I'm a seller who is soooo frustrated with Bank of America. After a year and a half of trying to nogotiate a modification, and my finally giving up on them, they contacted me and asked if I'd be interested in doing a Cooperative Short Sale. We went through all the requirements, did all the paperwork, had the appraisal, received the selling price from B of A, got a realtor, listed the house, got 2 offers immediately, submitted the offer to the negotiator, etc. Now, 3 months after starting this coperative short sale process, I find out that there is "litigation" with my junior note.
Bank of America gives me a contact person for the local attorney representing them. The girl who answers the phone at the attorney's office (Castle and Stawiarski, LLC in Albuquerque, NM) tells me a new "file" has been opened (weeks AFTER we submitted the offer to the negotiater at Bank of America! ) But the attorney's office refuses to give me any details about my own case. She says its public record and I'll have to do my own research. I asked for a court cast number and she says I have to find it myself. I went to the courthouse and there is no record of anything on me or my property. I called Bank of America and they say there's nothing they can do because it is in "litigation." I don't have an attorney so the only litigation must have been started by their own office!
It is an absolute run around. I've emailed everyone I can find addresses for online for Bank of America, and most come back undeliverable. I've tweeted as suggested in other posts, but have to start over each and every time and they tell me the same thing: there's nothing they can do because the case is in litigation. I've emailed, called, faxed every attorney in the local office Bank of America referred me to, but no one ever responds. I almost feel like the firm is a scam - that there are no attorneys there at all. My realtor has given up. He said the negotiator he was dealing with told him he's given up, too.
Can anyone out there offer any suggestions? I'm stuck, my buyers have walked, my realtor has walked, and I can't find anyone who will help.
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Well, it's been a year and a half since my last post.... During that time, my house was re listed two separate times, two separate offers were accepted, and the bank took so long do to their end that both buyers walked away after 5 months each of waiting. I can't believe this. Now my realtor has bailed.
Now what do I do? I'm back to square one and I don't have a resource in Albuquerque, NM.
I suggest you contact BofA, explain the situation and ask THEM how they would like you to proceed !
Update #2....
First, THANK YOU to all who have responded with suggestions. I truly appreciate your help. I've taken some advice and thought I'd update on what's going on now....Sigh......
I sent emails to the President and CEO, as well as others in similar departments, detailing the situation and lack of help. To my surprise, within 2 hours I got a phone call from some lady who said she was to be my point of contact from now on. Unfortunately I missed the call so all I had was her voicemail. She left her email address and phone number. I returned her call the next day..... and nothing. Never heard back. I again emailed the same guys as I had done previously, and copied this new lady, Cheryl Sena. She called me the next day and left me a scathing voicemail saying that I was NOT to contact the CEO any longer - go strictly through her. I called her back and left her a message saying if she would have responded in the first place, I wouldn't have had to contact them again..... Then she sends me this email asking ridiculous questions that I had already provided answers to, such as "Do you have a realtor yet?" and "Are you ready for an appraisal?". I already told her all this! I've already had an appraisal, I do have a realtor, and we have an offer on the darn house already!!!! Do they not read or hear anything I've been trying to tell them over the past 3 months? Cheryl Sena never again responded.
In the meantime, I've been getting letters and FedEx packages from BofA asking me if I'd like to do a modification, or am I interested in doing a cooperative short sale. What a joke. That's what I thought I was already doing! It is as if I was starting all over again. I ignored all of them. Finally I get a letter from some other guy in the CEO's office (yea, right) who gave me yet another person who will be my point of contact, Sheena Davis.
I called Ms. Davis this week and was informed by her that my "escalation" case has been closed. Why? No idea. However, I explained all of the stuff that's been going on, including the Twitter representative telling me my only option is to get a better offer (better than the extra $15,000 I already got???) she said she'd find me a new negotiator. She asked me to send her the offer that I got on the house 90 days ago for $105,000, the email from the negotiator instructing me to sell it for $90,000, the clean title history, and anything else I had. I sent it to her within that hour.
My realtor called me yesterday to tell me that our buyer has officially walked - they were tired of waiting (again, it was 90 days since they submitted the offer) and their contract extension is up on July 14th (tomorrow). They found another house to purchase. The realtor also said that he was in fact contacted by a new negotiator who asked him to re submit everything into Equator and "let's start over"..... So now I'm back at square one. Again.
I don't suppose I have any recourse with BofA about this lost buyer, do I? Since it was their fault the thing fell through? Obviously not, or they wouldn't have let it happen. I did see an attorney who said there's nothing I can really do unless they file to foreclose. Then he says I can counter sue.
I just want to work with someone at BofA who has common sense. Is that too much to ask? I hope I can stomach all of this all over again....
Thanks for letting me rant.
UPDATE:
As if things weren't bad enough, my "Twitter" representative called me Friday to tell me he "solved the issue"..... He said that my short sale was rejected because the offer was to LOW. I explained to him that this could not be possible because A) Bank of America instruced me, in writing, to sell the house for $90,000 and B) I have an offer for $105,000 which is $15,000 MORE than what I was told was acceptable. The guy told me there was no way he could escalate it to someone who could fix this ridiculous situation and the only option I have is to get a better offer. My response, "Better than what? The extra $15 grand I already got for you???" He was clueless and said "sorry, there's nothing I can do."
Seriously, what gives with these people? I went above and beyond what was asked..... I'm truly speechless.
Welcome to our world! Most homeowners have no idea how much we, who negotiate their short sales for them, go through behind the scenes. We third party negotiators don't make nearly enough $ for the hoops we sometimes have to jump through. Of course, those of us who do this all the time have successful processes in place so we have a lot less hair-pulling issues than you would.
I just now read the email your agent sent you and to me it sounds like your 2nd might have been sent over to Real Time Resolutions, a vendor BofA sometime uses to service their defaulted 2nds. If so, I'm surpised they didn't tell you that. Did you contact Thom C. who offered to look up your title for you? I'd like to help you, but I'll have to check your state laws to see if I could do so legally first and then get your authorization to discuss your situation with your bank. Let me know if this is something you want me to do.
Donna,
I would welcome your help. I'm sure negotiators have their share of hoops to jump through, and I'm certain I have no idea how you do it. :) That said, it's still frustrating to not get all the information needed just to get the deal going. I feel like if you don't know exactly what to ask for, you won't get it. And I didn't go to school for this field so I don't know what I don't know. :) It feels like one roadblock after another. I'm sure you feel the same.
Thom C. did kindly look up the title for me and he says "Nothing odd here. The very first document is a Notice of Release of Lis Pendens by US BANK" from February, and then provided a screen print of the information. Sounds like there should be no litigation that would be holding anything up, right?
I'd appreciate your help or advise in any way. Thank you!!!!!!!!!!!!
Taunya, if you still need help, why don't you contact me through dmcmc@hotmail.com
You most definitely need to see a title report on your property to determine that the litigation is actually YOUR litigation and not tied to someone else's same name. I am negotiating a short sale right now for a seller where the preliminary title report showed a $125K federal tax lien, which fortunately, was not his, but belonged to someone with his same name. We simply submitted a statement of identification with the title company to have it removed. If you had a realtor who received an offer, they should have opened escrow and/or had a preliminary title report run to see if there were any title issues like this.
Taunya,
I can do 2 things for you;
1) I have a name and cell # for an Executive at BofA;
2) I have access to a Nationwide Title System and will look up your property address to see what's there, if anythng.
Send me an e-mail with the property address, I will look it up and send back what I find along with the Exec's name and cell#.
I am not licensed in New Mexico, so I'm doing this purely as an advocate - there is no benefit to me, but I hope I can provide a little help for you.
Thom Colby
CA Broker
Palm Desert / Newport Beach CA
thom@thomcolby.com
xxx
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