Every since Bank Of America Home Loans bought out Countrywide Mortgage, home owners have been subject to extra escrow charges and fees, their escrow payments are going up and up even when taxes & home owners insurance are going down.
Bank Of America Home Loans tried to increased a home owners escrow payments based on their analysis of a possible shortage, on an escrow account that had never been short. When the home owner added an extra $100 to their escrow to cover a tax fee so that their escrow payment did not increase, BOA took $47.00, and returned $53 to the home owner claiming an escrow overage, and then increased the monthly escrow payment to cover the $100 tax fee. Four months later they claim a possible shortage next tax payment, and now they want the money back from the home owner, and also an extra amount every month to cover any possible shortage. Now the home owners out $200 for a $100 fee.
BOA says home owners are not allowed to add extra to their escrow but yet they took the extra payment and there’s an option to add an extra escrow payment and they tried to require an extra payment based on their analysis of a possible shortage. Can we say INTEREST anyone?
Their escrow analysis are always high and then they claim overage and return money only to then claim shortage and then collect extra money. Their Home Loan escrow is just like being on a roller coaster ride that you can’t get off!
|Type||Subsidiary of Bank of America|
|Founded||1969 (Countrywide), February 2009 (Bank of America Home Loans)|
|Headquarters||Calabasas, CA, USA (Countrywide Financial)Charlotte, North Carolina, USA (Bank of America)|
|Key people||Barbara J. Desoer, President of Bank of America Home Loans and Insurance|
|Revenue||$6,061,437,000 US$ (2007)|
|Operating income||$1,310,274,000 US$ (2007)|
|Net income||$703,538,000 US$ (2007)|
|Parent||Bank of America|
|Website||Bank of America Home Loans|