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Bank of America Short Sales and Their Endless Runarounds and Contradictions

Bank of America short sales and their endless runarounds and contradictions have left a bad taste in my mouth for this banking and lending institution. Two years ago, my largest short sale problem was Countrywide. Countrywide would take many months to review files and just when you were getting ready to dig your own grave, the approval would come through. That wasn't the end. Just because Countrywide approved your short sale, didn't mean squat. I had an approved file closed for not sending in a form that Countrywide never asked us for. That was dealing with Countrywide.

Well, when a seemingly good bank (Bank of America), swallows a large problem whole (Countrywide), you know the outcome. The problem remains, but under a different name. Bank of America.

I had been working on a short sale with Countrywide/Bank of America for well over a year. It was a divorce. The first contract we sent at the beginning of the listing, was denied in one month. Why? Not enough money. It was the the highest offer we would ever see on the property in question.

The second offer came about six months later. Was with Countrywide/Bank of America for three to four months. Lower offer, but the writing was on the wall. The local market was in decline. The neighborhood where the property was located was in a steeper decline. Those months it took to accept the offer came back to haunt Countrywide/Bank of America when the buyer's appraisal came in. It was nearly $20K off the accepted sales price. Countrywide/Bank of America refused to accept the appraised value and my sellers were forced to kick that buyer to the curb.

Put the property back on the market, not expecting what we really needed. A cash buyer willing to overpay for the home and forgo their own appraisal. My short sale prayers were answered when that third offer came in. My sellers sent it in. It was the amount that Countrywide/Bank of America has refused to move down from in our second scenario AND, there was no seller subsidy as there had been in that second scenario.

Despite what should have been flagged as a slam dunk, Bank of America (no longer calling the monkey on its back Countrywide) took four months to get back to us on this deal. The deal was accepted BUT, the approval letter wa not the same approval letter as Countrywide had sent before. This one left my sellers wide open to collections in the future for the shortfall of the mortgage payoff.

We asked Bank of America to remove that wording. After all, they had received MEGA money from the U.S. Government to help them cover such shortfalls. Seemed qutie greedy of them to take from the government and then threaten to take that same shortfall amount from my sellers. The loan would be repaid and then some.

When Bank of America refused to changed their short sale approval letter and remove the collections language, my sellers declared bankruptcy and told Bank of America to shove it. My sellers refused to move forward with the short sale, and who can blame them? Now Bank of America has paid the attorney's fees to foreclose (estimated at a low end of $40K in my state) and will continue to face the same or worse market conditions. Not a good business move, but that's Bank of America for you. Wasting America's money!

Chris Ann Cleland, Realtor- Licensed in Virginia, GRI & Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.

Posted by Chris Ann Cleland, GRI on 10/23/2009 09:50 AM

Comments (145)

Bank of America Short Sales in the Home Selling Channel

bank of america short sales, countrywide short sales, bank of americas takeover of countrywide, corporate greed

Originally posted at: Speaking of Homes...: Bank of America Short Sales and Their Endless Runarounds and Contradictions

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145 Comments on Bank of America Short Sales and Their Endless Runarounds and Contradictions

OCT

I'm done with B of A period.....the loans take 2 months to close and you have NO rep to talk to, the short sales are almost impossible to get approved and there are many things they won't allow. Just done!

Karen: On new loans their closing costs are unreal! I'm hoping their short sale approval letters get less harsh. If not, they are going to be drowning in lawyer fees from foreclosures and the American citizens will have to donate more of their hard earned tax dollars to BOA's failures.

Wow, yes, don't I know! This creates a real burr in the saddle! I have similar war stories or maybe I should say horror stories! It seems the whole lot could be replaced with more competent people. I have to keep in mind, I wouldn't want their job. But it is ridiculous! I had one that took over 8 months and 3 appraisals, to get approved and by then the buyers decided to walk at the last hour due to the changing market.

I've had other institutions close them in 30-60 days. I just am more selective in my pursuit now. I'm learning the good, the bad and the ugly lenders out there. Now, I refuse to take them from certain UGLY lenders.

Chris Ann: I had actually thought BofA was going to be an improvement over the disaster of Countrywide shorts - and it seemed so, for awhile. But... we have begun to see a few strange changes. Just yesterday, we had a short that was in phase II, decent negotiator and progress was normal - all of a sudden just switched to another negotiator. Our original phase II is still there and said admin switched files. The shameful part in this is that the 2nd has been approved and expired twice in the time the BofA situation has gone on.

Chris Ann, I think you articulated what many folks feel here about Bank of America. They bought bad assets, and now have to deal with them through Country Wide.

I can't really blame your sellers they were more than patient. I think as time has gone on the banks have realized that some states are deficiency states and here in Michigan they can come back for 6 years. So it is not a new start in life for our sellers.

They can be harrased forever.

Jerry: I won't refuse to deal with them, but I don't they are not my bank of preference when it comes to short sales.

Cathy: That happened each time with the second trust on this property I discuss. The second was always faster and ready to go. BOA was just dead in the water.

Missy: Tthe logical side of my brain says that if BOA has received government bailout money, they need to use that. AND, if a homeowner is willing to save the bank tens of thousands in foreclosure costs by doing a short sale, there should be a benefit to the sellers. If not, it's just going to continue to cost the banks more money to be greedy.

Chris Ann --- I just cannot get my head around Bank of America's logic --it certainly seems to me that if they are getting government money, why not assist the homeowners instead of making things worse.

Mama Liz

Chris Ann, My experience with BofA mirrors yours. I partnered with a woman in my office to handle the short sale business. We invested in distressed property education to become "short sale experts". To our dismay we found that it really doesn't matter to BofA if you know what you're doing or not, because they don't. We haven't closed anything successfully with them yet. Most other lenders are "easy" to deal with in comparison. For now, I will not deal with them at all.

Liz: It amazes me too, the depth of their stupidity. They keep shooting themselves in the foot.

Greg: I closed a couple with Countrywide before BOA gobbled them up. But with BOA, only a second trust that was successful in getting to settlement, but not without a HUGE fight.

Hello Chris Ann,

I have been working short sales for over 5 years. Countrywide was a nightmare for me. I had a short sale that switched from CW to BofA midway during the takeover, and I immediately noticed a huge difference in the way the short sale was handled. Case in point.... One time I had a buyer for my CW short sale, and they walked because the buyer got anxious with the amount of time it took to hear back from CW. CW gets back to me with an approval, and I (mistakingly) informed them that they buyer walked. CW then said I had to start all over. Made no sense. Why can't we just use the approved amount as my price point and let me find another buyer? BofA is much more responsive and efficient. I have had buyers walk in my short sales with them, and BofA gives you another 30-90 days to find a new buyer. This makes much more sense since keeping a buyer interested in a property for months at a time is a challenge in itself. With BofA, I am privy to my negotiator's full name and email, and I am able to correspond daily. BofA is one of my fav lenders to work with right now. Chase is a different story..... As far as the language in the closing doc goes, if the house had gone to foreclosure, they would be in the same predicament. The lender can either issue a 1099 or pursue a deficiency judgment from the discrepancy in the amount of short fall between what is owed and what is the payoff. Of course, I always try to have the language removed, but I do not allow it to kill the deal.

Kathy: Haven't noticed a difference between Countrywide and BOA. I got the lenders email from Countrywide too, and was able to correspond. Didn't make anything better. Maybe it's the different investors that dictate the insane behavior I've seen. My experience with Chase, on the other hand was AWESOME. Fast and efficient. It's probably the investors.

Great post. Excellent points! Thank you so much for your time.

I had a few bad experiences with BoA on normal loans for buyers. THank goodness I haven't had to deal with a short sale. They are wasting our money!

After 18 months of hearings watching all the banks sit before Barney Frank, Chris Dodd and all the idiots from both sides of the isle or political spectrum it should not be a surprise the toxic assets still sit on ALL the banks books. Amazingly only one representative asked or observed the banks doing the so called modifications or short sales provided no information on how they approached the modifications for the consumer or how they were going to work the bad assets off their books.

There is no motivation if there is no pressure and besides they are probably insured by AIG.

Bottom line there is no aggressive measurement or standard banks are held to making sure they are doing the tax payer bidding.

Banking lobby is the number one lobby in the country and obviously they continue to be effective.

Great post.

Chris Ann,I cannot stand BOA and reading your post and the comments about it tells me I'm not alone. The thought that they received public funds makes me want to puke! And, speaking to someone in their call center in India only adds to my frustration. I want to say so much more but I'll stop here before I have to start adding "bleeps" to my comment.

I've had similar experiences with BofA and they really seem to be lacking any kind of 'order'... I really have to check myself before I take new BofA short sale listing!! I've heard that Wells Fargo is making significant strides and you can open a short sale file without having an offer now!! PROGRESS!!! Thanks for posting!!

Aaron: BOA frustrates just about all of us in this business.

Team Honeycutt: I had the same issues on hoem loans. They are terrible.

Kirk: Banks are number one. Thought it was the healthcare industry. Either way, the little guy gets screwed in the process.

Gary: Haven't had to deal with a call center in India yet. That was Ocwen. I hated dealing with them.

Stephen: Wells is great, most of the time. Doesn't mean they can't be unreasonable sometimes as well.

The absolute stupidity of these banks is just breathtaking. Let us put aside your seller for a moment. Bank of America could have had more money months earlier, instead they opted to put your client through the ringer and ultimately get less later on. I have dealt with many short sales and sometimes I get an Alice in Wonderland feeling about the process. Now these same clowns are complaining that their pay is being cut. What have they done to earn anything?

I currently have a listing in the Tampa Bay area that is a CW / BOA. It was submitted to them almost 5 months ago. Progress is being made but very slowly. So far the buyers have stuck with us, but I'm sure it is wearing on their patience. Especially since they are trying to get in on the tax credit. I have my fingers crossed it will get approved and close in time, but BOA is definitely in no hurry.

Paul: In my view, mismanaging a company of this magnitude is grounds for dismissal. They are lucky if all they get is a paycut.

Rob: I have my fingers crossed for you. I think the most we can do as listing agents is set expectations with BOA short sales. I've found 4 months is about the rosiest scenario I can paint.

Chris Ann, I have had similar experiences with Countrywide/B of A. The last short sale offer I received on my listing was cash and no contingencies. 4 months later we still do not have an answer and I have been given the contact information on 8 different negotiators. Run around, yes indeed. I had another mortgage company accept a short sale offer in 3 days, closed in 27, buyer was financing as well. That bank did sell for a deficiency, but the loss was much less than those B of A is taking simply based on lack of efficiency and willingness to work with these unfortunate situations. Frustrating as a taxpayer, having the knowledge of what could be taking place to assist with getting these bad loans off the books. I wish they would take a different approach to their short sale offers. Good post Chris Ann!

David & Kristin: We should take that taxpayer money and streamline their system. They are losing so much money to inefficiency.

I would think an uproar would get them motivated to improve. Its always a challenge with them and never changes.

Typical conversation when looking at short sales.

Q. So who's the lender on the short sale and how many notes?

A. Bank of America. Only one loan though.

Response: RUN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I'm not going to start on all the nightmares with BofA and the short sale division. There's no end to this discussion. They need major help. It's almost like they want to fail!!!!

Chris - I have yet to hear ANTYHING good about how BofA has been handling short sales, for whatever reason. They seem to take longer than anyone, among other issues that I have heard. I can't speak from personal experience but the word on the street is not good. People getting involved with these short sales need to know what they can expect - a very LONG approval period.

Jeff

BOA sucks.

Hey Chris Ann,

You are no doubt right on short sales...I run from them whenever given a choice. But what is odd is I have two new loans with BoA scheduled to close soon and I can't be happier. They have been on top of it every step of the way(something I can't say for Regions right now). I know the short sale dept is a mess, but when it comes to new loans I have to say that I rely more on the person I deal with than the lending institution. The institutions are never better than the people they employ!

Verlyn

Chris Ann,

Great post. Thanks for the detailing of this saga.

Part of the story is in the choice of terms. A bad loan (short sale) is a liability. A bank owned property is an "asset." Thus the balance sheet for the bank actually looks better when they have foreclosed on a bad loan even though that asset will now cost them more, sometimes much more, in real dollars than the short sale would have.

The banks have a completely cockeyed way of handling their balance sheet. A banker friend told me that the banks don't make as much money in mortgage loans as they do in credit cards. That mortgage loans are almost a loss leader.

Bank of America is getting ridiculous. But, at the same time, so are all the others. I can't tell you how many good offers have been lost due to the wait to get approval. Then, you get another offer that was previously an agreeable number and the whole process starts all over again and then you loose that buyer.

It's a good think we are such kind hearted, hard working Realtors who keep banging our head up against this brick wall. When they do work out it makes it worth all the effort (assuming your seller's realized what you have done for them!)

I blogged about this, too, to complain that the negotiator who finally began handling my seller's case three months after we submitted the file didn't want to recognize multiple deaths in the family as a hardship, and that funeral expenses are not recurring (they are, if they were charged on a credit card!). Four months into the process, we finally got an approval. By the way, these loans were bonafide Bank of America loans, not Countrywide.

Now, I am on the buyer's end, and the seller's agent is complaining about the same things, that they've had to resubmit the package multiple times before they acknowledged receipt.

We're heard this over and over and over...Bank of America is one of the worst to deal with when it comes to short sales.

But then again....let's stop to think. Since we're begging for forgiveness of the loans, is it worth it to wait?

I'm wondering if it would have been better to let CW and these banks just go ahead and file bankruptcy, instead of bailing them out of their bad behavior. You know, Chris Ann, if you, or I, or any of the others on this thread were to do what these politicians, bankers and CW has done, we would be in jail!

I am in the marketing and training sector of this industry and do not sell real estate, but I keep a pulse of what is happening by listening to you guys and reading your posts, because you're in the "trenches" and have to deal with these goons every day.

What I am just totally amazed about it, is that the people they have had (and still have) running these companies and agencies don't know the first thing about real estate, financing, or mortgage. Where did they get these guys? It was said earlier that if we were to perform as inefficiently as they have, we would be fired from our job.

I'm writing a series of articles and would like to include your comments in it. I would like to include all the contributors in your thread and would like feedback before I send it to publication. Perhaps you could contact me through AR or directly at guerrillarealestatemarketing@gmail.com

I am also on FB at http://www.facebook.com/ernest.odell if any of you want to coordinate with me on this article.

Regards,

Ernest O'Dell

Great post Chris Ann!

Have TWO packets in with BofA for the over three months. It's at that point for both... they are the WORST for response (NONE), they are the worst for updates, losing packets, additional docs and more.

On the other hand I just got an approval for a buyer from One West Bank(IndyMac) that took two months and we're moving ahead now.I really hope we don't run into problems like BofA.

Chris Ann,

I am in charge of the short sale division of a loan modification company. The stories from the mitigation department regarding CW/BofA are just ridiculous.

The key.....When you find a good negotiator or supervisor, THANK THEM. Send flowers, cards, gift cards...thank the negotiators and processors at these banks that are actually helping. So often a simple gesture of appreciation is forgotten but can make all the difference. These negotiators have a thankless job. After three years of running around we have now built two solid relationships one with a negotiator. and one with a supervisor We still have to do all the approval phases and deal with appraisal issues and such but at least we get pushed through faster and have good communication. They don't get all our deals, but if they have access to them in the system we can normally get them pulled to their team. Also, if you get your call transferred to an out of country facility hang up and just call back. You will get no where with them. They never know whats really going on with the file.

Good Luck fellow Short Sellers....and Have a great day!

Chris Ann - I am So Sorry! I know it is of no consolation to you, and I think it's exactly THIS type of story that needs to get onto 60 Minutes. If the public at large had faces to put to the people being screwed by big banks, maybe the outrage would be more pronounced. Big banks are absconding with our money and NOT using it as directed. It's just disgusting. It's gotten to where when I interview short sale sellers on the phone, if the loan is with B of A or their bastard child Countrywide, I politely decline. There are too many people with Wells Fargo, Indymac, or Wachovia loans that can actually be completed.

in general bank of americas performance is pathetic, so why do people still do business with them?

Chuck: Would love to know what type of uproar you suggest.

Michael: The more they fail, the more government money they get. So why not fail?

Jeff: There was one commenter who'd had good experiences with them. So far, the rest are negative.

Greg: Well put. You'll be happy to know that this blog has already been read by a buyer who is now looking for another lender.

Verlyn: On the contrary, I don't run from short sales. It's the majority of my business. BOA is just a pain. Glad you've had good experiences. All mine are terrible, even on the loan orgination side.

Pili: Thanks for the view from the banks. I always wondered why they can be so quick to foreclose. Even though it's an "asset" once they've foreclosed, they are still facing much larger losses.

This is just terrible for your clients and everyone all around, why can't they just see the fine print here! That is very frustrating. It's just making this economy spiral because like you said the banks are taking too long and when something might benefit everyone they don't go for the deal. I appreciate the post.

Angie: Most of my business is short sale listings right now. They aren't all terrible. You just need to know what you're in for. Expectations are everything...even setting them for ourselves.

Pacita: For a seller, it's always worth it to wait. But if they aren't forgiving the loans in the approval letters, it is rather pointless. So it really depends.

Ernest: I'll be in touch with you. I'm never at a loss for words on this subject....or any others for that matter.

Rich: Thanks for stopping in. Great to see you getting involved here on AR.

Sally: Wasn't Indymac taken over by the FDIC? I had a Franklin Bank transaction that was done by the FDIC. Smooth sailing.

Cheryl: I am very good about thanking people, but don't think we need to bribe with gifts. I hope that is not what you are suggesting.

Christianne: I will only turn down short sale listings if I think the sellers are not in a true hardship. Just because BOA is terrible to deal with doesn't make their short sale sellers any less in need of help.

Jay: I don't know why people would bank with this institution or get loans from them.

Alyssa: Glad you liked the post. As for the banks, their CEO's and higher ups will be the only ones standing soon.

Chris Ann...

And they don't seem to care about their public image ... how embarrassing for them. Congratulations of the feature!

Then we should all pull your accounts with them at the retail end, not use them to originate loans. This is all they will understand. Maybe going out of business would have been that bad for them.

Richard: Thanks! As for the public image, it is really like they think they are immune or untouchable.

Eric: I have been able to save buyers THOUSANDS by recommending they get a second good faith estimate from another lender. BOA's closing costs are outrageous.

Unfortunately BOA is run by human beings who have the same trouble as many homeowners in facing up to reality. If only they could hire from Mars, Venus, somewhere!

Chris Ann,

Absolutely not bribing them. How sad that a comment about taking an extra step to thank someone would even come across that way. I do not work that way. I have very high standards in my business and personal life. I do not think a card, handwritten thank you letter, flowers, or a Starbucks gift card for a cup of joe...is a bribe ..it is going that extra step to show your appreciation for someone there actually doing their work. Maybe I should have clarified gift card better...

A verbal thank you is great and we all shouldn't forget about politeness and common courtesy when dealing with a frustrating process. I am talking about when you find the negotiator or supervisor that will spend an hour or two to actually hunt down the file, review the contracts and appraisal and go through it page by page to see exactly where it should be...that person you better do more then just say thank you too..send them a card or flowers. It will be appreciated and not forgotten.

I am very aware that BofA is not sunshine and roses I just wanted to add a possible solution to consider instead of just venting about a problem that isn't going away anytime soon.

Have a great day!

Wow, Chris. It sad to say but it isn't just Bank of America that is having problem taking care of all the short sales. I actually went to the court house last week to represent a client who had an offer submitted on a property and the banks opening bid was less than what the offers were submitted for. Insanity

Yes I too have had some difficult times with Bank of America. I just keep putting more in the pipeline and hoping too many dont fall out.

Chris Ann - Great Minds think Alike. I was planning a "BLAST POST" about my current Bank of America Short sale..... I feel your pain, frustration, etc. My sellers have BOA as their "SECOND" mortgage holder! It's been a nightmare too - since April 09 and still "NOTHING".

Chris...I've been on this Hamster Wheel for months with BofA...the harder I push the more that gets lost, miss filed, or simply ignored. The short sale deals back in the early 90's didn't go this way..they looked at the offer and gave you a yeah or a nay quickly, you closed or you moved on. The wait is hurting the recovery, people can't buy something else if they think there is a glimmer of hope to close on the short sale they are working on for months and months, and months.

I've have had very similar experiences with BofA. We're currently in the middle of a BofA short sale and, despite the apparent logic of the deal, I'm not overly hopeful based on past experience with this lender.

I came across a post by Robert Hetzog yesterday that may shed some light on these seemingly illogical positions banks are taking. Here's a link to Robert's blog post - Is The FDIC Killing short Sales? I had previously heard that for some banks it's actually better to foreclosure than to accept a short sale that is likely to provide the best price. Robert's blog gives some pretty good detail on why this can be the case.

- Scott

The realities of your post really hit home here as well. Bank of America has been notoriously difficult for me to deal with on a couple of short sales here. It's incredible to me to watch what they do with all that bailout money.

Chris Ann- I am in the same boat as you and many other agents. BOA has been the toughest to work with by far. I have one file with them that I visit every week to see how things are progressing. I have been working this one since early February. A quick answer to what they are doing with all of the government funds they received. They are paying it out in bonuses to their executives. Should we expect something different?

two words, they suck!

As I am agreeing with all my fellow agents about BOA ( and getting my blood boiling ) I just received a fax from the buyers attorney on my S.S from over 10 months, 1st buyer walked after 6 months of silence from BOA , and now the fax informs me that the # 2 buyer is requesting their earnest money back.and both offers where higher than the appraisal !

Wow, I am seemingly the only one here that has had good luck with BOA. Mine was more on the personal level though as in refinancing my own home rather then a short sale representing a buyer or seller. But I can share horror stories about other large banking institutions including Fannie Mae and Freddie Mac. This is aggravating about BOA, how dare they? And all the others?

Hi Chris Ann, no wonder you told me to run, not walk as fast as I could away from the BofA deal I was asking about in my blog a month or so ago.

It is a huge challenge to get a short sale through B of A. The corporate culture at B of A speaks volumes to the real estate industry. THINK about this in the future when you make recommendations to Home Buyers about potential mortgage lenders!

I agree with the statement about taking listings that are B of A short sales. The probability of success is low compared to other lenders. Other lenders have figured out the process and responded to the marketplace. B of A has chosen to put the marketplace on hold....literally!

I am currently representing the buyer for a short sale with BOA. It has been 4 months. The file has been lost numerous times, negotiater assigned, then no longer assigned, then lost again, elevated status for 3 wks. now we are supposedly getting an appraisal. It is no wonder they just lost 7 billion dollars. You would think that they might want to be more efficient.

Wow, I bet judging from these comments that BOA should not submit themselves for reviews on Yelp.

Chris Ann-this gives me a sinking feeling in the pit of my stomach. I just submitted an offer on a BoA short sale. We may have to rethink this deal.

Chris Ann- Thank you for your blog about Bank of America. Though, as a community banker, I won't comment specifically about another bank out of professional courtesy (and legality), I agree wholeheartedly with Ernest Odell. I'll add this to what Ernest said: If the big banks had simply been allowed to go under, customers would have naturally migrated to community and regional banks, which habitually do business in a less-centralized and therefore inherently more common-sense manner. As it is, community banks like mine are facing intense regulatory pressure from a capital standpoint, yet it's now becoming public knowledge that the megabanks which received TARP (i.e. BofA, SunTrust, etc) are under capital pressure all over again.

I'm temporarily serving in our community bank's special assets division. On a regular basis we have discussions of "Do we accept this lowball offer today or run the risk of losing even more - and absorbing tremendous carrying cost - down the road?" Unfortunately I don't think there's any breathing room in the hallowed, red-tape-papered halls of BofA for such discussions.

A case in point to illustrate how much more smoothly a community bank operates than a megabank: One of my long-time customers had closed a refi of their personal residence with wholesale lender Taylor, Bean & Whitaker the week before TBW shut their doors. The customer's 3-day rescission period passed but the attorney had received no funding from TBW. Our mortgage originator was keeping the phone hot with TBW, receiving nothing but runaround. At one week beyond the rescission period, we made the decision to fund the cash-out portion of the customer's loan internally, which we closed that same day. We secured the loan with other collateral, thereby preventing any further "cooling off" issue.

The day after we closed our customer's temporary loan, national media broke the story that TBW had folded. Lenders subsequently received emails stating that no closed loans would be funded and no closing costs would be refunded. We then sent my customer's refi package to another of our 3 wholesale lenders, waived all fees, and the loan was funded by the other lender in under 2 weeks.

My point? Refer your clients ONLY to community bankers.

Clark Blackwell, Community Banker, North Metro Atlanta, GA

with all the frustrations that people seem to be feeling against the banks I cannot seem to understand how anyone still banks there? these banks do it to themselves they borrow money from the govt. then dish out bonuses now the govt wants to get involved on salary cuts etc. which will hurt everyone but banks like BofA are bringing this stuff on to them.

And fyi with the loss provisions put in place by the fdic some of these banks actually make money not lose money when it goes to foreclosure vs. when they do short sales they lose money most people do not know that one.

But we keep paying for it ;-)

I'm fed up with the bank procedures surrounding short sales. Someone should be able to develop a computer program outlining a series of steps that can take a short sale buyer from offer to closing in less than a year. Everyone loses money with the current practice. I guess it doesn't matter, since the American taxpayer is picking up the tab.

None of this is surprising...they have been the scurge of my office. Bank of A is one of the big banks that still hasn't paid off the TARP. Instead of lending out the government(OUR) money to help stimulate the economy, they are holding on to it to improve their balance sheet. They are terrified of seeing their stock price tank the way Citigroup has, and of making MORE bad loans in addition to all of the junk they picked up when they bought Countrywide. Every loan originating with B of A is going to take a long time until that company feels stable enough the way an institution that large should.

LOL I totally agree. You know many years ago, Bank of America got a really bad reputation around, and people just had nothing good to say about them. And, then they turned around, and seemed to be okay. But when they took on Countrywide, who ALSO used to be a great lender, they took on a really bad seed. I won't use them until they prove themselves again, and that should be a long time.

Chris: BofA are not the only ones selling off loans to collection agencies... I wrote a blog about that before... how my client was chased down after Wells Fargo and Citibank had sold him off to collections. It has become an accepted practice. And for the consumer, why not declare bankruptcy and get that monkey off of your back. Everyone is having credit issues and people will look back at this time and understand. This is bad for all of us!

We had a countrywide short sale become a BoA deal and it has been a nightmare. I don't understand how these people think that a buyer now will pay more than an REO buyer later.

Chris Ann, I am sorry to see that this madness continues, I just had lunch with a client I sold a bank owned property back in 1990 during the S&L Crisis and he reminded me that it took 1 year and 4 months to close. believe it or not this will end someday and the sooner the better!

Chris,

Lively discussion here. BofA and some other large banks are seemingly mismanaging themselves right out of the marketplace. No problem, there are always more competent ones, and hopefully smaller ones, ready to step into the void.

Sigh - we have one in right now CW/BoA - first offer got rejected and they flat out closed the file. Now 2nd time around we are at Phase 2 negotiator!!!! and fighting back foreclosure sale. Unreal. ~Rita

Chris Ann,

Trust me on this.....I had a short sale listing with Countrywide. It took a year and half to close. I just closed it last week under BOA. you must have worked with the same people we did. Problems all over. As a matter of fact....we had it approved at a price that was more than 20k higher and they told us if we didn't accept X% commission then the deal was off. That was last year..lets just say not only did they screw us..they screwed themselves in the end..they needed to do a new BPO and the home closed for over 20K less and on top of that ..because it was a Fannie Mae loan..they paid us the full commission plus a $300 processing fee...hows that for getting your butt kicked? Now they aren't allowed to negotiate our comissions unless its above 6% if its a Fannie Mae or Freddie Mac loan.

About two months earlier I was at my whits end and suggested my client just file a deed in lieu. BOA said yes..and within two weeks told me to resell it as a short sale.... they were fools...they have no ide what is going on there..trust me there is more to my story but it would take me hours to tell you so your not the only one. I'm not sure that they could really be that stupid or they were just trying not to make this deal close...but we won in the end.

Hi Chris. In my experience with short sales in Tampa Bay it has gotten MUCH worse which of course is an understatement. ~ Lana

I completely agree. I have been working on a short sale with BofA since April. The first offer was short about $8000 with all fees included. That buyer got tired of waiting and cancelled the offer. The offer now with BofA is about $40,000 short and I am on my 3rd negotiator; not that I have ever talked with them. I just get requests to send the same information over & over. This week, I learned that although there was a completed appraisal, it is no longer on file and has gone back to a phase one negotiator. I will NEVER do another short sale with BofA. If you express any kind of displeasure, they just hang up on you. Know wonder they are in trouble.

Richard: It's not reality, it's business. It's black and white.

Cheryl: Thanks for clarifying. I do my best to keep a level head and be friendly with all negotiators or employees that help me. I tend to get farther with kindness.

David: Of course the opening bid did not take into account commissions. Those auctions don't.

James: BOA is not preferred, but I don't turn down BOA short sale listings. The one here got me two or three buyers during it's year on the market.

Christine: Keep at it. Eventually you will get through.

Steve: Hampster Wheel! I use that one all the time. Great minds think alike I suppose.

Scott: I'll have to stop by and see what Robert's talking about with that.

Emily: It's sickening really.

Terry: Because the executives did such a good job? At what? Screwing up our economy? If that was the goal, award them the bonuses. Otherwise, I don't see how they hold onto their jobs.

Michael: Yes they do!

Brenda: Too bad I couldn't find a graphic of someone shooting themselves in the foot. That's what they are dong.

Deborah: Glad your refi went well.

Liz: Yes. It's all crystal clear now. :)

Sally: And while they've put the marketplace on hold, their high level execs are collecting bonuses and living it up. For what?

Kristi: The problem is that they truly have no idea how inefficient they are.

Joe: Yelp is a new one for me. Will have to check it out.

Cindy: Just do what everyone else in our market is doing. Keep writing offers on other properties and back out. Murphy's Law says that's when the BOA approval would come through for that seller.

Clark: I do. And you illustrate your point very well. Thanks for the comment.

Gene: And we will continue to pay for it. One way or the other, it's coming out of our pockets.

Millie: Less than a year? Try less than two months. It's not that hard for other banks.

Michael: As has been pointed out here again and again, it's a wonder anyone does any business with them at all....even a regular checking account.

Jean: I agreed with your last sentence up until I read the word UNTIL. They have proven themselves incapable of running a financial business. There are no more chances to win me over.

Linda: They aren't the only ones, but their short sale "approval" letters are a joke. A short sale should have the incentive of knowing that you aren't going to be hounded later down the road. Otherwise, why is it any different than foreclosure?

Phillip: The lack of common sense is utterly amazing.

Russell: Must have been one heck of a house to wait for over one year to close.

Esko: Competition is a wonderful thing.

Rita: Keep at it. Some of them close.

Neal: Don't buy too much into that Fannie Mae feel good about commission. They have their ways of screwing you out of your money still.

Lana: Yep. Worse is a good word for it.

Donna: I have called my Senators and Congressman to complain about BOA. In my view, if they have given my taxpayer money to these morons, then these legislators are on the hook to help me with short sales.

Chris Anne,

They didn't even try to negotiate. We got it,

Neal: Just don't rest with the knowledge you always will. I recently had a Fannie Mae get negotiated down to 4%, but it was a technicality they slithered out on.

Understand the frustration you are experiencing, slthough BofA is just one of many banks who have experienced a huge number of foreclosures and short sales (virtually the entire real estate market in some area), and it hit them so fast, they weren't prepared to handle it. So what do the banks do? HIRE PEOPLE. But of course, there is a lot that goes into approving a transaction like this, and those that are hired so quickly aren't trained very well. Remember the phrase "trial by fire". Makes sense here.

Over half the purchase loans i have done this year are people either buying short sales or foreclosures. Some buyers get responses in days and some take months. Then my work begins on the new loan. A selling-bank will have to do their own appraisal/valuation, which takes a few weeks, before approving any offer. If they had an experienced realtor, this may have been done in advance, which speeds the process up dramatically and then it's just your offer to be approved. If they hadn't started that, they will do so BEFORE giving approval.

Buyers should be educated to be patient. If they are, they will get probably a great deal on a purchase. If they or their agent aren't, or they upset the selling-bank-rep by constantly calling/emailing, and wasting the rep's time ... then their deal might be put on the back-burner. Nobody is lazy or ignorant. They just have hundreds of active files on their desk with all demanding top attention.

On the normal loan side ... you will not get great or fast service from a retail bank. My company is a Direct Lender and BofA is one of our biggest investors. When we do the loan first and then sell it to BofA, we close in just 3 or 4 weeks. If BofA did the whole thing, you will get a higher rate, higher cost, and slower turn-time. Similar difference between a commission realtor vs a salary realtor, if there was such a thing. Hope i'm making sense.

Bottom line is to manage yours and your client's expectations if you plan to make offer on short-sale or foreclosure. GOOD LUCK!

Chris Ann - Your post sounds like my life, too! I have had the underappraising buyer loan, by BOFA itself on the buyer mortgage end. Even then, they refused to adjust their price and closed the file! I've had repeat offers with terms I know they want, only to wait four more months for approval. Now I am on one for a record eight months, as of today in fact.

Hi Chris,

I think we have all had our nightmare BoA/Countrywide deals. I have a victory for hope! I just closed a BofA short sale with a silent BofA second with HOA fees and all. I am on my way to another BofA close in two weeks if I can get the income tax lien paid! I think I am getting the BofA short sales because no one else will touch them, that is where opportunity always occurs.

As a stockholder I was horrified when B of A bought the failing Countrywide !!! What pompus egos pulled the trigger on that one !!!

Chris Ann- I know your pain! I feel your pain!

For us, with Countrywide we had all the connections to get the deals done in a timely manner. Even after BofA took over we still had our contacts and even had an approval on one of our files in 3 days and some in as little as 60 days. But now BofA fired all of our contacts all the way to the top and all of a sudden we are not sitting so pretty with bofa.

I don't know if the banks will ever get a clue and yet, I am not so sure I want them to since they always wanted to be in the banking business I am careful what I wish for. Katerina

Chris Ann, these stories are outrageous. They involve real people's lives. I don't know what is to become of the housing market with such greedy, lazy and stupid paper pushers in charge of foreclosures.

Chris Ann, I love helping folks but tell my sellers with BofA that all I can do si my best. I list them. I sell them. Then I call everyweek for the next 6,7,8,9..........months. These deals take so long I have to resell the properties over and over and over again. When I do finally get one closed I'm lucky to make $1,500 since values are so low in my area. Oh well.....such is the life of a short sale agent.

Short sales with BoA leave us all with very short fuses, including your sellers. I really cannot blame them for going the BAnkruptcy route to make sure of a discharge and it serves BoA right. When oh when are they ever going to learn?? Probably when we are at the end of this debacle.

Chris Ann, You are doing us all a great service with you post...hard to tell how many hours you have saved other folks...and I will be passing this along to my local BofA contact...let's see what the local management thinks when they see the black-eye they have given themselves...sometimes that is a real motivator!

Chris Ann - I feel your pain. Since March of this year, I have been working a short sale listing - Countrywide/BOA - sounds like the same story - right now waiting to see if they will accept a cash offer, and hopefully the buyer will wait, and yes, they have turned down 4 other offers. The ending to this story could turn out the same as your story - bankruptcy.

Bank of America is what GREED is all about.

They don't give a Sh**&

They are the worse. .just got one of my clients in dire straits for the next 7 to 10 years. .they foreclosed because the FAX was LOST

ANd I just heard now that they are declaring bankruptcy. .

GREAT JOB BoA

GREAT JOB!

A Pack of Monkeys would make more sense to negotiate short sales with. .

My clients got a bankruptcy and a foreclosure on their record and you get the SHAFT because your property lost 15% more value since we started the short sale.

When everything gets to normal. .

I WILL GO TO EXTREMES TO DISCOURAGE ANY CLIENTS TO DO ANY BUSINESS WITH YOU. .

Bank of America is, hands down, the worst bank to deal with on a short sale. The only thing worse is when the loan originated at Countrywide. And, as you probably know, now that it's running the short sales through REOTrans, it only gets worse. I can't even access the REOTrans web site from my Mac. They changed the platform on me, and I have an account with them. It's simply sheer madness, and I don't even get upset anymore. It's just the way things work with Bank of America and short sales. I tell all my sellers to be prepared to take a slow journey into the depths of hell.

Chris Ann, the best that could possibly come from all of the comments here is that BOA takes a closer look to see what is happening with the public perception and ultimately their worth. They've got to know that someething needs to be done as they simply cannot function like this forever if they want to be a bank in America. You've sparked a lot of good comments here!

Chris Ann - Due to AR's policy on language, I am unable to accurately describe my feelings about Countrywide, particularly when I look back at several short sales over the past year. I shook my head in disgust when BofA decided to purchase them and now they seem to be going down that same path.

Chris: And their new name is One West Bank....

IndyMac Bank's new name: OneWest Bank - Los Angeles Times

Mar 20, 2009 ... The sale of IndyMac Federal Bank was concluded Thursday, and the new owners wasted no time in ditching its tainted name.

I'm not a fan of short sales... There need to be some major changes.

Hi Chris Ann... I hate to single any institution out, but Bank of America is the only one that comes close to making me want to give up. Their representatives routinely give me headaches with their illogocal explanations for things. Fortunately for my clients, it only strengthens my resolve to get deals done with them.

Chris Ann,

It is a not so surprising unison in feelings towards Bank of America. Of course, we know just one side, and looks like everyone is fed with one side up to the nose...

BoA does not care. They know that all they have to do is get the Administration to print more money for them.

I just listed a short sale with BofA holding the 2nd. I'm not a glutton for punishment, I just want to help the seller roll the dice with loaded dice in hand. I'm employing an awesome negotiator. We want to get this couple moving!!!!

Bank of America sucks!

This seems to be an ongoing story with many people involved with Bank of America and short sales these days.

Hi Chris -- This is a national tragedy when this company has been kept afloat by you, me and everyone else. This is completely unacceptable.

OCT

Ah yes.......my favorite ..........NOT!!!!!!! closed one with seller and closed one with buyer. Each took about 8 months from start to finish.

Inexcusable. Perhaps the BofA spies will read this blog and take some notes..........then maybe not.......

Remember in the olden day they had the nasty banker tying up the widow to the train tracks, or soemthing like that . . . well, different day, same story!

Unfortunately, they have been deemed "too big to fail" Really? We need to do our voting with our feet. As a consumer, they have grown too big to serve me properly. It is time to start using the small, local financial institutions that are more responsive to the local community. Time to stop using Bof A! Great Post. When will the media start talking about this?

Lots of comments...lots of information and opinion. Great post. At least Ken Lewis won't be getting all those big bucks he thought he was.

Nothing like reading some Bank of America bashing on a rainy Saturday morning to cheer you up!!! I am personally so glad that Ken Lewis is finally leaving Bank of America. But, I realize that he's the devil we know versus the devil we don't. What will Bank of America be like in the future, I don't know. I wish we had let it fail rather than prop it up. It's that what capitalism is about?

My own experience working with Bank of America to get a short-sale approved or rejects was a nightmare. Let me explain ...

The short-sale started as a Countrywide 2nd mortgage that got swallowed up by Bank of America when they made the stupid mistake of buying a failing mortgage company (we probably should have let Countrywide fail!!!). The seller had a contract which would have cover the full balance due on the first mortgage, but was short on the Countrywide second mortgage. Countrywide failed to respond with an approval or rejection of the contract and the first buyer got tired of waiting and walked from the contract. Can you blame then? Now the seller had to put the property back on the market, now for a lower price and accept a contract that was less than the first and wasn't enough to cover the first mortgage let along offer anything on the second mortgage. So time goes on, now eleven (11) months later and still no response from Countrywide - now Bank of America. What was the seller to do? Loose another buyer, risk foreclosure, declare bankruptcy?

Well the seller stumbled upon an E-BOMB - an executive email carpet bomb or sometimes referred to as an EECB - described in an article on the Consumerist website (follow the link below).

http://consumerist.com/259713/how-to-launch-an-executive-email-carpet-bomb

So the seller found a bunch of e-mail addresses for Bank of America, and then wrote a very, very threatening e-mail to the point-of-contact he had at Bank of America (the "second level" negotiator) and copied the the entire e-mail list he found for executives at Bank of America, including Ken Lewis. Within one day after sending the e-bomb to the negotiator and to the BOA executives, he had an approval for the short sale.

The list of Bank of America executives he sent the e-bomb to included:

Ken D Lewis ken.d.lewis@bankofamerica.com
Colleen Haggerty colleen.haggerty@bankofamerica.com
Britney W Sheehan britney.w.sheehan@bankofamerica.com
Nicole Nastacie nicole.nastacie@bankofamerica.com
Joe Price joe.price@bankofamerica.com
Keith Banks keith.banks@bankofamerica.com
Michael Jones michael.jones@bankofamerica.com
Liam E Mcgee liam.e.mcgee@bankofamerica.com
Brian T Moynihan brian.t.moynihan@bankofamerica.com
Amy Brinkley amy.brinkley@bankofamerica.com
Steele Alphin steele.alphin@bankofamerica.com
Bradford R Dinsmore bradford.r.dinsmore@bankofamerica.com
Michelle Shepherd michelle.shepherd@bankofamerica.com
Maryellen Baker maryellen.baker@bankofamerica.com

The seller's short sale was approved shortly after sending the e-bomb. He was contacted directly by Ken Lewis' office inquiring as to what needed to happen and by when. Then - as if by magic - the short sale moved forward. Maybe it was divine intervention, maybe it was ready to be approved anyway, maybe the e-bomb really worked. In any event, the tactic produced the desired results, moved the short sale to the head of the line, got approved and the buyer settled. It's probably a tactic of last resort. Either way the house is now sold and the seller can move on.

So the the moral to this story is when you've tried to advance using all avenues and failed to make any progress, think you're back is up agains the wall or just have no more hair to pull out, try having your seller (not you as the agent) draft a rather pointed e-mail to the last contact you've had a Bank of America, and copy all the contacts above (especially Ken Lewis and/or his successor). You might be surprised as to the results you can achieve.

Chris, look at the positive for your clients. They got to live in their home for FREE for all of those months. Also, most banks reserve the right to come after the deficiency judgement and your clients made a HUGE mistake by not signing the form and selling their home. The odds that the bank will ever come back to them are nil, and they made a huge mistake by going bankrupt instead. It's like they made it all the way to the goal line and fumbled badly.

We as agents need to realize that the longer it takes on the short sale, the better it is for the clients.

I sure wish I could live in my house for FREE for all the months your all complaining about.

Eric: I should do another series on managing expectations. As for BOA, they've had more than enough time to figure this out. This has been going on since 2007.

Wendy: The longest BOA/Countrywide ordeal I had was 18 months. They are simply horrible to deal with.

Shannon: I've closed them too, and continue to take on those listings. However, they always prove to be a test of patience and sanity.

Michael: It was a weird move, considering the bottom of the barrel financial shape Countrywide was in.

Katerina: Either your contacts left because they were tired of working with the morons surrounding them at BOA, or BOA fired them for not following protocol. Now that you are getting a taste of that standard BOA protocol I'm sure you're ready to tell them goodbye too.

Brian: A mess we will have to slowly push through for years, that's what's left to happen.

Bryant: I know that saga of selling a property multiple times. It is like the movie Groundhog Day.

Corinne: I don't think they will ever learn.

Bob: I imagine the response will be, "What can I do about it?"

Sharon: I hope yours turns out better.

Fernando: Lost faxes, not turning in paperwork that they never asked us for....it's the runaround. I've gotten that from Wells Fargo too, though that is usually negotiator specific, and the bad ones are told to hit the bricks rather quickly. Too bad BOA doesn't institute the same policy.

Elizabeth: What drove me crazy was when BOA went to SecurePort email. I emailed them back saying I couldn't open their email. Nothing! They simply don't care. I worked for two days with their own tech support to figure out the problem, needless to say, the tech support was worse than the Short Sale negotiators. Finally, after chatting with a girl in our office, I figured out that I had to use a second email platform that I normally don't use. Problem solved. And after two days of stressing, the email I opened with WORTHLESS.

Lynn: Like the new picture! As for the comments, I wish someone from BOA would stop by and take a look. They are ruining their reputation.

Tchaka: Symbols work nicely to let us know what your real thoughts are.

Sally: One West Bank. Thanks for stopping back by to let us know.

Lane: I can't say I'm not a fan of short sales. They are not my preferred method of business, but in my market, they dominate. So what's a girl to do? Roll up her sleeves, hold her nose, and dig in. :)

Steve: I remember an irrate phone call with a negotiator on the deal that took 18 months. We were near the end. It had been approved before, but the file closed. Luckily the buyers stayed. I had the approval letters in my hand. They were paying a full commission. The negotiator (a new one since the file had been closed) tried to tell me I had to work for a reduced commission. I essentially told him he was mentally impaired and read him the approval letter that had been generated for the same contract two months earlier. I had him read along with me since I had emailed it to him. I then told him he should be giving me a raise to deal with this nonsense. Needless to say, I got my full commission.

Jon: After two years of dealing with BOA's inadequacies, I really don't care about their side of the story. They keep making bad financial decisions and therefore, can't afford the people they need to get this ship turned around.

Vickie: I have noticed in our own market (Northern Virginia) that negotiators for hire tend to hand the file back when things get complicated. I hope that doesn't happen to you.

Jonathan: I love your comment. Short and to the point.

Christine: It's a story that will be this way until this mess is sorted out. Sadly, BOA's decisions are dragging this mess on and on.

Chris: I agree. Problem is finding an elected representative that cares what you and I think. They will always care more about what those that fund their campaigns like BOA.

Terry: I've done three seller transactions that closed, and one that didn't. This is the one that didn't.

Carla: Good point!

Steve: I agree. Let the marketplace speak.

Suzanne: Many great comments is right.

Stephen: Thanks for the email addresses. I'm sure everyone here appreciates it.

Andrew: The house was vacant the whole time. Not all short sale sellers are leeching off the system to live rent free. The divorced couple went their separate ways and paid rent elsewhere.

OCT

I feel your pain. My clients often say "but that doesn't make any sense" when I tell them what to expect with regard to working with Bank of America. I just tell my clients that the only guarantee I can make is that we will call Bank of America every week until we are finished. And then I show them some more homes.

Robert: Buyers and short sales are the worst for a Type A personality like me. I don't mind listing them, but taking a buyer to one. The lack of control is bad enough on the BOA list side.

I am TYPE A as well...I could not agree more. I struggle taking my buyers to short sales because I feel helpless....add BofA and this feeling changes to hopeless.

OCT

Lisa: Hopeless is a good description for it. I've never had a buyer short sale close. I have closed many short sale listings.

I am currently working my first BofA/Countrywide short sale and all I can ask is this, in addition to all the other questions that have been asked and answered here: Do you think we could find them by looking for the building with the most paper covering it? Hell, my 60 page fax is not found, but I sent it and got a confirmation. What do they do with all that paper? They have not received it twice now. Nor the authorizations....nor...you all know the story.

Chris Ann, I can tell by the comments that this is a subject near and dear to all our hearts.

I did a post about two weeks ago, about a BofA/Countrywide customer who got "sick up and fed" of the whole mess and took matters into his own hands. In short, he posted a video to youtube and then sent the link to every high ranking BofA oficer he could find. Within 48 hours he had a response.

Here's the link to the post: http://activerain.com/blogsview/1275263/bank-of-america-you-can-run-but-you-can-t-hide-

Also BofA is on Twitter and you can reach them at @bofa_help. I had a business partner use this strategy and she was contacted within 72 hours. don't know what the resolution will be, but at least she has someone to talk to.

Another avenue is to "Google" Bank of America office of the President and email/phone the OOP. Here is the link to a website that shares contact information within BofA.

http://www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/15034-office-president-please-post-your-contacts.html

BofA and all the other lenders are not going to change unless someone holds them accountable for their misuse of our TARP funds (their cushion). I'm not saying that banks should be mandated to do short sales or loan modifications, BUT they should be held accountable for the additional financial loss they incur when they make the decision not to.

Dedra: For a while, when BOA first officially took over Countrywide's short sales, the negotiators had very specific requests. They wanted us to send the package in email format, but separated in different attachments. For instance, contract in one attachement, listing agreement in another and so on. I guess to minimize the size of the attachments, but still seems pointless. Evidently, they abandoned this approach and are right back to faxes. I can just picture those faxes coming across and diving directly into a shredder.

Greg: Great information. There's a lot of great outside-the-box thinking going on here. Honestly, I think that is what makes some of us successful short sale listing agents, and others flounder.

OCT

Chris Ann, My goodness, just looking at the number of comments has to be an indicator of the frustration level in dealing with B of A!! I had a situation and know of at least 2 other agents that had the same situation with B of A, where we had buyers put in offers on short sales and the bank went ahead and foreclosed on the property for tens of thousands of dollars less! Actually between the 3 offers the bank "gave away" over $70,000! I am now working a short sale with B of A as the listing agent and am so frustrated I have had to walk around our building a few times!! No responsibility is taken for any action and they refuse to let you talk with a supervisor to try to get an answer. I do appreciate the info from Greg and am going to try these possibilities.

Jolene, I used to work for Countrywide and here's a hint. If they refuse to let you talk with their supervisor, make sure you have the person's name (first, last), thank them for their time and contact the office of the president. They try not to escalate calls but can't refuse to let you speak with their supervisor.

Until the banks are held accountable for their poor decision making, nothing is likely to change. I think if we got Active Rain members together and publicized a "short sale hall of shame" and pushed that info out to the mainstream media we might see some accountability.

Just a thought!

Jolene: BOA is the worst, but they probably also hold a majority of the bad loans out there. If Wells Fargo wasn't neck and neck with them for that first place position, I would think it was a volume problem. Wells Fargo, however, has very manageable systems that WORK.

Greg: My trick to get a BOA supervisor is to offer to compliment them on their service. Everyone likes a pat on the back. They put those calls through in a flash.

OCT

I wish someone at B of A would understand what they are doing to the communities all across America, and develop the systems to properly handle their inventory. Pathetic.

Blair: Looking in from the outside it certainly seems that there are many things the could do to increase success.

NOV

Chris Ann, I just posted a blog that might interest you and other AR'ers. It's right on point to this great discussion.

http://activerain.com/blogsview/1319925/important-update-on-bank-of-america-short-sales

Greg: Will have to stop by and check it out.

NOV

Bank of America really has to get a clue. They are the worst lender that we work with.

NOV

Joseph: Will Keifer Sutherland is their spokesperson. It's the Bank of Opportunity. ;)

NOV

I hear they may be moving to an electronic system for their short sales. It was suppose to come out this week. It would be a welcome change if it helps.

Joseph: If it helps, yes. I have found any modernized system is only as good as the operator. There in lies the problem.

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