Bank Of America / Countrywide Home Loans / closing documents
Hello, if anyone is listing or looking to sell a home and has a Countrywide Home Loans mortgage (now Bank of America) your sale may be in jeopardy, even if there are no issues with your contract or buyer.
The reason is that the ownership documentation required to close is borderline impossible to obtain from them. We have had a signed conract from an approved buyer and Countrywide is unable to find our stock certificate, proprietary lease, or lien. From what our lawyer said, this is commonplace as they have been a complete disaster since the acquisition.
The typical timeframe from doc request (at the time you sign a contract) is 6-8 weeks and then schedule a closing. If your buyer gets antsy, they can submit a 30 day notice and walk away. We are at that stage given it has been 11 weeks since we requested our documents with no indication from anyone at BofA as to when we should expect them.
Just think, the entire hard part is done (listing, price negotiation, selling, and buyer approval) to have bank that either:
1) Cant find your documents needed to close
2) doesnt care to find your docs
Our lawyer says that we can sue them for our mortgage if we lose our buyer which looks like it will happen. thats exactly what i wanted to do- spend my next few months in a lawsuit.
No wonder some people just wak away, this is just a heads up for anyone else in our situation as we have called into the highest levels of BofA and nobody there cares.
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