I was Approved for a mortgage in Maine to build on land I've owned 22 years with no mortgage on it.
The day before the closing Bank of America informed me they wanted cash reserves of $19600. And would not roll the closing costs $6875 into the loan as promised. Also every penny had to be sourced if it was not in my account for at least 60 days.
My good faith estimate went from $1380.in cash reserves at closing to $ 26475.00. That had to be sourced within 24 hours to have the closing.{mind you I'm 6 hours away from home]
The mortgage amount I was borrowing was $146875.00 the lot is waterfront and valued at $ 81000. The home was appraised at $291000.00 when complete. And I have good credit.
This is A classic BAIT and SWITCH. Mr. Preston is in charge of the mortgage department and did not return my calls.
I walked from the loan and I am about to take legal action. When Preston was reached by certified letter he said he ran it through the legal department at Bank Of America and that they followed procedure.
As it turns out they ordered all the closing documents from my lawyer and I got stuck with the bill for a closing that never happened.
These idiots had even gave the insurance company the wrong address for the binder, its there own address.
They also refused to respond to my lawyers request for documents as we went along.
This is just a partial description of the incompetence I witnessed.
Thank god I walked from this loan but it cost me application fees, closing costs, lost time from work, and travel expenses since the property is 6 hours away not to mention loss of use with my kids.
They have refused to reimburse me. I just want to warn others how they operate. Don't use this company it will cost you!!
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