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Profile picture for TRMite

Can anyone tell me how much Bank of America charges for a qualified loan assumption?

Bank of America told me that I should do a loan assumption and that assuming I qualified I could easily have my ex-spouse removied (just submit documentation etc).  They said there is a fee but the inital person I talked said it was about $125 but then I've read others on here saying something about a thousand.  Was I being quoted the price for a simple assumption instead of a qualified assumption?  does anyone know how much the qualified assumption costs with Bank of America?  Even a ball park number will be helpful. 

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January 22 2011 - US
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Answers (3)

Profile picture for user2089906
DON'T DO IT!
I am now in my 7th month trying to get my ex-husband's name removed from loan.  It's cheaper than refinancing $850 vs $5000, but it has been a major headache with Bank of America.  So incompetent!
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July 26 2012
Profile picture for Diverralph
Hello...I filed my assumption from a divorce a couple weeks ago. I don't know if you are in the same boat as me, but let me just say GOOD LUCK! TTo me, Bank of America is the absolute worst bank and should be barred from practicing.

I was told a minimal fee could be charged but no more than a hundred or two. So, I filed the paperwork. Two days ago (April 20, 2011) I found out the fee they are charging me is $985.00 to continue with the assumption, and that has no guarantee I will get it.

They wanted my bank statements for the last two years, etc etc. After sending in my bank statements, in addition to the above, they need an itemized detail of where all my deposits came from and who all my checks were written to (they just have "deposit" and "check" number listed). With PNC bank, that is impossible.

In short, my friend, I know that I can't do all that. I can very easily qualify with my income (in  my opinion) but Bank of America is proving that they are not customer friendly...but Bank of America friendly.

Please let me know how it turns out...I would love to hear from anyone.

Ralph
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April 23 2011
Per the FHA, lenders are only allowed to charge a $500 fee, plus the cost of the credit report.  Title-work and recording fees would be extra.
Brian Downey
Community Mortgage
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April 18 2011
 
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