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This echoes my experience during the mortgage crash so much it gave me flashbacks. - Bank of America messes up my loan because the person doing my paperwork wa
by dkonofalski 9y ago
This echoes my experience during the mortgage crash so much it gave me flashbacks.
- Bank of America messes up my loan because the person doing my paperwork was a newbie. No biggie, right?
- Branch manager offers to fix the issue and prioritize it so that we can close in time.
- Branch manager is unable to fix it in time so offers to pay our closing costs and re-finance the loan afterwards.
- Branch manager leaves the company after our loan is completed.
- Don't qualify for re-fi because we owe more than the house is worth.
- Don't qualify for loan modification because we've never been late on our payments.
- Reported to FHA. Got in touch with local news station. Immediate response from BofA's Office of the President.
- Rep from Office of the President that was "assisting" quits 2 weeks later.
- Get another rep and they start a "forced" loan modification. Assign me another, lower rep and promise follow-up in 2 weeks.
- Repeat ad nauseum until I literally can't even and decide to foreclose because it's such a cluster.
Your last few sentences really strike a chord here. I totally feel for you.
- sizzle 9y agoHow has foreclosure been? Hard to get new loans? Hope you bounce back.
- dkonofalski 9y agoAlready have, thanks. Actually bought another house after the 3 year mark when I was eligible for an FHA loan. Luckily, my credit score is pretty excellent. This was back in the early 2000's just before the actual market crash. It was insane to me that banks were willing to work with people that bought houses they couldn't afford but that they wouldn't work with me on a loan modification because I wasn't delinquent.
- weka 9y agoThat sucks. I hope you bounce back... I don't understand why it should take days to "update" a system. Now, I now next to nothing about how their current system works but information updated should not take so long. The insurance industry needs a technological overhaul but I doubt it will happen.
- dkonofalski 9y agoThanks, I have. This was a while ago near the beginning of the housing crash and I've since been able to get a house with a local mortgage provider.