Couple Uses Music Video To Embarrass Bank Of America Into Closing On Their Loan
By Pat Garofalo
Bank of America has been notoriously slow in getting borrowers into mortgage loan modifications over the last few years, losing paperwork, running borrowers in circles, and then resorting to foreclosure fraud to push borrowers out of their homes. And as it turns out, it’s not only loan modifications that the bank can’t keep straight. As Eamon Murphy laid out at Daily Finance, one couple needed to cut a music video mocking the bank in order to finally get BofA to close on its mortgage after a more than two month delay:
Ken and Meredith Williams’ humorous music video, the centerpiece of a no-holds-barred social media campaign waged against Bank of America (BAC), convinced the bank to finally close on the couple’s mortgage — despite the lyric, born of frustration with a 72-day waiting period, “Don’t let anybody tell you you’re too big to fail/Cause you belong in jail.”
As AOL Real Estate’s Teke Wiggin reports, Bank of America’s social media team took note. Not only did the bank finally close on the $203,000 loan on Dec. 16 — seven weeks after the Oct. 31 date given originally by a senior mortgage officer — it also agreed to pay the $50-a-day late fees the couple owed to the seller.
This isn’t the first time it has taken a public information campaign to shame BofA into treating a borrower properly. Back in August, the bank foreclosed on a New Jersey man two days after approving him for a loan modification, and didn’t correct the error until New Jersey’s largest newspaper pointed it out.
“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 said in a statement. Perhaps those waiting on loan modifications from the bank should pick up a guitar and pen a tune if they want to get some attention?
Via Think Progress