It goes against our nature to request assistance, however our recent experiences with our lender, Bank of America, leaves us no other choice than to ask for help and guidance. We are currently in the early stages of foreclosure with Bank of America, for this we take full responsibility. However, despite our current situation, it seems nearly impossible to proceed with the reinstatement process with the unrealistic deadlines to submit the reinstatement amount. We are not terribly behind, owing roughly $4.500, and the funds required to reinstate this mortgage are totally accessible, although they require a hardship withdrawal transfer through a retirement account with Wells Fargo. This is where the frustration begins:
-The reinstatement fees are good for 2 weeks, 10 business days.
-Bank of America will only fax the reinstatement paperwork. They claim we will receive the faxed paperwork in 1hr-48 hrs. It will always be 2 days at least, usually around 5pm on the second day. So we have already lost 1/5 of our allotted time to get this resolved.
-Wells Fargo requires the reinstatement fees to be mailed, which adds another 1-2 days to be mailed to North Carolina. We paid $30 to overnight the envelope and this cost us another 2 days once the processing from Wells Fargo began (4 days down).
-We received some misinformation from multiple people from Wells Fargo about what documents were needed to proceed with this hardship process. One rep said they only required an eviction notice (we aren't even at that stage) while another claimed they need a "foreclosure notice" on Bank of America letterhead and a loan denial letter. After going back and forth they concluded that only 2 documents were required (although even now we are still unsure).
-The loan denial was easy to obtain, however the "notice of foreclosure" document from Bank of America took another 48 hours to fax. Now, with the inconsistency from Wells Fargo on what was needed and the 2 days awaiting the fax from Bank America, we are now 7 days into our 10 allotted business days to get this resolved.
-We contacted Wells Fargo today (6/25) because our reinstatement is due on 6/27, however they claim that 5 days is the standard processing time. I suppose we were naive in thinking that if they received the majority of our paperwork the week before perhaps once the 2 documents were faxed the wheels would already be in motion. We were hopeful that a check (it has to be a check) would be mailed (overnight at our expense) so we can race to make our deadline of 6/27, however at this point it is a lost cause. We will be forced to request new reinstatement fees on 6/27 and endure this painless process again...possibly netting the same result only with additional fees from Bank of America applied.
Here in lies my question (my apologies for every little detail). As borrowers
wanting to reinstate our mortgage and do good, what rights do we have? We have the funds available to reinstate, however are not given a realistic time frame with which to complete the process. We can't speed up Bank of America and their ridiculous 2 days to fax (and not email) or Wells Fargo for their 5 day standard processing time. As borrowers trying to own up to our past mistakes and reinstate our mortgage, it seems as if our lender does not want us to succeed in this endeavor. Can we legally request additional time? Can we legally request a same day fax or email? Is there any reason why we can't expedite the hardship withdrawal process with Wells Fargo?
Again, my apologies for the length of this message. We are just very frustrated at the process and lack of understanding and assistance from anyone. We know our lender has a history of such behavior and has no real interest in us keeping our home, but we refuse to be taken advantage of when we are doing everything in our power to fulfill our obligation. Any advice or assistance would be very much appreciated. We appreciate you reading.