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Dear Mr. President...of Bank of America, sir (Brian T. Moynihan, CEO)...

By Karen Monsour

Real Estate Agent with Coldwell Banker Fort Lauderdale Beach

March 08, 2011 02:17 PM

Dear Mr. President...of Bank of America, sir (Brian T. Moynihan, CEO)...

I would like to know (as I'm sure a few other REALTORS(r)) why your promise to close short sales in 60 days has become a nightmare of 5 months or more.

It's not Equator (Christopher Saitta, CEO), as the CEO has reached out to me and has offered any help on the technology provider side (and has) to help if there are problems on that side of the deal. That is not the problem!

Your banking system regarding short sales the way they are currently working is COSTING your bank money. There are about 8 people involved in approving a short sale. Because it takes so long, we, as REALTORS(r) are being asked over and over again to keep providing updated material. After all, it's not taking 60 days to close a deal - let me make it even easier, to get approval to close a short sale !!! IT IS TAKING FOREVER!!!

I'm very sorry sir, but your not holding up to your promises. You are not providing us real estate professionals with qualified personnel on your side to enable a reasonable closing. We have to provide you with information that you require at the beginning of the short sale, then we have to provide it all over again 5 months after the initial information is provided to you because - AFTER 5 MONTHS, it is still not to the "nth" person in the chain of decision making.

Now Mr. Moynihan, imagine not only the hours that I (or other REALTORS(r)) are spending on the short sale - but the plethora of employees you are paying all along the way. The faxes that are lost, the employees who quit, the paperwork your employees forgot to save? The amount of time we spend on Equator - only to get back some other request for information that has already been supplied.

When I ask sir, are you going to honor your 60 day short sale approvals and when are you going to stop wasting a lot of peoples time waiting, responding, and re-entering information?

I would appreciate an answer as not only are REALTORS(s), mortgage brokers, customers - buyers and sellers upset, you are making a mockery of how you promised your short sales would be handled.

ANYONE AGREE?

Karen Monsour, REALTOR(r), 954-464-4194

www.KarenSellsFloridaWaterfront.com

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Adam R. Cohn

STANDARD MORTGAGE CO. - Delray Beach, FL

We actually get mortgages closed FAST!

I agree with you, The whole process at BOA is a mess. The process is so messed up I have seen people just give up and not buy a home because of it.

Mar 08, 2011 02:22 PM

William James Walton Sr.

WEICHERT, REALTORS® - Briotti Group - Waterbury, CT

Greater Waterbury Real Estate

Karen,

It is too bad that Mr. Moynihan will never see this. Even if his office was inundated with letters like this, it wouldn't matter, and that's the real travesty of this whole convoluted mess....

Mar 08, 2011 02:26 PM

Karen Monsour

Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Adam,

I have customers who will not even make an offer on a short sale if BoA is the mortgage holder - or Countrywide either.

Mar 08, 2011 02:30 PM

William,

Don't be to sure about that - I posted it to Localism and it is NOT MEMBERS ONLY.

AR is how Christopher Saitta, CEO of Equator found me and offered his assistance. It's, however, not his problem, it's BOA

You know how we get SEO, well Mr. Moynihan's name is right in the title - someone is bound to see this. I hope.

Mar 08, 2011 02:32 PM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Hi, Karen.

The US Federal Government will hand B of A another TARP or Stimulus pile of money in the Hundreds of Billions of Dollars if they come up short.

Why should B of A - or any Financial Institution - care about the Average American and their Mortgage, when Washington DC is ready to hand them unlimited amounts of money?

Mar 08, 2011 03:07 PM

Yes Fred,

I agree. They got their hand out, so now they don't care. They are even requiring promissory notes from the short sellers...no interest/30 years/taxes will be assessed at the end of the term - good luck with that BOA - I'm not in the situation, but if I were, by then I'll be expecting to be "pushing up daisys!" LOL!

Mar 08, 2011 03:16 PM

John Pusa

Glendale, CA

Karen - Very well written letter to BofA. Thanks for the sharing quality information.

Mar 08, 2011 04:36 PM

John,

Thank you very much! I only hope someone from BOA will call or email me to address this mess!

Mar 09, 2011 03:20 PM

Dear Mr. President...of Bank of America, sir (Brian T. Moynihan, CEO)...

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