Replies to This Discussion

Permalink Reply by Melissa Polce on February 23, 2010 at 7:26am

I agree Vincent, but the fact is the process is a disaster, I feel like half the people never write in notes, no one knows how to switch back over to equator, you are held in limbo for no reason for weeks and months at a time...I find myself and my homeowners calling about 1 thing only to be told we are 2 steps back again...it is not right, it is not that hard of a thing to do...this should be hardship, paperwork, bpo/appraisal...a numbers game, end investor...approval...I mean they are the biggest lender in the US, this should not be rocket science for them!

If he calls, I have specfics...and I would hope only agnets with BofA Shorts would email...but who knows, every time I have been a thron in someones side, after a while, they listened(LOL)

Permalink Reply by Teri Christensen on February 25, 2010 at 9:35am

I have been in a 2nd attempt of closing a short sale with Bank of America. They are the HELOC in this case the bank in 1st position gave an approval in 20 days from the contract, as well as agreed to pay a small portion to BOA. After endless phone calls their computer glitches and then the negotiator telling us it is with the investors(final phase) and will have an answer in 4 days, 11 days we are still waiting and can not get through to anyone. I will be glad to contact this person. 1 other suggestion if they ask to do a survey and when the question is asked will you refer BOA to friend press the lowest number.

Vincent Mignogna said:

I had sent an e-mail to Brian Moynihan and I too received a call from his office but I don't think it makes sense for every agent to just start e-mailing him unless you truly have a situation that warrants it. Some agents are getting frustrated after a few weeks and will send an e-mail, while the agents who know what it takes to get these deals done spend months working on them.

Permalink Reply by Sam Purtle on February 25, 2010 at 2:22pm

Has everyone seen this article?

Bank of America Home Loans names Matt Vernon short sale and REO executive

Matt Vernon, a 15-year veteran of the financial industry, has been named short sale and real estate-owned (REO) executive for Bank of America Home Loans, moving to the loan servicing division from roles in the bank’s residential mortgage origination business. In his new position, Vernon will develop and implement initiatives to manage and streamline the bank’s efforts to use short sales and other property liquidation tools to prevent foreclosures and oversee the management and marketing of properties in the bank’s real estate owned portfolio.

“The distressed economy is creating extraordinary volume on mortgage servicers in short sales and post-foreclosure REO activities,” Vernon noted. “We know we need to improve processes and efficiencies in these areas. We have begun taking productive steps, and I look forward to working with real estate professionals, customers, investors and our team on ways we can accelerate that progress.”

Vernon’s most recent position in new loan production was as enterprise sales executive, leading mortgage origination and cross-selling efforts through Bank of America’s network of more than 6,000 banking centers. Previously, he led the bank’s consumer real estate retail sales channel overseeing 150 offices and more than 2,000 mortgage loan officers.
Vernon began his Bank of America career in a banking center in Baltimore and rose through broader leadership positions to become division executive sales manager over 479 banking centers in five Mid-Atlantic states before moving into the consumer real estate financing.

“Throughout his 15 years with Bank of America, Matt has demonstrated tremendous acumen in strategic planning, performance, customer focus and other areas that will serve him well in his new position,” said Rebecca Mairone, national servicing executive for Bank of America Home Loans. “This gives him a clear understanding of realty markets and the real estate professionals who play such an important role in short sales and REO marketing.”

For more information, visit www.bankofamerica.com.
http://nationalmortgageprofessional.com/news15834/bank-america-home...

Permalink Reply by Dave Sulvetta on February 27, 2010 at 4:07am

So True-

I had the buyer recently on a BOA short sale. The offer he made was well within the normal selling range of the area...this property was in good condition however. BOA took 6 months for a big "NO"!

I have been told that BOA does not care at all. They feel that any way the procede, they will get their money, whether from a write off or sale.

Go BOA! more of that thinking will hurt this country even more!

Melissa Polce said:

I encourage every agent that has a short sale with Bank of America in process to email the CEO
[email protected]

Dear Sir-

I do quite a few short sales in Charlotte, NC. Although I have handled many, I have yet to get one completed with BofA. I have 8 now in process, some as old as August 2009.

In the RE community, we are on-board with getting the Bank the most money back for the distressed property and helping the homeowner "Settle for Less", however...the systems in place at BofA are not working. I hear more complaints and horror stories rather than acceptance and approvals from the Bank. Sellers, agents, and buyers are just flat out frustrated and irate.

I propose to you the start of a Task Force(Real Estate Agents & BofA Short Sale Reps.), locally, regionally or individual States...but, something has to get done. I am not the only agent who would be interested in making this happen. I was told you are committed to getting these systems to work in flow and for the process to work more in unison rather than the lack of communication and lack of committment we see now...

Please help our industry help yours. If you simply google Bank of America Short Sales, you would read that your bank is the worst to deal with on these transactions. This tranaction type is the last step for most before Foreclosure and we are committed to helping homeowners, but now we need the banks help because your systems and processes are not currently working.

Thank you sir for your time. I understand the mere fact that you may take the time to read this is slim, but I appreciate it none the less. I would love the opportunity to work with you and the bank on coming to some better resolutions. In the end, it is about the homeowners who could not qualify for the modification, lost their job or has had a true hardship, again, this is the last step saving them from foreclosure and we must be able to help.

Regards,

Melissa Polce, Broker/Realtor
Keller Williams Realty
CELL: 704-450-4335
FAX: 877-415-1460
[email protected]

Permalink Reply by Melissa Polce on February 27, 2010 at 7:57am

I have now actually talked to some "higher ups'...they say they are committed to getting files 'Unstuck" and pushed through...I must say as soon as we got off the phone all my files became...unstuck, but I have yet to get an approval...stay tuned...

Permalink Reply by Ray Saenz on March 19, 2010 at 9:55am

Did you get any luck? please let me know

Melissa Polce said:

I have now actually talked to some "higher ups'...they say they are committed to getting files 'Unstuck" and pushed through...I must say as soon as we got off the phone all my files became...unstuck, but I have yet to get an approval...stay tuned...

Permalink Reply by Debbie Franklyn on March 26, 2010 at 1:00pm

I found this site and your comments by accident. I am currently experiencing my first B of A short sale since it took over Countrywide. After faxing all documents to B of A, I discovered it can only work with Equator. I like your idea and enjoyed reading your letter to B of A. Melissa, who are the "higher ups"? Please advise.

Permalink Reply by Juan Reyes on March 27, 2010 at 3:54am

It is absolutely NOT rocket science. If other lenders, and I'm not talking about small ones either can give approvals in 30 days or less, why can't BOA? I had a short sale approved by Wachovia in 5 business days... 5 days!!! and they gave the seller $5,000 at settlement for moving expenses and for having stayed in the home and not let it deteriorate.

What else can be done? I've written letter to Congress and the White House and I'm sure I am not the only one that has done this. I had a case where a home was purchased for $450K got a contract for $315K, got declined, foreclosed and re-listed for $165K a year later, it just doesn't make any sense to me.

I will certainly be sending out an email out for one of my cases that is going on month 6

Permalink Reply by Nicole Borsey on March 28, 2010 at 2:18am

great letter... will send an email as well~~

Permalink Reply by Melissa Polce on March 31, 2010 at 2:28pm

Update...the squeaky wheel theory...can't say all my outcomes have been fantastic but all my files seem to finally be moving along, giving credit where it is due...and continuous follow up has helped in Equator...I would like to think they just got it all together but I think continuously including every short sale person's email I had on files kinda shook it up...whatever it takes fo rthe client...ya know? LOL...

Permalink Reply by Debbie Franklyn on March 31, 2010 at 4:46pm

Hi Melissa:

When you "follow up" with them, since we are dealing with Equator, who do you call? I do not yet have a negogtiator assigned so it seems I need to call their "general" phone number. I am great with follow up, but with Equator it seems more difficult. Also, they gave my seller a password and are asking him to log in and input the data as well. Is that what they are doing with all of your clients too?

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