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Old 05-21-2009, 12:12 PM
 
135 posts, read 669,563 times
Reputation: 46

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Anyone experienced a delay in BOa closing and got the first month mortgage on them???

Here is my scenario
My scheduled Closing date ( agreed by me, boa and closing title company(chosen by me) ) is May 15,2009
In BOA - its divided into two task : your tasks and Our tasks

Under your asks (my tasks)
I submitted all the required document on 05/07/2009

Under Our tasks (BOA & Title company
Title company submitted survey document on 05/11/2009

Final:
Bank of america was waiting for their Own Appraisal report from 04/27/2009. They didnt receive it on the scheduled closing date , so they postponed the date to May 22,2009

Under the Gurantee Statement:
1. BOA STATES THAT " Atleast 10 calendar days before the schduled date, we receive documents that satisfactorially meet the conditions of your final approval "

Question:
I dont know whether I am eligible for that first month payment..
( I dont think so due to that 10 days before ), but i dont know
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Old 05-21-2009, 12:22 PM
 
Location: Boca Raton, FL
5,665 posts, read 9,280,330 times
Reputation: 7454
Smile Wiggle out of it

I'm sure BOA, like others, will try to wiggle out of this somehow. A few months ago, I had a guy go through Wells Fargo with that same guarantee.

We pulled the file together and from contract to close, it was 10 days, however, he WANTED to close in 9 days. He was trying to get the first month free but they renegged saying 10 days was very quick (even though 2 of those 10 were in the closing department).
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Old 05-21-2009, 12:34 PM
 
135 posts, read 669,563 times
Reputation: 46
Yes..I know..everyone wants to keep their money. I dont want to give bad reputation to loan officer, because he was a nice person. But Appraisal got delayed due to their VOLUME of loan.

My last submission document was on 05/11
I am closing on 05/22
Initial closing date is on 05/15

how do i calculate their guarantee statement ?
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