Bank Of America Declining Files

I am working a short sale for the borrower.  Bank of America Hires Seneca to process their files.  The negotiator did call frequently but only to request frivolous items like the "escrow agents' name be typed directly under their signature even though it was form filed/typed on the line that requested it.  Even though the request were outlandish I still provided her with the information, additional documents and unusual request.  The time frames to respond were not realistic when one signature is dependent upon another persons signature.  The final straw was when she gave her ultimate request to be handled within 2 hours of her email or she was declining the file.  Their process is very unrealistic and not working!  It is truly taking for granted the unpaid time spent to complete short sales and the aggravation to all involved.  There should be a way to file formal complaints against that process.

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Permalink Reply by Brenda Houghton on January 15, 2015 at 6:22am

Hi Chereda,

There is a way to file a formal complaint. The CFPB has a defined comlaint process: http://www.consumerfinance.gov/complaint/process/

It is important that in your complaint you state your client is being HARMED by Bank of America's servicing processes, because the client is being DENIED a fair chance at a foreclosure prevention option. I guarantee you, your file will be moved to the Office of the President and will be handled by a more highly trained negotiator on behalf of that office. Most likely you will get an approval on your short sale, assuming it is a fair offer.

Every complaint I have filed has resulted in an approval, and there were some pretty dire situations. One client even told me she unexpectedly received a check from the CFPB for $1000 for her troubles!  These were not all Bank of America complaints, mind you. The servicing problems are pervasive across the industry, with the non-bank servicers being the worst (google Ocwen).

Feel free to reach out to me if you have any questions. 817-944-9429 / [email protected]

Brenda Houghton

RE/MAX On Main

Permalink Reply by CHEREDA MILLER on January 15, 2015 at 6:32am

Thanks so much Brenda!! This just does not seem right!  I will get on this ASAP!

Permalink Reply by Russ Trinidad on January 16, 2015 at 9:13am

Hi Brenda,

Great Information Thank you!!

Russ Trinidad

Pacific Realty Ventures

Honolulu

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