Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting California

Bank of America took over the servicing of my home equity line of credit from LaSalle Bank. When the line of credit was just prior tomaturity they offered me a pre-approval on the refinancing of the home equity line of credit. I stated that I was going to be selling the home and I was assured that I was only going to be responsible for a $600.00 pre-payment penalty if it was paid off within the first year. I agreed to the terms on their recorded phone conversation and proceeded to submit all the necessary supporting documentation. At that time my credit scores were well in excess of - on all - major credit reporting agencies. I was assured as a - customer of over 30 years that I was fine. They sent a letter out 45 days later with a statement saying that they declined the refinancing due to the home being recently being listed on the -. I began receiving collection calls from them immediately after this even though I was making timely payments the entire 10 years I had this account until payoff. The B of A collection representative 's response was to put me in contact


it days later. Bank of America was notified from escrow that they were being paid in full and they were. They reported me as a delinquent payee on the account to all - credit agencies with total disregard. Had I not been deceived into thinking that I was approved for the refinancing, I would have had the time to make other payoff arrangements prior to the credit line 's maturity date. I had the capability to do just that but the time consumed by their mortgage department to notify me of their decision negated this possibility. They have not cooperated in anyway to correct the situation that was caused by their attempt to sell me a new loan. Currently, their negative reporting of my account places me into a higher cost of obtaining credit. Is this their tactic? I hope the CFPB looks into this practice. Bank of America never lost a dime on my account. They never had late payments. They yielded in excess of $100000.00 in interest while I lost another $100000.00 to protect my credit. The very credit they profit from by getting my credit score lower.