Posted on: 14th Dec, 2010 07:47 pm
back in the beginning of june i started the refinance process through boa. we hold our primary mortgage through them and an equity loan through td bank.
we're now pushing 6 months after repeated admitted delays from boa. our td bank subordination was started finally on october 5th, but it has seemed to have stalled and we are not getting any word from the title company or td bank.
boa has told me that some closures are taking 200 days. i have never heard such a thing. boa doesn't seem to be moving very fast to get an answer about this, and i'm becoming doubtful as to whether we are ever going to get a closing date.
do we have any options? we have zero equity in the house (5 years old, but the market here killed us) so we're refinancing through the making homes affordable program, so we don't have any options regarding going to anyone else. is there anything else we can do to push this along or do we just have to wait it out?
we're now pushing 6 months after repeated admitted delays from boa. our td bank subordination was started finally on october 5th, but it has seemed to have stalled and we are not getting any word from the title company or td bank.
boa has told me that some closures are taking 200 days. i have never heard such a thing. boa doesn't seem to be moving very fast to get an answer about this, and i'm becoming doubtful as to whether we are ever going to get a closing date.
do we have any options? we have zero equity in the house (5 years old, but the market here killed us) so we're refinancing through the making homes affordable program, so we don't have any options regarding going to anyone else. is there anything else we can do to push this along or do we just have to wait it out?
Hi robdrum,
As you don't have equity in your property and as you're taking the help of Making Homes Affordable program, you'll have to refinance the mortgage with your existing bank. You should negotiate with BOA and ask them to take steps so that you can refinance the mortgage asap. If you had equity in your property, then you would have been able to refinance the mortgage with some other bank.
Thanks
As you don't have equity in your property and as you're taking the help of Making Homes Affordable program, you'll have to refinance the mortgage with your existing bank. You should negotiate with BOA and ask them to take steps so that you can refinance the mortgage asap. If you had equity in your property, then you would have been able to refinance the mortgage with some other bank.
Thanks
Thanks James.
Are there any options that we can take to put pressure on them to close or are we stuck waiting for the subordination to be done with TD Bank?
I have been in contact with the VP of Operations and that hasn't been providing the results we've been hoping for to move this along.
Are there any options that we can take to put pressure on them to close or are we stuck waiting for the subordination to be done with TD Bank?
I have been in contact with the VP of Operations and that hasn't been providing the results we've been hoping for to move this along.
Hi robdrum!
Welcome to forums!
I don't think you'll be able to force the lender to close the mortgage.
Sussane
Welcome to forums!
I don't think you'll be able to force the lender to close the mortgage.
Sussane