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Bank of America and the Short Sale Process.

By Michael Dougherty

Real Estate Broker/Owner with HomeSmart Fine Homes and Land BR527727000

November 20, 2009 01:34 AM

I have 2 recent short sales submittedto BofA some 60 days ago and still no negotiator?? I also have a case where they approved a short sale and according to them had the foreclosure on hold while the short sale was worked but they failed to notify the attorney who foreclosed anyway!

I have escalated this file to the President's office and a senior negotiator is working on rescinding this foreclosure and 45 more days have passed!

BofA please tell us how we can help you approve short sales in a timely manner.

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Edward & Celia Maddox

The Celtic Connection Realty - Queen Creek, AZ

EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

It would be less painful to hit your head against a brick wall than deal with B of A. I have had Short Wales waiting five and two months, with no negotiator.....good luck as you will need it.

Nov 20, 2009 01:36 AM

Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Ack.... B of A, Citibank, Suntrust, Chase....whatever. The only bank I have had success with was Wachovia....30 days and an approval.

Nov 20, 2009 01:42 AM

Dennis Duvernay Broker/Owner

Hillview Realty - Northbridge, MA

They say that they are improving....lol...where and for who? THEM

Nov 20, 2009 01:44 AM

Dianne Hicks

Realty ONE Group - Poway, CA

Yes, BofA... Do tell!!! It is soooo frustrating and mind blowing that such a big bank could operate this way and think you will still have a good reputation! BofA at times, use BofA in place of a curse word now when they stub their toe. They scream BofA instead of something else.

Nov 20, 2009 01:51 AM

Bill Ladewig

LoanOfficerSchool.com - Escondido, CA

Experience Is Your Advantage

Michael, anyone who has BofA accounts should move them to a local bank that cares about your buisness.

If pending legislation is passed while we sleep, we will be able to choose banking services from only BofA and three or four other banks.

Nov 20, 2009 01:57 AM

J. Philip Faranda

Howard Hanna Rand Realty - Yorktown Heights, NY

Associate Broker / Office Manager

Bank of America is just the resurrected Zombie of Countrywide. You should post this to some of the short sale groups too. They might have some additional insight (or commiseration).

Nov 20, 2009 02:07 AM

Dave Conners

Keller Williams Check Realty - Prescott, AZ

Are You Ready For Awesome?

Would it not be a good idea to tie compensation of bank management to performance? It would seem obvious that allowing timely short sales would save the banks the costs associated with foreclosure. However I understand that there are still federal guarantees for some funds lost in a foreclosure. So in some cases bank management opts to foreclose because they are better compensated for these loses via the taxpayers.

Dec 25, 2009 01:28 AM