I wanted to write a follow up post to the one I wrote last month about Bank of America and their useless wonderful subordination department.  For those of you who read it, you remember my clients were forced to cancel their refinance (which saved them $300) because Bank of America would never respond on their subordination and finally denied it.  We have appealed the decision and here goes...

After fighting with Bank of America to reconsider, we finally got them allow me to write a "Benefits Letter" that outlined the potential savings and therefore lower Debt-to-income ratio for them as the 2nd lien holder.  They have sent us approval now to do the subordination, except we have to reduce the loan amount by $2000!  Now the clients are going to have to bring and extra $2000 to closing and as you can imagine they are not excited about it.

This whole ordeal has taken almost 2 months.  It has been a real nightmare to say the least.  So, even though this might end up with a happy ending (sort of) my advice to anyone that needs to subordinate a Bank of America 2nd mortgage... BEWARE!

Olan Carder
www.charlottemortgageonline.com