Posted on: 16th Nov, 2010 09:30 pm
I have a Mortgage with BoA that has a Rate Reduction Option Rider.
This option allows me to modify the current mortgage with today's index rate, and optionally extend the maturity date after paying 2.5 points. This can be done once a month, for the life of the loan.
I've exercised this option in the past, when it was still Countrywide, without issue.
My problem is that I've called BoA to get the APR for the day, and can never get it. I've called 7 times, and after many hours on the phone, in the last 20 days, have not been able to get anything other than a "Confirmation of Exercise of Fixed Rate Reduction Option and Modification of terms" form, 10 days after the original request. All I want is the rate in order to determine if it's worth while to spend 2.5 points to exercise the option.
The rider specifically says that "I can ascertain the Index each day by contacting the Note Holder."
I'm wondering if other people are running into this issue and has anyone been able to find a BoA person to help in getting the APR for this option? Wouldn't this be a breach of contract on the part of BoA?
This option allows me to modify the current mortgage with today's index rate, and optionally extend the maturity date after paying 2.5 points. This can be done once a month, for the life of the loan.
I've exercised this option in the past, when it was still Countrywide, without issue.
My problem is that I've called BoA to get the APR for the day, and can never get it. I've called 7 times, and after many hours on the phone, in the last 20 days, have not been able to get anything other than a "Confirmation of Exercise of Fixed Rate Reduction Option and Modification of terms" form, 10 days after the original request. All I want is the rate in order to determine if it's worth while to spend 2.5 points to exercise the option.
The rider specifically says that "I can ascertain the Index each day by contacting the Note Holder."
I'm wondering if other people are running into this issue and has anyone been able to find a BoA person to help in getting the APR for this option? Wouldn't this be a breach of contract on the part of BoA?
Hi bpawletz,
I haven't had a personal experience with BofA in this regard. If the lender has agreed to something and if he is not following the agreement, then it will be considered as a breach of contact. You should contact the lender and clarify the matter. I hope that will help.
Take care.
I haven't had a personal experience with BofA in this regard. If the lender has agreed to something and if he is not following the agreement, then it will be considered as a breach of contact. You should contact the lender and clarify the matter. I hope that will help.
Take care.