Does Bank of America Approve Short Sales Anymore???
Is it just me? Or does it seem like Bank of America is no longer interested in approving, reviewing, opening, closing, mitigating, imagining, or caring about short sales??? This servicer used to be the absolute worst (back in the "fax a packet 50 times to this number that feeds directly into our shredder" days).
They came a long way with the introduction of Equator and actually started looking like a bank I wanted to do business with again. Am I the only person that has seen a perpetual downgrade in turn-around times and this odd form of "bullying" which Bank of America likes to refer to as a "waterfall" on FHA short sales?? When you've called, faxed, left voicemails, e-mailed, carrier pigeoned, and TWEETED (yes, as embarrassing as it is to say that I had to "tweet" a bank for attention, I did it for the potential benefit of my client) with no response from anyone for two months! Sometimes I wonder if the staff at Bank of America have watched one too many episodes of Homeland and want to invent new ways to torture real estate agents.
I thought the debt forgiveness expiration was a good reason files were moving slower, but is this why a file gets closed out because an I is not dotted on a form that was submitted months ago? Or is this why a negotiator assigns a task on a Friday which is due on a Thursday (yes, I've had this happen and guess what...my file was closed out because I should have known to go BACK in time to get this done). Interestingly enough, I spoke to Fannie Mae about a file the other day, I told them all of the issues we were having on a file, and Fannie Mae told us there was nothing they could do (odd that B of A would wear the pants when Fannie pays the bills??).
What are your experiences with this lender recently? Am I alone here? Does anyone have similar experiences???
Replies to This Discussion
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Permalink Reply by Ann Howard on
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I just closed a short sale with them and have to say that the customer service department is always helpful and polite. The negotiators though are another story. They do not always return phone calls unless you are forced to complain to customer service and speak with their supervisor.
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Permalink Reply by Ellen Dittman on
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Yes, I feel your pain on a file I have. Waterfall should be renamed Waterboarding. My file is passed to another negotiator every 3 to 7 days for the past 2 months. I have tweeted twice. Once mid October and the other day as well. Then the "new" negotiator emails me to "bear with them while they review the file" .hit repeat....hit repeat....
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Permalink Reply by Anna Chroscicki on
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You know what I noticed? And that were last three short sales with BoA in a year.....First time you submit file it goes exactly like you are describing in your post. Negotiator is not responding, then you get message telling you you have 24 h to do something that will take 5 days to put together, or that you need ( like you said) "dot the i" in seller's name, etc . Well.... Then file is closed ( and it usually gets closed because of some stupid reason) . In my third deal when I noticed what is going on I actually waited for negotiator to close the file. Why? Because the second time everything is different. It is like you dealing with different bank. Another negotiator responds within 24 hours. Instructions are clear. You have plenty of time to provide requested paperwork. And...you get approval within two months.....So....I do not get upset with BoA anymore. I just try to have file closed if I see that my negotiator is not cooperating. Have fun with your Short Sale Aida.
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Permalink Reply by Rachael Babinchak on
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horrible, just as described. None have closed in under 5 months and repeated escalations. No matter FHA, Fannie, or Conv for me anyway.
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Permalink Reply by Wendy Martin on
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They ignore me. I complain to Cust Service. They send a task and never respond. I complain, they respond.
Months later, after asking for something new every 3 weeks (or old) I get assigned a new negotiator.
Rinse & repeat.
Close to approval, they disappear. I threaten with whatever ammo I have.
I finally get approval 5-6 months after initiating and they give me 2 weeks to close on a CONV loan.
This constant tug of war is so horrific, I don't even feel human.
and this week, 6 months into an FHA ss, got approval and the buyers walked.
Just shoot me. Now I gotta do it again.
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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Same here. A whole year and two months on this file. Then the day before closing negotiator tells me appraisal has expired and have to request a variance from HUD and then emailed me and said she had been reassigned and here is my new negotiator. (the appraisal is good for 120 days and was done on July so expired Nov 3.) Closing was to be 12/04.
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Permalink Reply by Kevin - Greenville, SC on
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Yes. I received a BOA Approval on Friday and another on Monday.
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Permalink Reply by Debi Braulik on
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No you are NOT alone. I too am experiencing this. It's a nightmare. I just had a task assigned at 3:58pm on Christmas Eve and then when on the 26th at noon the task wasn't complete they closed my file. Never once have I had any of my questions answered when I was looking for clarification. They want signatures on documents that shouldn't have the seller signature. They reject our MLS sheet. This file has been through so many negotiators and servicers in the last 15 months I've lost count. It makes me very hesitant to take on another BoA short sale.
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Permalink Reply by Aida Rodriguez on
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A full month now since I originally posted this and still no luck with getting my FHA file opened. They tell me my client has to get the CRM's approval/recommendation to short sale, the CRM is left 80 messages and they never get back to us. They have sent internal e-mails to the CRM, their mgmt, they have sent us to the "concierge", we have gone straight to FHA, sent multiple requests on twitter for help, and all with no changes. I am up to three supervisory levels above the CRM and still nothing. Any recommendations on other ways to escalate these FHA files?
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Write complaint to Office of the Comptroller of Currency: http://www.usa.gov/directory/federal/office-of-the-comptroller-of-t...
FDIC Consumer Response: http://www.fdic.gov/consumers/consumer/ccc/
I'd add Department of Justice - Public Affairs (because of their settlement agreement): http://www.justice.gov/opa/
Send a copy of the letter to BAC immediately and note the bottom of the letter formally with:
CC: Office of the Comptroller of Currency
FDIC
DOJ
Then they know you've escalated above them. Outline mistakes and lack of response. When I did this, the two entities must of contacted BAC, because BAC then HAD TO copy them on the letter they sent us and show that they had taken care of our complaint. So we didn't hear anything from OCC, FDIC, but then the SS was approved, and very shortly after we get the letter showing the regulatory agencies contacted them. That was a 6 month nightmare.
Persevere - servicers think they can outlast us till we give up...uh NO.
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Great Idea! Thank you so much. Will give it a shot and let you know how it goes.
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Oh and I quoted in the complaint the main people's names, numbers, supervisors, etc. Hopefully, they got reprimanded.
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