Posted on: 07th Jun, 2009 04:28 pm
Anyone with experience refinancing with BofA?
My mortgage was sold to Countrywide somewhat 9-10 month ago. I call what was then a Countrywide for refinancing an agent told me that since I dont take any money out, my equity-to-loan ratio is very high, credit is in high 700s'we should be able to close in 30 days. That was 3 month ago. Ever since Countrywide became fully BofA their mortgage processing unit became even worth. My phone calls are not being returned at all, I mean not a day or week later, they are being completely ignored. They are not asking for additional documents, or anything, they just make believe they are "not home". My guess is that they just dont want me to have my interest rduced from 7.125% to 5% that almost $400 on $208K mortgage. They just want to keep charging this money until I refi with the other bank. I feel so stupid.
Does anyone else had similar experience when refinancing with their current lender? Any Idea how to deal with that? Is there any law that limit processing time , at which the bank must come up with aether refusal or the loan? If not can it technically run for a year or two?
My mortgage was sold to Countrywide somewhat 9-10 month ago. I call what was then a Countrywide for refinancing an agent told me that since I dont take any money out, my equity-to-loan ratio is very high, credit is in high 700s'we should be able to close in 30 days. That was 3 month ago. Ever since Countrywide became fully BofA their mortgage processing unit became even worth. My phone calls are not being returned at all, I mean not a day or week later, they are being completely ignored. They are not asking for additional documents, or anything, they just make believe they are "not home". My guess is that they just dont want me to have my interest rduced from 7.125% to 5% that almost $400 on $208K mortgage. They just want to keep charging this money until I refi with the other bank. I feel so stupid.
Does anyone else had similar experience when refinancing with their current lender? Any Idea how to deal with that? Is there any law that limit processing time , at which the bank must come up with aether refusal or the loan? If not can it technically run for a year or two?
frflier
If you have some equity in the house, probably it shoudl be easy to get the refinannce. If your loan is with BOA(Country wide) and you have soem equity in the house, you do nto need to wait for BoA to call you. You can absolutely shop around and get refinanced with other lenders.
But if you are callign them for loan modification and your property is underwater, then you will see the behvior what you just mentined. They will try to avoid you and give you good run around. You need to be patient and keep calling.
Good luck and feel free to ask
If you have some equity in the house, probably it shoudl be easy to get the refinannce. If your loan is with BOA(Country wide) and you have soem equity in the house, you do nto need to wait for BoA to call you. You can absolutely shop around and get refinanced with other lenders.
But if you are callign them for loan modification and your property is underwater, then you will see the behvior what you just mentined. They will try to avoid you and give you good run around. You need to be patient and keep calling.
Good luck and feel free to ask