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Hi all,

I'm new to the site.  I'm a California attorney and real estate broker specializing in short sales.  For a bit over 4 years we have been dealing with short sales, modifications, litigation and all manner of foreclosure prevention.  I have been fairly aggressive with banks when they do the random, inexplicable and ultimately harmful things they do. 

Recently I logged into equator to find that every single one of my BOA transactions were gone.  When I called to see what was going on none of the negotiators on the files were aware that they were closed and had no idea what happened.  Three of these files had written approvals on them and on one of those the buyer had already signed loan docs and we were due to fund and close the next day.

Needless to say I was furious.  This is not my first rodeo so I began contacting my various contacts.  Many of them could find no information as to why they were closed.  The ones that could either found notes in the system saying a file was closed as a result of the internal review department determining the file was non-compliant.  How's that for being specific?  Other people I talked to were able to see the exact reason, but said that they were not allowed to tell me why.  After many threatening letters and email to Brian Moynihan on down, I was contacted by Joseph Quinn, assistand vice-president of the internal review department.

Mr. Quinn began to list off various reasons why my files were closed.  They included:

1) They did not like language I had on my Letter of Authorization (this was a file submitted prior to BOA's own Authorization letter);

2) On one file where we had an approval and then subsequently lost the buyer, I put it back on the mls with language referring to the fact that we had short sale approval and the approved price.  Mr. Quinn informed me that this was against BOA's rules. When I asked where I could find that rule, he informed me that it was not his job to help me with that.

3) I had files that we asked for legal fees for our ss negotiation efforts.  I have many listings of my own, but I also handle negotiations for many other agents here in San Diego.  All our negotiations are done through my lawfirm, not as a real estate agent.  Of course, I told him that the negotiator or investor usually counters that out, but that was a transaction per transaction decision on their part.  He told me BOA prefers if I didn't ask for it anymore.

There were others that were just as rediculous, but this note is already getting too long.

I am curious who else has experienced anything like this.  ie.  files closed by BOA without notification, warning, or an opportunity to correct the situation...especially after written approval was already given.  I imagine it's fairly common.  Depending on the situation I could imagine substantial damages:  Buyers who relied on the approval and spent money on inspections, appraisals, drawing docs, moving expenses, etc... 2) Sellers whose property went to foreclosure because the buyer walked; Sellers who already moved out of their property in anticipation of the property closing in a day or two; Sellers who incurred many more months of HOA expenses because the deal ended up closing, but it took another 3-6 months.; 3) all those commissions lost by agents on both sides of the deal.

Please respond to this thread or email me personally if you have had similar situations or know someone who has.  Thanks in advance.