Bank of America Complaint - Longest Refinance Ever
SUSANVILLE, CALIFORNIA -- And I thought I was the only one . . . My husband and I were fortunate enought to sell our rental property (well ok, we gave it away), but we are out from it. We wanted to take the money that we received from the sale and paydown our current mortgage loan - lowering our money payment and lighting the financial load on us with the current economy.
We began the refi process in March 2010. It is now July 2010 and we still do not have our loan. I do not understand the problem - we are wanting to give the bank back $100,000 to pay down our mortgage loan and they can not get the process taken care of in a reasonable amount of time.
We have given the bank everything they have asked for on the day that they have asked. Because of the banks delay they had to resubmit documents because the bank passed their own deadline date. While we have been making our large mortgage payment we are dwindling our savings in order to stay on track - why is it that we as the consumer are paying the price for the misconduct of the bank.
We have had at least four different loan processors - who do not interact with me, but with a loan person in my local bank (he is playing the in-between and trying to keep me happy)
I was told that the hold up of our process was the subordination of our Line of Credit - which we only had a balance of $3,000 on. We were told that the bank had done a computer switch over in India and there was a delay due to that as well.
Believe me, if there was another bank in our very small town - I would so take all of my accounts and move them as fast as I could.
To think that we are giving them $100,000 and we are paying $5,000 for the loan process and we cannot get this completed in a reasonable amount of time - is not fair or right for the consumer . . . Something needs to be done!