One of my fondest memories of growing up was standing at attention before the first pitch of a baseball game and singing the national anthem with my dad. To this day I sing out loud with my hand across my chest (embarrassing I am sure to my children) belting out my version. Every sporting event in America we pay homage to those who serve and defend the very precious freedoms that define America. Now we sing God Bless America while we salute the American servicemen in attendance.
Why this sudden show of patriotism to start a blog you ask? Well, today the bank that uses the name of this great nation so astounded me that I felt compelled to write this blog in protest. Based on their actions today I suggest that they change their name as their actions are contrary to everything “American”.
One of my loan officers wrote a loan for a veteran utilizing the Veterans Administrations guaranteed loan. This borrower was buying a “short sale” property. The final agreements were signed by a Bank of America employee. The agreement clearly and plainly expressed that the financing was a VA loan and asked for a 2% seller credit. That agreement was later renegotiated to a 1% seller credit. As is typical of the banks in a short sale they require a preliminary HUD 5 days before settlement. Upon receipt of that HUD Bank of (NOT My) America wants the agreement changed to have no seller credit stating that had they known it was a VA loan they would have never agreed to a seller credit.
Seriously how American is it to one change a legal agreement and base the decision on the fact that they are unwilling to provide a credit on a VA loan.
I am certain that our borrower will capitulate as they have no place to live and they have money now invested in the repairs that the Bank was unwilling to make.
Shame on the Bank of (NOT My) America and shame on us for allowing them to denigrate the name America.