Why offer a program and then do the bait and switch with the seller at the end?

Seller was told absolutely you qualify and this is the amount that you will receive.  Now they are trying to tell seller sorry but Freddie Mac does not participate.

Freddie Mac did not send the letter and have all the meetings at the board regarding this Florida Incentive program - Bank of America did and it came on their letterhead.

Does anyone have any contacts so that I can get this deal closed with my seller getting what they were promised? This is holding up the deal from moving to closing.

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I have had this happen several times. The usual excuses were that the seller didn't live in the property or the net was too low. In all cases the sellers decided to close any way.

You can escalate to the social media team on twitter at @BofA_Help

Thanks Bryant!

I had a HAFFA approval letter in which the buyer came in at full price cash offer and after a month and a half I was told Bof A would not release seller from debt but would if she went traditional. This made no sense but I did question it and was confirmed so I had seller sign the addendum and submitted. It sat for 2 additional months with a complete run around even when I explained the seller was increasingly difficult, had threatened to remove cabinetry and sell because she was told in the HAFFA approval that she would get "up to"and wanted her $3,000 to help her move. In the end the seller contacted Bof A on a saturday in a drunkin fit and cancelled the short sale!

Buyer is devistated after waiting over 5 months and losing out on other properties. I'm going to try the twitter route and I hope to at least get the word to Bof A we have a process and it should be followed. A seller should not be able to cancel on a moments notice without a signed document. We as Realtors can only work with a buyer or seller when they are of "sound mind", no drunk signing. And the saga continues...

Kathy, I had the same thing happen on several of my BofA Short Sales where we were provided with a dollar amount of what the borrower was eligible for right down to the penny only to later found out that "no" they're not receiving any monies from the FL Enhanced Short Sale Relocation Assistance Program - joke. My most recent and last denial from BofA where I went back and forth as we were provided with a million different reasons that they weren't eligible from them saying they didn't send in their paperwork in time to finally because they weren't solicitated by mail for the program therefore, they aren't eligible. I finally received the final word from a Brian Acevedo who contacted me after my several attempts through the dept handling the FL Incentive program at 877-459-2852 and a Manager escalated the file for review to get to the bottom of it and why they didn't qualify as I wanted a specific reason. I was told that borrowers eligible were solicitated by mail; no letter, not eligible. You could try calling that number and have them review your file to provide you with a reason why they're now denied and not provide you with just a million different reasons. 

That's interesting Lynn. No letter. No money for you!! Who knew?

I am not sure which consumer advocacy group to which you can complain, but I have found writing your state representative can help.  I have ongoing problems with BC/BS health insurance's bait and switch on preventative services. Florida has the Department of Finance "dedicated" to insurance fraud. No resolve to my group's issues but at least we are on record with our complaint. On the other hand, I have had the State's Attorney help me when a local business wrongfully put into collection an unfinished gym membership for my household. Some Floridian businesses will try to get away with anything and everything -- you have to use the highest and best authority available to persuade them to do the right thing.

Find the correct consumer advocacy department for banking and REPORT, REPORT, REPORT. Also, Tweet and post to FB about this and ask other agent to share their experiences. The banks do not like negative publicity because eventually it hurts their bottom line. There is no reason NOT to give the incentive -- the banking industry surely has the money -- they are recording record profits each quarter. The problem with the banks as other unscrupulous corporate entities is that they do not have the will or anybody riding roughshod over them to make them perform as agreed.

When citizens live in an extremely conservative right wing state like Florida, they find it difficult to have their rights protected without a lot of extra effort. It is possible to try to fight -- sometimes you win, other times with the current Wild, Wild West approach of doing things in Florida, the bad guys get away with way too much....


I believe the above link is the correct place to file the complaint -- please do it and have other wronged homeowners make their reports as well. One thing I found out about insurance fraud: If you write your state representative, they have someone from the State call you about your problem. The case and call are then documented in a file. The representatives consider the number of complaints filed before they even consider the issue as "valid" or in need of attention. SOOOO, please have your clients complain! Good luck.

While I have done a number of short sales with BOA during the window of the expanded Florida incentive, the incentive has never been more than $3000 - though supposedly it COULD be up to $20,000.  Are you not even getting the $3000?  

I have gotten up to $20,000 on one and over $13,000 on another.  The trick is to get the offer substantially higher than their appraisal. 

I've had the same thing happen to me twice with BoA.  Typical of them. I have sellers bring these letters to me and I always tell them to read it with skepticism 

They did the same thing on three of my files. Such bs!

Is anyone surprised, it's Bank of America, and I don't say that flippantly. I don't live in FL but I'm working through a deal right now where they quietly removed my seller out of HAFA after we over-addressed every issue they could come up with as to why they might not qualify. And this is not the first time either. After following all of the BAC/Equator guidelines without any success I have resorted to the Twitter alternative. My success in overturning these types of deals has been average because the time it takes always leaves us in the the position of deciding  whether we close the deal or lose a buyer. For a company that has so much customer service propaganda out there they they continue to be the innovators of the short sale roadblock. One suggestion that I have found helpful is doing what I could to make myself keenly aware of the individual program guidelines so that I can address the most common denial issues right up front in my cover letters.      



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