Because of my being very vocal about Bank of America andhow they are treating their "customers" I am going to start posting (with the person's permission) the horror stories I have been getting every week. I took out my writer's last name and real loan number, but it is just enough to make anyone sick about what Americans are going through...but he who holds the gold rules! Guess what Bank of America's response was?
6/2/10
To Whom It May Concern:
I am a hard working elementary school literacy coach andteacher with a master's degree and 12 years experience. I am writing to appeal to you to for help in completing my short sale process. My realtor and I have worked earnestly to finish our responsibilities. In fact, my paperwork was complete as of April 28, 2010. Yet I am waiting for your company to assign my case a negotiator, which is past your 30-day limit.
I have a buyer who is willing to pay at least $10,000.00 more than any other offer. My potential buyer is a single mother with a young son. Her home sale needs to be complete by June 31, 2010, because her student loans will no longer be deferred and the new homeowner tax credit will expire. She will be forced to find a different home and your company and I will lose this current offer.
I am confused why your company chooses not to assign a negotiator and complete this process. Not only have I not been assigned a negotiator, my realtor continues to received different information or misinformation when he calls daily to check on my status. I realize short sales are time consuming; however, I am confused why I continue to receive daily calls from your representatives requesting payments, yet you are unwilling to finish my short sale.
Following are examples of misinformation:
• We were told there was a 30-day limit to be assigned a negotiator to review our paperwork. The 30-day limit for my case came on May 28th, 2010. As of today, June 2nd, 2010, I was told it will take another 4-5 days for a negotiator to be assigned.
• One representative said there is a phase 1 and a phase 2. Then another person told him Bank of America no longer has a phase 1 and phase 2.
• A different representative said we needed to get through the "SPO process". When my realtor asked what "SPO" stood for the representative said he couldn't tell him.
• Another representative told my realtor that I had made a partial payment on May 17th. I am no longer able to make payments and haven't made one since December. Why would she give him this information?
Considering best business practice, I would think a short sale would be in both of our best interests. You would:
• receive the balance for my loan.
• receive more money than a foreclosure or a bankruptcy, which I will be forced to do if
you continue to prolong this process. I have contacted a lawyer and am ready to start this process.
• have assistance from my second mortgage lender, Wells Fargo. They assigned a negotiator within a week and are waiting to hear from you.
• increase your cost effectiveness since other customer service representatives would no longer need to take time to contact me requesting a loan payment.
I think we would both agree that we want this process to be completed as soon as possible. In an August 5th, 2008, article in USA today, executives in charge of your short sales, whom I have included in this email recognized the lost financial opportunities and the need to improve your rate to close short sales. Please help increase your efficiency with my claim before it is lost.
I would like to conclude by reminding you that I am a hardworking elementary schoolteacher trying to stay on my feet, and I am asking you to take the time to assign my case a negotiator and complete my short sale process so you can receive your money and I may move on with my life.
Thank you for your time and attention to this matter.
Sincerely,
Darcy B
Account Number: FHA 3333
13215 Holly St
Comments(2)