I have been holding off on this post for quite some time now, hoping to finally have a resolution, but no....GRRRRR! BANK OF AMERICA PLEASE FORECLOSE!! 
I have a client who as a result of a divorce put her house on the market in June of 2008 (yep, that is NOT a typo.) After 2 contracts where the buyers pulled out, the latter with a super quick move-in making my client (a soldier) move into base housing to accomodate. The buyer pulled out with less than 10 days to closing, leaving my client (my friend) high and dry.
In December of 2008 she stopped making mortgage payments at the suggestion of a Bank of America Rep with the explanation that "we can't even discuss the short sale until you are late on your payments. Her ex-husband, also a soldier had already been activated and deployed to Germany. She lost her housing allowance when she moved on base and was unable to make the payments anyway. This seemed to be her best option.
Her Realtor referred her to a "short sale specialist" to help with the negotiation. Months later, with nothing happening, she and I called BofA together to find that the "specialist" had not contacted them in over 2 months, and that the paperwork was not complete. She called them and demanded her money back, and got it. Since she was heading to 2 back to back military required schools, I (albeit stupidly) offered to help negotiate the short sale on her behalf, with no expectation of compensation.
After 5 (yep 5) contracts starting at a whopping 1.5% net below the amount required to pay her loan in full and pay all costs and ending at almost 100K below the amount required, with repairs required per the appraisal due damage caused by burst pipes. This once lovely 4 bedroom colonial in a quiet community still stands empty. I can only surmise that the homeowner's association has been cutting the lawn and maintaining the area around. The realtor has not been involved since the last contract fell.
The realtor was out thousands of dollarsin repairs just trying to get the final contract to setllement. The final buyer walked citing "health concerns" about the condition of the property because of potential mold due to the busted pipes. After unsuccessfully trying to get a contract through and having buyer after buyer walk, the seller (and I) were done trying. She asked that I request a Deed In Lieu of Foreclosure in May of 2010.
I contacted BofA, asked the procedure to do that. I was told that they would cancel the short sale and send it over to the Deed in Lieu Dept, and that as the Power of Attorney (and the fact that the seller had since been deployed to Kuwait) someone would contact me within 2 weeks. No Call, no surprise. I have called at least once a month since (spending hours on the phone), each time being told different information, all of it wrong. Asked for supervisors only to be told that they can't understand the problem, they see the notes about each contact, they will take care of it immediately, apologies for the inconvenience....blah, blah, blah.
Finally on October 1st, after hours on hold and being transferred I spoke to a self-proclaimed fixer of these types of problems in the BofA system. I was told the short sale had been cancelled in June of 2009. He sent emails, ensured the short sale was cancelled and "escaltated" the issue to the right people. He could guarantee that it would be taken care of and apologies, and blah, blah, blah.
I called yesterday after returning from my vacation to get an update. GUESS WHAT?! It has been RE-ASSIGNED in the Short Sale Team and the new negotiator would be in touch with me in a few days. The short sale had not been cancelled in June of 2009, the deed in lieu had been cancelled then. So sorry that you were told that. WHAT????? THIS IS NOT A SHORT SALE ANYMORE, THE HOUSE HAS BEEN EMPTY since December of 2008, I Have spent HOURS and HOURS on the phone and on email being transferred, disconnected, lied to, placated, escalated only for them to SCREW IT UP AGAIN!!! They can't get me to the "fixer", even though I had his full name, location and extension.
I asked where to send a certified letter only to be told, "Sorry, no address, but you can fax it". Would that be the same BLACK HOLE Fax machine we sent all the docs to multiple times? Can you connect me to the negotiator? "NO, Sorry. You can leave a message for her supervisor, he will contact you within 24 hours." NO CALL, NO SURPRISE.
This is an FHA loan. Bank of America has been collecting the mortgage insurance on this property and most likely 1000's (or Tens of 1000's like it), Best case, they are incompetent, worst case, they are criminal. The foreclosure moratorium should not extend to EMPTY homes. We have begged and begged for them to take this home...I don't know what else to do, who to talk to...
I put it to you, my Active Rain friends....HELP!!! I give up! I don't want my client to have this on her plate anymore, she is already in harms way. I don't want this on my plate any more, I have wasted too much time (and learned a hard lesson...we can't be responsible for everything.)
GRRRR, Bank of America Strikes Again!!
Bridget....Maryland Mortgage Mama
UPDATE: May 2011 Are Gleaming Hardwoods Supposed to be Bumpy?
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