Short Sale

Bank of America- Short Sale Chaos!

As I communicate with other attorneys, title companies and other parties who are involved in short sales, I am struck by the consensus of opinion that Bank of America is impossible to deal with or obtain any answers in a timely fashion to short sale requests.

Bank of America, more than any other institution has benefitted greatly from federal bailout money.   What in God’s name are they doing with all this money when they sure don’t seem to be doing anything to actually benefit consumers?   My personal experience with Bank of America has been just maddening….I’ve been told time and time again that documents have been received and that a decision will be made, only to be told later that no documents at all have been recieved…What in God’s is going on at Bank of America?

Only those inside really know, but I suspect that because Bank of America is fat and happy with the federal dollars we’ve given that they’ve lost any incentive to work with borrowers….we apparently still haven’t learned our lesson.

One Comment

  • Patti says:

    Yep- just spent a whole year trying to get 3 different short sales through B of A on my house. I bought a beautiful new house on a hill, only to find out 2 years into it needed a new roof, had mold, and oh yeah it was sliding off the hill too – So after that distress and watching the floor and walls slowly crack apart – we moved out – unable to afford the payment and living expenses for another home. There was no recourse with the builder as he went under following a comingling scheme. We applied for a short sale with B of A as our first mortgage- and had a buyer from day 1. One year later we have had 3 legitimate buyers make offers. However, Each time the buyer walked away (about 4 months into it each time) and we never reached an approval on any offer ( it only got to a negotiator once). I spent endless hours calling for the status – I could call 10 times in one day and be told 10 different stories- absolute madness! In the end, we gave up, and are now trying to negotiate a deed in lieu of foreclosure- however, the game begins again- three weeks into it and they already tell me I never applied for a deed in lieu of foreclosure – when I spent an hour getting the approval on the phone and then faxed in documents they requested. Of course no record on their end of my fax either (but I have it on my end!). The call center today said my application probably didnt get “saved” by the person who took it before- so they assured me they would save it this time. Dare I call back tommorrow and see what happened. I feel like ripping all my hair out and then some……….I have NEVER dealt with so many lazy careless people in my life. It makes me sick that they are getting any money from the govt. They are creating their own problems! And the tax payers are paying for it.

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