All It Took To Convince Bank Of America To Finally Close On A Mortgage Loan Was A Music Video

Next time your bank is being stubborn over closing on a mortgage loan, perhaps consider doing a little song and dance — it worked for one couple battling with Bank of America. Well, that and a really good credit rating of 798.

Ken and Meredith launched a social media campaign that included a music video and blog to appeal to Bank of America. BOA was dragging its feet over a $203,000 mortgage loan that they were told would be a done deal on Oct. 31, says AOL Real Estate.

But alas, BOA didn’t feel like moving too quickly, and kept delaying approval on the loan. The Georgia homeowners launched a blog called Close Our Loan to tell the world about the delays, as well as the $50 a day they were being charged by the sellers of the home they were in the process of buying.

Ken and Meredith’s Dec. 11 YouTube ditty, coupled with appeals to BOA on Twitter and using their friends to help with the social media onslaught, eventually paid off on Dec. 16 when the bank closed on the loan and agreed to pay the late fees charged by the seller.

One gem of a lyric from the song that we’re sure BOA loved: “Don’t let anybody tell you you’re too big to fail/Cause you belong in jail.”

“The Williams’ loan closed December 16. We apologize for the delay in closing, and for the inconvenience, we provided a credit at closing,” Bank of America conveyed in a statement to AOL Real Estate.

Ken Williams’ Music Video Spurs Bank of America To Close Loan [AOL Real Estate]


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  1. IphtashuFitz says:

    I finally got around to closing my accounts with BoA yesterday and I couldn’t be happier. Granted my $11K I still had with them amounts to peanuts as far as their concerned, but it still makes me feel better to get it out of their hands entirely.

    We’re now in the process of selling my wifes apartment that she had in the city. It falls under an affordable covenant so there are restrictions on who can buy it (first time homeowner, income below a certain level, etc.) Our realtor just told us somebody is interested but their mortgage pre-approval is with BoA. He told us he’s already called their realtor to see if they could get pre-approval with another bank since BoA would likely screw up all the legal requirements for the city to approve the affordable sale and drag out the sale for 3+ months…

    • Emerson says:

      I hope they avoid Wells Fargo/Wachovia. They are not much better. We had to fire them and find another bank so we could close on a house at the last possible second. I’m not sure why we even got pre-approved to begin with.

      • IphtashuFitz says:

        The realtor actually knows a handful of local/regional banks that have lots of experience with affordable housing & all the restrictions they have. The only problem is that they tend to be a bit more picky about making loans, so it can be more difficult for the very people who are trying to buy these sorts of places. It’s a bit of a catch 22 unless they have a decent credit history to begin with.

      • CubeRat says:

        It just depends. My WF mortgage closed in 35 days. My brother got his beach house mortgage with BofA, and closed in 2 months. Both of us went directly to the bank, everyone else I know has used a broker.

        I know 45-60 days used to be standard, but I’ve heard it’s now 90-120 standard for everyone.

        I don’t know why some people have things happen easily and many others do not.

    • Gorbachev says:

      The $11K is not why they want to keep you around. It’s the other services they’ll know you’ll buy as an existing customer down the road. Car loans, mortgages, CDs, etc.

  2. AllanG54 says:

    Did Dave Carroll have anything to do with this?

  3. humphrmi says:

    It took almost my complete lock period to close a Refi with Citibank. I have an 800 FICO, no other debts, and great front and back end ratios. I had complied with every petty request for extra documentation they asked for, in a timely fashion. Then, one week before my lock expired, they asked for a new appraisal. I emailed my processor and gave her hell. Pointed out that since I had locked, rates had actually gone down, and also now that I had all my paperwork together in one place it wouldn’t be too hard to apply for a refi somewhere else. Reminded them that, while I currently had my mortgage with them, in this competitive market that could change in a few weeks and they could have nothing. Miraculously, the next day my refi was approved and closing was scheduled that week.

  4. TheMansfieldMauler says:

    I’m filing small claims against BofA in January over a Fair Debt Collection Practices Act violation.

    They sent me a letter saying my house was being foreclosed and I would have to move out, but my account was current and had been current for a solid 6 weeks. I verified it was from BofA (it had the last 4 digits of the account number on it), and the letter was dated during the time my account was current.

    The law allows $1000 per violation and specifically says it can be filed in small claims court. It also says it uses the “least sophisticated consumer” standard to determine if there has been a violation.

    A subsequent letter said the same thing but was worded differently, saying “if” the house is in foreclosure blah blah blah, but the first letter has no qualifiers.

    If I win, I’ll send it to consumerist with all the info.

    • somedaysomehow says:

      You do realize the FDCPA only applies to third-party debt collectors and not to the original creditor, right? :(

      • TheMansfieldMauler says:

        Right, but I have done some research on it and found several instances where BofA is placed in the “debt collector” category under some circumstances. There are several details about the mortgage itself and how BofA came to service it that I didn’t include above (they were not the original creditor).

        Case in point, if you call the BofA mortgage line, the recording specifically says, “We are a debt collector” before switching you to an operator. I’m not sure if that’s for all mortgages or just some of them (because you enter your account number first), but I don’t think their lawyers would allow that if they weren’t in that category.

  5. Loias supports harsher punishments against corporations says:

    What a terrible mortgage contract that charges you $50/day for something out of your control.

    • TheBusDriver says:

      It is a fairly standard clause in purchase agreements – the sellers get the money as they have additional costs of holding the home longer than the agreed upon sale date (their mortgage, taxes, insurance, etc.). The seller most likely would have closed on their new home right about the time of the original scheduled closing, so now they are carrying two mortgages, etc.

      This clause allows them to recover some of their costs, and acts as an agent to push the buyer to close on time.

      • Loias supports harsher punishments against corporations says:

        The only penalty I faced in my contract for buying my home was if I backed out by a certain date, except if certain criteria was met such as financing availability. The seller pretty much only faced a penalty if they did not relinquish the home where stipulated. A flat sum if they refused sales past accepting the contract, and a daily penalty if they did not relinquish the home after the sale date.

        So the fee/penalty described in the article did not exist in my case – and still seems absurd.

        • iocat says:

          This is to protect the *sellers*. For instance, I just sold a house. The house was supposed to close in 30 days, but in fact it took more like 90. The buyer was technically in violation of their offer contract and I guess we could have kept their earnest money deposit and told them to drop dead, but we’re nice.

          But as we approached the 90 day mark, our real estate agent suggested that if they asked for another extension, we add a $50/day fee to put some pressure on their bank.

          Luckily it all came through but this is something that only happens if the buyer is late and likely in violation of their offer contract (not saying it’s their fault, but it wasn’t my fault either, and I had to pay $7500 in mortgage fees while not showing the house or being able to sell it to anyone else.)

  6. PLATTWORX says:

    I would agree that signing a document that charges you $50 a day if you are unable to close the loan on a set date by NO FAULT of your own was silly.

    Why on Earth they were doing business with BOA also escapes me. Except for my auto loan (which is too much of a pain to re-finance and move… I tried) I have pulled all of my other accounts from them, including my mortgage.

  7. Happy Tinfoil Cat says:

    I have a pet peeve about people using “BOA” when they mean “BofA” because my personal business name was BOA. Maybe I’ll just call them “Boffa” from now on and nobody should whine about it, either.

  8. Jfielder says:

    That orange cat looked PISSED. I could clearly see murder in it’s eyes.

  9. AngryK9 says:

    Everyone thinks they can be another Dave Carroll. This guy needs not quit his day job.

    His comparison to his score versus “normal people” is pretty condescending and presumptuous as well.

  10. coffee100 says:

    If you do business with Bank of America, you’ve found your problem. All you are likely to find there is spitting, hissing contempt for anything that doesn’t smell like money.

  11. Vincent says:

    After all the hoops I had to jump through to get my mortgage with Bank of America, these stories don’t surprise me.

    Now if only I had any musical talent!

  12. scottd34 says:

    someone at boa was trying to help them by delaying the closing in hopes they would go to a different bank…