My Travails with a Bank of America Short Sale
I reached out to my ActiveRain friends yesterday for some support in my battle with Bank of America. My post was the experience I was having with a short sighted organization that promises one thing and then just lies.
As I was having dinner last night, a call came in. It was from a social media representative for Bank of America. At the very least the bank was listening, but so far I don't know if they are hearing. I was asked to return the call to another social media person, which I did; got voice mail, (what a surprise) and have heard nothing from that sphere.
Late last night, I did call the Bank of America number I was given and in talking to the representative, was told that there was no postponement of the foreclosure in the file.
I was given another number to call today that was supposed to be direct to the foreclosure department. The operator that answered identified the facility as the President's office (imagine that).
I gave my credentials and was put over to a foreclosure specialist. I was told that there was no postponement in the system, but was given a new case file and told that I should be hearing back from someone later today, which means I call back early this afternoon.
I have let my client, lawyer, and buyer know what is happening, but until I hear back from the bank, we are presuming the worst, and justifiably so. In the meantime, my contact at Dignified Transition Solutions did call to see if I was following up on the leads in my portal, as if that were a priority.
In talking with a qualified and well respected source from the ActiveRain roster yesterday, we surmised that no bank really wants to conclude a short sale when there is an insurance policy in place (recall those heavy PMI charges on each month's mortgage statement). How fortunate for the bank to have a owner default, and maybe settle 30% of the short sales as a show of good faith, and collect the differential on the foreclosures that had the insurance, sounds like a good deal for a bank.
Nothing new beyond that, but if not for the power of this platform, I would not have gotten that far, which in itself speaks volumes to the strength of this ActiveRain lobby to support a justifiable and righteous cause.
UPDATE AT 3:30 pm 6/27/2103
I received a call from a special assistant to the President at Bank of America. Michelle pointed out the rules regarding postponements that can only be granted if a letter of acceptance had already been issued on the short sale.
The fact that the servicer screwed up the file means nothing, the rules are the rules. My client has been foreclosed, the buyer can probably pick up the house for $20,000 cheaper in a few short months after it has been allowed to get into dis-repair and vandalized.
Life goes on for B of A, and for the rest of us, and this battle is done!
My Travails with a Bank of America Short Sale
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