Re: HELP!!! My bank is a loser - Posted by Mr Donald (NORVA)
Posted by Mr Donald (NORVA) on October 17, 1998 at 20:29:56:
If you play hard and fast with the Senior Bank Vice-President or President’s office, you should be able to prevail. Otherwise, you’re just spinning wheels and heels on this one.
It’s also dependent on how important this deal is to you - can you live with 7% versus 6.75%?
Did you lock-in at 6.75% - or were you just “pre-approved” for 6.75%? Those “pre-approvals” are increasingly not worth the paper they’re written on - especially if there’s a problem.
If it’s not a “commitment” for the 6.75% rate, well… However, if it is, contact the Senior Vice-President or President Office via fax, phone and Federal Express immediately.
Send them a nice note explaining that due to the bank’s inability to perform on their commitment to lend $50,000 at 6.75% years, you’ll be forced to close at a rate of 7%, thus costing you an additional $3,006.79 over the term of the loan (assuming 30 years term and amortization), and thus you’ll have to consider your options legally to recoup this amount plus legal costs immediately if the interest isn’t reset at 6.75% as agreed.
Will $3000 over 30 years break you? Or does it just wank you off that the Bank thinks it can get away with this opportunistic shysterizm? Either way, good luck - and consider it a lesson learned.
Lesson? Don’t use Banks, unless you have to. Banks are notorious for not wanting to lend you a raincoat when it’s raining.