In a separate thread, I mentioned that Bank of America thought that LRC was doing such a lousy job, they decided to give them MORE short sales! *sarcasm
Now, here's an obvious problem from my prior dealings with them:
1. The file will rarely move forward as published on Bank of America's agent resource documents, regardless of the strategy: HAFA pre-marketing, HAFA with an offer, Co-op, etc. Numerous escalations are needed just for it to move to the "Doctor's waiting room."
2. LRC rarely updates the Equator "assigned negotiator" to who they have assigned in house. This means no communication through Equator system via messages.
3. If your try to call your assigned person, it will go to voicemail hell. I don't think I've ever had the phone answered -- no matter what time I called. (Yes -- I always track the negotiator's working hours and time zone)
4. Email format is [first inital][last name]@loanresolution.com -- at least that's what the representatives are telling me. They have never acknowledged or responded any email.
5. Obtaining the supervisor/manager's contact info results in problems 3 & 4 above.
Has anyone had any luck? Any tips?
**********************************
like buttons
Replies
Edwin, try LRCs escalations dept. & keep calling until they get you what you need. The negotiators have hundreds of files so we have to stay on top of them. Good luck. :)
Do you have a specific escalations contact at LRC? A BofA rep kept me on the phone yesterday and kept trying until we got a hold of someone. We both were on hold for about 30 minutes until we finally got someone on the line named Amanda.
Amanda claimed that one of my assigned negotiators was "sick." The odd thing is, his extension NEVER rings -- just goes straight to voicemail. She told me she would look into my files and get back to me and she never called.
Do the negotiators there actually exist? Or is it just 3 people with 1,000,000 files? =)
I have an LRC HAFA short sale that I received a SSA early this year and was supposed to close in August. LRC has been dragging their feet. This is also under the BOFA incentive program where my Seller is going to receive over $20,000 PLUS HAFA.
I called LRC and they have an ESCALATION DEPT. This has helped but I still don't have the approval letter and the offer has been in since May.
I am now ready to call the Office of the President of BOFA.
I was able to speak with a real person at LRC in the escalation dept. Since complaining, the Negotiator has been actually calling me directly with updates.
Good luck!
Jane Myrenget
Realty World Dominion
When servicing is DELEGATED, the guidelines are right there. If Bank of America was truly doing what is in their investor's best interests, they would streamline their process and staff accordingly.
They've been doing short sales since 2007 starting with Countrywide and they've only gotten to this?
My best luck I have had with B of A is to use twitter. I dont think they like it gives you an immediate response put in property address and when you want them to call you exact time. their twitter address is
@BofA_help
Edwin,
then add to that, Freddi Mac as the investor and it falls into a black whole! They are the worst. I am going on 9 months ona preapproved HAFA with them. to make my long story short, I am still waiting for an amended short sale approval letter because the property didnt appraise. This was back in the first week of June. last week the negotiator leaves me a message that the SSA had expired and that we needed to look at other options. I rose hell by leaving him and his supervisor various messages about getting an extension since it was their fault that it expired. Sending emails on equtor and escalating them to everyone on the roster every hour. I also found some info on the person he was dealing with that was his go between with Freddie Mac and I sent her an email explaining the situation and that we needed that extension. Then I think the best tool that I have now and I have used it twice is the Escalation Web Tool that those of us that went to the BOA Forum got. I escalated this situation to that department last Thursday, evening, the 29th and by 10 am on friday the 31st of August, I had a representative from BOA calling me telling me she was on it. Then the negotiator called me and spoke to me about 30 minutes about how they are working on it and he also mentioned that the BOA rep also spoke to him. He did mention that my multiple emails also got everyone's attention. I hope to hear from them next week with the extension and hopefully the approval. If not I will escalate it again thru the Escalation Web Tool.
The reason i fight for my clients when this stuff happens is because 90% of my clients really need that relocation money.
going in the newsletter
My best strategy for dealing with any of BofAs third party companies is to just get the file out of there and back to a traditional BOA short. While a standard equator file will be approved in maybe 4-6 weeks, anything sent to any of their 3rd party providers will take forever, and has a much lesser chance of ending successfully than a traditional short. BoA has been doing full debt forgiveness on all their loans for at least 2 years now (at least all of them that I have closed), so the client really doesnt have much to gain with any of these other programs, except a ton of lost time and headaches.
Why in the world BoA uses these most incompetent third party providers is a mystery to me, but I've learned my lesson. Just dont go there.
Sorry -probably not the answer you were looking for.
I once could do that. But starting a few weeks ago, even traditional files have a good chance of being assigned to LRC. You'll be shooting yourself in the foot if you reinitiate just to have it go back to LRC!
On a similar note, I guess the 3rd party timelines benefit the seller who wants to extend their mortgage-free time in a home. Of course, I never encourage extending the 'limbo' time because it creates more long-term problems for the borrower (I'm speaking from experience from 'that' side).
If I were an investor of a pool of notes having my loan serviced by BofA and they sent the Short Sales to a 3rd party who has been historically terrible, I would think that would be grounds for another lawsuit, right? That's downright negligence.