Refinance Termination -- Can BOA be sued for Anticipatory Breach of contract?

[gregpiz]

We started a refi on a manufactured home with Bank of America in Oct. 13, 2011. We submitted all requested documentation via email, received confirmation emails stating the documents were received, paid an application fee,and kept in contact with the loan processor over the phone. In the end of Nov. 2011, we received a letter from BOA stating that due to the fact that they did not receive the necessary documentation, they were terminating the refi. I immediately called the processor and was told that he didn't understand why the loan was terminated, indicating he received and had all the necessary documentation, and would, with the help of his supervisor try to reopen the refi. There was nothing that could be done, and he requested that we try again, promising us a reduced rate with BOA paying some of the closing costs because of the stress and inconvienence we were put through and a refund of the application fee. We started the process again in Dec of 2011 and sent in updated documentation (paystubs, W2's) and paying the application fee again, believing because of what happened in the first attempt, there would be no problems. There have been approximately 10 processors involved in this refi from the beginning due to people either leaving the company, retiring, or being reassigned. One of the last processors assigned appeared to be very understanding of our situation and tried to do everything he could to get to closing. He was made aware of the promise of reduced rate and closing costs and stated he would see what he could do. In his absence, I spoke with his supervisor who requested that I send him a copy of the email stating this and he would meet the what we were promised. He also indicated to me that as of Jan 2012, BOA would no longer be financing manufactured homes, but they would honor ours because we started both before then. He finally emailed me back stating he would not meet all we were promised, paying only $200 towards closing and not meeting the rate we were promised. I contacted the state attorney in Florida complaining about what was happening and shortly thereafter received a call from the consumer advocate of the President/CEO's office. I was told they would investigate the problem, understood my frustration, and would do what they could.

BOA's internet site for checking loan status indicated that closing would be on May 12, 2012. Throughout this whole ordeal we have be asked to supply documentation that they received(proof through email confirmation from their agents), requests into explaining checks against my credit to make sure no new debt resulted from the checks. One of the companies they asked us to explain was Landsafe, which is BOA. They have run my credit 4 times throughout this whole process. lowering my FICO score each time.

Around May 14, I recieved a call from one of their processors requesting an updated paystub, which I promptly emailed a copy and received a confirmation email back stating it would be added to the file and closing would be occuring shortly. About a week later I got another call, this time the processor stating they would not be refinancing our loan due to them no longer financing manufactured homes as of Jan. 2012. They even stated they would not refund our application fee. That problem has been handled because of a call to the local branch complaining and being promised it would be refunded with 10 days. Can they be sued for Anticipatory Breach of contract for terminating the refi, even though we were told they would honor the refi because we started both before Janurary?

[AFFA]

I wish to inform you that you may serve a written notice to BOA. If they refuse to resolve the matter, then you may file a lawsuit. The burden of proof will be on you to prove the claims made by you. The court will consider all the facts and decide the matter. Alternatively, you may file a complaint with the banking ombudsman or the Federal Trade Commission. You must supply all the details so that the complaint can be investigated.

AFF

[Friend In Court]

Since you have the FLorida AG involved, I would rely on that office to intervene until you are satisfied. You will need proof that they promised the refi, despite policy change at the first of the year.

BofA, as most of the major banks, is not at the top of the AG's 'most favored' lists as you should know for all the shenanigans they pulled over foreclosures and mortgage servicing.

Before launching into a courtroom battle against BofA and their army of experienced, highly paid lawyers, I would use every other avenue available for help.

They have gotten so much bad publicity, are spending megabucks to rebuild their image, that is where I believe they are vulnerable and you may have some leverage in a war with them. Contact "Help Me Howard",..upload a video to Utube as one gal did over the bank raising her credit card interest rate to Mafia break-your- leg rates.

My advice is to use the legal help available through the State Attorney General, any regulatory agency you can -- and conduct a publicity war. Such will prove less costly and most likely much more effective than trying to play courtroom where the playing field would not be level against their legal pros.

[gregpiz]

I have contacted BOA and they are steadfast on their position. I believe because I contacted the AG is the reason why they are doing what they are doing. I even had trouble with getting them to refund my application fee. I am not too familar with law, but I do look up my rights and consider all my options. Because the office of the President/CEO did nothing to correct this situation, I believe it's pretty much a done deal. Immediately after being told they were not going to finance our home or return our money, we went to the local branch, got the bank manager, and informed her of the situation and closed out our accounts. We immediately went to PNC and opened accounts that offer more then what we were receiving at BOA. I asked if they refi and was told yes, so I have already started the process with them at a much lower interest rate then they promised, with lower closing costs I would like to sue them for breach, taking into account what I would have lost over the life of the loan, for the stress we were put under, attorney fees and court costs. And because everyone pretty much knows what they are all about, I am going to request a jury trial. Just my opinion, but I believe because BOA knows of the bad publicity they have received, they will look to settle out of court.