HOW I MOVED MY OWN SHORTSALE OFF 'STALLED' by BANK

Dear Superstars,

I had listed my home for shortsale in anticipation of looming financial 'distress', in order to be a pro-active seller and responsible citizen. I took actions in order to 'show good-faith' with the intention that my actions would be used during 'negotiations' to help the Bank view our specific deal, with more favor. In hopes... though not 'expected'. Yet - knowing the horror stories of departing owners pouring concrete in drains and destructive actions - I wanted to take a high road and MOVE the place as quickly as possible for ALL parties. So, 90 lookers within 3 weeks of listing (best action seen by agents coming through) resulted in lower than expected offers - on a price set to MOVE, yet border what bank would accept bottomline. In fact, listed at $225k 11 years after purchasing for $355k. Owed $275k post-divorce and Refi that elevated mortgage.

First offer 'accepted' (rejected several out-of-hand as ridiculously low) was still too low for my feelings of market - so I personally composed a letter explaining situation and approached immediate neighbors to explain they could pick the place up for a song, and turn it into a park, extra lot, add aging parents, etc.. for those planning to stick around. Next door made ALL-CASH offer for more than original - in MAY.

We have all been awaiting Bank of America's turn - simply the acknowledgment would have been nice. Nothing. Lawyers on both sides, skilled real estate agents I would recommend to anyone, and I did ALL the right things posted and marketed at Bank lobby, websites, and in MONTHLY letters to me which continue to-date from 'the right hand not linked with left hand'. Yes - the deal was in Equator from git-go.

You all know the rest so time for MY solution. I sat down and composed an 8-page letter of complaint, calling the situation 'either fraud or incompetence - but unacceptable and discriminatory for people similarly situated, compared to the mainstream 'class' of buyers and sellers'. I explained that I 'expected' to be foreclosed upon by the bank due to their not bargaining in good-faith, or with due-diligence, or after I had followed 'all the rules and Best Practices posted and marketed by HARP, Fannie Mae, HUD, the State of Illinois, the Federal Government, Consumer Credit Counselors they all were referring me to, per the Settlements reached, etc.. Yada yada - sent it off to my Senator, my Congresswoman, Consumer Finance Protection Bureau, State Mortgage and Financial Industry regulatory agency, Federal Mortgage Industry regulator, HARP, etc..

Within 2 weeks I received a phonecall from 'Office of the CEO, Bank of America. Representative claimed she was calling to personally advocate for me and help resolve to my satisfaction and timely. That part was laughable, as promises made and personal phone provided which turned out to be the main B of A switchboard number posted everywhere - and 'follow up call to me next week' never happened - and THEY could not even reach 'the negotiator' due to full voicemail, or supervisor due to his full voicemail. Nonetheless, 3 weeks after that call we close as it all started IMMEDIATELY and with TYPICAL gaps for processing - KEPT MOVING.

I was very proactive until that point, and diplomatic, using many of the 'nice, professional, customary' suggestions posted here - with no results.

As a final note, some years ago while in a flying club with a local bank president and chatting, he mentioned how, "We LOVE to get houses back". It is my opinion they still do, and are in fact trying to do just that. Timely action could have limited the number of missed mortgage payments to THREE.

... and closed. Sold to my neighbor, all cash, for his wife's aging parents and he was very committed - close to bailing out several times due delays and virtually total lack of communication by B of A for 5 1/2 months since submitting their good offer. A house just on his other fenceline was for sale, mainstream, 60k higher but the parents preferred mine - still - they knew that was a fair price and could close in 30 with no stress. Too close for comfort, and every one of us worked hard from every angle including attorneys for buyer (hired after 1st 3 months of nothing) and mine, experienced all around. I wish all of you the best - I'm now going to kick up as much dust on this issue, as Is humanly and individually possible - for the benefit of all the fair and honest people across this country who played by the rules, watched their sweat and financial equity snatched away, played by the new rules only to find yet again that it was just a shell game to take their homes and pick their bones before tossing them aside and moving on to the next victim. Cheers!

Replies

Mitch Crow November 16, 2012 at 6:23am

... and closed. Sold to my neighbor, all cash, for his wife's aging parents and he was very committed - close to bailing out several times due delays and virtually total lack of communication by B of A for 5 1/2 months since submitting their good offer. A house just on his other fenceline was for sale, mainstream, 60k higher but the parents preferred mine - still - they knew that was a fair price and could close in 30 with no stress. Too close for comfort, and every one of us worked hard from every angle including attorneys for buyer (hired after 1st 3 months of nothing) and mine, experienced all around. I wish all of you the best - I'm now going to kick up as much dust on this issue, as Is humanly and individually possible - for the benefit of all the fair and honest people across this country who played by the rules, watched their sweat and financial equity snatched away, played by the new rules only to find yet again that it was just a shell game to take their homes and pick their bones before tossing them aside and moving on to the next victim. Cheers!
Mitch Crow November 15, 2012 at 8:23pm

Closing: Friday November 16 ... debt free, attorney free

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