Bank of America Complaint - Bank of America it not closing or Delaying their Refinancing Agreements
I am writing to express a concern that might be of some interest because of the TARP money that was allotted to some finical institutions such as Bank of America and I understand though my co-workers and friends that I am not alone on this. During mid January 2009 I filed an application with Bank of America to refinance my home. Right at the time things seemed in order. My application was approved I have also received from Bank of America all the follow up phone call and e-mails along with all the necessary documents such as “Good Faith Estimate of Borrowers Settlement Cost”, “Federal Truth in Lending Disclosure Statements” and a lot more other related documents. I was also charged an application fee and I paid for the appraisal that was ordered though Bank of America and completed during the first week of February. The 1st closing date was set during the last week April and when that has expired a 2nd closing was scheduled on May 12th. After the 2nd closing date on May 12th fell though, a 3rd was set for May 27th and that one was rescheduled for April 15th (the 4th scheduled closing).
My direct contact at Bank of America whose office is located on the east cost has told me that nothing is wrong with my application file and everything is in order. The only issue is with them is just being overwhelmed with the excess of other applications due to the low interest rates and merger with Countrywide. So since nothing is wrong with my application, why not just pass it on to the people who handle the closing process here in Houston? The east cost Bank of America office to whom I am dealing with doesn’t handle any final closing process.
While these delays go on, I still obligated (to which I am doing so) to honor my present mortgage obligations with Countrywide that is now Bank of America who is costing me an unnecessary excess of $1139.00 in interest and PMI. At this point the interest I am paying is not benefiting me and the PMI is not benefiting Bank of America because it’s going to Guaraunty Insurance.
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