I am officially boycotting Bank of America and Chase by no longer referring any customers to obtain mortgages. The short sale department has screwed up so many of my deals that they don't deserve any new business. Why should I continue to give them business if they could care less about the homeowners that are struggling to save or sell their homes? I wont.. anymore!!!!
Reasons:
- Short Sales taking over 6 months to a year to process.
- Botched appraisals and BPO's (incorrect values, incorrect br/ba, etc)
- On Hold for 20-30 minutes at a time (Chase)
- Files stuck in limbo waiting for negotiator to be assigned
- Files being lost in transit to a negotiator. (Waited 5 months to be told package was lost and start all over again)
- Changing locks on secured property listings while short sale in progress
- Negotiators closing files for no reason or explanation.
- Counteroffers for more than borrower owes. (Example owed $402k, Value $300k, Counter offer $468k.. not even one sale in THREE (3) years over $350K.. 3 years!!!!) Foreclosed and relisted for $249K a week later)
- Rejecting offers based on outdated BPO's. (had one rejected based on a BPO that was a year old until she called me back to apologize for the error)
- Supervisors that never return calls.
- Negotiators that never return calls or emails
- Requesting updated financials every month but doing absolutely nothing else.
- Removing files from short sale department to try to force a Loan modification and then take 2 months to reassign it back to short sale department when homeowner declines the offer.
- Multiple negotiator's on one file.. one counters, the other rejects and then out of nowhere an approval for $100K less than BPO value.
- Closing of files for missing information when docs were sent 10 times.
- Now Equator.. if in Phase I, even after 3 months, they refer to equator and have to upload everything all over again as if its a new file.
My list can go on and on but I have to call Chase on a $1,000,000 (Million).. cash offer on a property worth $950K that has already been in the same negotiators hands for 6 months and has asked for a HUD 9 times!!!!!! A HUD.. 9 times!!! When will this all end!
I am frustrated and disappointed. Giving up on short sales al together. Closed 24 and have 13 pending and that's it...after last deal closes, I'm outsourcing from now on. Tired of dealing with such idiots!
From now on.. Wellsfargo, WJ Bradley and maybe Citimortgage and some others will get my mortgage business! So there!
Carmen A Jones
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