I don't write reviews, but I've decided to let out
my frustrations based on a bad deal with Bank of
America. First of all, that name does not
represent America (it should be changed) because
it forces people to take bad loans in efforts to
profit the institution. I am stuck with a balloon
second mortgage loan, which was never discussed at
closing. As I am getting close to the term of the
agreement, a letter was sent
by the bank and the word balloon came up in big
bold letters. When I called to get a clarification
of what the "balloon" stands for; I was
told that it is an interest only type of mortgage.
My understanding was at the end of the term of the
mortgage, I would be finished paying for the loan.
This was a $69,000 loan and 13 years later, I
still owe $55,000. Two more years to go to
complete the term in which I taught to have a ZERO
Lesson learned, some banks cannot be trusted as they are greedy and will take advantages when possible. The government has now established regulations to punish banks that continue such practices.
Be alert with mortgage transactions with Bank of America and those alike. Please read the agreement carefully and ask questions. If you feel something is wrong, go with another bank. Usually smaller banks offer better terms, and they are not as aggressive and greedy for your hard earned money.
-Garry… read more
Reviewed by: @gdomin0000