I need advise please!! BOA sent a SS Approval letter on Oct 12 to close by Oct 21. I was not required for a cash contribution or promisory note. We all close, per the approval letter terms, on Oct 21. The title co sent the wire to BOA and distributes agents comissions. 2 weeks later I call the SS customer service to make sure the file was closed and check if BOA had released the lien and when should I expect the satisfaction of mortgage letter.... The rep tells me then that the file appeared as 'declined on 10/28'...I was in total shock!!! How come they decline a transaction when we followed every single step in Equator and instruction!!! I immediately called the title co and they said that NOBODY had communicated about the 'declined transaction'...not even a wire reject. They emailed about 5 people at BOA (closing officer, supervisors, managers, negotiator, etc) and only the negotiator replied stating a mere 'Im getting in touch with the closing officer and will be in touch soon' ARE THEY KIDDING!!! Two days later (11/3) these people send a decline letter stating that the SS was declined because 'insufficient contribution from the seller, or not willing to sign a promissory note' THIS IS ABSURD!!! After 13 days of having the funds, BOA returns the money to the title co.!!! I'm desperate!! BOA had enough time to review the file and sent me an approval letter clearly stating NO cash contribution and NO promisory note. Declining after the closing, when buyer has taken possesion of the property is a breach of the approval's terms!! I've involved a lawyer and the buyer's lawyer has been notified of the situation too. Has someone been in a similar situation??? Please share anything that can help me resolve this situation. I'm so stressed! BOA is horrible!

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  • WOW.  JUSTICE SERVED!!  I love it.  I really couldn't fathom what the heck they thought they could do.  You followed everything you were given by them IN WRITING.  UNREAL.

  • YIKES!! Certainly sounds like somebody made an error. Please let us know how this turns out.

    • Well, I found an excelent attorney who filed a Motion to compel and a Motion to Dismiss with Prejudice.  We had a hearing and BOA could not state a valid reason to justify rejecting the transaction after the approval was granted.  The Judge granted the dismissal with prejudice, which I'm so relieved for.  All I need to do is get the Satisfaction of Mortgage letter and the 1099-C from BOA (I know it could be another challenge) to leave this matter behind once and for all.

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