Very Bad Comercial MortgageLong Story Short:
1998, refinanced a rental property to get equity out for a big down payment on a new home for my family. this was done with Nations Bank.
Closing was easy and cost were resonable for a 7.12% 15 year note.
Made 13 payments a year, so I was far ahead of the payment schedule.
Somewhere around 2002, BOA buys Nations Bank.
Late 2002, I get a letter from Fanny-Mae telling me how to deal with forclosure, doe not mention lender.
l call five lenders that I have loans with to figure this out, lender one through four give me an answer in less than five minutes that their loans were current.
I was on he line for two and a half hours being passed around like a social desise before I figure out it is BOA.
Payments were dropped of at the local branch every month and checks cleared the bank
Problem was: BOA changed the account numbers and never sent new coupons to consumers with the correct account number so payments were not credited to the loan for six months.
This took mega hours to resolve.
I have made an additional payment every December. On five seperate years, I did not make a payment in January & I was dinged for being 30 days late on my credit five times. My credit score is 730 as a result, it would be perfect if BOA did not reported these missed January paymentz as being late.
Talking to these people at BOA is like beating your head against a concrete block until you draw blood-your blood! Anthony in loan servicing is a PIG!
Here are the facts: 15 year note at $475.76 / month, payments of $500.00 to $600.00 each month have been made consistenly every month between 12 & 13 payments every year. How can I possibly be late??????????