Complaint / review text:
On Oct 28th, I mailed a 5th trial payment to BAC. Since I had not gotten any news on when my final loan modification payments would begin, I thought it's best to go ahead and send in regular payment. That afternoon, I received my final loan modification.in those papers, I needed to send a certified check within 7 days.
I contacted BAC about getting my trial payment check returned to me so that I could complete their request for the final loan modification. I have now sent three faxes, called almost daily, had my personal bank draw up documents to fax to BAC and still they have my money. My customer service rep won't even leave a message requesting more documentation. The loan modification process has taken BAC over two years to complete. I made my payments for 9 months after I applied for the Home Modification loan. Then I made monthly payments which I could manage. I never missed a payment or was late with a payment but in the final paperwork for the Home Modification, I get to pay interest on the interest I was unable to pay during the two years it has taken BAC to basically rewrite a 15 year loan into a 30 yr loan. I also was able to retain my current interest rate at 5.87%- no getting the current rate from this, the largest banking institution in the US.
We have been so ripped off with bail out dollars. I also run a small business, if I were to treat my customers in this manner, I would have been run out of town a long time ago. I can't understand why this bank still exists. I say leave Occupy tenants at their front door. I think I'll join them.