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Bank Of America-Short Sale Division / bad ethics/

CA, US Review updated:

In March we offered on condo. In April we were told our offer accepted. In May we were told it was for sure going through-escrow assigned-got ok to do home inspection which we did. In July we were told papers misspelled just a matter of time. Then next day our offer was no longer accepted. Since then I have contacted Bank of America, and made complaints to CEO but have had no real results. We have been told by bank of America that they really thought they dropped the ball big time when they read all my correspondence, but then told me that that everything the realtor had told us on the progress of our offer and acceptance did not happen, and yet, since then they have changed their story repeatedly from week to week. Apparently after they accepted our offer they had some change of policy on how the dealt with short sales. They wanted more money from seller who claims they cannot come up with it. So we offeredd more, but that offer seems to fall on deaf ears. Anyway we have been made to feel like 3rd class citizens by Bank of America because we offered on a short sale. Short sales are being used to treat buyer poorly and carelessly. I saved all my emails that told us we were accepted...three months of lies.
I have done the chain of contacts to try to see results but I just get more excuses. No one cares what the buyer has gone through or that we are offering what they want to receive...according to Bank of America. The poor correspondence and lack of concern and bad ethics breaks every one of the banks...5 core values.

Wk
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Comments

  • Jo
      Sep 13, 2009

    Bank of America have the govern ment fooled. They are wasting everyone's time it takes at least 9 months to get into phase two of the short sale process and then they will foreclose under your very nose teling you that they couldn't stop the foreclosure sale.

    I have 19 clients waiting over nine months for a short slae approval from Bank of America. Sadly one of them foreclosed on the Friday before labor day bank of America lied to us and told us the foreclosure was cancelled and that the file will be assigned to a negotiator just so the client would not seek an alternative solution. We called back after the foreclouse and they told us within seven days the file will be assigned to a negotatior when they were fully aware that they foreclose. Bank of America are Liars. If the government dosen't step in innocent people will be abused continously.

    I hope you all rot in hell - BOFA

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  • Fo
      Sep 17, 2009

    I agree. Bank of America is holding me hostage for a short sale. Meanwhile, my life, and that of the Seller, is on hold. Have no idea when it will be approved and close. I have written to the President of the United States. Guess what, He hasn't replied yet! Someone needs to do something!!!

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  • Ph
      Nov 02, 2009

    have been waiting on approval since march on a short sale. seller living there for free for a year now i am paying more for rent because i dont have a contract. possibly going to miss out on tax credit. bank of america accepted money from government and leaves americans holding the bill. Hey president obama why dont you do something about this

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  • Ho
      Nov 03, 2009

    I am in real estate and I can honestly say from a professional standing that dealing with Bank of America is the most frustrating process there is. The employess you have to work the transaction with are rude, unprofessional, lack ethics, liars, incompetent, offensive, and uncaring.
    What do they have to lose? Why should they care? They are receiving big $$$ from the government - or should I say the people? It's a shame that this bank has the power it does. They should be in the sellers, buyers or agents shoes.

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  • Re
      Nov 13, 2009

    I am a realtor also dealing with a short sale ...I am dealing as the selling agent and I call almost everyday to get an update from them, and I get put on hold for hours transfered over and over!!! Drives me crazy!! Terrible service, lack of knowledge!!! I get told a different story every time I call, I think they just make stuff up to get me off the phone!!! I can't stand it!!! I worked with another bank and had a full bank approval in 2 weeks!! I am going on 4 months and just now getting to the second phase negoiater!!! They stink!!

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  • Ca
      Dec 21, 2009

    BofA is the absolute worse, and I think the incompetence is no mistake. I think there is no way any company would keep so many incomitant (sp?) people on board unless they knew what they were up to. I lost a contract last week when we were only awaiting a final HUD change- the "negitiator" changed my phone number (why?) and said she could not get ahold of me- that is a lie- my number has been the same for 15 years, she screwed up and the seller lost his house- now no one at BofA can answer why? The left hand doesnt know what the right hand is doing- where the hell is the government- this bank is running amuk and getting away with it- AFTER they took all of the free oney? Unbelievable and offensive!!!

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  • Pr
      May 08, 2010

    This is just great because I am just entering into a short sale with Bank of America right now. My ex. wants to declare bankruptcy on the house and Forclose on the house. Since she is the only one on the loan it is possible. It for any reason a short sale was held up or took a long time, the Forclousure process (Which the short sale is spoosed to stop) would continue. I put 160k into this house and I am currently on Social Security Disability, I am unwilling to walk away from my life savings not to mention this is the only house that will accomadate all 4 of my dogs. I have to have them seperated due to fights. Can my ex, still declare bankruptcy while a short sale is in progress, which would attempt to forclose on the house. She has demanded that I pay no payments like I usually do or else she will declare bankruptcy the day she see's it online. What do I do? Who needs to be contacted in order to fix these problems with Bank of America, who seems to be so imcompentent. 700Billion was given to banks and Bank of America is screwing everybody. Maybe it is time to make a stand and rally at one of their headquarters and invite the news, which would go to the paper, and at that time mention that the obama administration is either in it with Bank Of America or just does not care to back up their own laws.

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  • Ca
      Oct 14, 2010

    Frustration, nothing works with BofA, not modification, not short sale, and yes the government is out to lunch, here is the biggest cancer in America BofA, I have been reading a lot, they pretend they don't know what they are doing, but they sure have a plan, foreclosure means more money for them, hard cash, who goes higher in the bidding war. So good luck to those trying to make a short sale, if you don't file bankruptcy they will make sure you are for life, they will ask for more money after short sale is complete. I feel for those trying to purchase a short sale, and the ones trying to make a sale on their house. What happened to good old America? when we sold our homes to downgrade, upgrade, relocate. My parents did it so many times, really I don't think we will ever get back to normal, if anyone remembers what that was. If you're worried about illegal people, worry about the ones that came here legally with so much money (dirty) paying outrageous prices for housing and allowing the bubble to inflate.

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  • St
      Nov 15, 2010

    I have been in the short sale prcoess with Bank of America for over 18 months. During that time I have lost 5 buyers that were interested in my house. I tried keeping up with the payments for over 15 months - but I had moved to another city because of a job change and I could not keep up with both. I just wanted to get the house sold and I had to go the short sale way since the market is so bad and I was taking a $20, 000 loss and it did not cover the mortgage loan. My realtor and I have tried dealing with Bank of America for 18 months and it has been a total fiascal. There is absolutely no one at Bank of America that cares about anyone they deal with in the short sale process. They are rude, unresponsive, do not know what they are doing, poorly trained and poorly managed. I cannot believe that Barack Obama and the government gave them 25 billion dollars to help people with home loan mortgages. I see that Bank of America had earnings of over a billion dollars the first quarter of 2010 - you would think they would spend some of that money to make improvements in the short sale process. But I agree with a previous commenter, they will make more money on foreclosure and they delay every time and use the excuse that they have so many short sales that they are doing the best they can. When you call Bank of America on the status of your short sale, they will not let you talk directly to anyone that works on your short sale - they shield them from the people calling in and you can only talk to a customer service rep who gets on the computer and tells you that it has not changed - it is still in phase one or whatever. No one at Bank of America gives a damn about people - they just want their money so the CEO and higher management can line their pockets with bonuses, etc. because they did such a good job. All of them should go back to school and try and learn how to deal with people. And Barack Obama needs to wake up and quit siding with the people that contributes to his campaign funds. He will never get reelected because he takes care of the rich and dumps on the poor. Maybe that should be his next campaign slogan (Rich rules - poor drools)

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  • Po
      Jan 10, 2011

    I am a Realtor. Suggestion to all with complaints against BofA: Complain directly to the investor (usually Freddie or Fannie). We all suspect that Government money is to given to banks for servicing Hamp. Also, I suspect they submit any "lose" to the FDIC for reimbursement. Now their newest trick: pound on sellers for "contributions". Usually sellers are penny-less/without jobs, etc. This is a scam to get agents to give up some/most of their commissions. After working on a file for a year, they would like Realtors to work at reduced pay...while they are raking in the $$$ from all sides.

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  • Bo
      Mar 30, 2012

    Same horror story here, only working with the Florida division. We need to bring a lawsuit against these crooks. I won't waste my time with details... I am the owner and today I will have lost my 5th buyer due to BOA (Bunch of ###s!!!) due to the run around and no return phone calls! I am at my witts end! Don't lie down and take this crap! I am not going to. I even have an "escalation" case number when I called the laughable customer relations department. All I need is the "letter of authorization" by the end of today or else I lose my 5th buyer. They told me the price was approved, that the closing is all set to go, just we need this letter. Do you think they will send it to me?

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