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Come On Bank Of America Get Your $%# Together!

By
Services for Real Estate Pros with Talk 2 Midori, LLC BK645709

Last night I recieved an alarming call from one of my past customers...that's right...alarming...you see we closed on their short sale in October...the closing took place without any hitches...the title company did what they were supposed to and at the end...the buyers moved into the house..commissions checks cut......but there is one problem....

The seller continues to get statements...bills....and phone calls!  WHY?  Because this closed and funded transaction is still in Bank of America's closing department?

Come on Bank Of America Get Your %#%^ Together!

So far the explanation is that the Negotiator who had this file...no longer works for them...someone dropped the ball but they have never seen anything like this before...and they are not sure what to do......and the seller will just have to be patient. 

This hold up...creates stress...the seller can't file their taxes and what they thought was behind them is still in front of them because someone dropped the ball!

The biggest mistake here is that Bank of America is making them jump through hoops, you know the typical where you talk to not one but two customer service clerks...and then shuffled around to various deparments causing frustration...aggravation..and no true answers...

I got the willies...its as if the seller must relive the short sale transaction all over again.

I'm lucky the seller and I have become very good friends and they have a financial background, however someone who might not be so well versed in real estate and mortgages..might very well panic and create havoc. We have taken steps to get his file out of the closing department and hopefully according to Bank of America, their transaction will be closed soon otherwise the seller will have to file an extension on their taxes.

Short sale sellers....BEWARE....

This could happen to you....if you continue to recieve bills, letters and phone calls after your, what you thought was a successful closing....do yourself a favor...follow up...ask questions and make sure your short sale transaction is really closed!

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Comments (108)

Rebecca Gaujot, RealtorĀ®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

What a mess for the sellers...I really feel sorry for them that Bank of America can't get their %&#t  together.

Mar 05, 2010 01:35 AM
Jenna Dixon
Momentum Real Estate Group LLC - Marietta, GA
55 & Over | New Constructions | Horse Farms

OMG!  I have to stop reading these horror stories.  They make my stomach hurt.

But, who can look away from this train wreck?

Mar 05, 2010 01:36 AM
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton, Mass 02356

What a mess.

Fortunately for you a relationship was built.

Part of the problem is banks like the government could care less, and unfortunately the service part of it shows.

Imagine if you did business like most banks do lol

Enjoy you're day

Mar 05, 2010 02:11 AM
Mike Woods
M.S.WOODS REAL ESTATE, LLC - Indianapolis, IN

Sounds to me like the neverending nightmare. I am shocked you got that far with a short sale considering it was BOA....

Mar 05, 2010 02:22 AM
Jeani Codrey
RE/MAX Corridor - New Braunfels, TX
Director of Opportunity & Agent Development

I think that it doesn't take a brain surgeon to figure out why the American Financial System is in the mess it is in!  Rediculous!!  Hope it all works out for them!

Mar 05, 2010 02:25 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

I have a Bank of America transaction that closed last fall as a short sale. The seller was current. She stayed current on her payments throughout because she wanted to protect her credit rating. Last month she went to the bank to get a student financial aid loan and was told Bank of America filed a Notice of Default because the seller had stopped making her payments. Yeah, she stopped making her payments because the loan was paid off through the short sale department, but that department didn't close out the file.

Mar 05, 2010 04:36 AM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

I have never seen anything as bad as that lender.  I have so many horror stories, I lost count.

Mar 05, 2010 05:05 AM
Jimmy Williams
Keller Williams Elite Partners IV - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

Midori,

As with your case, (short sale), we have all become accustom to BOA nightmares.  What is really disturbing is that it never seens to get better.  Always another excuse.  BOA has to have to poorest trained staff in the business, or should I say non-trained.

Mar 06, 2010 02:27 AM
J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

Countrywide was awful- when BOA acquired them they took the torch of being one of the more frustrating companies to deal with. I feel your pain. I'd like to splash cold water over them and remind them that people's lives are involved here. 

Mar 07, 2010 02:05 AM
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.

Typical of BoA, their service and their organization.  I'm shocked when a buyers agent refers a buyer to BoA.  Thank goodness we have a way to let eachother know what is happening so we can all learn.  I'm so sorry you and your seller are going through this.  Thank you for sharing your experience.

Mar 07, 2010 05:00 AM
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Although rare, it does happen with other lenders as well. However, it is an easy fix. Just submit the signed final HUD along with the approval letter and the issue is easily resolved.

Mar 07, 2010 07:59 AM
Don Wixom
RE/MAX Executives Nampa, ID - Nampa, ID
"Looking out for your next move..."tm

Another great example of a large firm without continuity. Yes, they need to get their "stuff" together!

Mar 07, 2010 10:48 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

How about Bank of America losing a 2nd morgage! Yes that's correct they lost it. The deal has been going since October of 2008!!! I think I am going to have the record for the longest closing wait ever. Believe it or not the buyer has stuck through it all.

Mar 08, 2010 11:12 PM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Whoa that is crazy....I hope your title company is on the ball & reconveyed & did all that important title stuff.  Thanks for sharing.

Mar 13, 2010 02:07 PM
Brigitte Jones
Brigitte Jones Properties - Vancouver, WA
Real Estate Broker And Agent Mentor

I cant even begin to tell you the horror story I have with Bank of America on a loan modification as well as on 2 of my clients short sales.

And Bank of America gets bail out money on the back of us tax payers - yet mismanages operations daily. Can you say Fleecing of America?

Mar 22, 2010 05:28 AM
Anonymous
Renee Przysiecki

I have worked hard and long and finally got an approval with a BAC short sale.  Now that I have been assigned a negotiator thru Equator I thought it would go smoothly.  Does anyone know how to negotiate the removal of the deficency judgement from the short sale approval letter.  They wont return my emails nor my phone calls.

Mar 22, 2010 08:27 AM
#113
Anonymous
Suzanne Williams

I have been dealing with a BOFA short sale since Nov.6. I literally felt like everytime I called them I was on SNL or Candid Camera. I was guaranteed to be told to do something else other than what I had previosly been told. When the file went to Equator in Jan. I had to send in all of the same docs, financials again and we started from square one (third time, as they had already lost them once before).

We now have had a counter offer and the buyer accepted. I hope and pray this means a closing may be near. I do know that this experience has made me swear off all short sale transactions in the future!

 

Mar 26, 2010 04:11 PM
#114
Mike Linkenauger
Jacksonville, FL
Short Sale Specialist Network

Short sales with Bank of America are like pulling teeth.  Unfortunately they have one of the longest approval times in the industry, and the new Equator system has only helped SOME!  Lets see if they can get it to TEN days like they are supposed to!  We have a great group to discuss short sales with BOA:

http://www.theshortsaleguide.com/group/bankofamerica

Apr 20, 2010 05:16 PM
Anonymous
Therese Palmer

I have had the same experience.  Closed and funded November 30th, 2009.  BOA in North Carolina signed for the fundsDec. 4th, 2009.  Jan the seller received another statement so he began calling in.  The told him his account was still waiting for approval.  Funny considering our approval letter was only good till Nov. 30th and we closed on Nov. 30th.  After the homeowner, myself and the title company calling in time and time again they mysteriously finally applied the payment March 11thm 2010.  Yes 4 months later!  Now they are telling him it will take30-60 days to close the account.  I think these idiots don't have a clue and neither does this Chris S. character at Equator.  The over promise and under deliver.  It's quite a shame that we have educated adults that are unemployed throughout America yet people like BOA employees actully have a job and get a paycheck.  Whoever doesn't think this is politcal is in denial. 

They ought t be ashamed of themselves. 

Apr 22, 2010 01:55 PM
#116
Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Thanks for this post. I am going to feature it on my face book fan page! http://www.facebook.com/reallybankofamericareally

Sep 10, 2010 10:30 AM