Anyone getting loans from Bank of America?

You'd think that they want to give out loans, but they're way too busy taking to D---  much time dealing with short sales.

Must be more money there. (?)

Yes, Bank of America is lending in Santa Fe, NM. Were the appraisals the reason loans were declined?

The loan on the house we bought recently wasn't funded by Bank of America... but ended up getting sold to them as the servicer. They might be concentrating more on loss mitigation rather than underwriting, right now.

I had a nightmare of a loan processing experience with Bank of America almost 2 years ago.  We were past the closing date by a month and apparantly someone went on vacation and left nobody else in charge of the file.  Unhappy sellers and unhappy buyer.  Lots of stress, no good reason.  I have not worked with them again.

Karen

I think Bank of America is using the tarp money to buy lottery tickets not for mortgage.

Good luck and success.

Lou Ludwig

Hello Karen:

My own personal experience with Bank of America is terrible.

Bank of America has approved loans for several of our buyers in the past year. 

Bank of America has disapproved loans for several of our buyers in the last year, borrowers who were approved by other lenders.

Bank of America has not approved any short sale contracts for our buyers this year.  All of those homes have gone to foreclosure. 

It's not a good record.

We had one close this summer where the buyer used Bank of America. 

They did 4 appraisals, it was a 499K home, and she was putting down half of that. 

Very well qualified buyer, who has now pulled all her money out of there. 

Ridiculous. 

Karen,

On our local news channel last week there was a lady who's house was being foreclosed by the bank. The sheriff was going to kick them out the next morning. Our local Congressman was camping out on her lawn trying to get it stopped. Becase the Congressman had become involved, the bank called in the morning of course, and said they wouldn't kick her out. BUT in the interview with the newscaster the Congressman stated that when the Tarp bill was signed, at the last minute the bank lobby had the part pulled out where the banks would have to help out people with the monies. (Forgive me not sure how they worded it but you get the gist). He indicated that the bank lobbies were really strong. So all this time we thought the banks had to actually help people, even after receiving monies to do it with, it turns out they don't.

Hi Karen,

My experience with Bank of America was terrible. As soon as I have applied for refinancing of my mortgage loan they messed up everything so badly that I ended up loosing my house and money from my bank accounts. I can't even describe how unprofessional this people that I have been dealing with were.

Zijuzijazijana

They've (BofA) lost their minds Karen.  Yesterday I got a check (an earnest money check) returned NOT paid that I had deposited into my trust account.  They (BofA) returned it to my bank stamped it was Stale Dated.  It was a whopping 17 days old.  REALLY just 17 days.  Like you I don't know of anyone who's gotten a loan from them... this entire year actually.