And the award for most ineffective lender/bank/mortgage company goes to…..BANK OF AMERICA!
If you’re an attorney, real estate agent, borrower, short sale negotiator, investor or any other party trying to negotiate short sales or modifications in this challenging real estate environment, you undoubtedly know that Bank of America has developed a well-earned reputation or being the absolute worst company to deal with in trying to get a definitive answer or receive any consistent explaination for their policies or procedures. Just for laughs, you should check out the Bank of America Short Sale Website to see what they claim their procedures are and how long they suggest it will take them to get you an answer. The Bank of America Website can be found here. The fact of the matter is the website is absolutely worthless and provides no information of any value except for a phone number that promptly drops you into a black hole.
The Bank of America Black Hole
In gathering facts for this blog, I came across a huge volume of other blog postings which share consistent experiences with Bank of America. Bottom line is you cannot get Bank of America to confirm receipt of paperwork and when you do, you cannot get BofA to make a decision. I’ve got numerous files but I can document hours on the phone and proof of fax after fax and email after email to BofA that go unacnowledged or lost and then unacted upon. Attached is a great article from the Washington Post from July 2009 where a BofA representative claimed they would have a system up and running that would have them making short sale decisions in seven days…..Ha Ha Ha Ha Ha. It takes seven days for BofA to pick up your phone call!
The fact that the nations largest bank and mortgage lender is in such disarray is bad, bad news for all of us. You may not think it affects you if you’re not involved in the process, but they’re dragging us all down. If you are involved and you need assistance in pushing your short sale through Bank of America, contact me at