Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5501817

Complaint Overview

Complaint ID: 5501817

Company: Bank Of America, National Association

Product: Mortgage

Sub-Product: Home equity loan or line of credit (HELOC)

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Massachusetts

ZIP Code: 025XX

Date Received: 2022-04-26T12:00:00-05:00

Date Sent to Company: 2022-04-26T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

After repeated marketing calls, I submitted an application for a HELOC on XX/XX/21. On each call I stressed the importance of turnaround time ( they had quoted me XXXX weeks ) and what it was going to be used for- a kitchen and bath renovation which was to commence in XXXX ( this is all on a recorded line ) .They sent out an appraiser in late XXXX/early XXXX and told me that they wouldn't be able to lend until renovations were complete. With supply chain back-up probably won't be until XXXX at this point. They cited underwriting reasons. When I inquired as to what specifically, they said they would need an operating kitchen and bathroom. We have XXXX bathrooms, only one being renovated. Additionally we have a kitchenette with microwave/refrigerator/air fryer/sink etc. I raised it up a level at BOA ( couldn't get past the supervisor XXXX XXXX ). They sent out an appraiser a second time and verified bathroom/kitchenette ... .told me in XXXX that I would need to reapply once complete. I had divulged every step of the way the renovation/timeline ( it's on the recordings ). I had relied on them. It was way late in the process to spring this on me.Apparently the underwriter failed to read the notes in the file. In XXXX, they told me that I would need to re-apply. I told that that was unreasonable since bills would come due well before then and it would be another XXXX weeks as well as being too late to apply to another bank with similar turnaround times. In early XXXX they said they would keep it open another 30 days and revisit at that time. In the meantime, I received a letter stating that they declined my application for " underwriting reasons ''. I otherwise qualify. I immediately called BOA and now they will not return my call. I feel manipulated and deceived. As a BOA " preferred customer '', I was heavily marketed. I fully disclosed every step of the way what the loan was for and the timeframe as to when I needed funds and when construction would commence. Now, I'm in a bind. I need to deplete retirement accounts with heavy tax implications. Had they told me at the start, or even early on that they were unable to do it, I could have moved on to another bank. However, I relied on their good faith in representations made to me. I will pay the price for their ineptitude. Alternatively, I'm not certain if they were trying to " jam '' me into a construction loan, which would require a total refi... .which is a totally reprehensible tactic.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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