Mortgage -- Trouble during payment process -- Complaint #5897541
Complaint Overview
Complaint ID: 5897541
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Florida
ZIP Code: 33431
Date Received: 2022-08-19T12:00:00-05:00
Date Sent to Company: 2022-08-19T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
My main issue is that Bank of America ( BofA ) required me to over insure their loan collateral. I owed BofA approximately {$260000.00}. in XXXX of XXXX and they required insurance coverage of {$730000.00}. As a result, their cost estimator of {$730000.00} was over the XXXX XXXX XXXX 's upper limit of coverage resulting in a XXXXXXXX XXXX non-renewal. As you can see from the attached documentation BofA charged me {$9700.00} for {$730000.00} in Insurance coverage from XX/XX/XXXX through XX/XX/XXXX. I tried to get another insurance company to write my XXXX insurance but couldn't find anyone along with my insurance agent looking as well. My insurance agent is XXXX XXXX with XXXX XXXX XXXX located at XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX, Phone : XXXX XXXX XXXX. In order to get XXXX XXXX XXXX XXXX to write a new policy within their limits of coverage I had to get a 4 Point Inspection and a Wind Mitigation report which was costly and time consuming, but it did result in a decreased replacement cost estimator. Attached is the new " Evidence of Property insurance '' document based on a cost estimator of {$580000.00} instead of the {$730000.00} amount that BofA used. Also attached is a letter from BofA stating that I had 30 days from XX/XX/XXXX which was the date of their letter to provide proof of insurance. Due to need of obtaining a new cost estimator cost ; which required the two inspections mentioned above along with an additional 30-day grace period for new XXXX 's policies to take effect, I couldn't make the XX/XX/XXXX deadline and instead had to wait until XX/XX/XXXX for my new XXXX policy to take effect. I've been with my mortgagor ; BofA, since XXXX along with XXXX XXXX as well and considering the circumstances of BofA 's inflated replacement cost estimator one would think that BofA might be understanding and considerate enough giving me more time to obtain the appropriate XXXX coverage. Since XXXX I've kept my XXXX and XXXX & XXXX along with my flood insurance current and continuous except when BofA comes up with an impossible inaccurate replacement cost estimator. My mortgage account number with BofA was recently changed to XXXX from my old account number XXXX. The address of my insured home mortgaged by BofA is XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX. The XXXX XXXX XXXX XXXX policy number as reflected by the attached XXXX document is XXXX. Their address is XXXX XXXX XXXX, XXXX XXXX NC XXXX and their phone number is XXXX XXXX XXXX. XXXX 's annual premium as reflected by the attached document was {$32000.00} but supposedly {$23000.00} was returned to my BofA account due to my new XXXX 's policy taking effect on XX/XX/XXXX. If you do the math the charge to my BofA account comes out to {$9700.00} for the XX/XX/XXXX through XX/XX/XXXX coverage. I'm XXXX years old and bought my home 30 years ago come this XXXX and can't afford to pay the {$9700.00} due to insurable inaccurate technicalities. Please see what you can do to help me out here. Thank you for your time and consideration. Sincerely, XXXX XXXX XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #5897541 about?
Complaint #5897541 was filed against Bank Of America, National Association regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-08-19T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.