I spoke with a Banc of America person (note the c, not the k). Banc of America is separate and apart from Bank of America, but most people on this Blog probably already know that.
This person said that B of A, (whichever institution is responsible for loaning money to builders) is indeed refusing to loan money on the vast majority RE requesters.
They don’t apparently want to throw good money after potentialy bad, at this time.
When I spoke with this person (good open minded special services provider) the person wasn’t aware of the ARM adjustment deliema. I explained that a small percentage increase in an ARM adjustment could mean quite a large adjustment in the monthly payment.
After tapping it out on the calculator, the B of A rep, said, yeah, that could really be painful.
