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We closed on our house 2 weeks ago. I received a letter from Bank of America from their debt department 2 days later saying there was a shortfall in the mortgage payoff and I needed to send them a cheque within 2 days, which I did. I kept checking my bank account ( I don't bank with BoA, they only held my mortgage), but the amount was still active. I called my realtor who emailed my closing lawyer. He contacted the buyers lawyer and was told BoA had returned the cheque for the full amount because of the shortfall. I have now been accruing interest while my payoff money sits with the closing lawyer. My lawyer said the amount would be paid in full and I can just pay back the lawyer for the shortfall with my escrow money, which is fine.
That was yesterday. How long does it take before BoA closes my account? I thought wired money was almost instant.
I called BoA furious that they were essentially extorting money out of me. I got the usual bs "oh we're so sorry".
I don't know what to do really. 2 lawyers and a crooked bank can't get my mortgage paid off. Does anyone have any advice for me?
The closing title company has an insured closing letter to make sure the closing is facilitated correctly. So, a large insurance company has said, "this person will close the loan correctly or we will pay out to the new lender if it was done incorrectly." Who ever has the benefit of that letter will certainly make sure BofA is paid what is owed.
Keep all correspondence and if not resolved in the very near future, start filing complaints......there's a bucket-full of places you can lodge a complaint........the main thing is to make sure you are not assessed a late feel.
The buyer has a huge incentive to make sure this is done quickly..........like their lock in agreement and delivery to the investor.
This is more than likely an error by the attorney. Maybe he ordered the estoppel too early. He should have sent in an overage and you would then receive any extra back. And he may have sent it by courier when he should have wired. Etc. The attorney should cover any penalties.
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