Comment

Comment by Thom Colby CA Brkr 888-391-5245 on July 12, 2012 at 3:27am

My understanding is REDC started as a swamp land auction company in Florida and eventually went main stream when the bottom fell out and partnered with Countrywide (now BofA).  It's interesting, they are attempting to eradicate the REDC name change it over to their new brand "Auction.com" .  A WHOIS search on REDCGroup.com, USHomeAuction.com and many other domain names brings everything back to the same owners in Irvine CA.

 

http://www.dsnews.com/articles/redc-launches-new-auctioncom-site-20...

 

From the Auction.com wesbite:

"Robert Friedman and Jeffrey Frieden have been active in the real estate investment and commercial property markets since 1984. As partners and co-founders of several large real estate companies, they began their business together in August of 1989 with the formation of a company called Government Land Liquidators, a company positioned for acquiring and auctioning vacant land. One year later, they founded Real Estate Disposition Corporation (REDC), a company dealing in Real Estate Owned (REO) businesses as well as Builder/Developer projects, with their focus on the auctioning of houses in a distressed market."

 

Comment by Catherine Gheen on July 11, 2012 at 8:20am

This file has been in the FHA mill for a year.  When I call the CEO's office I get immediate response for that moment and then they go back to business as usual.  The gal I had working the file before punched out every day and worked at a snails pace.

I have both senior managers email addresses and I always copy them on the file but they do not often respond?

Comment by joe beauchamp on July 11, 2012 at 8:16am

Catherine - just got a new FHA negotiator a week ago after months of FHA insanity. As usual, I immediately send an email asking what I can do, etc. The new negotiator asked for all documents - cannot find the docs from the other negotiator - so, spruce up your stuff and be ready  to send it in when you do get someone assigned. (Their watches are in days instead of in minutes - it is not just your negotiator, it is almost all BofA FHA negotiators.)

Make sure you call in to the SS reps every few days - occasionally they will do something to get things moving. Other times, they are logging your calls and the notes have some value.

Comment by Tara Polley on July 11, 2012 at 8:11am

For the record, I've done 4 FHA/Bank of America deals in the last 6 months, and I honestly wish every one of my short sales was this combination. Even though it was difficult to initiate them, and I had to tweet more than once,  once I had the ATP it was smooth sailing every time. Sorry to hear you guys are having such a hard time. :( 

Comment by Catherine Gheen on July 11, 2012 at 8:06am

I am in my own personal Bank of America FHA NIGTHMARE!!!  I had the worst negotiator.  I have escalated so many times I can not count them.  Friday she ws fired and I emailed both managers and escalated again with NO RESPONSE from anyone.

today is executive Complaint day.  I can not believe how they just ignore these files!!!!

Be ware of taking a short sale that is FHA it is awful the stories are all true!!

I wonder is it this bad with other banks?

Comment by Donna Gallegos on July 11, 2012 at 7:12am

I have BofA as a 2nd, and they have been offered in excess of 20% as a settlement offer on the 2nd. They send a letter asking for about $660.00 more, seller has no money and yes I can ask the buyer but before I do that, any suggestions would be appreciated. Thanks!

Comment by Janie Howard on July 11, 2012 at 7:09am

I closed an FHA file with BofA in January and it was positively a nightmare right up to the final moment of closing and a miracle it actually closed.  I did get a lot of help from twitter BofA_Help - they completely unclogged the file more than once for me.  Good luck everyone on this - I'm feeling your pain!

Comment by Pattilynn Guilford on July 11, 2012 at 7:06am

ty Joe :)

Comment by Joe Pringle Sr on July 11, 2012 at 7:04am

@Pattilynn I've also done a letter from the seller declining the REDC program they were forced into at the time. @Thom Interesting relationship there

Comment by Sara Pichelmann on July 11, 2012 at 6:55am

Anytime I have an issue I use twitter BOFA help and they are very helpful.

 

I have not done a FHA with BOFA so it's good to hear everyone's comments

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