So BofA made a cluster f*ck out of my refi...just got back from closing

And I dont know what to do!!! There were so many mistakes and things wrong it almost seems like it wasn't meant to be.

1) They messed up the loan amount on all the closing docs so I can not roll in any of my closing costs. They cannot increase it b/c all the docs would have to be re-done, I would need to get another subordination from Citibank (which already took 40+ days) and my last day to close is tomorrow so it wouldnt be done in time. They miscalculated the number by not including my July and August mortgage payments.

2) I was supposed to close in July and b/c I had to extend my rate at my cost clsoing was pushed to August. Now they told me I have to pay my school taxes since they are due in Oct. when my new mortgage payment will be due. They want an add'l $4800 (they added an add'l 25% incase of any increases) although I dont escrow my taxes at all.

3) My name was wrong on ALL the closing docs and b/c I have to close by tomorrow they dont have time to re-do them all so DH and I had to re-write and initial my name on ALL the docs. If you've ever closed you know how much paper that is.

Needless to say, I walked in expecting to have to pay $4000 out-of-pocket in closing costs and walked out having to pay $12,500 in closing costs.

I practically cried at the table. I am due with in a few weeks and am not wanting to take that much out of my savings.

I called my loan officer ASAP and she is looking into it. She has been out of the office on short-term disability and left it up to the processors to take care of everything b/c it was supposed to be a quick, no cash out refi. and turned into a NIGHTMARE for me.

I have no idea what to do. Cancel the loan entirely and forget about refinancing. Cancel the loan and start a new application but the rates are higher now. Or, my other option is being they messed up the loan amount on the closing docs if they will foot the bill for the rate extension (which they didnt for the 1st one) go forward to be able to roll some closing costs in.

Message edited 8/6/2009 3:45:27 PM.

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

sorry is all i can say

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Jesus!!

I would DEFINITELY look into them extending the rate on THEIR dime until they fixed the problems.

OUT OF CONTROL.

and isn't their new schtick about "simplicity".

do whatever you can to make the mess in THEIR face, not yours. call your loan officer again and make sure they extend your rate while they clean up THEIR mess for FREE.

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

YOU didn't do anything wrong here, so THEY need to make it right if they want your business.

You tell them (you don't ask) that they will re-do the documents CORRECTLY as quickly as possible. You also tell them that this is their BUSINESS and you are shocked that a professional would have so many obvious, amatuer mistakes in such important documents. This includes changing your name.

You then tell them that they will extend your rate ON THEIR DIME until the closing documents are done. Then you ask when the closing documents will be done and say you want a date certain IN WRITING when they will done. You also want the rate extension in writing. Because they are clearly idiots and won't get the papers done by the date they give you, make sure they add in padding into the interest rate extension -- on their dime, not yours.

These errors are inexcusable and THEY need to make this right if they want your business. Period, end of story.

And I feel your pain on the name thing -- we went to contract before the wedding and closed after. I took my DH's name and did not keep my maiden name at all. Despite telling them four times that my name should be Kara Middle Married, they put it down as Kara Middle Maiden Married, and I had to sign that on every document -- for two mortgages! (My married name alone is 10 letters! )

I really hope they make this right. I'm on the warpath right now b/c someone is trying to completely screw me on a business deal, so I have absolutely NO patience right now for crap like this. If you can't be competent and professional, then don't practice business as far as I'm concerned.

I hope they make this right.

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

PS -- You can tell them all this without being a big jerk, too. You call your loan officer and tell them you want to speak to a supervisor. Then you say calmly, "Listen, this is what happened at my closing today . . . Clearly this is completely unprofessional and unacceptable. This is how you can make it right --" Then spell out what you want done.

My bank tried to screw us re opting out of escrow two weeks before my closing and magically speaking to a supervisor fixed that.

Make sure to get EVERYTHING in writing, though. That's how I saved us from having to escrow on our house -- b/c I already had it in writing that we were paying to opt out.

And again, good luck. I'm so sorry you have to deal with such frustrations -- especially while pg!

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

If they can not make it all right to your satisfaction, I wouldn't close, IMO. I wouldn't want have my name misseplled or not have the loan you were promised.

This isn't your fault, so you should have to live with consequences.

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

God you poor thing!

I would 100% not close, tell them that you want things fixed and you waited long enough for them to get their sh*t together.

Do you have a Real Estate Attorney that you can maybe call and discuss what happened, see if there is anything that can be done? I have one I could recommend to you if need be.

I think it total BS and they should fix this, you should not have to pay the penalty for the mistakes of them. These are supposed to be Professional people and they need to step up to the plate.

Hope it works out

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Posted by jellybean1420

Posted by Kara

PS -- You can tell them all this without being a big jerk, too. You call your loan officer and tell them you want to speak to a supervisor. Then you say calmly, "Listen, this is what happened at my closing today . . . Clearly this is completely unprofessional and unacceptable. This is how you can make it right --" Then spell out what you want done.

My bank tried to screw us re opting out of escrow two weeks before my closing and magically speaking to a supervisor fixed that.

Make sure to get EVERYTHING in writing, though. That's how I saved us from having to escrow on our house -- b/c I already had it in writing that we were paying to opt out.

And again, good luck. I'm so sorry you have to deal with such frustrations -- especially while pg!

I have been on and off the phone with my Loan Officer since this afternoon. They don't know what my correct pay off amount it

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Posted by Mrs-D-Girl

God you poor thing!

I would 100% not close, tell them that you want things fixed and you waited long enough for them to get their sh*t together.

Do you have a Real Estate Attorney that you can maybe call and discuss what happened, see if there is anything that can be done? I have one I could recommend to you if need be.

I think it total BS and they should fix this, you should not have to pay the penalty for the mistakes of them. These are supposed to be Professional people and they need to step up to the plate.

Hope it works out

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

are they going to fix your name?

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

I think I posted when you asked if the closing costs were similar to your GFE recently. And my response was no, they went from $7,000 to almost $15,000.

Almost the same exact thing happened to us, about rolling in part of the costs and the taxes and escrow. I blame the loan officer. I wish I eliminated the middle man - loan officers really aren't necessary and I know that she knew exactly what we would have to pay but purposely didn't tell us up until the day before knowing we probably would have went elsewhere!

So sorry you had to go through it also! We did get a check for about $3,000 for a previous escrow balance though - will you be getting one?

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

Also remember you will have probably a 2 month break where you won't be paying a mortgage, so use that time to save what you would have had to pay to help make up for all the money you are putting out. I feel bad - the same exact thing happened to me. I almost had a panic attack! It will be worth it afterwards with the savings you will have.

Re: So BofA made a cluster f*ck out of my refi...just got back from closing

I thought Countrywide was bad and then BofA took over. They are worse!! They have been screwing up left and right. I know 4 people right now that BofA screwed up on.

I know it is too late for you but I think they are really overwhelmed and can't handle everything and everyone should try and stay away from them.