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I'm REALLY P@$%$D! You Don't Like What I Have To Say Sue Me!

I spend a lot of time on the phone with banks..I have heard horror story after horror story with Bank of America...all you have to do is Google it and you will see that in many cases Short sales and Loan Modifications are taking a very long time.

I'm Really P@$%D!

You don't like what I have to say....sue me!

BANK OF AMERICA I AM CALLING YOU OUT!

I've read here that some have closed a few and pretty quickly..I have a short sale in progress since May 27Th..good for you getting these babies closed but I wonder?

Did you have to submit your file twice because of some mishap and it just so happens the first fax went to fax heaven?
Did you have to deal with customer service people who must always excuse who they work for by making remarks such as "my bank is busier than their bank?"
Whenever you and the attorney working for the seller calls on different days, do you get different information on different days and both obtaining names and different dates?
Someone reads back the notes and the notes reflect a different attorney than the tax rolls handling the foreclosure?

Sounds like to me a lot of human error!

This is not a griping session more like a fact finding mission!

Please let's work together to improve short sale time lines. Please, share with the world whether you completed a short sale with BANK of AMERICA or a Loan Modification? Maybe someone from BANK OF AMERICA will read this and maybe they might in fact reach their time line goals in 2010! I'm just trying to be helpful! :)

Read this article

Member or non member I just want to know...were you successful in your short sale or loan modification and how long did it take?

p.s. For all you bad boys and girls....the P@$%D is peeved...I'm really peeved...there I said it so sue me!

About the Author: Midori Miller is licensed in the State of Florida, BK645709 and currently hangs her real estate license with CENTURY 21 Sundance Realty. Midori is also a real estate trainer and an ActiveRain Ambassador and specializes in short sales for Daytona Beach real estate sellers. If you are in the market to buy or sell real estate in Daytona Beach, Florida..please contact us!

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 09/01/2009 04:45 PM

Comments (20)

Short Sales and Loan Modifications in the Training Channel

bank of america, peeved, people, life, fact finding mission, daytona beach real estate, real estate trainer, midori miller, century 21

Originally posted at: Daytona Real Estate Training: I'm REALLY P@$%$D! You Don't Like What I Have To Say Sue Me!

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20 Comments on I'm REALLY P@$%$D! You Don't Like What I Have To Say Sue Me!

SEP

Midori, tell us what you really think :)

I'm with you on this one. I haven't had one go through yet. Both times I've sent short sale packages they had to be faxed twice. The customer service people I've had recently have seemed more helpful and willing to provide information. I guess it's the luck of the draw when you get into the phone queue.

Wouldn't it be great if there was a standardized electronic means of uploading the documents like some of the title companies have? (That's not my idea, credit to Andy Tolbert.)

Mary-it should be done this way..uploaded..some BPO companies are doing it as well as Foreclosure companies...makes perfect sense to me!

I have closed a lot of short sales. They all make me pi&*ed and irritated, and most take at least two months. Regular B of A takes longer. Countrywide (the new B of A) seems to take two or three months. Lots and lots of confusion throughout. I think it is making me more tenacious. I never take no for an answer anymore--not even in my personal life!

That's just it Melissa the more I do the more banks I talk to the more aggressive I get. Sometimes the husband likes it and sometimes he is very very frightened. :) LOL I can handle two months we are now on Month 4. Beyond that and with a discrepency with dates..I have a problem..I turn into a beast.

I am at the stage in my life... where I'm a lover and not so much a fighter OK still a fighter its just now I am really picking and choosing my battes in hopes of winning the war! I do agree doing short sales keeps you tenacious. Everytime my husband hears me talking on the phone with a bank.. he gets nervous and he asks me is everything ok? That is the short sale beast coming out of me.

Midori, I had one short sale listing where the only lien was the BoA one. We sent them an EXCELLENT offer. Because the buyer was asking for 6% seller contribution BoA flat out refused. They would not re-consider and ended up foreclosing on my Seller. By the time they listed the propertyas an REO, it listed for 30% less than what we had offered them. I think the REO department and the retention department don't communicate but you'd think someone higher up would just exercise some common sense.

Best of luck with yours.

PS, I had another that took 5 months for the bank to respond affirmatively(BankUnited). The buyer stuck around and the deal closed. So, it's not over until it's over. Hang tight!

Midori, I have 5 short sales working with BOA right now. All have had to be refaxed, authorizations were lost, buyers have walked and I finally get one approved, when the buyers decided not to like each other and get a divorce. When someone says they need to do a short sale with Bank of America, I say.......do you have lots of patience and time? If so, write an offer and have it expire 5 months from now and I'll be happy to help you purchase this home.

Heaven help you! I had two earlier this year, one closed because I had the patient buyer, the second took so long the sellers had to file bankruptcy only to have BOA (was Countrywide when we started) approve the file two weeks later.

Find an attorney that you trust and save yourself some heartache!

I have yet to have a short sale close in less than 5 months. I know that they save sellers and are deals for buyers but they are a real pain in b**t for agents. I cringe evrytime someone wants to go that way.

Midori - It is very frustrating indeed ! Hang in there ! We have 2 short sales going on with BAC and are a bit worried to the reputation. We have already experienced a slower than normal process but are pleased that things are moving forward. We will keep you posted on how our 2 play out in terms of timing and so forth. Will look for a follow-up blog from you as well !

My experience with WaMu is much the same... A couple of months of frustration and it is going to end up dying...

I have heard they are the worse, one agent on my team, it took her buyers 120 days to get an answer from BofA.

One other in my agent got a full price offer on a one loan from BofA. Still waiting 3 months now. Same thing, faxed, refaxed, refaxed...still no negotiator, no BPO's done.

We have worked with them...it's all in who you are assigned to...and when you get a good one...hang on ! I would happily give you her name...she transferred to loan mods....good luck !

I am going to watch this one. I am in a short sale class for the next couple days. Learning lots about them but I think you have targeting the biggest challenge. You may have a great listing, cooperative seller and willing buyer, but if the lender isn't on board, is it all for naught?

SEP

When someone mentions short sale I throw on a cloak and duck out of the room, car or wherever. I have enough stress before dealing with c.r.a.p.

It's all B-shit with them...I have one right now...it was approved twice but it took forever...they aren't improving.The first buyer walked and then second one couldn't ge the loan. Now we get one and it still takes 2 months to re approve it...they give us written price approval...then I tell my client just to file a deed in lieu. they say he qualifies and sends all his returns in for the 5th time and then they say they want me to resell it as a short ...again! They are off their rockers. Then after yelling on the phone we get escalation and finally get it approved and at 20 k lower..now they can't negotiate the commission because you can if its a fannie mae or Freddie mac loan...they didn't even dare to try.

I had a short sale that we wrote on on april first and they just accepted it two days ago

We just had one approved with B of A but like yours it was not easy, they lost documents, had to escalate for the BPO several times. Seems like the right hand never knew what the left was doing. We submitted on 4-15 and it was Finally approved on Aug 17th. We are telling folks looking to use the $8000 not to bother.

SEP

I WILL NEVER HANDLE A BOFA OR INDYMAC (NOW ONE WEST BANK) SHORT SALE AGAIN. NEVER! AND YES, I KNOW I'M YELLING! In the past month, attitudes have changed with both of these lenders. There is NO Negotiating. It's simply, "Take It Or Leave It". Live and learn, folks... When someone with a BofA/Countrywide or IndyMac loan asks you to help with their short sale...DON'T WALK AWAY, RUN! And only refer those listings to your worst enemies! :)

SEP

Midori, I'm helping a client that has a very nice letter from BofA dated June 18th that states they have the short sale request and outlines the steps BofA will take over the next "30-45 days" to process the transaction.

Well, it's Sept. 7, and as far as we can tell NOTHING has happened on this file. No BPO, no request for additional documents, no response from the assigned negotiator or her supervisor.

We've made the calls to customer service, and yes they are very nice, and have waited the 7-10 days for the file to be "elevated" to management for review - a couple of times at this point.

I realize the borrower created the problem but with a process like this there seems to be very little motivation on the borrower's part to not just force the foreclosure.

And how much in Federal tax dollars (yours and mine) did BofA get to work out their problems? I think is was north of $45 Billion.

That's the part that kills me - the borrower gets nothing but a foreclosure/short sale on their record and possible future liability if the lender decides to pursue a deficiency but the lender gets bailed and continues as a going concern. With the borrower's tax dollars. Something's just not right with that picture.

Very sad.

SEP

Blogging and writing can be a great source of stress relief....and no hangover...just tried fingers...and knowing that the people who read it have been or will be there too...that too has a soothing effect...

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