Bank of America and the Short Sale Process.

By
Real Estate Broker/Owner with HomeSmart Fine Homes and Land BR527727000

I have 2 recent short sales submittedto BofA some 60 days ago and still no negotiator?? I also have a case where they approved a short sale and according to them had the foreclosure on hold while the short sale was worked but they failed to notify the attorney who foreclosed anyway!

I have escalated this file to the President's office and a senior negotiator is working on rescinding this foreclosure and 45 more days have passed!

BofA please tell us how we can help you approve short sales in a timely manner.

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Topic:
ActiveRain Community
Location:
Arizona Yavapai County Prescott

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Rainmaker
967,006
Edward & Celia Maddox
We Take The High Road
Solutions Real Estate

It would be less painful to hit your head against a brick wall than deal with B of A.  I have had Short Wales waiting five and two months, with no negotiator.....good luck as you will need it.

November 20, 2009 09:36 AM
Rainmaker
996,884
Karen Fiddler, Broker/Realtor
Laguna Beach & Lake Arrowhead, CA (949)510-2395
HOM Sotheby's Intl Realty, 949-510-2395

Ack.... B of A, Citibank, Suntrust, Chase....whatever. The only bank I have had success with was Wachovia....30 days and an approval.

November 20, 2009 09:42 AM
Anonymous #3
Anonymous
Anonymous

They say that they are improving....lol...where and for who? THEM

November 20, 2009 09:44 AM
Rainer
47,971
Dianne Hicks
HomeSmart Real Estate

Yes, BofA... Do tell!!! It is soooo frustrating and mind blowing that such a big bank could operate this way and think you will still have a good reputation! BofA at times, use BofA in place of a curse word now when they stub their toe. They scream BofA instead of something else.

November 20, 2009 09:51 AM
Rainmaker
596,294
Bill Ladewig
Your FHA Guru - Closing Home Homes Since 1970

Michael, anyone who has BofA accounts should move them to a local bank that cares about your buisness.

If pending legislation is passed while we sleep, we will be able to choose banking services from only BofA and three or four other banks.

November 20, 2009 09:57 AM
Rainmaker
818,627
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Bank of America is just the resurrected Zombie of Countrywide. You should post this to some of the short sale groups too. They might have some additional insight (or commiseration).

November 20, 2009 10:07 AM
Rainer
67,549
Dave Conners
Keller Williams Check Realty

Would it not be a good idea to tie compensation of bank management to performance? It would seem obvious that allowing timely short sales would save the banks the costs associated with foreclosure. However I understand that there are still federal guarantees for some funds lost in a foreclosure. So in some cases bank management opts to foreclose because they are better compensated for these loses via the taxpayers.

December 25, 2009 09:28 AM
Anonymous
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Rainer
8,219

Michael Dougherty

Your Professional Information Source for Prescott
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