Bank of America Mortgage Complaint

Bank of America Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker California

In -/-/-, my mother passed away, and her - condominium became part of her trust. Though I live in -, all of my family is in the - area, so I expressed an interest in the condo. My sisters agreed to sell it to me below-market value, but asked me to get a loan to purchase it from the estate ; the estate 's lawyer said I could use my owner equity as - of the heirs toward the loan 's down payment. On -/-/-, I went to the Bank of America in - California, to talk with the bank 's Mortgage Loan -. Saying that I was n't sure if my financial profile would allow me to proceed with the purchase, I wanted to see what, if anything, might be possible. The loan - asked for my employment and salary history, savings and investments, loans and credit card debt, and so forth. She also asked if I owned any property. I said I was joint tenant of a house in town with 50 % ownership and that I could verify as


On -/-/-, the bank 's loan - emailed that I had received " official Final Approval '' through the Bank 's " Buyer Ready '' program and that the " only outstanding items necessary to proceed would be sales contract, appraisal and preliminary title report. '' On -/-/-, I submitted a copy of the signed real estate contract. On -/-/-, while visiting family in Illinois, I met with the -, only to get a *second* appraisal request on -/-/- ( apparently because the Bank lost - first - ). As the bank worked to get another appraisal lined up, emails continued to report inaccurate information about the loan, even as the -/-/-, - of - date approached. The loan - emailed - saying they were still trying to get an appraisal but that " Worst case estimated closing date -/-/- ; due to miscommunication with appraisal department and supporting staff. '' The day before I was to close, I learned a new underwriter put a hold on the appraisal request because " liability guideline - liability obligation ca n't split mortgage obligation in half. '' My loan - explained I had already received final approval through the " buyer ready '' program but, the next day, I got a notice that BofA denied my loan due to " Debt to Income Ratio : Excessive obligations in relation to income, Income insufficient for amount of credit requested. '' Cautiously, I agreed to work with the Bank on a new loan - - with a cosigner - because my loan - and her supervisor promised they could close in - weeks on the grounds that " the Bank owed me. '' Yet despite another flurry of financial documents, updated sales contracts, alleged - shortage, a *second* missed - of - date ( -/-/- ), and a range of supervisors intervening at various stages of the process, I was declined once again due to my debt-to-income ratio. After I learned of my loan 's rejection, a mortgage broker in - reviewed my financials and the bank 's loan forms and, within - minutes, was able to say I would n't qualify for a loan ; the numbers just did n't add up. And yet Bank of America told me that I did qualify, TWICE - first under its Buyer Ready Program, and then with a cosigner. If BofA had more competent personnel and/or systems that cold accurately flag debt-to-income discrepancies, I may not have been able to purchase the my mother 's condo, but my mother 's - would have been able to make timely, alternate arrangements. Instead, it has spent thousands of dollars on additional payments for a mortgage, property taxes, insurance, HOAs, and legal services/documents on a property BofA said it could help me purchase but, ultimately, did not.