So, there is a silver lining for everything, right? And for the housing mortgage disaster, the upside is that interest rates went down, allowing even people who weren't in danger of loosing their homes to refinance at a more favorable rate.
So, sometime in July, I succumbed to an offer from the bank that currently holds our mortgages to call and find out if we could combine our first and second mortgages, getting out from under a balloon payment, AND if we could qualify for one of those lower interest rates. The salesperson I talked to on the phone went through some numbers with me, and it seemed like it would be do-able. We would need to fax some documents, and have an appraisal (to the tune of $400). It would "lock in" the interest rate. So, I did it. She even gave me a number that the house should be appraised for to get the deal to work, and it sounded reasonable.
The documents were faxed. The appraiser came and went. School started... and finally Bank of America sent us some paperwork to sign, and fax back some of. In the mean time, could we fax them some documents... a list that was pretty well identical to the first list of already sent documents.
Hmmmm I say, what happened to the documents I already faxed?
Did you fax them to the correct number?
Well, I faxed them to the number I was given, and each time you ask me to fax them, you tell me a different number. Which is the correct number? Do you have ANY Of the documents? Which ones - exactly - do you not have?
Wait.... wait... wait... and still waiting. It is now the end of August... any updates? I haven't heard from you about which documents... anyone? anyone?
more waiting... and now it is the end of September, and still no reply from them.
Is this just a scam? What is the deal? I would think that Bank of America could deal with this process a little more competently. Now on my to-do list... call again, being put on hold for a long wait, WHILE I'm at work because of course no one I need to talk to is in the office when I get home. Gather up my documents, including the appraisal thank-you-very-much and take them somewhere else, I guess.
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1 comment:
The process is a lot easier in person, and sometimes you still have to send things multiple times. The fact that you haven't heard anything in weeks though is messed up. You need to hound them. I've been lucky, I used the same person for both houses.
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