Bank of America is absolutely the worst consumer friendly company!

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Evelyn,

Did the approval letter say anything about "Our recovery department will in contact with you to make arrangements on this balance" ?

After waiting patiently for months, I finally received the approval letter today! Exciting, right?! No not really?  The letter reads that they will be charging off the deficiency as a "collectable amount".  And that our recovery department will be contacting you ... What?!?!?

It seems crazy to close on my house before knowing what the agreement really is.  And, what's more crazy is the deficiency is more than the sales price of my house. 

Is this what everyone is getting from BofA? 

BTW, I am a desperate homeowner in Sacramento, CA.

Catherine, my seller just received the same letter from Bank of America and are flipping out.  I started reading this to find a glimmer of hope for them but am now thoroughly disguested. Is there any sense in trying to negotiate further with them?  After all of this anxiety and hard work and with buyers who are ready to close, I can't believe we're here!!!  Do you know if the actually do go after the sellers for the uncollected debt?  What is the point of the short sale????  I know that people are making money off of these but the time and aggravation is incredible nevermind the stress for the poor homeowners.

Here is our BofA story:   We took out a mortgage with Bank of America in 2006. Believing that we would be able to refinance the loan in the near future, we signed for an interest-only, 3/1 tied to the LIBOR. We also took a HELOC with the same bank. This was necessary to cover the cost of the entire home. I lost my job in the interim and, therefore, we could not refinance. Then, of course, the economy began to tank.   I did find work and we have been making the payments on time for nearly three years. We did look ahead, and last October, sought the help of a mortgage broker to refinance the loan. US Bank offered us a 30-year, fixed loan that we could afford. Bank of America, however, denied the subordination of the HELOC. We are stuck with this terrible loan. This loan is due to adjust in October of this year--and we are upside down. To make matters worse, because the broker was positive the US Bank deal would go through, we used the mortgage payment money to buy Christmas presents and to do some much needed maintenance on our cars. We are now one payment behind with Bank of America.   In December '08, we mailed Bank of America a letter, with our financial information asking them to please consider helping us with a modification before the loan went to an adjustable rate. Since then, we have called uncountable times to try to speak to someone about the modification, but each time we were met with someone who was powerless to help us. Several times these Customer Service Reps "escalated" our calls to supervisors, who either refused to help us, or could not help us.   Two weeks ago, a couple drove up to our home and handed me a note that said to call BofA. I called, but the girl had no idea why I was given the note. Yesterday, I received a letter saying that our financials were out of date and that they needed updated information. The same day, I received a phone call from their collections department asking when I was going to make my payment. I had been referred to collections! I am so infuriated and confused.    We want to keep the home even though we are upside down, and we want to work with the bank, but they seem unwilling to work with honest people. We even spoke to one woman there who said that they would only listen to us if we were behind more than one payment! We are at a loss as to what to do.   Do you have any advice? Is there anyone you know who can help us? We are in Rescue, California near El Dorado Hills and Cameron Park (95672). We can't afford a lawyer unless we use our mortgage money to pay for their services. We just want to live our lives in peace.   Thank you for any help you can offer.

Anyone have any suggestions for this one in progress?  We're on the 4th negotiator.  This is the latest email the listing agent sent to the new negotiator.

Hi Vickie,  I just wanted to introduce myself.  I will be the primary contact for this file.  I would like to know what your time frame is for review.  The buyers and sellers are getting restless and I need to give them an update.  I understand that this file was just assigned to you on 6/13/09, but I was hoping that you could push this one to the top of your stack so we can get a quick response.

Below is a timeline of the life of this file.  We had originally been told your short sale process was 45 to 90 days.  We are now somewhere around day 140 with no end in sight.  Please help.

I faxed the short sale packet to Country Wide on Jan 27th and again on Feb 3rd.  I was told that it was uploaded into your system on Feb 1st and that the Short Sale process took any where from 45 to 90 days.  On Feb 4th the file was opened and I was told it would take 7 to 10 business days to assign.  After several requests for assignment to a negotiator the file was finally assigned on March 6th to a Mark Lewis.  I was told he had 15 days to review.  On March 13th the file was then re-assigned to a Celia Medrano, and I was also told she had 15 days to review the file.  When I called in for a status update on 4/15/09 I was told that they needed updated pay stubs and bank statements.  I faxed the requested documents in on 4/20/09.  On May 4th I received an email from Celia asking for updated pay stubs and bank statements because the ones I had sent in at the end of Jan were out of date and for the sellers to fill out and sign a Form 1126.  I emailed Celia the requested documents on May 6th.  On May 12th (2 months after Celia was assigned the file) our file was assigned to Stacey Johnson a second phase negotiator, I was told she would have 30 days to review the file.  I called in today June 15th to get an update on the file and was told that Stacey's work load was to much and she had passed the file to you for review.  

My home is in a short sale situation & I had a buyer @ the appraised value of the home.  The B of A guy we were dealing with said the negotiators requested that "I" provide $12,000 at close of escrow or a $24,000 promisory note for the next 10 or 15 years; depending upon which option I chose.  I have to now rent & have been saving every penny I can to move into a place for my son & I.  I am a widow and thought I was doing the right thing by purchasing this home for us with an Option ARM.  That was a big MISTAKE!!! 

Has anyone been in this situation before?  Should I leave the house on the market & continue with another short sale offer, if possible?  Any advise would be greatful.  Do I have any options?  Thanks.

Anyone has actually going after from BOA recovery department? I closed my short sale last month and I have 250K on the deficiency. Will they actually contact me for the collection? Thanks. Kai