Bank of America Subordinations BEWARE!!

Olan,

Its 2/2/09, any word back from BofA on your RUSH subordination? I am in the same boat - my broker overnighted sub docs to BofA right at their 85% CLTV on 1/16 and still no word from them either. If you have any tips or contacts there that can help "escalate" things, let me know. And I would demand they refund your $75 back as they failed to deliver within the required time.

I believe it is a scam because they are so underwater that they do not know how to handle the requests.  

My story is long and boring but I started the process weeks (close to months) ago and I still don't have a subordination.  They have caused me to lose my refinancing at a reasonable rate and I would like to launch a class-action suit against them.  Please let me know if anyone is interested.

I believe that they are intentionally slowing down the process to give themselves time to dig out at their own pace.  The endless reasons why they have not been able to process my loan are becoming laughable.  

Let me know your stories and if you are interested we can look into whether this is a viable law suit.

I feel your pain.  I was refinancing with B of A and they have sat on my subordination for almost 30 days.  Loan approval and satisfactory appraisal has been done for weeks.  Now my lock has expired and rates have gone up.  They just cost me thousands of dollars by their lack of action.  Is there a government mandated deadline for them to do this?  Does anyone know if I have any legal recourse?  I am considering contacting an attorney.

Annie,

Just saw your comment.  The EXACT same thing happened to us.  If you're intersted in a class action suit, I'm in.  Let me know.  Email address below:

worldwidegwilly@yahoo.com

Please let me know if there is going to be a class action lawsuit against BofA.  Because of them not agreeing (or even responding to a written request for that matter) to reducing our HELOC credit amount to match the current balance, we didn't qualify for our refinance.  Now we're stuck at 6.375% instead of the 4.5% that we locked.  Their lazy, incompetent, non-responsive workers (and/or policies) will end up costing us a small fortune over the life of our loan.  As far as I'm concerned, they don't care and they should have to pay for it.  Mike G 

Im in, too for class action suit - each time I call them I want to jump out of the phone and grab their throat.  Mine is a resubordination, as I have a homeequity line with them that I don't want to touch. The other bank is offering a renovation loan and I simply need to get resubordination submitted.

Each tim eI call, it is usually the call center who are inept at this from the start, Imagine, calling for a status and all they can do is read comments shuttled back and forth each 24-48 hrs. I could walk to SC by now and use a crowbar to dig these people out of the hold their under.

I see the same story over and over and not just on this website. I sent a request for a subornation agreement almost 30 days ago. No one responds and it is so ironic that customer service is saying they have no way of contacting them either except by email and each time they say they are going to email but every time we follow up, there is no record of anything!!

We are trying to refinance our balloon mortgage and have a HELOC with BofA that they need to re-subordinate. Am worrying about what if they don't accept and our balloon comes due.

What then??

And we locked at a good rate, but b/c of their inane "requirements" we cannot even take advantage of the now lower rates as they won't accept any changes to the paperwork that was submitted!!!!

And a lower rate would me less "risk" for them.

All I know is that I'm moving my money (and will MAKE my husband move his business account with them)

after this. Hopefully, a class action will work, but don't count on it.

And I bet that they have some pretty good fine print in there that your "rush" fees are not refundable.

Bank of America can kiss my two cheeks, they are losers who screwed the American people and put us in this mess by robo signing millions of loans now they want more money or blood greed. We the people need to file a class action against BofA and also wipe the name America off the banks name. Bank of Crooks.

I am going through this problem with a refi right now - unbelievable - Horrible...
The worst thing about it is I never did business with BofA - They bought my loan and I am stuck with this crap--