credit score if the closed account is reported as "closed at the consumer's request". And it never hurts to move your checking and savings accounts. Again, we all need to be complaining to our state regulators to stop this nonsense.

Paul - in our market, Bank of America will "buy" the business by offering extremely low rates. But then, they will slash the appraisal worse than anyone else which then gives them reason to change the initial rate offering. By the time this happens it is too late for the borrower to try a different lender and still make the contract closing date.

Sybil - So many people don't realize they still do have rights when the business practice is absurd.

Fernando - you are soooo correct. Bank of America business practices need a lot of google juice.

Personally, if I were her, I'd to to the Attorney General anyway. Nothing precludes her from addressing this - even if BANK OF AMERICA (google juice) backed down. Just because they backed down from her threats doesn't mean they haven't done this to lots of other people. Unless people report, nothing can be done about it.

Hi Jane, Amazing ! I just don't understand how these guys think they can bend customers over and get away with it ! I'd consider going to the AG anyway !

Tori and Bill - I have decided I am going to contact the AZ Attorney General and my state legislative representatives to see if there isn't some way to stop this unfair practice in Arizona. Since this happened to my client, I have learned about several other clients working with fellow loan officers who are getting the same treatment from Bank of America.

Does the term "To Big To Fail" ring any bells. Then of course the government geniuses allow mergers such as Countywide and BofA. This is all way too much anymore. Can't you see the managers at BofA are getting bonusus based on the number of early termination fees! LOL

Great Post!

Jane,

OMG, they make it complicated in the States.

BofA's current arrogance is just a small taste of things to come if they have their way. There is current legislation pending that could eventually leave us with only four big banks.

This is serious and we must take action. Please view this five minute video TBWS and take action then pass it on.

Jane you are one heck of a loan officer. If only every client had their lender got to bat for them - things might get changed. Good for your client for pushing it and getting it released. Rididulous. Down right dirty business and there is a lot of that going on with the big banks.

I wonder how many people didn't have a good lender to review these things, question these things . .. as they and you did! How many "termination fees" have been paid by people who just didn't have the tenacity to see it through?

I know it will not happen but your people should really go to the Attorney General in your state and contact their congressman. We cannot clean this mess up if those that are directly affected do not do anything about it. We as REALTORS and Loan Officers have no voice.

I feel your pain. I have had 3 transactions with B of A in the last 18 months and they have been the worst of the lenders, I have dealt with.

Jane - they are pulling that stunt on everyone they can ... we all know that. For many people paying the $350 is easier than spending hours of time on the phone and dealing with the frustration ... Congrats on the ultimate successful results.

I echo Bill's comment, #52. There is proposed legislation that would require all mortgage lenders to retain 10% of the money they loan out. If a lender has loaned $100 million in mortgages, it will be required to have $10,000 on hand. The problem is that small local and community banks and credit unions will never be able to meet this requirement, driving them out of mortgage business. That will leave only the 5 big lenders, including our friends at B of A. This legislation must be stopped.

I think BOA has gotten too big for their britches!!! I wouldn't use them ever! After all the problems with the short sales and the long process to get the seller's cleared, they can keep their business. I'm so glad your client had the determination to hang in there and get this resolved.

The quote, "We didn't close the line. We just won't let you use it" was so absurd it made me laugh out loud. The manner in which BofA has conducted it's business and treats it's customers over the years has made me wonder what their founder, who was a good man, would have thought of this. And then, just today, I ran across a quote from his granddaughter.

The granddaughter of Bank of America founder A.P. Giannini says her grandfather is "rolling over in his grave," that those presently in charge of Bank of America are "idiots," and that the current state of the bank is "repulsive."

Virginia Hammerness, who lives in San Jose, still banks at B of A because she is "just too lazy to move somewhere else."

Unfortunately, I too am just too lazy to move my account somewhere else.

Boy, this post really pushed my buttons! I have been writing about bank abuses for some time. To think of the money these lenders are getting from the government, then turning around and practicing fraud and usury. It has to stop. We need to support second tier lenders who never got into trouble with bad loans because they practiced good banking. There are a few of these "stodgy" lenders left in Connecticut, and some in each state too.

Well, good thing you will record and fund on Monday. I haven't personally experienced this with B of A.

jane - good for you! I am getting tired of these lenders making up their own rules. I just went through a similar nonsense situation refinancing a home for a judge of 37 years and trying to tell him the law! Well, guess who won?! Hee hee feels good doesn't it?

If it is at all possible I think all Americans should switch their accounts to credit unions or smaller local banks. The four majors, Chase, BofA, Wells Fargo and Citi have all lost touch with reality and really don't care about their customers. The only way they will change their evil ways (do I have to credit Santana here?) is to hit them in their bottom line. B of A/Countrywide in particular disgusts me. They were one of the prime drivers in the sub-prime mortgage market and now are unwilling to correct their mistakes by allowing their borrowers to short sale their homes. We've been involved in about a dozen short sale transactions with B of A/Countrywide either on the buyer side or seller side and none have come to fruition. They are terrible. I'm glad this situation worked out for your clients. Best of luck to you.

Thank you so much for posting this. I think "going public" is the best way to deal with this. I've written some nasty commentary about what I call "Big Box Bankmarts." Some of it was humorous - though there is really nothing to laugh at here. I re-blogged the post so my readers know that its not just "me" that is saying STAY AWAY!

Jane, don't we all wish somebody would start holding these megabanks accountable! Since gov't doesn't, it's up to you... hooray for you!

Steve - "Too Big to Fail" just rankles me. Remeber when AT&T was broken up because it was such a large monopoly? We need to get these "too big to fail" banks broken up as well.

Terry - It's getting more complicated by the day.

Bill - Great video. I love TBWS. They work hard to keep us all informed. We all need to take action if we want things to get better!

Anna - you are right when you say it is dirty business. The phrase pond scum seems to fit.

Carla - my guess is hundreds and hundreds of people are being stuck and don't know they can protest.

Damon - I disagree that we as realtors and lenders have no voice. We can and should fight for our clients. If you have a seller who is getting stuck with one of these fees you can help the client fight the big banks. What's the saying - "evil persists when good men do nothing" or something like that.

Tom - the only thing you can do is warn your clients and show them information to back up your statements. Most people will not willingly walk into a fire.

Kathleen - Thank you. One of the CEO's from the Big 4 Banks - I can't remeber which one - said his bank would make a billion dollars in "fee" income this year from all the new fees and penalties being imposed on the consumer.

Paul - Right on! It needs to be stopped. My opinion is the more we make it public, the more people are informed, the louder the roar.

Kay - My client was a Champ! She was scared and nervous but really stuck up for herself and it paid off.

Dave - I can certainly understand the comments from the granddaughter. These are shameful business practices.

Millie - I agree. We need to do everything we can to support those who are willing to do the right thing.

Michael & Karen - If you haven't seen it yet, you probably will before too much longer.

Nevin - Thank you! And YES! It did feel good to make them see the light.

Jerry - Thank you for taking time to comment. And I agree - we need to look for companies who have good business practices.

Ruthmarie - "Big Box Bankmarts" - ROLF! Maybe we should get Jib Jab to do one of their skits on them. :) and thank you for re-blogging this. The more people become enlightened the better.

Barb - They just made me soooooo frustrated with their audacity. I wish I had the talent to organize a national group to smack them down a peg or two.

It happens with all banks. I had the same situation with Citibank.... interesting that you were the broker that gave them both loans and you yourself didn't know that you sold them a loan with an early closure fee... Typically, theHelocs have early closure fees if the borrowers don't pay origination fees to get the loan in the 1st place. Not that I want to defend the bank for being stupid.

How I get around the fee is to reduce the line and subordinate it. With the Fannie and Freddie refi's they have to subordinate. Its time consuming but it works.

Hi Jane, as soon as i read your post, it thought.... this should be featured.... then WHAMO... i traveled down and saw that it was! Thank you for your SPUNK!! I have to fight with folks holding the credit EVERY month it seems....

Listen, if you ever want to relocate... we could USE you on our team over here!!

I am really irritated with the banks today too. I have dealt with so many different ones I am not sure which is the worst and most difficult to work with. Definitely BofA and Citibank are two of the worst. I am so glad you are smart enough and brave enough to stand up to them when they are blatantly doing something crooked. Good for you. I wish we had someone like you here in coastal Oregon. Thank you for sharing.

I feel like I am really stuck in the middle because I am a RE Boker and I have to try to get loans for buyers or my sale doesn't go thru. I have been lucky in the last 4 months or so as the buyers i have had all had cash. Of course in one case in didn't matter becaus ethe bank wouldn't go for the rediculously low price that my buyers offered. In defense of my buyers, the home was an old dble wide and there are an abundance of them available here right now. In defense of my seller the home really hadn't been foreclosed on yet but the owner had moved out and relinquished her rights to it. So, I was still trying to get it sold for her but the bank wouldn't budge since it still has an account with her, even though she isn't paying her mortgage anymore. This is a very frustrating and confusing time for the real estate market.

Patricia - I'm sorry but you missed the point entirely! First of all I am not a broker. Second of all, my clients did not close the line - Bank of America - did. My clients - and I did nothing wrong. I completely understand early termination fees - but when Bank of America forbids them from using a home quity line with a zero balance they cannot, in all good conscience charge them a penalty. And why in the world would my client want to subordinate a worthless line of credit - and pay Bank of America a different fee to subordinate. Really??

Diane - Thank you! I actually re-located to Arizona from Illinois 31 years ago. We still go back to visit family and friends from time to time. Next time we'll have to meet up in person!

Rose - I agree. It is a most confusing time for buyers and sellers everywhere. I have a friend working for Citi right now trying to do loan modifications. She is very frustrated becasue they literally change their policies and procedures at least once a day. Paperwork is continously lost because of their "systems". It's a no win for everyone.

C'mon guys, why so down on Bank of America?? We really need to give them some credit here. If nothing else, they are at least consistent...with their rotten customer service...

Dawn - Oh! My Goodness! You have both me and my husband laughing out loud! You are right - They deserve A LOT of credit for consistency.

It's just disgusting that they think, and do, get away with this. Good for you Jane and your Client. Congrats on another star too :)

Lee & Carol - If we make enough noise maybe they won't be able to get away with this nonsense - and THANK YOU!

It seems yet again the once great BofA has done it again, annoyed the clientele. At what point does this begin to effect their business.

Bank of America is pulling LOTS Of stunts lately. I had 2 credit cards paid to zero, that they just cancelled. Unebelievable.

Jane,

80 comments and 5 reblogs! Way to go!

Mike in Tucson

James - Hopefully SOON! Enough is more than enough.

Erica - Where is the sense in THAT?! I guess they closed you out because they weren't making 29.9% interest off of you. DOGS!

Mike - Thanks again for your help! I think I started a fire storm.

It would be a lot of fun for them to be frozen out by angry consumers... Too many people suck it up and take it, though.

Lane - That would fix the problem wouldn't it. You may be right about not enough people being willing to stand up to them. I hope the tide changes soon.

Jane, I would say I am surprised...but nothing I hear about banks anymore surprises me.

I am so glad your clients were strong and did what they did. Honestly how many buyers would have just paid it and been done with it.

Or not fought for their rights NOT to pay a fee that was placed on them.

Jane - This is one I have not heard before, but it doesn't surprise me in the slightest. I'm glad your client fought and got her way.

Real simple:

Pay the fee..... Then call me and I will come over and help the client break $350 worth of windows out of their place of business.

Look.... It is Saturday night..... So I am almost serious. ;-)

The bottom line?

BOFA SUCKS!!

COUNTRYWIDE SUCKS!!!

It was a great marriage!!!!!!!!!!!

There is nothing really surprising any more in the market it seems.

NOV

I get promo stuff from BofA regularly. Goes straight to the trash, because of just this type of behavior. this is not new for these guys...

Jane,

i signed some people 2 weeks ago that were strong armed by B of A as well. Those people at B of A are messed up!

Missy - Thanks for commenting. I am really glad too.

Michelle - Be on the look out for this. It's starting to happen a lot. You may be able to help a client stand up against something like this.

Tom - LOL! I guess that's why they say "Don't mess with Texas!"

Bob & Carolin - Isn't it sad that we are not surprised any more?

Patrick - how about if you mail back their business reply envelopes so they have to pay the postage?

Paul - let's work to get the word out that they can get the fee waived if they push hard enough.

Dear God, There appears to be no end in sight of the Bank of America (BoFA) shenanigans. From credit card issues to mortgages to a canceled (BY BoFA) line of credit release fee. I am chronicaling my experience as we speak of the ludicrous behaviors, practices and idiocy of my one wee little transaction right now. On behalf of my clients, I pray that we get this thing worked out. But, I am not holding out any hope that it will.

Hi Jane~ BofA is just digging themselves a larger hole to get out of....I know so many people that are moving their money to local credit unions and saying NO to the giant!! Every division of their bank is in disarray! Thanks for sharing!! All the best!

Dedra - I sincerely hope your client is able to work out their issues with BofA. I didn't hurt when we threatened them with the attorney general.

Stephen - BofA is indeed digging a very deep hole - and all because of nasty, greedy, unfair business practices.

Jane, I think you took my comment the wrong way. You and I can do nothing legally to challenge the position of BofA. The client could and can. We can jump up and down yelling a screaming, we can write blogs such as yours and comments such as mine but your blog and my comments don't mean a rats a$$ to anyone in a postion of power.

Somehow we have to get those affected to rise up and take legal action...that is the only way that they will listen. BofA wins when only a few protest and no one ever takes it to court.

It sounds like your clients are going to be fortunate enough to get a good result. It's nice to hear stories where things work out.

NOV

Jane,

Good morning! Looks like this is headed for 100 plus comments, and AR has run out of ReBlog Buttons for you. Next, we're going to see you interviewed on the Channel 4 evening news! :)

Mike in Tucson

Damon - thanks for commenting again. You are correct. People with "power" need to step up and do something about this. But we can do things to make sure the people in power are aware. I am planning to contact the AZ Attorney General and my state legislators to see if we can't get something done in the state of Arizona.

Christine - thank you for taking the time to comment.

Janet - doesn't make any sense does it? The thought process from places like BofA defies and logic.

Mike - never knew AR had a limit on ReBlogs - still learning.

Jane-congrats on another feature! Glad to see it all worked out for your client. The way things are with banks these days nothing surprises me.

Debra - Thanks for taking the time to stop by.

NOV

I would recommend editing or deleting the comment by Janet Fuller above. The last sentence could land some people in an anti-trust situation. JMO

Damon - thanks for your comment. I didn't even notice that last line.

NOV

But I hear B of A is recruiting (and hiring) good loan officers...based on the "we can beat your rates" argument. Don't you want to go work for them?

Patrick - Not in this lifetime! :) Surely, you jest!

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?