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I was in the middle of a Co-op short sale, it was accepted and the deficiency was released.The buyer walked, another cash buyer came in 4 days later with the same offer. BOA accepted the offer, but now claims the short sale was "moved" to a traditional program and they will not release the deficiency. This is a cash offer of $910K on a $1.1M note! What kind of craziness is BOA coming up with now?
They have already been slammed with Billions of dollars of fines for their illegal and unethical behavior, and this is right in line with their activity. Changing terms without either the agent, the owner, or the attorney's knowledge? This sounds like BOA is up to their old criminal ways. Has anyone heard of such a thing happening? Does anyone know who might have oversight or controlling authority over this] unethical behavior? What would be the right government agency to contact to get BOA's attention?
Since BOA already stands responsible for the wholesale financial slaughter of millions of customers, I have to believe there is someone watching for this activity again.
Any help would be greatly appreciated.
I'd be escalating this file to the senior vice president of escalations to see what can be done. Typically, they should be able to place a request with the investor to have the deficiency waived. If that doesn't work I'd look into getting this short sale back into the CO-OP or HAFA program. If those programs are not an option, they may waive the deficiency for a cash contribution or if the borrower takes a note interest free for x amount for 1-10 years.
Was this file "hard declined" when the buyers switched? If so, that's probably why it switched back to a traditional short sale.
Have you tried reaching out to their social media team via Twitter? They can review the file and contact you to get you to the proper escalation channels. https://twitter.com/BofA_Help
I have had good luck with their social media departments.