I have a home equity fixed rate mortgage that I got a few years ago with no closing, and the option to call and they would drop the interest rate no charge if it went down. Well, the mortgage has been sold a few times and now it is with Bank of America. I called them and first they told me I could no longer do the free drop in interest rates. I found the paper work when the mortgage was sold and the terms had not changed, so I called back. I asked for them to drop the interest rate. I was put on hold a long time and then the woman came back and said she couldn't because the rate was 6.2 (mine is 5.99). I argued with her, and she asked if I wanted to talk to a "mortgage specialist". I said fine and she transferred me to a third party mortgage broker who said he couldn't help me. What should I do?
The current holder of your loan should be bound by the terms of the loan contract. Apparently you and the bank don't agree on what those terms say. If you believe you have a legal right in the contract that the bank isn't recognizing, you may need to consult an attorney to determine how to proceed.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The current holder of your loan should be bound by the terms of the loan contract. Apparently you and the bank don't agree on what those terms say. If you believe you have a legal right in the contract that the bank isn't recognizing, you may need to consult an attorney to determine how to proceed.
