I have a client with a fixed rate of 4.375%. I have ½ point in the loan - which for all you non mortgage 
people reading this is a razor thin profit margin. His loan has been clear to close for over 2 weeks now. His rate lock has been extended two times already. I have no room to pay for it. My client paid $250 up front to Bank of America for what they claim to be a 10 day turn around. The subordination agreement was FedEx Jan 13th with a signed receipt from B of A. They have not looked at it yet.
Read below from the bottom up – you can see the B of A guys response to my original email. This guy is in customer service. The subordination department does not even answer the phone calls from their own customer service department. That is exactly what I was told today by a supervisor. I went off on the phone today because I have been told every single day when I call, which has been over the past two weeks, that a manger would call me back within 24 hrs. It never happened and I was not going to listen to the lies any more…… I was told today the head guy there was on a conference call but will call me back before the end of the day with a status update. I left the office after 5 30 - no calls
I joked earlier today with a customer service rep from the bank that i was going to create a web site www.bankofamericasucks.com he laughed and claimed he has heard that more than a few times already. Funny thing is - it is a real website!!!! check it out www.bankofamericasucks.com
Why is the government ... i mean tax payers ..... i really mean our kids who are going to be burdened with TRILLIONS in debt - why do we allow these idiots who can't complete a simple task to borrow billions?????? Someone help me out here. I own a small mortgage company. Where is the help I am supposed to get? Where is the help for all the callers who are upside down in their mortgages who I have to tell - "sorry, the goverment is looking into a solution for your problem"... in the meantime printing dollars by the billions of which most of them are totally unaccounted for ----- what is going on in our country???? We are still allowing these banks to charge outragous fees and get away with it. These banks are charging 31% + interest rates on their credit cards....... how do we loan these criminals money??? who is making these decisions?
HOW CAN I GET THIS POST TO PRESIDENT OBAMA?
he needs to read this.... he needs to be a mortgage broker for a day and tell people... good people who have never been late before in their lives that do not qualify for a loan........
I did a blog previously about the bank and you should check it out below --- it is unbelievable..... we need to go back to the way of doing business when you would visit your local mom and pops store, get some good honest advice and service or products and pay a reasonable fee....... How long are we going to allow this to happen? This is certainly not the only bank that operates horribly inefficient but the are for sure one of the worst....... i will update this post daily as to the progress of my subordination agreement... which at this moment has not even been reviewed!....
check it out ---- i promise you will at least chuckle... unless your an employee or a stock holder--
http://activerain.com/blogsview/615411/Credit-Card-ripoffs-Bank-of-America-does-not-care
and this blog asks the question screw the banks - what about me?
http://activerain.com/blogsview/714044/hey-what-about-me
this is not just a slam on Bank of America. This is the problem with big corporate america today. They do not give a sh1t. They are corrupt. They are mismanaged. They are unaccountable. They are killing our childrens quality of life for many, many years. And we continue to give them billions...............
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From: Lewis Poretz [mailto:lewis@openmortgage.com]
Sent: Wednesday, February 04, 2009 7:21 PM
To: 'xxxxxxxxxxxxx'
Cc: 'xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Subject: RE: xxxxxxxxxxx subordination agreement per our phone call
xxxxxxx –
I appreciate your update. You are the only person at B of A who has ever returned my call or e mail. I know you don’t make the rules but I must tell you, I am so unimpressed and flat our disappointed with Bank of America that I am planning on closing my business and personal accounts with your bank and taking my deposits elsewhere. With the banking business on life support and every move being scrutinized, you would have thought a giant like B of A would staff their departments with enough competent staff to approve a subordination agreement in less than a month – especially after your customer paid $250 upfront for it. It is pathetic. And to think the government is lending you guys billions of dollars to stay alive. I have been promised a return phone call every day for the past two weeks and have never received one. I am told every single day that the request was just expedited. You have requested a 1003 be faxed back to you by the title company and it was done several times with confirmation the fax was delivered. Just complete incompetence!
I am going to attempt to send this email to your corporate executives, to my state politicians and especially to your stock holders and show them just how well Bank of America can complete a simple task and how they treat their customers. My client is going to lose a fixed rate of 4.375%. You are going to have to deal with it! Just pathetic!!!!!
From: xxxxxxxxxx [mailto:xxxxxxxxxxxxxx@bankofamerica.com]
Sent: Wednesday, February 04, 2009 4:22 PM
To: Lewis Poretz - Open Mortgage
Subject: RE: xxxxxxxxx subordination agreement per our phone call
Thank you for the contact information. I can assure you that our management team is doing everything possible to complete your request as soon as possible. My direct manager is currently on a conference call attempting to get this completed for you. I apologize for the delay and will contact you as soon as I hear word. Thank you.
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