If you have a Bank of America/Countrywide loan, or have been involved in trying to negotiate a short sale with Bank of America, you will likely recognize what a colossal and outright impossible problem it is dealing with Bank of America and trying to get any approvals at all, much less in any reasonable period of time. At first I thought I was alone or at least an isolated case of mistakes and frustrations, but after talking with many people who have been trying to get short sale approvals out of BofA, I’ve come to realize they have developed a well-earned reputation of being totally inept, completely disorganized and unable to process or issue any approvals. The problem is so bad, there are other articles dedicated entirely to Bank of America’s short sale problems. The website can be found here.
The Entire System Collapses
I have been working for several months now to get an approval of an excellent short sale approval from Bank of America on a loan where they are in second position. The formal offer we’ve made would result in BofA receiving an unheard of high amount of money so we expected a quick turnaround and approval. All paperwork BofA was completed, submitted and confirmed recieved by BofA on September 18, 2009. We’ve been calling in several times a week now to see if we can get approval of this excellent offer, but have been told each time, “waiting for approval”, “no answer yet, check back”. Today when I called in absolute exasperation, I was told that the computer system that holds all of the shorts sale paperwork Bank of America had recieved over the last several months had crashed, taking with it all the short sale offers and documents that had been previously submitted. No back ups, no recovery, if you want your offer considered, re-submit and the process starts all over again.
I find it terribly disconcerting when the bank that has received more taxpayer dollars than any other is so inept that a collapse of this magnitude has occured. How can they be trusted to effectively manage the funds they’ve received when failures such as this occur?
For more information about Bank of America, foreclosures, short sales, deed in lieu, visit Matt Weidner at www.mattweidnerlaw.com.