Bank of America: Getting Worse To Deal With

Just when you think things can't get worse, Bank of America comes along and makes it all more difficult to close a home purchase.

4/10/2010: Updated

3rd consecutive bad experience with them when they are funding a loan for a buyer of one of my listings. Are you kidding me BofA? Who is making these sorry decisions?

Think things are bad now, just wait. If my most recent 3 experiences with Bank of America are any indication, things are not going to get better anytime soon.

The conditions they capriciously are coming up with - and which are extending escrows many additional days - is unsatisfactory. Is it only because they bought Countrywide or were they heading down this path before the acquisition? Either way, they are by far the worst direct lender to work with and I would advise one to seek a home loan elsewhere at this time.

Most recent example: latest deal that almost 'went south' was a spat over fees paid to a loan broker that almost caused a seller to be forced into auction. Unconscionable. BofA held up the deal for 5 days - and this was after the borrower signed the loan docs and the loan was ready to be funded.

I have had nothing but problems with any loan originated by Bank of America the past year. Terrible, terrible, terrible customer service, poor communication with escrow, and lack of accountability to buyers when leaving them in a lurch over last-second conditions.

Additionally, any short sale involving Bank of America is a nightmare. Take a look at how bad they are:

Bank of America Short Sale- The Nightmare Continues! - Mattweidnerlaw.com