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 Darren Jenkins on June 8, 2011 at 1:12pm


Napua Lucas said:
Please tell me if you know, what is  Borrower Outreach?  What do they do?

When the file is in Borrower outreach status the buyer needs to call BofA and answer a few questions.  BofA will not change the status until this is done.  They need to have the borrower confirm that they wish to participate in the HAFA program.  Have them call (866) 880-1232.
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 Napua Lucas on June 8, 2011 at 1:24pm
Got the foreclosure date moved.  Now if only BOA would start moving this along.

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 8, 2011 at 3:31pm

BOA is like the tin man in the rain these days - since the new and wondrous Equator system belched forth in mid-March.  I have files which have been escalated through multiple avenues with no results.  Often extremely simple stuff.  I even get replies like their NPV calculator is broken - for weeks! (So, use the calculator on your watch, geesh).

 

All I can say is to stay on top of everything, be nice to the reps, ask them for suggestions after you mention your particular situation.  I have added to my arsenal over time from the suggestions of reps.  They often do a good job of going to bat for you.  2 other escalations, use John Ciresi (VP)'s form and see if his team can fix it.  Finally, try the office of the prez.  They DO get immediate answers, but based upon the problem, they are not necessarily going to be successful.

 

Again, BOA is extremely slow right now - just today a negotiator told me that he had tasks he didn't even know about - previously from another, I heard that it is like they took all of the files and threw them up into the air for the negotiator to randomly pick up and start all over.

Permalink Reply by Napua Lucas on June 8, 2011 at 3:49pm

 

In your response below, where would I find John Ciresi's form?  and do you have a phone number for the office of the Prez?

I have three other short sales in with them right now and yes, they are all moving slow.  Thanks for any information you can provide.  I very much like this website, it's a good place to share and get some help.  Thanks to everyone.  

 

"They often do a good job of going to bat for you.　 2 other escalations, use John Ciresi (VP)'s form and see if his team can fix it.　 Finally, try the office of the prez.　 They DO get immediate answers, but based upon the problem, they are not necessarily going to be successful."



joe beauchamp said:

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 joe beauchamp on June 8, 2011 at 4:02pm

Yeah, the BOA madhouse.  LRC is essentially no more.  All new BOA HAFA goes to UTLS or AMS now.  Also, total brain-dead fashion, every time you move from one to the other, they totally redo the HAFA underwriting - there goes 1 to 2 months..  (With a decent BOA rep, sometimes AMS or UTLS, you can talk them into bypassing the borrower outreach.  Duh, they were in HAFA and had to move, do you really think now they don't want to be in HAFA when I just moved them there?)


UTLS can be bad - I have a couple of names that I have built up because they are above some of the lower rabble, but not always reliable.  The main problem will likely be BOA - at every step/level.  I had a BOA VP reply to me today that my problem was with the HAFA company (in this case, AMS, wihch I have NO love for - and their pony express methods of communication).  I have informed others at BOA, but was surprised that I had to inform a good VP at BOA, who fixes short sale problems, that BOA is the problem, not AMS.

 

In a non-HAFA short sale the negotiator gets the BPO, throws in the other numbers (this is the NPV) then requests the BOA payoff.  Normally, I see this whole process take 3 to 4 days at BOA - 1 time it took 2 weeks because it took 1 week for BOA to tell itself the payoff number (ludicrous but you figure it has to get numbers form the foreclosure attorney to add in).  Now, in HAFA land, it is more fun.  HAFA needs to do an NPV, they ship the file to BOA.  This, of course, goes to the bottom of some UNNAMED negotiator at BOA, hence lowest of his priorities to attend to.  He finally hits the calculate button and ships the file back.  Immediately, HAFA ships the file back to BOA to get the BOA payoff number.  Again, to the bottom of someone's priority list.  That person finally gets the BOA payoff, hits CALCULATE and sends the results back to HAFA.  As I said, this whole process is generally 3 to 4 days at BOA.  In HAFA, they say very quick is 2 weeks.  They usually tell you 4 weeks.  I have 1 on 8 weeks.  Yep, same process but only HAFA people and those of us in the know are aware that BOA is sitting on these.  Even this VP who spends his time fixing short sale problems!  I have 1 file where the "request for payoff" went to BOA 5/9.  Now, if I call the automated payoff number, frequently I get a fax back in less than an hour, occasionally the next day.  Maybe once, it took several days.   So, HAFA sends a request to BOA for the same number and a month later is still waiting.  Yes, we've done multiple escalations but at this stage that is HAFA emailing BOA begging for an answer.

 

I knew that the reps didn't know and I've been educating them hoping to create a little more responsibility, but the VP didn't know?  I've sent enough things to him to fix - he knows I'm not a light-weight, so I don't think he was handing me the company line - he knows better.  BOA is very happy to not inform their people and have everyone pointing their fingers at those nasty HAFA companies.  Find out who/where these requests back to BOA go?  Not going to happen.  HAFA people will be fired or BOA will kill their association with the company if they tell you and BOA people don't know.  You cannot find the people at BOA who do know.

 

As dire as that is/seems, it gives you some footing to know.  Hopefully, when you have an issue, you can better pinpoint the BOA subversion from reality and put pressure in the right place.  In my case, I sent 2 files to this normally excellent troubleshooting VP.  I gave him both barrels when he gave me the "it's HAFA" reply.  I suspect after his face went back to normal, he was busy redoubling his effort.  I expect some reply tomorrow (he does things in 1 to 2 days - good guy).  And, as I told him, my ONLY recourse at this point is office of the prez and if that fails, fed HAMP people.  [Really, a month to get a BOA payoff number from itself?  Harumph!]

Darren Jenkins said:

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.

 

 

Permalink Reply by joe beauchamp on June 8, 2011 at 4:13pm

send the form to [email protected] I'm attaching 1 incarnation of his form.


one prez number is 704-386-5681. It is east coast - shut down at 5PM EDT.  These people are best at people problems, obvious entanglements.  The are babes in the woods to Equator foobars, etc.  I would say prepare to follow up on one call and not have to call back.  In other words, if you feel you've gotten nothing, escalate and these people will put you on with someone who has authority.

Normally, if it is one of those "this is my problem" - a clear "the closer isn't responding" type issue, after your call, very shortly after, you will have a call from that closer.  They wield power there, so make sure you follow through in a one-shot type of approach.


Napua Lucas said:

 

In your response below, where would I find John Ciresi's form?  and do you have a phone number for the office of the Prez?

I have three other short sales in with them right now and yes, they are all moving slow.  Thanks for any information you can provide.  I very much like this website, it's a good place to share and get some help.  Thanks to everyone.  

 

"They often do a good job of going to bat for you.　 2 other escalations, use John Ciresi (VP)'s form and see if his team can fix it.　 Finally, try the office of the prez.　 They DO get immediate answers, but based upon the problem, they are not necessarily going to be successful."



joe beauchamp said:

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.... ;-)

Attachments:
Permalink Reply by Diane Peterson on June 9, 2011 at 8:56am
So we all know by now that it's pointless to try to call UTLS.  Eternal hold.  I give up at half an hour.  So where do we go for answers if we don't want to escalate to VP level quite yet?  Saving the big guns for later!  Does anyone have a number that actually works?
Permalink Reply by joe beauchamp on June 9, 2011 at 12:22pm

Did you get the email address of anyone at UTLS?  Email him with your issue - regardless of who he is.

Call BOA SS and talk to the rep about the issue - be nice, they are wonderful, it is just this UTLS pot of sludge, etc.  "Do you have any suggestions?"  You likely get an escalation out of it, something to a BOA manager, etc.  It can jog things loose.

Finally, I have found the phone systems at LRC/UTLS/AMS to come and go from not even ringing to quickly getting a rep with a brain.  Also, based upon time of day - the HAFA's can be OK to really horrible in the afternoon.

 

You might compromise on your escalation - rant to the BOA rep just about not being able to get someone to talk to at UTLS. You might get a change that way.  You could also sweetly call the office of the prez and ask if they might be able to do anything about not being able to talk to anyone who knows about short sales at UTLS -- that should start some memo's moving..

 

Oh, one other thing - much of the delay in HAFA is created by BOA - behind the scenes they have things go back to BOA  and are happy to tell everyone that it is that nasty HAFA company causing the delays.  So, mention to the UTLS rep (assuming he has an IQ which registers - some don't, of course) that you know things go back to BOA - is that what we are waiting for now?  You'll start learning about the ways of BOA/HAFA..

Permalink Reply by joe beauchamp on June 9, 2011 at 1:11pm

Frances, I suspect that your file was restarted, or as they have introduced "transferred".  Everything with the old file stays with it.  If your file was killed and restarted, you have to look at "my properties" then search for it by something in the name.  You will likely see this file with missing messages there marked "unavailable".

 

If that is not the situation, then get on Equator's chat.  The reps there are pretty decent and will try to find it for you (or let you know that they are aware of the problem).  But, uh, shouldn't you be keeping your own copy of correspondence either in paper or in your own database?  Are you really that trusting of these banks who happily paid brokers $$ to put the country into this mess?  Hmm?

 

OK, I have to stop replying on these open blog things - I close this and see that I am responding to something that is no longer there?  Geez, isn't it tough enough just dealing with BOA, do I need this, too?  ;-)

Permalink Reply by DoesntMatter on June 23, 2011 at 3:50pm

Here's the general RULE to getting the doc's accepted.

 

When you complete the "submit offer task" and fill out the worksheet, WHATEVER you submit as the buyers name MUST match 100% accross the board, with EVERY doc.

 

You cannot Initiate a file, submit an offer from William Smith, then submit doc's as Billy Smith as the buyer. It doesnt match. Any changes to the buyers name means the file MUST be declined.

 

Also keep in mind in EQ the only buyers name that is viewable to the document verifications team is the PRIMARY buyer, meaning If John and Susan Smith are both buying the home, you enter John Smith as the primary buyer, but your proof of funds is a bank statement showing an available balance to cover the purchase price under Susans name, it is not possible to see that Susan is even listed as the buyer, thus the doc's will NOT match.

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