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Dave Ramsey slams BOA

Have you heard of Dave Ramsey? The money managing guru from radio talk shows and Fox (comedy)channel.

I had the privilege to be in attendance of his 2 day annual Realtor conference last week in Tennessee.

As part of the 2 days, we were the audience in a special live radio show. He'd say, "I'm here with 300 of the top real estate agents in the nation." and he had a show devoted to Real Estate. It was quite an eye opener to see in the flesh.

One thing that really took me aback was his open hostility to BOA. Twice did he mention negative things about them.

One just said they had a loan with BOA, and he said there you are you made a bad decision. and words leaving the listener in no doubt that he did not like BOA. I was very interested to find out why this almost hatred openly on air. It can't be just the poor short sale track record surely.

We heard from another potential buyer who had waited 5 months for a short sale in Michigan. When the listener admitted it was a BOA short, there was a loud sign of disapproval from the audience and another very derogatory statement from DR. Bluntly said give up and find another house.

Wow!!

Countrywide BOA, you have to do something, now!! your reputation is dirt.

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Posted by Guy Lofts CRS Real Estate Guy in Madison, Wisconsin on 11/06/2009 09:30 PM

Comments (13)

realestateguy madison wi keller williams realty, short sale, boa

Post is included in group: Short Sales Specialists
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Post is included in group: Foreclosures & Short Sales

13 Comments on Dave Ramsey slams BOA

NOV

Interesting that Dave would be so transparent with such a situation. Sounds like he may personally know or have experienced the "joy" of BofA.

I am currently working a BOA short sale, representing the buyer. The good thing is, the buyer is very, very patient. I understand Dave's disgust with them. There are enough of us out here who have had terrible experiences with them and their bastard step child of Countrywide. I am suprised there is not more backlash towards them.

I agree with Steve. i was surprised, i thought he was asking for a lawsuit. i wondered if it was just the short sale handling? and i am sure it goes a little further than just being a huge bank, which he doesn't like either.

Guy

Bank of America does not have a good reputation...I have not heard anything good about the loan mods or the short sales.

I live here in Franklin where Dave lives and I have listened to him on and off for years. First you have to understand that he believes all buyers should wait until they can pay cash to buy a house, so any mortgage goes contrary to his strictest teachings. As for his dislike of B of A and difficulty dealing with them for a short sale, is there a bank out there that makes this process go smoothly? Mind you I am NOT defending B of A or the slow actions of any bank in a short sale situation, just saying they still haven't figured it out.

Guy,

I can tell you from my experience with their short sale department, I would not advise my any of my clients to ever get a loan through them. I wish there were a way to specify when you get a loan that it would not be sold to them either.

NOV

Not only do they take forever to process a Short Sale 5 to 6 months and still counting, if you happen to get them in a second position, rest assured they will release the lien but won't release the debt.

NOV

Brian, sergio and Mike,

I know BOA suck, and worse than the others. I am a vistim too. I would not allow a buyer to write on a BOA short sale, nor would any Realtor in town, so it is hurting them. I would not take a loan with them, however my latest loan got sold to them, so did my credit card!!! - now you've busted me because dave doesn't like credit cards.

Mike, If i had known i would have called you for an orientation. we enjoyed Franklin.

Dave's guidance for a loan-and he is ok with loans for one purpose, a primary residence- 20% down and a 15 year amortization. he believes noone make extra payments on a 30 year.

This is very sound, safe advice, obviously like any advice, most of us ignore it because we know better!! hehe

NOV

it's all in the escalation/negotation......and unfortunately when folks go to their "local" bank as is often the case...the loan is sold immediately....and BOA is often one of the buyers....blog on Buddy....Dave has some sage words...wish the lenders had listened to him before they began handing out mortgages to anyone who could fog a mirror....

NOV

We currently have 45-50 active files with BofA/Countrywide and would point out to some of the other posters lamenting (justifiably, of course) about 4-5 months, that I hope for your sake you don't encounter a Fannie/Freddie loan being serviced by them. You can extend that timeframe out to 7-9 months. I actually had a rep on the short sale support group there tell me that they have a dedicated team of 6 handling these Fannie/Freddie files - all 7,000 of them.

To those that stated that BofA just doesn't get it, I admire your optimism in our fellow man and wish I still felt that. We've worked about 110 files with them over the last two years and I can state with some degree of confidence that I believe they do get it - they simply don't care. Not referring to the people that you and I talk to on the phone - let's face it, it's a pretty thankless job that doesn't pay that much and they have virtually zero control over policy. I'm referring to senior management.

NOV

London, that is amazing. how do you do it with so many files?

Mine had a fannie loan, yes it took that long, that is the reason.

I do get that the senior management done t realise the dammage this is costing to their bottom line in that no onwe will buy a BOA short, un less it is very very below market!!

NOV

We're hearing the same thing here in Mich. BOA needs to improve their image in the marketplace.

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