Just got royally screwed by Bank of America

[DrDawkinstein]

Dr. D - seems as if your bacon may be saved:

 

Indeed, i actually heard the confirmation when it passed late Wednesday night.

 

I've started finding new financing, while keeping the BoA thing going. Who knows, maybe theyll magically get their act together. Doubtful.

 

The new person I'm working with has been turning loans around in about 10 days. AND they can lock me at a lower rate than BoA (Im at 4.75 at BoA, theyre talking 4.5, both of which Im ecstatic about).

 

In even other good news, the Seller offered to let us move in and start paying rent (his mortgage). Since I'm still paying rent on way or another, we may just move in this week. My landlord has already said we can pay on a daily rate and whenever we leave is cool with him.

 

So yes, thank you everybody for the advice, and info gathering, and kind words. It may all work out in the end.

 

and again i need to reiterate: DO NOT LET ANYONE YOU KNOW FINANCE THROUGH BOA!!

[stuckincincy]

Indeed, i actually heard the confirmation when it passed late Wednesday night.

 

I've started finding new financing, while keeping the BoA thing going. Who knows, maybe theyll magically get their act together. Doubtful.

 

The new person I'm working with has been turning loans around in about 10 days. AND they can lock me at a lower rate than BoA (Im at 4.75 at BoA, theyre talking 4.5, both of which Im ecstatic about).

 

In even other good news, the Seller offered to let us move in and start paying rent (his mortgage). Since I'm still paying rent on way or another, we may just move in this week. My landlord has already said we can pay on a daily rate and whenever we leave is cool with him.

 

So yes, thank you everybody for the advice, and info gathering, and kind words. It may all work out in the end.

 

and again i need to reiterate: DO NOT LET ANYONE YOU KNOW FINANCE THROUGH BOA!!

 

A tip - take photos of your current and new place, to document condition. Drag around a daily newspaper to establish the day of shooting, too. I don't know that that's legal proof - but put it into the catagory of "it can't hurt." Just a precaution if somehow a property damage dispute surfaces.

[Fan in San Diego]

From personal experience B of A is THE worst bank in the country. I don't know how they manage to stay in business.

[Chilly]

From personal experience B of A is THE worst bank in the country. I don't know how they manage to stay in business.

 

Like I said earlier, I still like them for checking. They've been nothing but helpful, gotten all my questions/problems answered in 5 minutes ro less, and are extremely convenient (wherever I go, there's a Bank of America ATM waiting).

[Magox]

Like I said earlier, I still like them for checking. They've been nothing but helpful, gotten all my questions/problems answered in 5 minutes ro less, and are extremely convenient (wherever I go, there's a Bank of America ATM waiting).

All my accounts are with B of A, and I never have had any problems with them. Of course that has nothing to do with their mortgage department, but I thought I'd just mention it.

[spartacus]

From personal experience B of A is THE worst bank in the country. 

 

it is pretty much common knowledge that the the too-big-to fail banks have no interest in servicing the traditional customer.

 

 

avoid the big banks and avoid the problems

[Stussy109]

Lesson to be learned, if they're screwing around with you in the beginning, why waste your time, there's plenty of mortgage brokers out there looking for work who could have had the deal put together in 2-3 weeks. they get paid for their service

[Beerball]

first off, i can not stress enough, if you know anyone looking to buy a home DO NOT let them go to Bank of America for a mortgage. Their entire operation is a mess right now. Plus, it doesn't help that there is no one left that even cares anymore.

 

 

glad you found it before you moved in at least!

 

welp, the good news is that the deadline has been extended by 3 MONTHS to September 30th. I spent half of last night convincing my landlord to reschedule his contractors, and I can stay in my current place for at least July. The Seller is in no rush to put the place back on the market so we've convinced him to stick with us for a little longer.

 

NOW, I just need to weigh my options on whether to stay with BoA

You answered your own question...go with your gut.

[DrDawkinstein]

You answered your own question...go with your gut.

 

true, thank you for pointing that out.

 

the people Im working with now really seem to have their act together. Ive gotten more of what I wanted to see from them in 2 days, than I have in 2 months with BoA. Communication, advisement, production... I dont think I ask for that much but BoA just cant get out of it's own way.

 

that being said, I havent pulled my application from BoA yet either. I havent paid either source anything yet, figure I'll keep them both going and see who can get a closing package together first. maybe the new guys will come in first even though BoA had a 2 month headstart, maybe BoA will somehow magically pull its head out and figure it out in the next week. my money is on the new guyswe'll see

[Fezmid]

it is pretty much common knowledge that the the too-big-to fail banks have no interest in servicing the traditional customer.

 

 

avoid the big banks and avoid the problems

Not always true (and with a mortgage, it's all but impossible to avoid the big banks, as they generally end up buying your mortgage no matter where you originally go).

 

My mortgage was purchased by Wells Fargo shortly after we signed the paperwork. Because it's an FHA, I'm forced to put my property taxes in escrow every month, and Wells Fargo then sends a check to pay them off. Well, five or six years ago, they sent me something saying, "Forward us the tax bill and we'll pay it for you." This was on December ~15th. I called them up and said that I hadn't received it yet and wanted to make sure I could deduct the property taxes from my income taxes THAT year. They told me that they couldn't pay it without me forwarding them the paperwork - and that it would take a week or two to process the paperwork once they received it.

 

I called back every day for the next week because I still hadn't received my tax bill. Each time, they said that worse case scenario, I could pay the taxes myself and then get a reimbursement check. Fair enough.

 

So once I received the tax bill, I sent in my payment, and when I got the receipt, called up Wells Fargo. Turns out that they actually paid the tax bill too, even though I didn't send them any of the paperwork! So now the state had two payments from me. I called them up to get a refund, but was told that they can only refund the newest payment - and since they received my check before Wells Fargo's check, they could only send the money back to Wells Fargo.

 

They were able to straighten it out after a few weeks, but I was not happy and wrote them a letter telling them so, and also asking for $100 to cover my inconvenience. Everyone though that was crazy - but a couple of days later I received a phone call from the VP of customer service (or something like that), and he was happy to give me the money and apologized profusely. (maybe they violated some law and I could've sued for more or something ). Regardless, I was happy with the outcome and felt like they took care of me to fix their mistake.

[DrDawkinstein]

Not always true (and with a mortgage, it's all but impossible to avoid the big banks, as they generally end up buying your mortgage no matter where you originally go).

 

My mortgage was purchased by Wells Fargo shortly after we signed the paperwork. Because it's an FHA, I'm forced to put my property taxes in escrow every month, and Wells Fargo then sends a check to pay them off....

 

my new guys are from Wells Fargo. theyve been closing loans in about 10-14 days total lately.

 

from what ive gathered, both through experience and word of mouth, it seems that Wells Fargo is better for mortgages but not checking accounts, and BoA is good at banking (Ive never had a problem in 5 years) but can't get out of their own way on mortgages.

[Stussy109]

check these guys out

cheapest mortgage rates advertised, and smallest fees

[Spiderweb]

thanks for the tip. id hate to have to create a twitter account just for this but it's good to know.

 

i just got off the phone with a loan officer from Wells Fargo who specializes in FHA loans and she said they have a 7 day turn around right now. she'd even send someone over to the BoA offices to pick up all my paperwork. i might just jump ship.

 

i know Wells Fargo had it's share of problems recently as well, but the communication ive received in just this preliminary stage goes above and beyond EVERYTHING ive gotten from BoA to this point.

 

Maybe I was lucky, but I have had four mortgages with Wells Fargo. Two were for new home purchases, and two

re-fi's. Not a single one took more than a month to close on.

[DrDawkinstein]

just a final update:

 

after all this, we finally closed today at 4pm (already started moving in too). very excited, but more relieved.

 

I ended up going with BoA because they won the race to closing. WF wouldve been another 5 days and I just wanted to get this over with.

 

I ran up the corporate ladder at BoA Mortgage and spoke with managers and supervisors. Had everyone that had been previously (not) working my loan removed and made them give me another team (LO, processor, underwriter, etc). They were much better. Plus, I think the deadline extension gave them a littel breathing room so they could start actually getting work done.

 

thanks to everyone for the support and advice and story sharing!!

[PushthePile]

just a final update:

 

after all this, we finally closed today at 4pm (already started moving in too). very excited, but more relieved.

 

I ended up going with BoA because they won the race to closing. WF wouldve been another 5 days and I just wanted to get this over with.

 

I ran up the corporate ladder at BoA Mortgage and spoke with managers and supervisors. Had everyone that had been previously (not) working my loan removed and made them give me another team (LO, processor, underwriter, etc). They were much better. Plus, I think the deadline extension gave them a littel breathing room so they could start actually getting work done.

 

thanks to everyone for the support and advice and story sharing!!

Congrats Dank. Record low rates too!