[scri8e]

I have had a very rough refi experience with B of A. It's a long tale. Hopefully this is the final fubar.

I have refi 2 loans into one loan paying off one of the two loans. The two original loans are with Wachovia. The refi loan holder is B of A.

I finally got the loans funded correctly. Not my job as a client. However B of A has bungled this refi so badly I had to step up and get things corrected. Started the refi process in early Feb.

The latest fubar is regarding the property taxes on both properties.
Neither Wachovia nor B of A has paid the property taxes on either of my properties.
They were due of course on April 10th. There are late fees owed on top of the property taxes times 2 as of today.

So which bank was to pay the property taxes legally?

Wachovia was paying them as impounds. Part of every loan payment went to the property taxes.

Judging from the figures wachovia gave us over the phone of money that has been sent to me. It appears to be for doubled up payments. These checks do not cover the money I paid into property taxes. Amounting to about $2500 each.
As part of every payment.

[cdad]

When did the loan close? And did it go through a title company? There should have been a PMI account set up at escrow. Then it would have been through escro that the funds were dispursed. Does the first bank have copies of payments made on your behalf to the property asessors office? They should have an accounting and also your due a refund of anything that wasn't dispersed for taxes or insurance.

[Fr_Chuck]

It is not really the bank that pays it, you pay into a fund that often pays the taxes and sometimes the insurance, so how much have you paid into this fund in either bank ?

[scri8e]

When did the loan close? And did it go through a title company? There should have been a PMI account set up at escrow. Then it would have been through escro that the funds were dispursed. Does the first bank have copies of payments made on your behalf to the property asessors office? They should have an accounting and also your due a refund of anything that wasnt dispersed for taxes or insurance.

I signed the final docs on April 13 2010.
On April 20th I received a check from the Title company made out to my name for 286,000 two hundred and eighty six thousand approx.

This was the payoff for one of the two properties.
It was a big ERROR. Should have never have gone to me.
Should have been a wire transfer to Wachovia.

So the bank manager and I got those funds to go to the right place.

I am paying my closing costs outright. Also adding 30k to the loan to get the payments down. I asked about this when I signed the final docs I was told it was all being handled. I asked about this 5 times in written form. I was assured it would be carried out. Well it wasn't. The bank manager and I got those funds transferred from my cd account and re-directed the title company's check on April 25th I think the date was. It was a Monday at 9am.

Then I check up on the wachovia loan that I got the check for in error by their call box system. The loan has not funded. Wac takes another mortgage payment auto deduct from my account as it has been for a long time of 1,035 one thousand and thirty five dollars on April 28th. The loan is still active with no info on the payment or the loan being funded. I am livid. This is April 28th I signed the final docs on April 13th.

So I call the bank manager and tell him what has happened.
Tell him I want resolution complete resolution as fast as possible.

Let the weekend play out. Have to do a job at my cabin and return on Tuesday night late. Last Wednesday morning I call the auto wachovia system to check on the loan.
It has funded and it completed.

It funded on April 28th (remember they took a payment of $1,035 on this date which there is suddenly NO RECORD of)

It recorded on May 4th

I hit a few more call boxes.
It gives me the amount of property taxes for 2009
None for 2010
Tells me the interest paid for 2010

I don't know about the copies of payments to property assessors office. My gut tells me that they did not. I do have the monthly statements that show a portion of every mortgage payment I made went into a fund to pay for the property taxes as both properties were impounded for property taxes only. I pay my own insurance.

Is there a person a professional that can be hired to over see this mess like if I had a fire in a property of mine and I hired a personal/private claims adjuster? If so what would be that persons title?

I need to get the real numbers that these clowns are using and ask detailed questions about amounts of money transferred around that are correct or incorrect. I don't have access to that info as a client.

[cdad]

For one thing your expectation of when things will happen is out of the norm. Anything in an impound account can take up to a month to get back to you. So taxes and insurance will be refunded. It hasn't been a month yet. That is why everything looks screwy. Your accounts and everything are in transition. As far as who handles what. By usuing a good title company it should have been done through them and your paperork trail should have started there. If you were paid by check and for the said amount the bank would have waited for it to clear no matter what they are telling you BEFORE any funds were paid out. You also might seek a real estate lawyer in your area if this gets messed up any further.

[scri8e]

Here is more information on the start of the snafu.

I signed the refi documents on April 13th is month.
I gave detailed instructions in written form 3 times of how the refi was to be carried out. I have those documents. I gave these same instructions over the phone to various people who work at B of A. An additional 5 times.
I even had 3 of these people repeat to me the instructions back so I was sure without a doubt that the instructions were clear.

Instructions were.

This refi will be taken out against my personal home who's address is...
The loan amount is for $... B of A Loan number #...

I have 2 current loans with wachovia. One on my personal home for $... wachovia loan #...
And one on my 4 unit income property for $... wachovia loan #... who's address is...

This new loan from B of A Loan number #... in the amount of $... Will pay off both Wachovia loans #... & #...
Which will give me clear title to the 4 unit address of... wachovia loan #... I am putting into the b of a loan #...
$30,000 from my CD account at b of a, seal beach branch account #...
I am also paying all costs out right from this same CD account. This loan is a fixed 30 year loan at 5%. I authorize to have the additional funds needed for closing costs and the $30,000 taken from my CD account #...

I had the notary / person who I signed the final loan docs with meet me at my bank branch so if there were any problems all could be taken care of right then and there with the help of the two bank managers that I had started this refi process with. My accounts are all with in this bank branch as well. They know me at this bank.I signed the refi documents on April 13th is month.Without any problems what so ever.

Well I get by fed ex on April 20th at my mail service a check from the title company for over $287,000 made out to my name. I went HUH?

I went over the closing document with my helper/personal organizer Ann. We unravel the mess.

I call the head of the department of loan processing P... tell her something is terribly wrong with my refi loan #... as I have a check from the title company made out to me. For the amount of $...

She phreaks. Says she doesn't understand as the instructions she gave were very clear. And no, no way was I to receive this check from the title company. That it was to be wired to wachovia.

I ask so what happens now? She says let me get to the bottom of this and find out who made this huge error. I'll get back to you. This was last Thursday afternoon April 22 about 2:00.

No contact on Thursday afternoon evening.
No contact all day Friday.

Saturday I'm getting nervous so I head down to seal beach to my bank branch. They have main st closed down with a car show. I can't get within 3 blocks of my bank and there is zero parking. The city of seal beach is very small and it's closed for any business basically on Saturday.

I'm having the feeling that the fault of this snafu lies with P... the loan processing super. Because she said to me when the signing of the docs was delayed a week that whoever was having problems getting the title company blah blah'ed don't remember the term/s and she pushed it through 123 easy.

My plans are to go to my bank branch and sit down with one or both of the bank managers and show them all the paperwork and help me straighten out this mess.

I am hoping that a new escrow will not be needed to be drawn up. I did everything I could possibly do to make this thing fly and fly right. I have it documented. These documents were faxed and I have the fax confirmation docs on auto print so I have them as well.

What should I look out for? How should I proceed so I don't get screwed over because of someone else's mistakes?

Words of wisdom and experience greatly needed at this point.

Dang it's been a rough month or two.

[scri8e]

And then on April 26th...

Egads this was such a mess.

I walked into my bank branch at 9:15 tote'n my 5" thick file stack of paperwork for this refi. If they needed anything at all I had it with me. No games I came to make this correct and I wasn't leaving my post at Nick's the Managers desk until it was 100% correct.

Nick looks up from his computer screen as I am walking in the front door. Stands up cocks his head to the side and crosses his eyes. As he eyeballs the infamous 5" thick of files. Says good morning? This can't be a pleasant visit first thing on Monday morning and you are tote'n that.

Nope sorry to say Nick we have a major snafu on my refi. It be hard core "bidness" we need to referee this morning. Here is a synopsis of the basic problem. What solutions I want made. I'm prepared to stay all day if needed. Hand him a one page document with all the pertinent loan numbers amounts property addresses account numbers etc.

Ok let me read this and get up to speed.

Then we discussed strategy. We went above P...
To her super when her number went to voice mail.
From her super who knew zero about this situation (and she should have been well informed but was not notified at all).

Then we went to head of funding. Nick was poetry in motion. Calm cool aimed right at the jugular. Spanked those who needed spanking. Yet professional.

I was at the bank from 9:15 until 11:50. He talked directly with P... Get this, P... said that this was a huge mistake. Like she didn't have anything to do with it. She was glad I was at the bank and Nick was handling it.

Nick gave me a look of shock and then he dropped the hammer. Well P... just how did you expect to resolve this problem? Did you expect it to fix it's self? You are the head of loan processing are you not? Yes I am. You told Mr Stone you would look into this matter last Thursday and get back to him. You did nothing Thursday. Nothing on Friday. Nothing this morning. Just how did you expect this loan to be straightened out? Mr Stone is not happy. I don't blame him one bit. How do you propose to proceed?

I'll have to get back with you.

Wrong answer P... I said to myself.

Nick had already spun circles around P... and had things popping.

The head of funding called and asked Nick if P... had called. Yes she did. Did she speak with our client? No she didn't even ask to speak with him. Really! That was her instructions.
To speak with the client and explain how this would be solved.
Honestly, I doubt she knows how to solve this. She hasn't at any time made arrangements to have the client access the funds from his CD the $30k and the closing costs to be paid outside of the loan.

So Nick and I handled it all. We complained (jokingly) about not being paid an hourly wage by be of a loan processing for doing their jobs for them.

We had every transaction backed by hard copy paper trail. I left with pending paperwork of confirmation of all wire transfers completed. I had Nick phone me when those came in. The loan funded completely at 2:55 pm today.

I had copies in my email when I got back to home base tonight.

Lesson learned. A loan isn't final until all appropriate parties have processed their wire transfers. The loan is fully funded for the correct amounts. I'm still hesitant to call it completely done. Lost my trust in the system working correctly after all of this mess.

[scri8e]

Then this... On April 28th
You are not going to believe this sheeeet. I checked via phone on the status of the wachovia loans.
My personal home loan is funded. No longer on wachovia website. The wacovia 4 unit loan. Is STILL on wacovias books of not being paid off. Wacovia took it's auto loan payment on April 28 2010. The figures for total loan are different. It shows B of A paid too much. About a $2,500 difference.

The 4 unit loan was paid off first just that the check was sent to me not wired to wacovia.
I tried to open a complaint with b of a today. Got the run around.

Who / what is the entity the _____ of Banks? Or some such thing.

I'm getting weary...


After this is the property tax not being paid on either property.
Which brings us to the present day sitch.

Healp...

[scri8e]

I didn't know I could use my own title company? I thought that the banks do that selection.

[scri8e]

The problem as I see it is the escrow instructions for where the funds were coming from and how the funds were to be applied was missing big chunks and very unclear. Which is the job of ?
Processing? Title company? Or who?

More importantly who do I go to so this can be fixed?
I should be getting a deed for the 4 unit as it is paid off now.
I think this is the next brick wall I'll run into.

[cdad]

Here is the usual steps that are taken in a case like this.

1) you get approved for a loan.
2) escrow is opened against the loan. Usually title company.
3) After clearing first hurdles then its off to signing. Everything has to be signed and initialed.
4) disbusment of funds from escrow account. The final contacts are made and the final figures are known and disbursed from there.
5) after pay off anything owed back to you gets sent back to you.
6) you start making your paymenst as per the agreement reached.

It sounds more like you played hopscotch and almost sounds like no title company was involved. Its up to you to figure out where in the ladder the rungs fell apart. But you should be hearing from your old loan company on anything that is yours within 30 days.