Financing in 12589>Question Details

Hezadancer, Home Buyer in Ohio

I need some help with my 203 streamline k loan, specifically how to draw out the funds.

Asked by Hezadancer, Ohio Mon Dec 7, 2009

Here's the situation:

We closed with our broker at the beginning of October, shortly after the mortgage was sold to Bank of America. We billed in 5,000 dollars to our loan for a new washer/dryer and kitchen appliances. We just bought our washer dryer pair 2 weeks ago, and now we can't find out what paperwork to fill out and who to send it to to collect our first draw. How do you start the draw process in the first place? What paperwork do we fill out, who do we send it to, and what should we expect? In reading it appears that in streamline k loans money is given half at the beginning and half at the end, but we haven't gotten anything yet! It's so confusing and we can't get through to anyone at BofA, and our mortgage broker keeps pointing us at BofA for answers. No one seems to know anything or wants to help. I need all the help I can get!

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William Polack’s answer
I'm in GA, so excuse me for not knowing if you are an attorney or title company state. Either way, contact the title/closing attorney. They are the ones who helped establish the escrow for you home. If they can't help (which is common - no offense), you will need to find someone who handles the escrow department at bank of america...hold on while I find you something...ok. Call (866) 921-4764. this is the bank of america 203K loan support group. I called it myself and asked the nice lady if they were operational (they had some issues back in Sept). Below is the link to another Trulia question of the same (so, I'm no genius) with 105 responses. It has some good info in it to know what to expect and do before making the call.
0 votes Thank Flag Link Tue Dec 8, 2009
That's really not the answer I was looking for. Nothing is "fishy" just can't find the people with correct answers.
0 votes Thank Flag Link Tue Dec 8, 2009
Contact the department of State. Sounds like something "fishy" is going on.
0 votes Thank Flag Link Tue Dec 8, 2009
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