Replies to This Discussion

Permalink Reply by Melissa Polce on February 23, 2010 at 6:55am

I encourage every agent that has a short sale with Bank of America in process to email the CEO
[email protected]

Dear Sir-

I do quite a few short sales in Charlotte, NC. Although I have handled many, I have yet to get one completed with BofA. I have 8 now in process, some as old as August 2009.

In the RE community, we are on-board with getting the Bank the most money back for the distressed property and helping the homeowner "Settle for Less", however...the systems in place at BofA are not working. I hear more complaints and horror stories rather than acceptance and approvals from the Bank. Sellers, agents, and buyers are just flat out frustrated and irate.

I propose to you the start of a Task Force(Real Estate Agents & BofA Short Sale Reps.), locally, regionally or individual States...but, something has to get done. I am not the only agent who would be interested in making this happen. I was told you are committed to getting these systems to work in flow and for the process to work more in unison rather than the lack of communication and lack of committment we see now...

Please help our industry help yours. If you simply google Bank of America Short Sales, you would read that your bank is the worst to deal with on these transactions. This tranaction type is the last step for most before Foreclosure and we are committed to helping homeowners, but now we need the banks help because your systems and processes are not currently working.

Thank you sir for your time. I understand the mere fact that you may take the time to read this is slim, but I appreciate it none the less. I would love the opportunity to work with you and the bank on coming to some better resolutions. In the end, it is about the homeowners who could not qualify for the modification, lost their job or has had a true hardship, again, this is the last step saving them from foreclosure and we must be able to help.

Regards,

Melissa Polce, Broker/Realtor
Keller Williams Realty
CELL: 704-450-4335
FAX: 877-415-1460
[email protected]

Permalink Reply by Gail Oleaga on February 23, 2010 at 6:58am

I agree! Well Said . . . I will start this in Arizona. Tell me what I need to do . .. gail

Permalink Reply by Melissa Polce on February 23, 2010 at 7:02am

I have included the email up at the top of the letter...I would guess something to the same effect...good luck...to all of us. Maybe someone will listen!

Permalink Reply by Jerri Schick on February 23, 2010 at 7:05am

Very good Melissa. I will definitely participate. I have had one with BOA (formerly CW) since May of 2009, soon to be a year.

The only thing I would add to your letter is a short paragraph at the very end that says something like:

Also, if Bank of America has come to the conclusion that Short Sales are just not a better alternative to foreclosure for what ever reason, please let me know that as well, so I can stop wasting my time and my client's time.

Permalink Reply by Brian Garff on February 23, 2010 at 7:08am

I sent him an e-mail on Friday regarding a deal that got rejected by Fannie Mae after 7 months without a counter or an explanation. I copied and pasted our call notes, which are a joke, into the e-mail. They escalated the file about 9 times and assigned around 4 different negotiators. I got a call at 8PM last night. The woman who called said she is with the office of the CEO. She gave me her direct number and is looking into the file. She said she would call me back by tomorrow night. More lip service? Maybe, but its better than nothing.

I think our complaints should be specific, actionable, name names, and be about only one deal. Take the most egregious file and send a detailed report on the nightmare they have caused you and your client.

If Bank of America were the only game in town, I would not be doing short sales.

Permalink Reply by Melissa Polce on February 23, 2010 at 7:08am

that is an awesome last paragraph!

Permalink Reply by Melissa Polce on February 23, 2010 at 7:13am

I agree Brian! I wanted to be specific about 1 deal...but heck, all 8 have been a dread in process...but that is great news, please let me know if they do call! How awesome would that be?

Permalink Reply by Gail Oleaga on February 23, 2010 at 7:13am

Hi Brian,
I tend to agree with you that each of us should explain our experience with perhaps a solution to the problem.
This way it will be constructive and perhaps he will listen. What do you think?
Gail
Brian Garff said:

I sent him an e-mail on Friday regarding a deal that got rejected by Fannie Mae after 7 months without a counter or an explanation. I copied and pasted our call notes, which are a joke, into the e-mail. They escalated the file about 9 times and assigned around 4 different negotiators. I got a call at 8PM last night. The woman who called said she is with the office of the CEO. She gave me her direct number and is looking into the file. She said she would call me back by tomorrow night. More lip service? Maybe, but its better than nothing.

I think our complaints should be specific, actionable, name names, and be about only one deal. Take the most egregious file and send a detailed report on the nightmare they have caused you and your client.

If Bank of America were the only game in town, I would not be doing short sales.

Permalink Reply by Damon Gettier on February 23, 2010 at 7:18am

Thank you for posting...I just sent my letter.

Permalink Reply by Terry L. Osburn on February 23, 2010 at 7:19am

Melissa , typically it has taken 6-9 months for BofA to approve short sales. I have had several approved and closed. I DO NOT AGREE with BofA time frame in way shape or form.
Supposedly Equator will help ease the process . Some have already had good success while others are in the HELD position for quite awhile.
I remember a colleague calling the short sale dept recently and told them she had submitted to Equator(REOTrans) and the rep stated BofA does not have any Equator thing and she has the wrong number.....sigh........
It sounds like communication is the biggest issue and the computers apparently have various places for notes to be inserted whereas not all customer service reps actually see the latest updates of sorts.
The investors are also part of the hold up......they have to sign off before the banks can proceed with the short sale approval process.......

Permalink Reply by Donna Perry on February 23, 2010 at 7:19am

Nice letter, Melissa. I could not have said it better. We need to stick together and stand up to
BOA. Many of my agent friends will not work with BOA. Too time consuming and time wasting.I understand they have a new "process". So far it's not helping my homeowner any...........

Permalink Reply by Vincent Mignogna on February 23, 2010 at 7:21am

I had sent an e-mail to Brian Moynihan and I too received a call from his office but I don't think it makes sense for every agent to just start e-mailing him unless you truly have a situation that warrants it. Some agents are getting frustrated after a few weeks and will send an e-mail, while the agents who know what it takes to get these deals done spend months working on them.

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