Bank of America, they need to hear from us!!
All of us on this site need to band together and fashion an email letter to the Board of Directors and the CEO of Bank Of America to let them know what is really happening with short sales and their company. I did this about a year ago and sent it to Ken Lewis and I got a response. We all need to do this and let them know what is happening from a seller, buyer and agent perspective. My goal is to get a meeting and fly to their headquarters to speak with them personally. Who is with me? If I forward email addresses, would you be willing to put professional emails together to discuss our concerns? No bashing, nothing nasty but a professional email explaining what we have to go thru to get a BofA short sale completed
Replies to This Discussion
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Permalink Reply by DanaVoelzke on
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I have one now that I is making me consider taking it to the Katerina extreme (involving elected officials an top management), which I was going to do anyway. I'm in.
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Permalink Reply by Jeff Payne on
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Dana,
I think that we all need to email our concerns along with loan numbers and time frames to their Board of Director and to all of our elected representatives!! Lets do it!
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Permalink Reply by Wendy Rulnick on
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Jeff - I will contribute, let me know what the plan is!
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Permalink Reply by Elaine Edwards on
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Outstanding how exciting....I will help let me know
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Jeff Payne said:Dana,
I think that we all need to email our concerns along with loan numbers and time frames to their Board of Director and to all of our elected representatives!! Lets do it!
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I would like to share this letter Shanes intentions are great but again his instructions for obtaining a startup process with REOTrans for short sales is different than that of REOTrans.. To date my Short Sale package according BofA has been assigned to REOTrans that was 7 days ago, my seller phoned in weeks ago to REOTrans only to find frustration and long wait periods and no open account with REOTrans to date, according to Shanes directions. So I am on HOLD until I can sort this out.. Appreciate your efforts Jeff and all members of this forum.
Letter from Bank of America
Ms. Elaine,
Good morning Miss Elaine. I am responding to the latest message I have received from you. I am afraid to say that we are seeing more and more of these loans being referred out to REO TRANS. I’m not sure if you have been informed correctly of the purpose of this site or not. This site has been made as a type of self help service provider created to cut out the need for my department. Instead of having to call in to one of our locations to have answers relayed to you about the questions you may have on the short sale the agent and the homeowner are supposed to be able to have access your self at anytime to load and view documents needed and to personally check the status. Negotiators have access to this system as well and are able to place notes on the account as well, so we enable a closer relationship between the negotiator and agents and or homeowners. Having said that, there have been issues with the system that are trying to be worked out. Some have been fixed faster than others. One of the biggest problems we are seeing is the fact that people can not get properly started up. What has to be done for the start up is the homeowner can call into us and we can go on to the site and over the phone we can set up the homeowners part which has to be done first. After the homeowner is set-up they will receive a link for there agent to go to in order to set theirs up. Now I must emphasize the fact that everything needs to be correctly put in the first time because people are making personal mistakes and trying to go back and change things and can’t get back in. For example, leaving a letter or letters out of their email address. Now, if this is the process that has taken place then you can still call in to our department and get an update if it is provided to us. Make sure you tell them your problems with REO TRANS. This is a big deal for us here in my department in East TN. We are heavily training on it everyday. The number to us here is 866-491-4947. I am afraid to tell you that I cannot access an account anymore unless I receive the loan number over the phone. This is due to the fact that they say we can’t confirm or have verbal records of whom we are giving information to. Let me know if I have helped your concerns today or if I merely brought myself up to speed with you and advised you again of how the process is “supposed” to work. Miss Elaine your concerns are of the upmost importance to me and I will do everything I can to see this matter resolved for you. I hope I have provided some type of help for you and that you have a wonderful day. I am eager to hear from you again. Thank you
Shane Benderman
ss. dept.
Jeff Payne said:Dana,
I think that we all need to email our concerns along with loan numbers and time frames to their Board of Director and to all of our elected representatives!! Lets do it!
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Permalink Reply by Ron Donavon on
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Jeff, I'm in, I have one right now that is over 4 months in their hands and we are only just now getting the 2nd BPO.
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Permalink Reply by Bryant Tutas on
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Hi Jeff, I'm game.
I wonder how this REOTrans system will work for my sellers that do not have internet access?
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Permalink Reply by Karen Mathers on
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Count me in!
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Elaine, Can I have permission to use the letter below?
I am going to do some detective work and make sure that everyone that matters at BofA hears from us. I want to make sure that their CEO, BOD, and any other upper management is contacted. Give me a week or so to gather the contact info. If anyone has contact info that may help, send it to [email protected]
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Permalink Reply by Bettie Meadows on
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Yes, Jeff they need to hear.
The REO trans person told me the other day that they are approving sales of only 83 percent of the fair market value. Who establishes the fair market value I do not know( BPO or appraisal price?) If you have an uncooperative BPO agent or appraisal then you are sunked. Especially when they are doing drive bys and the house inside has no mechanicals. I do a lot of investor inner city properties. and the bank wants a fortune for for a shell of a house. I have to go and take photos and send them, hopefully, it will convince them.
I has 3 BPO's done on one houe. Two BPO's were for around $20,000.00 and one BPO was for $42,000.00. Go figure.
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Permalink Reply by Corine Holland on
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I am all for that. My clients have an offer in on a short sale with BOA against my advice of course. We are only about 2months in but if we can get the wheels rolling now on them changing there polices than I am all for it, VS waiting until we are 8mths in and then trying to do something about it. Send me the email address you have and I will be more than happy to address my concerns with them. Thanks.
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