File closed abruptly and given the run-around

Hi all,

I have a BoA short sale here in Chicago.

Long story short, during the initial phase where I upload all the homeowner's docs in Equator, I missed page 1 of 4 of the homeowners bank statement. The negotiator sent a message via Equator that I had to provide the missing page by 4pm Eastern or else the file would be declined. She sent the message at 2pm on the day everything was due. The negotiator had not returned any of my calls or inquiries up until that time and I only check Equator in the mornings because that is when the negotiator usually sent messages.

Well, I uploaded the missing file and called the Short Sale department to explain the situation and get the message to the unreachable negotiator. I finally spoke with her the following week, a monday, and she assured me that alll would be well and the file would proceed to the next phase.

Lo and behold, a week later, I was told the file was closed, and would have to be re-opened. This was around July 30. After many calls to the short sale department, being told 9 different stories about what happened, who to contact to open the file again, and other tactics to give me the run around, I have yet to get that file reopened.

I've contacted the social media people to help me out and even called and emailed Marie Moriera in the Presidential Escalation Team for Short Sales, REOs and Deed in Lieus. Not a call, text or email from her yet.

A person from the CRM called me to tell me to deal with only her and she will get the request to reopen the file to the right person.

My question is this:

is there anyone else to escalate this issue, do I trust this person to do what she says she'll do after being ran around by at least 5 people?

I'm positive I'm among thousands of agents who have experienced this.

What's the most efficient solution? We have a contract with a solid buyer but his patient has a limit.

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Replies to This Discussion

Permalink Reply by Donna Clayton, Broker, MBA on August 25, 2013 at 4:47pm

Have you gone into Equator and initiated the short sale again?

Permalink Reply by jerrold stallworth on August 25, 2013 at 6:56pm

Donna,

Thanks for responding.

However, BoA must assign a short sale to an agent, I cannot initiate a short sale in Equator. At least, that is what i was told by the BoA folks.

Permalink Reply by Jeff Payne on August 26, 2013 at 2:07am

Jerrold, you are the agent and you initiated into equator, not the other way around. I would HIGHLY suggest finding someone who can work with you on this short sale, find a seasoned short sale agent or negotiator to work with you. Your seller deserves a good chance to get this done

Permalink Reply by jerrold stallworth on August 26, 2013 at 2:25pm

Jeff,

Thanks for the input.

This short sale was referred to me by another agent. When I accepted it, both BoA and the Equator folks told me I had to wait for it to be assigned to me. I was already in the Equator system but once it was assigned to me, I was able to upload all the pertinent docs for the borrower.

Now, I just logged into Equator and tried to initiate the short sale using the borrower's loan#. Equator gave me an error that read' Loan # blah blah is already active in the system'. so i looked up the loan # and it came up but with the 'Unavailable' status. So i cant do anything with it.

As I stated earlier, I've called the short sale department numerous times, contacted social media team, contacted Marie Moriera on the Escalation team with no luck. Just promises from someone in the CRM department saying they'll get a request to the short sale team to re-open the file and get a negotiator assigned in a few days. Its now been 5 weeks.

Permalink Reply by Reuben Dunn on September 11, 2013 at 9:46am

Escalate it to the office of the President & CEO, Brian Moyhihan.

His email is [email protected]

That email to him will generate an escalation that, from the guidelines I had to work with, will provide a response within 1-2 hours ofnthe email sent.

Be sure to include a PDF of the authorization letter, or else you won't get anywhere.

Include wording ths you you and your client have been trying to resolve this for some time and are concerned that the process is talking too long, and will put thenshort sale in jeperady.

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