- Report: #1231964
Complaint Review: Bank of America - Nationwide
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Author Not Confirmed
Why?
Bank of America
Nationwide, USA
Web:
www.boa.com
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Bank of America Mortgage Lending, REO Property Sales Catch 22 on mortgage and REO sales, no communication within company divisions Nationwide
My fiance' contracted to purchased a home that was REO by Bank of America corporate. He won a bid through Hudson and Marshall at a property auction. The home has about $6,000 worth of repairs needed that includes a section of drywall (1 X 10) missing from an earlier roof leak (roof is repaired). BEFORE he bid on the property, he spoke to his regular credit union and they said they would not lend on a property needing any repairs, period. He actually called Bank of America and was connected with the asset manager for this property. She said she had been in real estate for years and had never heard of a lender not lending on a property because it needed repairs. She pointed out, "you can tear the walls down the day you close on a property, if it is not exposed to the elements why would the lender care". He went to Bank of America and got prequalified for the mortgage reassured this would be an easy transaction (putting 20% or $42K down). The auction required $2,500 earnest money. He has spent money for an appraisal $425, survey $375, credit check $35 etc. to have the appraiser say that the missing drywall, an inspection for mold on where the roof used to leak, and staples on the stair treads where the carpet used to be creates a safety hazard and must be remedied before funding. Bank of America Mortgage lending refuses to allow him to escrow the money to make repairs AFTER closing, Bank of America REO refuses to make repairs and increase the contract amount to cover the expense or to allow him access to the property PRIOR to closing to have repairs made for funding. They have intentionally made it impossible to fulfill terms of the purchase contract and apparently neither department talks to each other enough to work out a reasonable solution. He has even offered to escrow 2 times the amount of the appraisers estimated repair cost and make repairs within 30 days of closing. They have terrible customer service and terrible policies. I recommend staying far away from this company.
