Bank of America: Rodney Dangerfield or Jerry Lewis?
There was an article in the St Pete Times today, calling Bank of America 'the Rodney Dangerfield of banks'. The Rodney Dangerfield of banks? More like the Jerry Lewis of banks.We have a short sale in Madeira Beach, Florida, which took months to initiate because Bank of America had the city as St Petersburg in their system instead of Madeira Beach. We sent them the Deed, which clearly states that the house is in Madeira Beach. Despite that, it took months of getting the run around for them to finally change it. Unfortunately, by then the buyer had gotten sick of waiting & rescinded their offer.
Next offer, same thing! As before, we sent the deed. Rejected! Sent a letter from the City of Madeira Beach substantiating that the house really is in Madeira Beach. Rejected!
We called the City of Madeira Beach and spoke to Monica. She was extremely helpful and explained that the house was built in 1941 and incorporation happened twice because at one point there was a North Madeira and a South Madeira Beach. The first time was in 1947-after the house was built. There is also an unincorporated area of Madeira Beach, but she looked up the property address and it isn't in the unincorporated area.
We checked the Pinellas County Property Appraiser's website, which shows that the house was built in 194 and is in Madeira Beach.
We called the United States Post Office and inquired about Madeira Beach being part of St. Petersburg. He said he was 63 and never heard of it, but they are under St. Pete's post office, so no matter what the address is, Madeira or St. Pete, mail will still get there.
We did a little search on the internet and found the city of Madeira Beach celebrated its 60 year anniversary in 2007. We also found a financial statement which has an explanation of the incorporation on the 2nd page. We sent all of this to Bank of America. Rejected!
We called the short sale department, who referred us to customer service, who referred us back to the short sale department & ping-pong & so on & so on for MONTHS. We escalated to Supervisor after Supervisor. Everyone we talked to said something different. Their solution? For US to change all the paperwork to St Petersburg!!
Finally get it fixed (after intervention by Pinellas County Bank of America contact) and got approval for the Short Sale. Yay!
The official Short Sale Approval Letter arrives. It says (I'm not kidding) Madeira Beach, CALIFORNIA. The buyer's lender will not underwrite the buyer's loan until it's fixed. A title policy cannot be issued until it's fixed. The short sale approval will expire if it's not fixed.
We called the Bank of America short sale department, who referred us to customer service, who referred us back to the short sale department & ping-pong & so on & so on...
It. Is. A. Typo.
A typo, for crying out loud! The zip code is in Florida, all the paperwork says Florida; yet they refuse to change it, saying that the investor (the investor actually holds the mortgage-Bank of America just services the loan) will not let them change the letter.
Are you picturing Jerry Lewis as the Nutty Professor?
Replies to This Discussion
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Permalink Reply by Gael Adair Grove, CDPE/SFR/ePro on
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all I can say is OMG!!!
keep us posted on this incredibe debacle!
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Yikes !
Well, since BofA is getting so much "bad" attention these days and their stock is having "issues" - and Warren Buffet had to infuse money, I would say to get the Media involved - get your story on the nightly news or tweet to @BofA_Help
Best of luck,
Thom Colby
Broker
Newport Beach CA
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Permalink Reply by Jennie Blackburn on
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Good suggestion on the media. Just the week before, I copied two of the local Real Estate reporters for the St Pete Times regarding an even WORSE debacle with 1st Horizon. I don't want to wear out my welcome, so I'm going to wait until next Wednesday. Maybe by then...
Thom Colby Newport Beach CA said:
Yikes !
Well, since BofA is getting so much "bad" attention these days and their stock is having "issues" - and Warren Buffet had to infuse money, I would say to get the Media involved - get your story on the nightly news or tweet to @BofA_Help
Best of luck,
Thom Colby
Broker
Newport Beach CA
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Permalink Reply by Laura Rivera on
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Can you please let us know the conclusion to your Rodney Dangerfield short sale experience?
I don't even think there is a Madeira Beach in CA, There is Madera CA. If you google, only Madeira Beach in Florida shows up!
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Permalink Reply by Jimmy Williams on
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Jennie,
Your story of ping-pong is surely one of a kind. If this goes to foreclosure, I wonder how long it would take BOA to get the address correct?
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The late notices certainly found their way to Madeira Beach, Florida!
Jimmy Williams said:
Jennie,
Your story of ping-pong is surely one of a kind. If this goes to foreclosure, I wonder how long it would take BOA to get the address correct?
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I know, right? We checked - there is no Madeira Beach in California and the zip code on the approval letter is the correct one.
Laura Rivera said:
Can you please let us know the conclusion to your Rodney Dangerfield short sale experience?
I don't even think there is a Madeira Beach in CA, There is Madera CA. If you google, only Madeira Beach in Florida shows up!
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Did they ever send an interior appraiser in the house. Couldn't the appraiser verify the legal address of the house? Just curious?
Jennie Blackburn said:I know, right? We checked - there is no Madeira Beach in California and the zip code on the approval letter is the correct one.
Laura Rivera said:Can you please let us know the conclusion to your Rodney Dangerfield short sale experience?
I don't even think there is a Madeira Beach in CA, There is Madera CA. If you google, only Madeira Beach in Florida shows up!
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Before we could get an appraisal or BPO done, we had to get the short sale initiated via Equator. Either the system wouldn't let us enter it at all or would let us initiate but deny short sale the next day and kick it out of the system. Then, when we called to find out why, we were told the problem was the address. When we finally got it fixed so that the system recognized Madeira Beach as correct, a BPO was done, They must have the right address on file for that and every other piece of paper we submitted.
Laura Rivera said:
Did they ever send an interior appraiser in the house. Couldn't the appraiser verify the legal address of the house? Just curious?
Jennie Blackburn said:I know, right? We checked - there is no Madeira Beach in California and the zip code on the approval letter is the correct one.
Laura Rivera said:Can you please let us know the conclusion to your Rodney Dangerfield short sale experience?
I don't even think there is a Madeira Beach in CA, There is Madera CA. If you google, only Madeira Beach in Florida shows up!
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Persistance overcomes Resistance. Errrrr...eventually.
We finally got this fixed - the approval letter has the correct city and state. The inspection and appraisal are done. Just waiting for underwriting, so it's not completely over yet but I am hopeful.
By the way, the best way to keep a buyer hanging in there is to have a back up buyer ready to close. If this doesn't pass underwriting, we're not totally ###ewed.
Thanks for your interest!
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