Bank of America Mortgage Complaint

Bank of America Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account South Carolina

Bank of America Notes - Mortgage Recast We obtained a mortgage with Bank of America in -/-/-. At the time we worked with their Mortgage Advisor, - ( - ). We explained that we would be selling two properties and would have a substantial principal reduction when those properties were sold. He agreed to a one-time no-charge recast loan of our mortgage when that occurred. He told us to contact him and he would take care of it. By the end of - both properties were sold and we applied the cash to the principal. In - we contacted - as instructed and were told to contact their - number. On -/-/- at - I contacted - at - requesting the recast. He said it would take approximate 2-3 days to process the recast and that he would call us with a response. - indicated that they normally want people to have the mortgage for six months prior to making changes. He never called back.


On -/-/- at - we contacted - via email to ask again for a recast. No reply was received. On - at - we sent another email to -. He instructed me to contact their office at -. On the same date I called the number as instructed and reached someone named -. She told me to prepare a letter of intent for their Recast Dept. indicating that we would like the principal to date to be applied to the balance and request a recalculation of the loan. Both my husband and I signed the letter and faxed it to their office at - as instructed on -/-/- at -. During the discussions - indicated that the recast was approved in our system and our new mortgage would be approximately $570.00 per month ( down from $1900.00 ). A copy of the letter is attached. On -/-/- we received a letter from Bank of America indicating that they would need more time to investigate out request ( copy attached ). On -/-/- at - we sent another follow up email to - requesting assistance with this matter. No reply received. On -/-/- we received another letter from Bank of America indicating they had forwarded the letter to the Recast Dept. for their research. On -/-/- we went to the Bank of America office in -, SC and met with the Relationship Manager, -. We explained that we needed someone higher up in the organization to get this resolved. She made phone calls while we were in her office and after 45 minutes she was told by someone on the other end that everything showed as approved and they could not explain why the change had not been processed. We requested to speak person 's supervisor and were told we would be transferred. After a wait the call went dead and we were disconnected. No one ever returned the call to -. She did all she could to assist us but mortgage changes were not within her capability of access. We left the office with no resolution. On -/-/- we made an effort to contact, - at Bank of America ( the CEO ) via email but the email was returned as undeliverable. All possible complaints are being filed on this matter. We continue to make mortgage on schedule and in the full amount. Our most recent statement is included.