What is Bank of America up to now?

Entered a new short sale transaction into Equator 10 days ago. Was informed it was HAFA acceptable.  The first offer was one week away from closing when the buyer could not produce his 2009 tax return the underwriter wanted- this after about five months to get that offer HAFA accepted and almost closed.  Then today, I called in because I received an email notice from BoA that the contract was denied,  reason stated was "other".   When I called in and gave loan number and seller's name, I was told that the seller's name was not correct and didn't match the contract so it was denied.  I stated his name hadn't changed. (This is not the seller's real name, just an example) I said his name is Billy Smith, they said No, I said Yes and it is Billy and Cheryl Smith.  They said good thing I got Cheryl's name mentioned but their loan papers show his name as Billy Bob.  I said Bob is his middle name.  I have called in on this file for the past five months and never had a problem stating the seller's name as Billy Smith. Today they have a problem understanding a middle name versus a last name.  This was the reason they denied and tossed out my newest contract.  Their error after the seller had to call them to verify his name, however they stated once it is denied I have to start all over again after waiting 24 to 48 hours with a 6/10/11 foreclosure date looming.   I seriously doubt their motives.  I read that they no longer work HAFA short sales with LRC and maybe that is why they denied and tossed it.  I sent them another email and said this was their error and perhaps they could un-decline it, their response was that is the way the system works.

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Replies to This Discussion

Permalink Reply by Lori Young on May 31, 2011 at 1:47pm

I had something almost the same.  I called and was told that someone in India was screening docs and don't always get how are names go.  Well to make a long story short, I had to call the manager and get my file opened again and put under a fast track.  I would recommend you call the short sale department and speak with a manager.  Have them look in the system and get your file moving.  I would also ask the manager to postpone the sale since you should have 120 days to sell.  Good luck.

P.S.  A Bank of America rep told me in Equator BACI means:  Bank of America Corp. India. 

Permalink Reply by SueEllen Morse on May 31, 2011 at 2:31pm

Napua- Had the same thing happen and I had to start over. Now after I uploaded everything and spoke with BOA and I could see everything in the system it's gone again.Generic Asset manager and Borrower Outreach. Now what are they doing? Never have I seen that status before. Any ideas?

Permalink Reply by Napua Lucas on May 31, 2011 at 3:14pm

I have had this happen too.  I was looking at the screen when everything I had uploaded was wiped away.  I sent them a message through Equator and asked what was going on. They told me to upload again,  the next day it was there before I could upload again and I have seen Borrower Outreach.  Plus, they supposedly send me messages without them actually going out,  Thank goodness I checked on Equator and found them.

 


SueEllen Morse said:

Napua- Had the same thing happen and I had to start over. Now after I uploaded everything and spoke with BOA and I could see everything in the system it's gone again.Generic Asset manager and Borrower Outreach. Now what are they doing? Never have I seen that status before. Any ideas?

Permalink Reply by Napua Lucas on May 31, 2011 at 3:21pm
Well, I will call once I upload again but my client the seller just called and told me they wasted no time in sending him a letter stating that his transaction was no longer a HAFA short sale.  They gave it another name which he couldn't remember since he left the letter at work. They did not notify me of this, they just denied the contract saying the seller's name didn't match the name on the contract ( saying his middle name was his Last Name?)  Must be India but I have to say most of the people I have been speaking with at BoA still aren't all that informed.  I will be voicing my complaint especially now that I know BACI represents India.

Lori Young said:

I had something almost the same.  I called and was told that someone in India was screening docs and don't always get how are names go.  Well to make a long story short, I had to call the manager and get my file opened again and put under a fast track.  I would recommend you call the short sale department and speak with a manager.  Have them look in the system and get your file moving.  I would also ask the manager to postpone the sale since you should have 120 days to sell.  Good luck.

P.S.  A Bank of America rep told me in Equator BACI means:  Bank of America Corp. India. 

Permalink Reply by joe beauchamp on June 1, 2011 at 10:42am

It is a "feature" of the new Equator.  2/3 of my BOA files got screwed up after they put that up in mid-March.  The first thing I did with their new Equator was put in a POA as "the best contact" knowing that they used to ask for the borrower's contact info.  Surprise!  Equator changed the owner to the Power of Attorney's name.  Yep, ran into the same thing.

 

This was not the worst of what this new, well tested Equator has done - dropping names or account numbers on files - had one that after 3 weeks for BOA saying they would fix it (yes, 3 weeks), they killed it for me to put it back in.  I was afraid it would happen again - it didn't.  What a freakin' mess.  You'd think with all the manpower at BOA as negotiators, reps, HAFA companies, and agents, they could spend 5 minutes testing this junk before dumping it on everyone.  If you saw a sitcom with a company doing this stuff, you'd say that it is just over the top junk to make the comedy seem funnier, right?  Yeah.... ;-)

Permalink Reply by Diane Peterson on June 3, 2011 at 12:07pm
My first HAFA transaction with UTLS in Equator and it sucks.  A week ago, BACI Generic rejected my 3rd Party Auth. (which I've been using since November with this transaction, pre-Equator, no problem) with reject reason: Agent not identified in the system.  After reading the above comments, I'm thinking I may have a similar name problem.  They may be looking at my escrow officer's name.  Only thing I can figure out.  A week and a dozen phone calls to every number I could find and still no resolution.  So frustrating.  Today someone at BACI (definitely sounded like someone with an Indian accent, nice, very polite but really hard to understand) suggested a conference call to tell them I'm authorized!  Would that be with the hold at UTLS or the voicemail of my negotiator?  ARGH!  Does anyone have any suggestions?
Permalink Reply by Napua Lucas on June 3, 2011 at 12:34pm
My sympathies. They're a mess.   Here's more. After declining my offer, I reloaded it and spent hours on the phone trying to get them to straighten it out.  They told me my offer was now in short sale with AMS.  I called  AMS who told me BoA is randomly putting names in for the negotiator and sending them out to the third party companies, she says they are not handling this short sale it should be BOAs and she is not the negotiator. The AMS rep updated notes in Equator that they are NOT the company to be handling this. She tells me I have to call BoA again to find out who exactly will be handling this transaction.

 I called BoA  back and told them what AMS said, they denied it. However, when the customer service rep read the Equator notes she had to put me on hold and check things.  She came back and told me it IS a BoA short sale not AMS.  They do have the contract loaded in the Equator system, and she will request another valid negotiator be assigned to the file.   They don't know what they are doing.   But India seems to really botch things, is that why they send things to India?  I don't  know.

Permalink Reply by Diane Peterson on June 3, 2011 at 3:11pm
It does seem like they're trying to make this as difficult as possible!  Let us know how you get this resolved.
Permalink Reply by Frances Bazan on June 6, 2011 at 3:39pm

I have the same problem now, neve happened before, they said the borrower has to call HAFA and tell them they want to

do a short sale, a traditional short with Bank of America. Once the borrower calls HAFA then we can continue with Equator

as soon as Equator enters a task...We did this then Equator Generic asset manager said message cannot deliver to recipient. I then faxed the RLA AND RPA to VP desk and Escalation Depts.  I then did receive a task to upload again in Equator because the name did not match the sellers name. We recent again. We still receive the same message. 

I then left a message with the VP Desk of Bank of America  this is the fax# 972-608-1147 hopefully they answer soon. 

Permalink Reply by Frances Bazan on June 6, 2011 at 3:45pm

Anyone please help my messages are gone as of 5/10/2011  from Equator. Can I cancel and re-upload the short sale?

I did fax to Ms. Dubroc from VP Bank of America waiting for response. A month has passed and I still get 

Borrower Outreach. 

Permalink Reply by Napua Lucas on June 7, 2011 at 7:47am
Please tell me if you know, what is  Borrower Outreach?  What do they do?

Frances Bazan said:

Anyone please help my messages are gone as of 5/10/2011  from Equator. Can I cancel and re-upload the short sale?

I did fax to Ms. Dubroc from VP Bank of America waiting for response. A month has passed and I still get 

Borrower Outreach. 

Permalink Reply by Darren Jenkins on June 8, 2011 at 1:07pm

I have had a horrible experience with LRC through Equator.  I initiated the SS in Equator early April and I was assigned to LRC.  Long story short, after a month of the file deleting from the system and re-uploading the file 3 more times I finally escalated it and found out that a person at B of A was changing the status to a status that deleted the info from Equator.  The status was one that indicated that it wasnt allowed then equator deletes the files to free memory.  The problem at B of A had nothing to do with the approvability of the file.  I was first told by LRC that the file had to be assigned to AMS.  AMS clarified to me that they ONLY handle a HAFA short sale request that do not have any offers.  I then called B of A and was told that the file needed to go to UTLS.  Today I am uploading all of the documentation one more time in Equator in a file that I did not initiate and I am hoping it was created by UTLS.

The problem could have been mitigated with a simple email, phone call or some form of communication from the person at B of A who determined that the file was in the wrong place to the negotiator or myself so that a solution could have been created rather than leaving us uniformed and continuing to waste time and effort.

 

I am not sure about what to expect from UTLS.  My first phone call lasted a half hour on hold listening to very annoying and repetitive music before I hung up.

 

 

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