A Short Sale Saga With Bank Of America . . . .
Short Sale Saga, Success and Bank Of America LOST !!
The facts:
A short sale was started for my client with two mortgages several months ago
First Trust was with a nameless Small Bank USA from New Jersey
Second Trust with Bank Of America
We had an offer quickly and was the package was sent to both banks
Bank of America to receive $3000 for being a second trust
Small Bank USA to receive the rest after commissions and closing costs
Small Bank USA was quick to respond, they did a BPO and they knew that they better take the short sale offer.
We got an approval with a condition that Bank of America releases their lien for $3000
So far so good
My client was impressed
Then Bank Of America becomes the spoiler. . .
After several attempts for Bank of America to acknowledge our fax. .2 MONTHS PASSED BY!
On the third month, we did not even have a negotiator assigned to our case.
Back and forth with Small Bank USA . .making excuses for Bank of America to give us the extension to their approval
Small Bank USA was patient at first and extended their approval. . 3 times for 3 months in a row
On the 4th month they had enough!
They told me that they will foreclose the property if we did not have it close to the last extension date.
We were frantic as we finally got Bank of America to acknowledge the 7th fax we sent to them. . .and they told us that a negotiator will be contacting us.
We waited on the phone and instead of Bank of America negotiator calling us about our file. .
it was Small Bank USA
They had enough and they will proceed with the foreclosure.
A few days later. .it was foreclosed!
My client became another victim from Bank Of America's inadequacies. . a foreclosure that did not have to happen. . .
My client was heart broken and my short sale team was too.. hours and hours on the phone. . result ZERO
We all lost. . THANK YOU BANK of AMERICA . .
Wait. . there's justice after all. .
Small Bank USA contact us and they want us to SELL IT FOR THEM!
They like the way we have operated during the last few months and saw our efforts for our client , keeping them informed and so forth . .
They were sorry that they had to foreclose. .
"that was the only way they can have Bank of America out of the way. ."
Small Bank USA realized that foreclosing the property was the only way to proceed.
With Bank Of America out of the way. . .they could finally resolve it. .
We listed the house for them and last Friday WE CLOSE and GOT PAID!
Another black eye for Bank Of America. . . .Too bad for the original homeowner. . that he was unlucky enough to get his mortgage originally from Bank of America.
;)
;)
So sorry to hear about the spoiled transaction Fernando....Fortunately BOA seems to be showing some improved processing in the past couple of weeks. keep you fingers crossed....
~Deb in Cape Coral, FL