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Bank of America Refuses to Honor Written Agreement to Help Troubled Homeowners Prevent Foreclosure

By Mike Linkenauger

Services for Real Estate Pros

January 14, 2011 06:45 AM

Jacksonville, FL – 1/14/2011 – After receiving written approval of their short sale, a Jacksonville homeowner who is facing financial hardship had their short sale rescinded by Bank of America... www.theshortsaleguide.com/forum/topics/bank-of-america-refuses-to

We need YOUR help with this! Please read entire article and Tweet it, Facebook it, reblog it and forward to ANY media contacts you may have to encourage action.

This has definitely been a unique situation. Fannie Mae, who is the investor on the loan for this transaction, actually said that Bank of America never even submitted the $235,000 offer (which is 100% of the FHA appraised value) to them, period! Bank of America issued the approval letter WITHOUT investor approval. Any company with ethics and integrity would eat the loss due to their gross negligence.

Most all "high ups" at Bank of America have already been contacted about this, with no results. Media attention and congressional intervention seem to be our only solution. Please help!

Please alert ANY media to this right away so we can help this homeowner - www.theshortsaleguide.com/forum/topics/bank-of-america-refuses-to

Anyone every experience anything similar to this?

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MichelleCherie Carr Crowe .Just Call. 408-252-8900

Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA

Family Helping Families Buy & Sell Homes 40+ Years

I re-blogged and blogged in another forum, as well as mentioned in my weekly newsletter. How are things going so far with this Mike?

Jan 15, 2011 08:52 AM

Keji Ogunleye

Fairfax Realty, Inc - Greenbelt, MD

GRI, SFR, KejiYour Realtor

I'm not surprised. I was in a similar situation with Suntrust in 2007.. We submitted a market value contract to Suntrust with Freddie Mac as investor but Suntrust did not submit the inital offer to Freddie mac for over 3 months.

Jan 17, 2011 10:19 AM

Mike Linkenauger

Jacksonville, FL

Short Sale Specialist Network

What makes this a crazy situation is that Bank of America actually issued an approval letter approving the transaction, price, closing costs ect...

We're still trying to get a resolution to this. We'll be making a video tomorrow about this experience if we do not see action.

Jan 18, 2011 04:13 AM

Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Heart Realty Group, Inc.. - Oswego, IL

Passionate About Real Estate & Our Clients!

Try calling the short sale hotline and asking for Kimberly Dawson who is the Senior Short Sale VP. Here is a webinar that she spoke on http://www.cdpelive.com/110120-bank-of-america/. Also try the resource site for BOA bankofamerica.com/realestateagent.

I will email you with some additional information.

Jan 21, 2011 02:06 PM

All of our outreach worked. We were able to get the lower price approved quickly and this property closed a few weeks ago. The squeaky wheel gets the grease!

Feb 28, 2011 07:01 AM

Thanks to all who helped on all of our sites. We do have pretty much ALL contacts at BOA and have for some time. Literally most all of them. We were able to get it resolved within a week or two and the property closed a few weeks ago. Thanks again for all assistance! Evelyn, if you ever need ANY contact at ANY lender, just ask, especially on our agent site at www.TheShortSaleGuide.com

Mar 02, 2011 04:23 PM

Bank of America Refuses to Honor Written Agreement to Help Troubled Homeowners Prevent Foreclosure

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