Bank of America Mortgage Complaint

Bank of America Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Alabama

I was informed via email on - -, 2016 - the day of closing - that Bank of America would not close my loan due to an active redemption period on the home. I had been working with - - since - -, 2016 when I received conditional approval. On - -, 2016 I submitted my loan application along with the sales contract and other related documents. The sales contract included a foreclosure acknowledgment. Throughout the loan application process, I provided requested documentation in a timely manner. I would also call - - to inquire about the status of my loan application and ask if any additional documentation was needed. I was constantly assured that everything was moving along as planned and that there were no issues with my application.


few more documents, but assured me my loan would be ready to close on - -, 2016. She was unable to provide the final closing costs at that time ; however, she stated she would call me Wednesday, - -, 2016. I called - - on Wednesday, - - and left a voicemail. I never heard back from her. I was informed the closing attorney sent - - documents related to the bond of redemption, and - - never responded to the email. On Monday, - -, 2016 ( the day of closing ) I receive an email from - - stating my loan would not close. I am extremely dissatisfied with the service I have received with Bank of America. I find this very unprofessional and irresponsible. I should have been informed that BOA could not close my loan earlier in the process instead of on the day of closing. There is absolutely no excuse for practicing business in this manner. I wasted valuable time and money by choosing BOA. Someone at their organization dropped the ball on my loan application, and it is impacting me negatively. Now, I am left to find a lender who can process my loan in a short amount of time since I was prepared to move into my new shortly after closing. By using another lender, I am forced to start the loan application process all over again. Interest rates have increased since I was locked in at 3.5 %. Now I am looking at higher monthly payments. I will also have to pay for another appraisal. My loan was not closed as it should have been due to no fault of my own. As such, I believe I should be compensated for wasting my time and money. I requested that BOA refund me the cost of the appraisal and credit report, $470.00. However, they have been unresponsive.