Bank Of America, Do You Care About Veterans?

Well...You know how I feel already...Told you that you would need to start driniking...these people are horrendus!!!  When our deal was supposedly out of underwriting, it didn't make it to the closer...although buyers agent was told everything was ready to go..it wasn't.  

My advice...you shouldn't have told them they have until December 14th...they probably think that they have all that time!  Call supervisors and tweet BoA at @bofa_help and they will respond.  They did for me and I was the sellers agent, they may actually talk with you more as you are the buyers agent.  Send them the short link to your post in a private message and LOTS OF LUCK!!!

Liz and Bill - I suggested and also reposted your blog on google plus. The more exposure, the greater your chance of it been seen by B of A. They don't need any more negative publicity.

I lost out on a deal last month after a 6 month approval wait for a single B of A  lien.  B of A didn't have a time line even though it was Hafa approved. When  B of A  finally signed off on the approval letter, they expected my buyer to close the transaction within 2 days or they would be charged per diem.  Home inspection, disclosures and title weren't even performed. My buyers backed out because they felt pressured by the bank.  What give...Bank of America...are you really America's bank???

Absolutely outrageous Liz & Bill.  It sounds like you should have gone to any lender but BofA.  Good luck.

Bill, you are not the type of person to post this publically unless it has really been awful. Most of the times it is the negotiator that got handed the file. Good luck on getting their attention. Twitter works good for me when I have issues with service from major corporations. 

put this in a couple of places and hope someone will notice.  What a cluster.  Just went through a similar time line with another lender.  I put blame squarely on loan officer who make our mutal client a priority. 

Liz & Bill -

I am surprised to see you write a blog like this.  The situation indeed must be horrible.

I must admit I am surprised your buyer is using BofA as a lender too.  I do my best to talk my buyers out of it because our local offices have not had underwriting authority.  The result -- one problem requires a 48 business hour turn around out of state.  "Escalating" means little because they are out of state and they have plenty of people in line before you and due to the way they handle their files -- EVERYONE seems to be in a state of emergency or has waited just as long as you!  Get in line and stay there!

Centralized processing/underwriting is profitable and easier for them to control -- but what does it do to the process for borrowers?  And what if the resolution you send over is not sufficient?  48 more business hours to determine if the revised resolution will do.  Throw in a holiday here and there and we are talking MAJOR delays.  Try as they may even managers are pretty much powerless to speed it along.  They can listen -- but they can't seem to do ANYTHING.  Hopefully the social media group can move the file along -- which I think is a shame to have to do absent a real issue with the file. The problem is that this type of timeline is not that unusual with them.  VA loans take a bit longer anyway -- and they just exacerbate longer timeline loans (in my opinion) and make it ridiculous.

On a 20% down perfect credit paycheck earner loan I think BofA can probably still perform decently, but after my last few experiences with them -- I have to only conclude that they do not want to do FHA/VA loans.  I've even had them bungle a 20% down buyer so badly that two years later when I contacted him -- he was still ranting about his experience with BofA.  And the last two government backed loans I recall with them (one as a listing and one as a selling agent) were both 70 plus days to close.  Ridiculous but I think this is business as usual.  One buyer I had (who had very little means) got hooked into them by a loan officer on a mandatory pre-qual REO property and they offered them an eighth less of a rate  -- but by the end of the process even they said it wasn't worth the "savings.".  Late fees and stress add up!  The best is when BofA tries to charge late fees to buyers on REOs that are using BofA as a lender.  I just love when they try to do that.

I'm sorry it is hurting a veteran this way when he is trying to use his WELL EARNED benefit. 

Good luck and let us know how it goes.

Tni

This is outrageous.  Have you spoken to your local media?  Sometimes, that helps.  Talk to your congressional representatives, too.

I wish you and Jim and his family Godspeed....you will need it.

My client finally said, enough is enough on a short sale. They put an offer in over 9 months ago and all we have gotten is the run around.  Bank finally counter offered at 30K over appraised value! What was the bank thinking?  Something doesn't smell right at BofA.

Bill, as a few people have mentioned, this isn't something that you'd normally write. UNLESS, it needs to be written. And I believe this does. Whether the bank has the word "America" in it or not, they really shouldn't stumble around like this. Especially when it comes to the people that are, or have, defended our Country! BofA, you should be ashamed of yourself.

BLiz...keep us posted.  I had a client once....probably the most well-qualified buyer ever, big downpayment, high income, impeccable credit....insisted on using BofA b/c that's where he did his business banking....it was a nightmare like you describe.  It finally got done but it should not have been so hard.  Let us know if we can help with tweeting this to BofA or anything......