I think I now have 6 different ISSUES with B of A that I would LOVE to tell local media about. My newest one, input WELCOME

B of A HELOC is DEMANDING that the Buyer pay for and SEND THEM an appraisal.

Without this, he will close the file.
My negotiator actually told me to FIND A NEW BUYER, one that will pay for and SEND THEM an appraisal?????!!!!

Are you Serious!!!!
I have escalation contacts....but this is just ABSURD!!!!

WHY WOULD ANY BUYER PAY FOR AN APPRAISAL FOR THE BANK BEFORE GETTING AN APPROVAL LETTER!!!

DUMB DUMB DUMB (kindest words I could find)

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Comment by Mary Ann McKinnon on September 21, 2013 at 7:28pm
You may remember while negotiating with MI company, BofA notified you June 25 they were going to foreclose on June 28. We were told to reload docs in Equator and away we go for another round of negotiations. BofA ordered another appraisal because it had been over 3 mos. and it came in 15k less. Then there was the issue of BofA filing a claim with Mi and MI demanding the claim be rescinded before they would consider approval. Assurance from DTS negotiator this task would be taken care of and sent to investor. The orig. mtg was 310,000 with principal balance of 304k with offer of 315k after escalating the investor BNY Mellon declined file would not short sale unless redeemed for full price 390,000 because they belong to a pool. What a crock! We should have been told upfront. Orig. loan was American Mortgage wholesales, any suggestions? Forensic Mortgage Audit? Buyers are pretty devastated as DTS negotiator countered and accepted offer and assured it was going to be approved, had made it thru BofA QA. Also assured BofA Mi issue would be resolve because if the buyers walked and I submit back up offer they don't want to run into the same issue. Any ideas? My clients don't know BofA Mellon was any part of their loan until they got into the short sale process. If the sellers had been advised to pay the 15k they ended up borrowing from parents to satisfy the short sale we would have a closing with happy sellers and buyers. Any suggestions, perhaps a forensic audit?
Comment by Ben Benita on August 7, 2013 at 3:20pm

THe _____________( fill in with colorful expletive) has been sent the appraisal he REQUIRED twice and today the ____________ (again fill in with colorful expletive) said I do not have the approval ltter b/c I never sent him the appraisal!!!

REALLY.....I have 2 emails with cc's to the Seller, agent, and buyer showing I DID send this clown what he was looking for twice previously.

B of A....still THE WORST AND MOST INCOMPETENT!!!!!

Comment by Kevin - Greenville, SC on August 7, 2013 at 12:21pm

My past BOA HELOCS have been some one the easiest.  Guess things have changed.

Comment by Kevin - Greenville, SC on August 7, 2013 at 12:20pm

Contact Kate Berry with American Banker.

Comment by Terri Barrow on August 7, 2013 at 12:12pm

WOW.........not sure if this is legal or not but it sucks!  I don't have any answers for you but am definitely interested what the superstars have to say!

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