Ken and Meredith Williams are first time buyers who made their loan application with Bank of America which dragged on the loan process (should take about 30 days, took over 72). Bank of America refused to give them answers as to why the loan was continually delayed (their credit was fantastic) plus they were paying the sellers a $50 per diem for extending the escrow period. Talk about getting hit from both ends. Rather than dropping BofA and going elsewhere, they used the power of the Internet to help them,: Twtter, YouTube and Facebook sent followers to their blog. And it worked!
Next time a bank drags their feet at a closing I will remember THIS approach.
On December 16th, Bank of America responded to the viral video by closing the loan and agreeing to pay all of the late fees charged by the seller (escrow was scheduled to close on October 31st). “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.