Bank of America Consumer Loan Complaint

Bank of America Consumer Loan department,

Installment loan Shopping for a loan or lease California

I applied for a Home Equity Line of Credit with Bank of America ... I have been with them for 19 years and am a platinum preferred customer. At application, I explained that I wanted the line of credit to fix my decks on my house. At that point I had not started the project and they did not inform me that in order to receive a loan, the project could not start - in fact, the duration of the process took so long that that I was at risk of losing the contractor and price we negotiated. I provided all the documents and everything was fine, but the automated appraisal came through a little lower than expected so they suggested they send out an appraiser for a full walk through. I said okay, but that extends the time it would take them to fund the loan. About 1.5 weeks later, the appraiser came, but at this point I had to start the project ... they were doing construction when the appraiser came and he mentioned that they probably would n't fund the loan with construction ongoing - I said, that was silly as they knew that was


process. They claim there is some liability if they fund the loan and someone got hurt, but that was never disclosed. On top of they they could see my insurance and umbrella policy with over $1.00 - in coverage, which should have been considered. Instead they said they could not move forward and no one would do the loan not just Bank of America. They then told me I have 30 days or the loan application would be closed. To me this whole process is offensive as it was not disclosed that I had to wait until the loan was approved especially when i was going to lose the contractor and I am doing the work on the house that I said I was going to do when i applied for the loan. Now I am in a bind and if I do n't find alternative financing, could be suit by the contractor for non-payment or have to max out my credit cards to pay for the supplies at a double-digit interest rate ... this does not make sense to me. Note they would have approved the loan without the walk through appraisal, but it would have been at a higher rate. So because I got the appraisal, I invalidated the loan because they actually saw i was doing the work, I said I was going to do.