My BOA Nightmare- Please help
I have a BOA file that I have had for 15 months now. My head is going to explode this is such a fiasco. We are on our 4th buyer because they keep walking due to how long it's taking.
In August, after the file was approved in Equator, it was sent up to senior mgt to issue the approval letter. After 2 months I get a denial letter. I was told the MI company wanted a promissory note so they denied the file. Wouldn't give me details as to how much of a promissory note, terms, etc. Never saw any proof of a promissory note. I was told to submit as a regular short sale. Which I did. Then that buyer walked. We have had a new buyer since 11/28. I have submitted it 3 times since then. The lovely folks handling this file keep denying it due to documents not received - when they have them!! They are uploaded in Equator. Last time they couldn't see them. (they were in property files) This time the negotiator wanted items that don't exist and/or want the seller's signatures on pages where they shouldn't be. They rejected the copy of our MLS sheet saying it's not the right one. What the heck?? They rejected the 4506T even though it's one I got from BOA. I asked for clarification to no avail. My last 3 negotiators DO NOT answer my questions ever. And then they deny the file. They wouldn't even assign the task to upload homeowner documents and now they have timed me out because they were not received in 7 days. I am sooo beyond frustrated.
I've asked for help on Twitter. I've asked for help from a supervisor. All to no avail. I'm beating my head against a brick wall, the seller's credit is continuing deteriorate, when BOA has the documents they need. .
Any suggestions for me?
Replies to This Discussion
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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Yep. I got one of those now- 15 months, three foreclosure attempts, one foreclosure; one foreclosure recission ordered by HUD -- on third buyer, third attempt to close, New closing set for Jan 11????
I might make 1/2 the minimum wage..
Twitter Help has worked for me. I suggest going back to twitter help again.
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Permalink Reply by Debi Braulik on
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Wow! That is worse than mine. RIght now we have no foreclosure proceedings. I'm sure though I'll only be making 27 cents an hour on this one if it ever closes. $123k sale.
Best of luck to you. I'll keep my fingers crossed you have a successful close 1/11
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Permalink Reply by Anna Chroscicki on
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I know. It is nightmare. I know you already had this file declined few times, but maybe one of those times you will get negotiator that is smart, knows what to do and then it will be a breeze . That is what I do when I have issues like that with BoA. When I see that right from the start I am being asked for things that do not make sense, I just wait for the file to be declined . Usually second time I have somebody that really is there to help- not to make our lives miserable.
"Funny" example of Bank of America request : One time negotiator asked for LLC ( that was buyer) signature on contract. Not for the signature of president of LLC or anything like that- we already had that. He actually asked for LLC to sign . Did anybody EVER see signature of ( for example) ABC Investment Corporation ???
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Permalink Reply by Sheila Vardakis on
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is the loan FHA?
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No conventional loan. Balance is $224k.
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Permalink Reply by joe beauchamp on
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It is almost always helpful to know who the investor is - they drive the whole thing, or should be. I had a recent MI run-in. I got in touch with them directly. They claim that they gave all the info to the bank - in my case it was DTS for BofA. Yet, all I got was "MI denied for HAFA". I now understand what and why, which I never got from anyone at BofA.
The problem with rejected docs is infuriating at BofA - you have the lowest level pinheads rejecting documents which may have been submitted and accepted 10 times, yet a comma may be too grey for them. Absurd, but in keeping with BofA's demand that bureaucracy be supreme over logic or thought. 4506-T is a special joke - it doesn't expire for the gov't, but BofA claims it expires, changes addresses needed then rejects it, requires boxes checked/or not - like on a whim.
It seems that you are deep enough into your mess that you've tried the general "I need help" approach. I suggest you work on each issue - make it as brief and technical as possible. This is similar to agents complaining that the bank price is too high and expecting the negotiator to do the foot work to see what they are talking about. No, you need to make it as clear and simple as possible. It is not their job to make your case, so far as they are concerned. But if you ask for the specific rules/forms for value dispute, that is a straight forward technical request which they need to answer as opposed to "look at the pictures, you want too much" which is - yeah, I think a donut break makes more sense.
BofA has pretty much moved negotiating talent to closing officers and relegated pieces of negotiating to "specialists" which have their 1 paragraph to check and nothing else. These new "specialists" have very little authority and no insight beyond their tiny piece of concern. Great for saying "not my problem", bad for getting things done - so right up the alley for the bureaucratic BofA. So, you need to fit their area of concern in your questions or get your very specific questions escalated to someone who can answer each specifically.
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Permalink Reply by jacqueline lee on
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BOA has layers in their approval process so it appears complicated. Knowing who the investor is helps because you can contact them directly in this kind of situation. Try the CEO's office and ask for help. (877) 877-2670.
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Permalink Reply by Bryant Tutas on
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Hi Debi. See if anything here will help https://agentresources.bankofamerica.com/shortsale/process BofA is very precise with how the documents are completed.
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Permalink Reply by TOP END Properties on
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Look into the BOA Common Document Errors video and PDF: https://agentresources.bankofamerica.com/process
Its possible you did not have the IRS form filled out correctly, fully or didn't check the correct boxes.
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