I'm a 3rd party negotiator and I've been working on a HAFA short sale since August, 2012, when I jumped in. File is Bank of America being handled by REDC. It's been one issue after another - the lack of communication and gross mismanagement is astounding. There is no accountability.
The file has been closed out multiple times - each with a blatant lie as to why. The last time file was closed was because the contract had not been received within time frame. Of course, the contract was received - actually had been received multiple times. Luckily, I have copies of all messages in Equator, both received and sent, for my files - since they DELETE messages in Equator so that they can deny or continue to lie about what has transpired. But, without accountability, what is the point.
File has been reopened in Equator yet again and it's been in "offer review" since last month. After 5 requests for status, I just received a message with what I need to list the property at...? What about the offer?
Escalating through Equator has been ineffective - I've sent messages to management over the past 4 months and not received even one response from any of them. The attorney in my office has become involved, and he also has great difficulty reaching or speaking to anyone.
I realize that a short sale is a privilege and not a right. That being said, does anyone know of a government agency that can be contacted regarding business practices? Aren't there laws that protect consumers or at least establish standards? I don't yet have a Twitter account, thinking perhaps it is time.
If anyone has any insight as to how I can bypass REDC and get to someone who can make a decision, your help is very much appreciated. Thank you.
Thank you Brian! Twitter account has been set up...wish me luck!
ps: have you ever worked REO properties?
US Bank was the WORST for me...good luck to you, Tracy...
This is common experience with BoA...sounds so familiar...same thing happened with my BoA files. The most recent took about 1 1/2 yrs...after selling and re-selling the property 4 or 5 times due to buyer "remorse" each time.....
Twitter ,http://go.bofa.com/BofAHelp,,,,they were more helpful than anything in Equator or any negotiator etc etc.....they did get us back on track,,,but at times i would need to re-connect with the help desk.....I can confirm everything you stated. Extremely frustrating....
Thank you Mike...sigh...
I had a similar problem with REDC. I contacted [email protected] in the escalations dept. She responded to me within 48 hours saying that she had sent it for review and then I was contacted by Jose Calvillo (805-578-6929) at Bank of America who advised that everything should be back on track. 2 days later things started moving along and I've been in constant contact with the negotiator who has put a "rush" on the file.
I don't know if they will be able to help you but it's worth a try!
"should be back on track"......thats the key ! Instead....."is back on track" is what we want to hear.....i would be interested to know how much longer it takes from this point forward.....I was at exactly same point,,,and it took months to get back on track........in fact it took so much time , i had to reactivate the listing and procure another buyer to transition. At that point I was promised a "soft decline" which was suppose to expediate the process...
like I said...after 4 to 5 months later....we were "back on track".......and then spent another 30-60 days in "review"..
The silver lining: we did close!
Best wishes..and i wish you better communication...quicker responses and successful "closing" ..you definitely deserve to be compensated.
Congratulations Michael - good job!
Thank you Ana...!
I went through the SAME thing with REDC. Spoke to numerous "supervisors" with REDC and made B of A Escalation team stay on the line and listen to them blame B of A. What I really would like to know is what the heck the purpose of REDC, UTLS, LMFAO and all this acronyms that B of A injects as a buffer to accept responsibility for processing the short sale properly??
At the risk of this sounding like a "rant," my opinion is that B of A IS to big NOT to fail. The should be broken up into 4 or 5 regional entities moving forward. Or they should surrender their servicing rights to capable companies. I think many investors have realized this and are sending their servicing elsewhere. Problem is: some of these other servicers are just as bad! I remember praying for the day Countrywide would go away....and then they were assimilated into B of A!
Be careful what we wish for, I guess?
Fortunately, in my last fiasco, FNMA was the investor. I called FNMA and let them know how BofA/REDC made me "reinitiate" the file in Equator 9 times! And told them I could supply the names, dates, times, etc of all the "supervisors" I spoke to. After almost a year of shennanigans, B of A miraculously got their act together and moved the file forward (under the watchful eye of FNMA.) The concern now became the inflated value that FNMA was trying to get...but that's another rant!
My advice: have B of A identify the investor- then get THEM involved if you make no progress.
In our case, we DARED B of A to foreclose...we threw the words "bad faith claim" at them which at the risk of sounding like an attorney demonstrated that the HomeOwner felt she (and the investor) were getting jerked around by B of A's mishandling of the file. (Bad faith claims are available in Nevada...although I have no first hand experience. Another topic for discussion maybe? And before anyone brings it up..yes I know Short Sales are optional by the investor...but it is also something in Nevada that has to be honestly assessed. We in our State have a mediation process for just such matters.)
Good Luck with REDC. As with ALL short sales, document EVERY call, email and conversation you have and go as high as you can with B of A and REDC, then get the investor involved. You'll see a change in REDC's attitude right away.
Thank you Jeffrey,
I feel your frustration and appreciated your input...I'll be strong...and persistent as well. Thank you again...
REDC is a true joke. I took over a short sale from an associate, we have been working it 2 years...that is correct 2 years. They will never agree to the buyers offers, always countered unrealistically. Now on May 31st the loan was assigned to Greentree and apparently REDC (after me sending them nasty emails how they do not know what they are doing etc...) said oh we approved it on May 30th but we cannot process it now because it was assigned to another servicer. They should be hung because for two years they strung us along as they collected a monthly servicing fee...what is their motivation to approve a short sale??? NONE...the longer they prolong the approval they more they make. They need to be reported so who should they be reported to??? They are risking my seller/borrower getting foreclosed on because they did not do a job!
Hang in there Alicia...I do agree, they are better off by dragging their feet. Good luck to you....