Beware of Bank of America's communications regarding their short sale policies,

On July the 12th, I received this message from Bank of America:

"As an example of our commitment to improving the short sale process, Bank of America

now allows real estate agents to submit a backup offer on a transaction if the original buyer

has walked away from the sale. This means you will no longer have to initiate a new short

sale; instead, you can continue with the original transaction in Equator and still work with

your same short sale specialist. This change will save you time by not having to repeat a

number of process steps."

So, gullible me contacted the closing agent on a file where the prospective buyer was no longer able to close and asked for their instructions and assistance on how to submit the new offer as per their new policy.

He gladly informs me that this transaction would qualify and walks me through the process.

I asked just to make sure:

No new BPO right? He answered: Nope

No re-starting the file right? He answered: Nope.

How long would this take then? He answered: About a week.

I follow the instructions to a tee and....

They close the file and tell me that their decision was "discretionary".

So, basically, they don't give a hoot what they communicated, they don't care that I followed all of their instructions and that they're actions are a clear and direct contradiction to their own written policy.

It is what it is.

You don;t like it?

Pound dirt!

That's the "real" Bank of America policy.

Yes, I can see it now, they really are committed to improving the short sale process!

By the way, I attached their "new policy" attachment for your reading enjoyment.

buyer substitution policy.pdf

For help with a BofA file use twitter.

***Need Help? Try this:

http://twitter.com/#!/bofa_help

For tweets please do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.

tonda hoagland said:

Barb,

What's the secret to getting to the "best" escalation team? Have you ever worked with Loan Resolution on a BoA HAFA? We're having real issues on one and can't seem to escalate to anyone with authority!

I have my doubts about this new policy too....glad to hear you had one work out.

Thanks!

Barb Schlinker said:

Hi Elizabeth, You are very right. I try to escalate as much as possible and get the escalation team. They are the best! Have a great weekend!

Replies

Barb Schlinker August 1, 2011 at 5:49am

Dear JR,

The lower level employees usually do not have the authority to do that. Typically I get a call or email after the file has been re-assigned to the escalation team. They are fast trackers and really sharp. You need to go to the VP or higher level with your case with really good reasons why the file should be expedited and/or approved. Reasons...mostly...prove they will net more on a SS than an REO with a good BPO.

You can find the executives on JIGSAW.

Good luck!

Sincerely,

Colorado Barb
Bryant Tutas August 1, 2011 at 5:40am

For help with a BofA file use twitter.

***Need Help? Try this:

http://twitter.com/#!/bofa_help

For tweets please do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.

tonda hoagland said:

Barb,

What's the secret to getting to the "best" escalation team? Have you ever worked with Loan Resolution on a BoA HAFA? We're having real issues on one and can't seem to escalate to anyone with authority!

I have my doubts about this new policy too....glad to hear you had one work out.

Thanks!

Barb Schlinker said:

Hi Elizabeth, You are very right. I try to escalate as much as possible and get the escalation team. They are the best! Have a great weekend!
Platinum Worldwide Realty, LLC August 1, 2011 at 5:18am

Ditto Barb.

They definitely closed out my file. I just received their email stating that.

I also called them on Wednesday at the request of the negotiator to request that someone from their escalation team call me. They told me someone would call within two days.

Still waiting.

My attorney has been calling everyone he ever dealt with without a single reply.

I think my transaction may have become a "hot potatoe" at Bank of America and nobody wants to admit they made a mistake.

I can't just let this go though.

My email is: jr@pwragents.com

Any assistance, insights or contacts anyone could provide would be greatly appreciated.
tonda hoagland August 1, 2011 at 4:56am

Barb,

What's the secret to getting to the "best" escalation team? Have you ever worked with Loan Resolution on a BoA HAFA? We're having real issues on one and can't seem to escalate to anyone with authority!

I have my doubts about this new policy too....glad to hear you had one work out.

Thanks!

Barb Schlinker said:

Hi Elizabeth, You are very right. I try to escalate as much as possible and get the escalation team. They are the best! Have a great weekend!
Julianne Thorne July 31, 2011 at 7:01am

This response truly had me lol. SO true....

Tni LeBlanc said:
Wow that is so ... BofA of them. Sorry this happened to you. Of course my gut was to not believe that they could actually implement a policy while they were so busy creating a PR campaign advertising it. They cannot do two things at once.

I don't understand why people work for this outfit. Go make an honest living at the post office.

They are committed to driving the housing market into the ground.
Jennifer Dally July 31, 2011 at 5:33am

Concur with Elizabeth and Barb. It really does depend upon with whom you are working. Same thing with anything else...doctors, lawyers, Realtors...
Barb Schlinker July 31, 2011 at 4:44am

Hi Elizabeth, You are very right. I try to escalate as much as possible and get the escalation team. They are the best! Have a great weekend!
Elizabeth Meyer July 31, 2011 at 4:31am

@Barb Schlinker - Yes, it seems like your short sale process is only as good as your current negotiator.
Barb Schlinker July 31, 2011 at 4:13am

Hi All,

I just closed one on Friday. I substituted the new buyer on July 15, got approval on July 26 and closed July 29. From what they told me it is a new system and they are working out some kinks. This is so much better than the old way. It could take some time for the Short Sale Team to get trained up on it.

Colorado Barb
Joan Lorberbaum Moore July 31, 2011 at 3:29am

One of my office managers sent a blast email to all our agents about this wonderful news from Bank of America. I replied to her with a "well, we'll see" and this sure sounds like "BS."

I guess I was right. Unfortunately.

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