Replies to This Discussion

Permalink Reply by Ed Clements SFR, HELP Certified on August 24, 2010 at 6:08am

I went on Equator and replied to one of the emails they sent. I chose everyone in the drop down menu that has manager, team lead, or VP.
I got a response! I don't know who the guy is he didn't have a title on his email so probably some flunky working under one of the managers. His response was, that's the way we do it.
In other words if you don't like it...we don't care. It's my way or the highway. So we either put up with it or don't take B of A short sales.

Permalink Reply by Gunna Voigt on August 24, 2010 at 8:55am

I do have a Bofa horror story, it just turned into the final horror, but today is not the day for me to recite 11 months of nightmare. Please let me know if you want it, and I will find the time!

Permalink Reply by joe beauchamp on August 24, 2010 at 10:36am

There is a lot of that there - but I run into that at every bank - BofA has worse odds than the others. I've learned to usually ignore it and move on. Sometimes the only way to do that is kill the SS and resubmit - get a new team. That can be faster than going through escalation after escalation and about 75% of the time it will go a decent direction - the rest of the time, just start again. One thing that always surprises me (was a VP in a larger company at one point) is that management doesn't seem to take a responsible role. I've had problems which take a 30 second or less answer and sent repeated messages to the whole slew of them for 2 weeks with NO response during that time. A manager is suppose to make up for bad choices, etc. of his charges. These people seem to have advanced by finding how to hide from responsibility...

However, I don't see any reason to expect any different attitude. BofA has no liaison, no place to give suggestions, comments, complaints, etc. Why would anyone expect someone "working" in that environment to want to be in any way positive in communication or helpful? I'm amazed at the (small) number of people who like to help --- OK, until the nighttime ghouls smell blood and finish them off... ;-)

Ed Clements SFR, HELP Certified said:

I went on Equator and replied to one of the emails they sent. I chose everyone in the drop down menu that has manager, team lead, or VP.
I got a response! I don't know who the guy is he didn't have a title on his email so probably some flunky working under one of the managers. His response was, that's the way we do it.
In other words if you don't like it...we don't care. It's my way or the highway. So we either put up with it or don't take B of A short sales.

Permalink Reply by Tom Olsewski on August 26, 2010 at 12:08pm

Here is an interesting horror story about OCWEN you should include.

http://activerain.com/blogsview/1650594/ocwen-and-its-president-ron...

Permalink Reply by Stephanie Lim on August 27, 2010 at 8:15am

I would be happy to contribute as well. Have a very recent BOA one where we were essentially told they can do what they want and the investor has no say-so. Even have a recorded voicemail of this. Have an older Chevy Chase one that they wouldn't approve, went to foreclosure and CC bank sold for tens of thousands less than two separate short sale deals that had been sent in subsequently.

Permalink Reply by Anthony DeFelice on August 28, 2010 at 10:09am

We placed our first offer on a short sell house, of which there were multiple offers, in April 2010. We were the highest bidder and were told that our offer was accepted. Bank of America supposably did an appraisal and came back asking for more money. We agreed to offer more money then the offer sat for weeks. Then we told that for some reason the process was starting all over. Then we were told that there was someone new handling the contract and that there was a lien on the house. BofA wanted more money from us for the lien. We agreed to offer the amount of the lien. Then BofA supposably had to do another appraisal. Then everything sat again for weeks. Then BofA wanted us to pay an application fee that the seller was supposed to pay but couldn't afford to pay. We said no more money. Then we were told that BofA had to do another appraisal. When we questioned why they had to do another appaisal when they had already done two, we were told that the first two appaisals were drive bys and didn't count-that this would be a thorough inside and out appraisal. On 8/19 we were told that the contract would be sent to the lawyers in 3-5 days. Its 8/28 and still we hear nothing. We feel that this is ridiculous as this house has been abandoned for 2-3 years and is an eye-sore that has to be totally gutted and re-built. BofA has had a family for almost 6 months that is willing to take this house off their books and assume the risks of buying a house in such poor condition and they do nothing. We are close to giving up and just buying a normal house. Home sales are down? Really? I'm starting to wonder what the real reason is.

Permalink Reply by Jeff Payne on August 30, 2010 at 4:10am

A news story about Fannie Mae would be a good one with a mile long list of horror stories. Do a story about short sales that do not get approved and the property gets foreclosed only for the lender to sell the property for a fraction of what the short sale offer was. Fannie Mae is a GSE which means that every time they lose money, so do the taxpayers. I am sure that there are hundreds of thousands of Fannie Mae foreclosures that had solid offers on them only to have Fannie not approve them and sell them later on down the road for much less.

Permalink Reply by joe beauchamp on August 31, 2010 at 3:13am

I'd love to see the stats - I was going to say that someone has them, but now that I think about it, Fannie Mae surely doesn't keep track of dead short sales - they are probably told whatever BofA wants them to hear and the Fannie Mae reps whom I've talked to, well, rocks have more brains and interest in their losses. So, they probably hear that the SS failed, ergo, a $0 deal.

I had a beauty - 1 1/2 yrs this agent tried to sell it, 7th buyer - waiting for BofA, FHA buyer's loan. They would not postpone the sale. They wouldn't have to if they hadn't dragged it out for months. Why not a trustee sale somewhere over the last 1 1/2 yrs? Why when they have an FHA buyer who needs 25 more days to get a loan? Well, the listing agent told me last week that the property is on the market at $30K more than the SS ($234K). Funny thing, no one looking at it. Hmmm.. wonder if their price could be a tad high? Anyway, I'm hoping to hear what it will eventually sell for. As I said, I would love to be able to gather stats on these and see where they go - you know, something that a real investor would be interested in -- of course not Fannie or Freddie - tain't their money - as the rep told me - although he said it was the lending bank's money, not the poor taxpayer... Yeah, them peoples is really on the ball...

Jeff Payne said:

A news story about Fannie Mae would be a good one with a mile long list of horror stories. Do a story about short sales that do not get approved and the property gets foreclosed only for the lender to sell the property for a fraction of what the short sale offer was. Fannie Mae is a GSE which means that every time they lose money, so do the taxpayers. I am sure that there are hundreds of thousands of Fannie Mae foreclosures that had solid offers on them only to have Fannie not approve them and sell them later on down the road for much less.

Permalink Reply by Jeff Payne on August 31, 2010 at 3:31am

Fannie mae was the owner on 3% of all of the sales in our market since 1/1/09. THREE PERCENT!!! They sold more properties than any other entity in our county. Think that could be due to their lack of concern and refusal to postpone foreclosures and refusal to grant a few days to extend a closing?
Our MLS allows us to search by sellers name and FNMA is at the top of the list!

joe beauchamp said:

I'd love to see the stats - I was going to say that someone has them, but now that I think about it, Fannie Mae surely doesn't keep track of dead short sales - they are probably told whatever BofA wants them to hear and the Fannie Mae reps whom I've talked to, well, rocks have more brains and interest in their losses. So, they probably hear that the SS failed, ergo, a $0 deal.

I had a beauty - 1 1/2 yrs this agent tried to sell it, 7th buyer - waiting for BofA, FHA buyer's loan. They would not postpone the sale. They wouldn't have to if they hadn't dragged it out for months. Why not a trustee sale somewhere over the last 1 1/2 yrs? Why when they have an FHA buyer who needs 25 more days to get a loan? Well, the listing agent told me last week that the property is on the market at $30K more than the SS ($234K). Funny thing, no one looking at it. Hmmm.. wonder if their price could be a tad high? Anyway, I'm hoping to hear what it will eventually sell for. As I said, I would love to be able to gather stats on these and see where they go - you know, something that a real investor would be interested in -- of course not Fannie or Freddie - tain't their money - as the rep told me - although he said it was the lending bank's money, not the poor taxpayer... Yeah, them peoples is really on the ball...

Jeff Payne said:

A news story about Fannie Mae would be a good one with a mile long list of horror stories. Do a story about short sales that do not get approved and the property gets foreclosed only for the lender to sell the property for a fraction of what the short sale offer was. Fannie Mae is a GSE which means that every time they lose money, so do the taxpayers. I am sure that there are hundreds of thousands of Fannie Mae foreclosures that had solid offers on them only to have Fannie not approve them and sell them later on down the road for much less.

Permalink Reply by Jeff Payne on August 31, 2010 at 3:34am

There 693 REO sales in our MLS since 1/1/09 and FNMA had 129 of those REO sales.

joe beauchamp said:

I'd love to see the stats - I was going to say that someone has them, but now that I think about it, Fannie Mae surely doesn't keep track of dead short sales - they are probably told whatever BofA wants them to hear and the Fannie Mae reps whom I've talked to, well, rocks have more brains and interest in their losses. So, they probably hear that the SS failed, ergo, a $0 deal.

I had a beauty - 1 1/2 yrs this agent tried to sell it, 7th buyer - waiting for BofA, FHA buyer's loan. They would not postpone the sale. They wouldn't have to if they hadn't dragged it out for months. Why not a trustee sale somewhere over the last 1 1/2 yrs? Why when they have an FHA buyer who needs 25 more days to get a loan? Well, the listing agent told me last week that the property is on the market at $30K more than the SS ($234K). Funny thing, no one looking at it. Hmmm.. wonder if their price could be a tad high? Anyway, I'm hoping to hear what it will eventually sell for. As I said, I would love to be able to gather stats on these and see where they go - you know, something that a real investor would be interested in -- of course not Fannie or Freddie - tain't their money - as the rep told me - although he said it was the lending bank's money, not the poor taxpayer... Yeah, them peoples is really on the ball...

Jeff Payne said:

A news story about Fannie Mae would be a good one with a mile long list of horror stories. Do a story about short sales that do not get approved and the property gets foreclosed only for the lender to sell the property for a fraction of what the short sale offer was. Fannie Mae is a GSE which means that every time they lose money, so do the taxpayers. I am sure that there are hundreds of thousands of Fannie Mae foreclosures that had solid offers on them only to have Fannie not approve them and sell them later on down the road for much less.

Permalink Reply by Jeff Payne on August 31, 2010 at 3:39am

Freddie Mac had 62 of those sales, between Fannie and Freddie, they were the owner of 30% of the foreclosures sold here in Panama City. That number is probably much higher because our MLS does not do a great job of tracking these numbers.
Jeff Payne said:

There 693 REO sales in our MLS since 1/1/09 and FNMA had 129 of those REO sales.

joe beauchamp said:

I'd love to see the stats - I was going to say that someone has them, but now that I think about it, Fannie Mae surely doesn't keep track of dead short sales - they are probably told whatever BofA wants them to hear and the Fannie Mae reps whom I've talked to, well, rocks have more brains and interest in their losses. So, they probably hear that the SS failed, ergo, a $0 deal.

I had a beauty - 1 1/2 yrs this agent tried to sell it, 7th buyer - waiting for BofA, FHA buyer's loan. They would not postpone the sale. They wouldn't have to if they hadn't dragged it out for months. Why not a trustee sale somewhere over the last 1 1/2 yrs? Why when they have an FHA buyer who needs 25 more days to get a loan? Well, the listing agent told me last week that the property is on the market at $30K more than the SS ($234K). Funny thing, no one looking at it. Hmmm.. wonder if their price could be a tad high? Anyway, I'm hoping to hear what it will eventually sell for. As I said, I would love to be able to gather stats on these and see where they go - you know, something that a real investor would be interested in -- of course not Fannie or Freddie - tain't their money - as the rep told me - although he said it was the lending bank's money, not the poor taxpayer... Yeah, them peoples is really on the ball...

Jeff Payne said:

A news story about Fannie Mae would be a good one with a mile long list of horror stories. Do a story about short sales that do not get approved and the property gets foreclosed only for the lender to sell the property for a fraction of what the short sale offer was. Fannie Mae is a GSE which means that every time they lose money, so do the taxpayers. I am sure that there are hundreds of thousands of Fannie Mae foreclosures that had solid offers on them only to have Fannie not approve them and sell them later on down the road for much less.

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