Mortgage Mess Managed

Back on October 1 I posted that my mortgage guy had put a contingency on my loan stating that I had to keep at least $15,000 in the bank or my interest rate would go up by 0.125%. It turns out this wasn’t completely accurate. It turns out that I had to keep at least $20,000 in the bank or my rate would go up. Needless to say, this was completely unacceptable.

My Realtor, Tammy Huk, and I were following up with the mortgage guy about this asking for proof that I agreed to this arrangement and it was taking an inordinately long time getting anything out of him and he was unable to turn up any evidence that said I requested special treatment. Only when my Realtor called the office number for the mortgage person did we learn that he no longer worked for the bank I had my mortgage through, but he’d resigned, and his last day was the date of my closing. How convenient that he “accidentally went to the wrong address” and missed the closing, which is what he told me on the phone.

Disgusted didn’t begin to describe how I felt about the situation. Not only did he slip something into my mortgage without telling me, but he quit and didn’t bother to tell me? Seeing that the former employee of the bank would not be able to assist, my amazing Realtor called around and found someone who would be able to help me. Through her diligence I eventually had a vice president at the bank working on a resolution. It took a while as he had to deal with quite a bit of bureaucracy to not only find an acceptable solution to the bank and myself, but then to find a person who was authorized to sign off on the change. He did come through and this morning I was given a document stating that the contingency has been removed and I will maintain my interest rate through the balance of my mortgage.