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My Nightmare Short Sale Experience with BOA

By
Real Estate Broker/Owner with CIDER Properties

In December of 2009, after numerous (too many to count at this time but well documented) phone calls to Bank of America (BOA) to attempt to activate a short sale for a friend's property that was scheduled for foreclosure in December, we were finally successful in getting the foreclosure stopped for December and the okay for a short sale.  I must note that homeowner has been unemployed and decided that a short sale was her best option.  BOA supposedly gave us 90 days for a short sale.

On January 19, 2010 I received a phone call & an email from BOA asking if the homeowner was still interested in a short sale.  Duh . . . . The emailed contained documents that were to be turned in along with a sales contract, which we didn't have.

To make a LONG story short, BOA foreclosed on the property February 2, 2010 after stating that we had 90 days.  It is very sad that an organization the size of BOA (plus receiving government funds) fail to do what they said that they were going to do and in turn has ruined a single mom's life.

I am not a fan of BOA and won't let this one bad experience stop me from trying to help others with short sales and I will not let this incident get by because someone at BOA didn't do what they were supposed to do!

Comments (5)

Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

It is unfortunate the lack of communication that goes on with this bank during a short sale.

Feb 04, 2010 03:06 AM
Randy Schulenburg
Schulenburg Realty, Inc. - Pingree Grove, IL
Schulenburg Realty, Inc.

We're going to see the same thing happen with people trying to modify their mortgage loans.  I have documented people who are out of their "3 month trial period" and are now making their 6th or 7th payment without yet having a permanent loan mod.  The lender is following through with foreclosure paperwork at the same time the borrower is given the false hope of a loan mod.  Sad.

Feb 04, 2010 03:52 AM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Sorry this worked out the way it did for your client and for you. All the best.

Feb 04, 2010 04:04 AM
Michelle Way
AVALAR Pro Realty - Jackson, MS
ABR, GRI, WCR

Hi Tonya, I just got a BOA short sale the other day AND I HATE THEM ALSO. First of all they should just stop telling people they want to help because this is not true!!!! I had couple that did a short sale with. They were still living in the home with the intent vacate at closing of the short sale. BOA calls them at tells them at the last minute they are going to need two thousand five dollars for closing.... What part of these people lost their jobs and can't find work did they not understand.........

Apr 14, 2010 01:01 PM
Anonymous
Tanya Redic
At least you made it that far. We woke up one morning to find out that they foreclosed on the property after telling us we had 90 days to complete the short sale. They didn't even give us 30 days! BOA Home Retention dept is a joke!
Apr 14, 2010 02:30 PM
#5