This bank needs to be reported for unethical and most likely illegal banking practices. They are a rip-off bank. They made errors in my loan documents, which has resulted in my being unable to refinance my loan either with someone else or even with them. I could be saving hundreds at the rates currently available. I have been trying to refinance either with someone else or with them for the past two years. But someone mis-dated the documents on my 2nd trust to a date prior to my actual settlement, and since they (BB&T) gave me a home equity loan as a purchase 2nd, no one will touch my loan now because the banking laws have changed since I initially took both loans out. Both of those loans are with BB&T, so it is not like I am even trying to refinance some other bank's loan. (Apparently now you can only refinance a 1st mortgage and a purchase 2nd trust.) That is what I have. However, because my 2nd trust was processed as a home equity loan (which I did not even know at the time) and it was processed days before my settlement, no one will touch this loan now. Not even BB&T, which holds both the 1st and 2nd trust.
When I talk to the loan department, they tell me the home equity department would have to do the loan. The home equity department (also known as the retail loans department) says I need to talk to the loan department. I have talked to three branch loan officers, none of whom would do anything except say that they can only refinance the 1st trust because the 2nd is a home equity loan. When I explain it was a purchase 2nd, they say that because I received cash from the home equity loan, the two cannot be merged into one loan. What cash? When? No one ever gave me, and I never used, any cash from this 2nd loan. I did not even know it was a home equity loan until some other bank pointed it out when I first went to refinance the loans.
I was also told that because the "home equity/2nd trust" was dated on the HUD1 almost 15 days prior to my actual settlement date, I must have received cash. I never received any cash. It was all applied to the settlement I had later that month, which makes this a purchase 2nd trust. The bank calls it a home equity line, and the other banks call it a personal loan, which is why they will not refinance me. BB&T will not because the date of the HUD1 was backdated. No one ever gave me any cash at any time, either before or on the settlement date showing on my HUD1 for my first trust.
So here we are with rates at 3-4% and I am paying almost 7% between the two loans, for something that, had it been done correctly, would let me save hundreds of dollars a month now that the principal is going down. This bank should be investigated, since BB&T cannot have it both ways: either I have a purchase 2nd and can refinance my loan, or BB&T must admit that it made errors in my loan documents.
This bank practices illegal banking policy and should be brought out into the open. Just because they are one of the smaller banks out there (not a Bank of America or Wells) does not mean they do not play as dishonestly as the bigger banks.
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