Our second property’s loan is with BofA.
We have tried with every new program to refi, last time.....took four months and the day before we were to sign they said “oh wait, no”.
They in general are hideous to deal with.
We bought our current home from a person who was short selling and their loan was held with BofA, it took six months to close even though we were putting 35% down.
Ok, I looooooath BofA.
First off the banks have been provided multiple ways to put their bad loans on the backs of the American Taxpayer. Some directly through Obama’s sham programs. And then of course the FED is buying a lot of it.
2nd many of these loans are NON-Recourse. That means that the bank can get nothing except the house if they foreclose. As I understand it then if someone goes for one of these programs then the loan becomes A Recourse loan. The borrower is liable for any balance left even after the house is sold.
BoA is super slimy. Avoid at all costs.
It is entrapment into an upside down home value that was forced by the mortgage banks NOT BY the real estate market, Mortgage holder cannot sell and is trapped by embezzlement of his home value by the lending institution.
bump
All the BofA branches in my town were closed today due to bomb threats... all of them.