You Are Fired! FHA/HUD Needs to Fire Bank of America - Period!

By
Real Estate Broker Owner with Heart Realty Group, Inc.. IL-471.002355

Patience, Patience, Patience! With 3 FHA short sales submitted to Bank of America for over a month with still no actual activation my patience has finally worn out! Calling every couple of days, being promised that they will escalate and I should get an answer "within 24 hrs" and nothing happening will drive even the most patient agent to the brink of a nervous breakdown!

USA

So how in the world does Bank of America hope to keep the servicing rights when they have to actually give a response within 30 days when it takes 7 days just to get the short sale package scanned into their system? How will they be able to handle the volume of short sales being generated by their "easy and streamlined" short sale process being touted in the various web presentations and the promise to get FHA short sales on Equator???

The reality is definitely different than the hype! How many times can a file be "escalated" before anyone at Bank of America pays attention??? Your guess is as good as mine as I wait on the phone on my 6th escalation which will have an answer in "24 hrs.".....oh and how many times do you need to ask if the homeowners is on "active military" Do you think it will change within 30 days??? Is there any common sense involved when they come up with these questions??? Do you think people are being forced to join the military overnight because they can't short sale their home??

Perhaps that is the only way we can get an approval????

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Topic:
Real Estate Best Practices
Location:
Illinois
Groups:
Running a Brokerage
short sale specialists
Tags:
bank of america complaints
short sale agent oswego il
short sales montgomery il
short sales oswego il
bank of america fha short sales

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Rainmaker
206,064
Erin Newington
Elk Grove Realtor (916) 548-9198
(916) 548-9198 Keller Williams Realty

I feel your pain/ Been working on a short sale with Bank of America for 8 months now. Escalations don;t work/ I do get responses from the social media team which is nice. We have been going back and forth over one item on the HUD before they will give approval. We have been idling here for over two months. Escalation after escalation has done no good. BofA approved our short sale and now are holing the approval letter hostage! Annoying!

December 29, 2012 07:29 PM
Rainmaker
159,098
Evelyn Santiago, Managing Broker
We Are Passionate About Real Estate
Heart Realty Group, Inc..
Erin. Have been able to close on 1 out of my3 FHA short sales with BOA. Currently fighting with them about an offer that waas submitted and which they froze in a 86% tier. Have HUD investigating their reasoning on denying it. The National Servicing Center for HUD is very helpful in pushing servicers to accept offers that you can justify with the data. Good luck
December 30, 2012 12:52 PM
Anonymous #10
Anonymous
Jeff Kofahl

I've often wondered how much money they collect in servicing fees from the time the short sale file is started until closing.  And if it forecloses how much money does the bank make there.  It very well could be that BofA is choosing a more profitable path and considering who they have in their back pocket, why not right?

Has anyone been able to track how long it takes them to do a short sale when THEY are the investor in the note vs. just the servicer.  

There has to be an explanation here.  And you know Congress isn't going to get to the bottom of it anytime soon.

 

January 22, 2013 08:34 PM
Rainmaker
159,098
Evelyn Santiago, Managing Broker
We Are Passionate About Real Estate
Heart Realty Group, Inc..

There is obviously a financial incentive involved but the servicers will not be sharing that information with us even if we are their "preferred partners".   

I think a bigger threat are the hedge funds that are buying bulk to add rental homes to their portfolio - funds like Blackstone.  I fear we will become a country of renters if REO's are converted to rentals.

January 23, 2013 11:22 AM
Anonymous #12
Anonymous
Jim Fry, Realty World in VA

Just withdrew an offer on BOA/FHA short sale after 6 months of one BOA screw up after another. This was the BOA pre approved short sale at asking price. BOA appears to be incompetent, but I believe BOA deliberately delays causing the property to go into foreclosure. BOA then buys it back on the court house steps. Then gets paid off by the government, keeps the property and make one huge profit.

I have serious problems with this behavior bordering  on fraud. Wish I could find a real prosecutor.

May 07, 2013 05:46 PM
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Rainmaker
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Evelyn Santiago, Managing Broker

We Are Passionate About Real Estate
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