Bank of America, You're Doing It Again and A Distressed Homeowner Is Getting Foreclosed

Bank of America, You're Doing It Again and A Distressed Homeowner Is Getting Foreclosed

Bank of America makes the rules but decides that it doesn't need to play by the rules. A distressed home owner that did comply with the Bank's system is getting foreclosed on, and the culprits are avoiding the blame.

This post is about Bank of America file :        xxxxx2367

Back to the beginning: Bank of America utilizes a servicer, Dignified Transition Solutions (DTS) as it's agency to get sellers facing foreclosure into short sales to avoid foreclosure. They get onto a conference call with the seller and promise them that if they participate in the short sale, they can avoid foreclosure and if the sale is successful, there would be a HAFA incentive paid to the seller.

I met with such a seller back in March of this year. The seller acknowledged and agreed to participate. The bank sent out an appraiser to determine a sale value and we listed the home. Based on my market analysis, I listed the home on April 22 at $50,000 and before the bank could get me their value, I had a full price cash offer, $3,000 higher than the bank's appraisal of $47,000.

The file was first faxed to Dignified Transition Solutions to begin the sale process. The file had to be loaded by the Dignified Transition Solutions people onto Equator and I received an alert on 4/30/2013 that I could begin the upload of the file so that we could get this short sale going. There were exceptions taken to the form of documents furnished for funds verification of the buyer, which was resolved, and then a negotiator at DTS started to take exception to the format of the documents submitted by the buyer to verify that they were a state licensed business entity.

We had two soft declines of the file from Dignified Transition Solutions with each submission of the documents offered by the buyer trying to buy the home. This to me made no sense as my own LLC papers also carried none of the verifications that the negotiator at DTS was seeking.

After weeks of going back and forth, the Negotiator was sent the complete Articles of Incorporation of the buyer, in addition to having the members of the LLC create a special signature page to attest to it's authenticity.

In the mean time, we get a notice of foreclosure from this same Negotiator at DTS, after all of the forms requested had been furnished. The foreclosure date is set for June 27 and we have been trying to close the file since late May.

In calling the service centers at Bank of America and Dignified Transition Solutions to try and expedite the file to avoid the foreclosure the finger pointing is rampant. There have been no postponements of foreclosure requested or given up to this time, yet the Dignified Transition Solutions files shows different.

Bank of America claims that they cannot issue a postponement of the foreclosure without a letter from Dignified Transition Solutions, and Dignified Transition Solutions claims that they cannot issue an Acceptance letter of the short sale as they haven't had enough time.

I am supposed to tell the buyer and the seller that a Negotiator in the system that did not have proper familiarity with State of Connecticut procedures allowed this deal to get to foreclosure when all that they could possibly have was given to them weeks ago.

The last person that I talked to at Bank of America, felt that I had a better chance of wining the lottery than getting this foreclosure postponed.

Well, Bank of America and Dignified Transition Solutions you are really losing here. You have a buyer ready to close this now at a value that will be much higher than you will ultimately get by foreclosing. This asset will be off your books within a few short sales of getting me the letter we need. A seller that believed the letter your wrote and the person at Dignified Transition Solutions that they would get a HAFA relocation assistance check has also been lied to.

I am to call back before the Dignified Transition Solutions operation closes at 10 PM this evening EST to learn of this sellers fate, and my fears are that it will be just another case of too few care too little about what they say at Bank of America and Dignified Transition Solutions

 

Bank of America, You're Doing It Again and A Distressed Homeowner Is Getting Foreclosed

 

 

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