Countrywide - Bank Of America/short SaleIncompetent Department and Service


Six months ago, at the end of January, my husband and I put an offer down on a house in Monroe, CT. We found out after negotiating a sale price with the sellers, the house would be going into short sale. We agreed to move forward with the sale and went to contract on February 20, 2009, putting down an additional 1.5% (as requested by their attorney). As of this date, the seller’s attorney has a total of $9, 550 in escrow ($3, 830 as initial deposit, $5, 720 at contract) toward the sale of this property in which we are not obtaining interest on. In addition, Countrywide (now Bank of America), has been giving us the run-around and has not been able to get anything completed on the sale of this home (see timeline below). Our whole team, including both our attorney and theirs, both sets of real estate agents, and both the seller’s and us, have invested so much time to help move things along with the bank but to no avail.

Every representative we speak with at the bank does nothing but add notes to our file based upon our conversations and we continue to receive false deadlines that are never adhered to by the bank. On top of this, we seem to be encountering a red tape nightmare. As you will see in the timeline below, we have completed all requests made by the bank in a most timely manner, and have been calling Bank of America almost daily to check on the status of things, and yet they still had a reason to move our file to the bottom of their endless pile due to an extremely unrealistic and unobtainable procedure on their end (see timeline beginning May 8, 2009). My husband and I feel hopeless and are trying everything possible to get some help to get this deal done. The seller’s have not been paying their mortgage on this house now for some time, so should we back out, the house will go into foreclosure. This obviously is a bad situation for all involved, especially Bank of America who has a solid, fair market offer (that is almost dead on with the appraisal) on the table for proposed sale of the property.

Listed below is a timeline of the events that have occurred thus far and have not amounted to any progress. We are concerned about missing out on the $8, 000 first time buyer tax credit that had given us incentive to buy in the first place, and about the now climbing interest rates. Being that there doesn’t seem to be an end in sight, we cannot lock in at a rate. We are becoming desperate…we love the property and would hate to have to walk away due to an inadequate, failing system that Bank of America appears to have functioning (or not functioning for that matter).


January 29: Offer accepted by seller

February 20: My husband and I go to contract for the purchase of the property with a sale price of $382, 000 (appraisal came in at $385, 000). Additional 1.5% deposit submitted (for a total of $9, 550) at signing. Contract is sent over to seller’s attorney, who sends along short sale package to Countrywide/Bank of America for approval.

March 3, 2009: Seller's Attorney indicates he was finally able to speak to someone at Countrywide/Bank of America in regards to the approval for the short sale. Unfortunately, he was told that they would not be able to give him an answer until March 19, 2009.

March 23, 2009: Seller's Attorney follows up with Countrywide. They have nothing to report other than that the file was assigned to someone in the short sale department on March 9, 2009, and that they have to give that person 30 days to review the file before we can contact them.

April 9, 2009: 30 day mark for Countrywide’s review process. Seller's Attorney speaks with Countrywide who informs him that we should have some response or information in the next day or two. They asked that he call back again tomorrow.

April 10, 2009: Seller's Attorney contacts Countrywide again and speaks with someone who informs him that they are expediting the matter and bringing it to the attention of a manager because of the length of time it has been in their system. They ask that he call back on Tuesday or Wednesday of the following week, at which time they hope to have assigned a negotiator to discuss the file with him.

April 16, 2009: Seller's Attorney speaks with Countrywide again today and is told that the BPOs have been submitted (they were actually submitted in March) and the next step is to be assigned to a negotiator. Three times in the past 6 days, the 10th, the 14th and the 16th, Countrywide has told the Seller's Attorney that they were "escalating" the matter to get a supervisor to look over the file and make sure a negotiator is assigned and nothing has been done.

April 22, 2009: Seller's Attorney receives call back from Countrywide who informs him they are moving the file along through their system but do not have more to report. They claim to be doing all they can.

May 1, 2009: A negotiator has finally been appointed and the Seller's Attorney was provided with a name and an email address. Countrywide instructed the Attorney that he is not to contact the negotiator for ten (10) business days.

May 5, 2009: Countrywide requests updated documents from Seller's Attorney including a HUD-1 form, latest listing agreement, and seller's expenses from their agent. Deadline given by Countrywide for this updated information is May 13, 2009.

May 8, 2009: Attorney faxes over updated documents (requested on May 5, 2009) to Countrywide, following procedure as they had dictated to him.

May 9, 2009: Countrywide called seller's agent, to arrange the BPO and have house inspected that same day. Two agents came to the property to complete the BPO the following Tuesday (May 12).

May 22, 2009: Seller's Attorney informs us that he spoke with Countrywide and they have declined the short sale and closed out the case because they did not receive the updated documents they requested by deadline. According to Countrywide, they need 7-10 business days to scan the documents into their system (after receiving the fax) and therefore, do not recognize the documents as received until May 18th, even with them having been sent over only 3 days after their initial request, on May 8, 2009. Attorney fights this (being that this procedure was never communicated nor would it have been possible to get them the information on time even if they had provided them the documents on the same day they requested) and they agree to reopen the case and assign us back to the prior negotiator. We cannot call the negotiator for 3-5 business days.

May 29, 2009: Seller's Attorney calls Countrywide (now transitioning over to Bank of America) to follow up with the negotiator in which he is now told that they are assigning the case to a different negotiator and that he cannot call him until Friday, June 5, at the earliest. Countrywide informs him that our file went back to the end of the line and it would be 15 business days since we got back in the line last week. Bank does acknowledge that they have all the appraisals they need and for the first time they asked for the price of the sale and the identity of the buyer.

June 3: Seller's Agent begins calling every day (taking over due to Attorney's frustration with the inadequate service). She is told today at 2pm that the computers are down and they instruct her to call back later. She calls again at 5pm and 7pm and computers are still down.

June 4: Agent calls Bank of America at 9am and computers are still down. She procedds to call every 2 hours throughout the day and they remain down.

June 10: Agent connects with Bank of America and is informed that they have all of the paperwork but they need the sellers to call the home retention representative to give an updated financial statement and fax over their May pay stubs. Once that is done, the file will advance to Phase 2, in which they will process all of the information that they already have (and have requested over the past 5 months). Per Bank of America, the appraisal was already done and came in good. Also per Bank of America, if we continue to call daily, there is a possibility we can get the deal done in a month.

June 11: The Sellers speak to the home retention representative as Bank of America instructed and completed the verbal financial statement with them. May pay stubs were faxed to a woman named Kathy's attention. Kathy confirms receipt.

June 16: Agent speaks with the Bank of America who informs her that they had not yet gotten the May check stubs in the system which were faxed over last week…said it usually takes 7-10 days before its in the system and asked them to fax Junes statement just in case, this way it won't hold up anything else from moving forward (which we did). Bank of America says they are sending the file to the escalator.

June 19: Agent speaks with a representative at Bank of America who informed her they were reviewing the file and would be making a decision and passing along to a negotiator that day (Friday) or Monday.

June 29: Bank of America called agent to request a revised offer agreement so that the numbers match that which is listed on the HUD form.

June 30: Updated documents requested on the 29th were revised and sent over to the bank.

July 7: Agent speaks with Jocelyn at Bank of America. She checks and confirms that all information was received. Jocelyn apologizes for the file taking so long and says she will put in a request to escalate to the negotiator. Agent continues to call daily. Negotiator that was promised by June 22nd (the latest) has still not been assigned.

July 8: Agent speaks with Christine at Bank of America. Christine says there is a new way to escalate to the negotiator and it will take 2 days…by Friday we will have a negotiator. She instructs agent to call again on Friday.

July 10: We have a negotiator, Robert Smith (that can only be contacted via email). Agent emails him and attached all appropriate documents just in case (contract, HUD form, etc).

July 15: Agent speaks to representative with Bank of America who identifies that the file is with the negotiator in Phase 1 (which means he is reviewing the file to make sure all the paperwork is there) and then it will go to a Phase 2 negotiator who does the final approvals. We are informed that the Phase 1 process can take up to 30 business days until it goes to Phase 2 negotiator.

As you can see, we appear to be getting the run-around with Bank of America and are extremely frustrated with the lack of progress this file has made since the signing of the contract back in February 2009. As referenced, the purchase price on this property is at the appraised value, and all paperwork needed is completed in the file. There seems to be no sense of urgency on the bank’s end especially when our efforts have been tireless. The unoccupied property is now unmaintained and we are about ready to walk away from this deal. We thought we would put one last ditch effort in to see if anyone can help to move this forward. We understand Bank of America is extremely backed up but this business practice is completely unacceptable. Should I provide my clients with this lack of service, I would be out of business and out of a job.


  • Ia
    I am done Jul 29, 2009

    I am also going through a similar situation with Countrywide / Bank of America for 2 years now. Today, July 29th, 2009 I was given my Phase 2 Negotiators email address. To my surprise it is incorrect and the email returned to me by my service provider. Countrywide also closed out my file similar to what happened with you and then reopened it, creating additional delays. I am at a loss. I believe a Class Action Lawsuit is the only way to fight this problem. I am not the only one in my community with this problem. There are 4 others I have contact with and we are all going out of our minds trying to get our Short Sales done. I've had 4 offers that just dropped after six months for each one. The banks DO NOT WANT TO FIX THIS. Like I said, I have been fighting to get a deal done now for over 2 years. My home will be foreclosed on soon. I can't fight forever.

    Saint Cloud, Florida

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  • Mi
    Michelle777 Aug 05, 2009

    We too are trying to purchase a short sale home from B of A/Countrywide and our situation is identical to the above writers. However, we have only been in this 5 months and now I'm getting worried. I can't go through this much longer - we have impeccable credit (800 credit scores) and we are paying 60% cash for a $900, 000 home. It's frustrating when our country is in such turmoil yet nobody wants or needs our money - I guess I should thank the tax payers? All the tarp money did was allow the banks to continue to be more incompetent than they were before. We do look for other homes daily so yes, if we find one we too will walk away from this one. The sad part is Bank of America could have gotten more money for this house 5 months ago but the longer they take the more homes around ours sell for less and less. If anyone has any advice please give it!

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  • Al
    Alanzotr Aug 11, 2009

    I am going through the same process. Submitted an offer in Jan 4, 09 after eight months and many delays I received an approval on July 25, 09, with instructions to call when I'm ready to close; offer is good until Sept 7, 09. Several calls, email and faxes sent to schedule a closing dates for the past two weeks . No response from anyone. Is this a joke? they can't be serious!! they are not interested in doing short sales. It's lips service to the government to show they are trying to assist with the problems they created.. They are playing games hoping buyers will walk.

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  • Fr
    FrustratedBuyer Aug 12, 2009

    We first submitted an offer in February 2009 for our first home (located in Florida). We finally reached step 2 negotiations 4 weeks ago. The file has been "escalated" three times. On top of it all, I am a licensed Realtor. As a Realtor, I'm dumbfounded and as a buyer I am disgusted! Every other buyer has pulled their offer (great for us). As others do, we want to take advantage of the tax credit. We haven't even received an acceptance of our offer yet! Only a pre-concepted idea from the selling agent that the bank will most likely counter on our closing cost request. (This is so typical for Countrywide.) The home may now have a $1400 lien placed against it due to lawn maintenance violations and I'm guessing the pool is next on the violation list...and BOA & Countrywide wonder why nobody wants to apply for a loan with them. Good luck to all of you! We're hanging in there for a bit longer, but will most likely pull our offer by mid September. Fully foreclosed homes seem to be closing very quickly.

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  • Fr
    Frustrated Agent Aug 12, 2009

    Totally correct!!! My offer with BofA was submitted 2/2009 and exact same notes as above. They will not provide you with a supervisor and ask for the same information over and over...I've complied on behalf of the seller's to the tee.

    It was my understanding that Countrywide/BofA took the handout from the Feds to put into place assistance for homeowners and provide loan mods and short sales...obviously they took the money & run!

    Does anyone have a suggestion as to where we can go from here????? Class action or anything, Department of Corporations, loca congressman, or is it just a waste of time!!!

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  • Fr
    FrustratedCARealtor Aug 14, 2009

    I too am experience problems with Countrywide/BOA. I am a Realtor and since February 2009, I have 2 short-sales that have been LOST. They claim they don't receive the packages, you call and call and after months, the file just disappear? These people working there AND their bosses are a bunch of procrastinators and liars who are either incompetent or just plain ignorant! No wonder the ecomony is in the shape it is and you don't have to wonder after reading the complaints above why BOA/Countrywide has the highest number of foreclosures across America!

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  • Br
    Broken_ Aug 14, 2009

    Let me start by saying how fed up I am With Countrywide/ BOA. I am 26 years and decided to take advantage of the low house prices and purchase my first house, which happened to be a forclosure. I put an offer on a condo in mid January making sure to stipulate the bank would have to get rid of mold that was in and on the back wall of the condo(they were at unsafe levels). I got my first counter on Feb 2nd and the counters went back and forth untill finally they ecepted my offer on Feb 13th.

    Well here it is Aug 14th and I still have not gone to closing! They agreed to fix the mold problem on the agreement but then whited out that page of the agreement(that is fraud)! Then said they had one of there guys go in the condo and spray paint over the mold!

    This is never ending, there very shady people at BOA. I have accrued so much cost through this whole process thinging I will be able to go to closing. It never fails every 15 days I sign a new addendum to extend the closing. I can't walk away because I paid for the instalation of tile in the condo and i could lose that money. These are my costs so far because of their delays:

    extra month of rent on apartment (March)= $2000
    Storage of all my things(April-Aug)= $1500
    Lock-rate loan extentions= $600
    Mold inspections for everytime BOA says it is mold free(4 of these)=$1170
    for our mold guy to explain to tho BOA's guy how to get rid of mold=$190

    Also i used to drive 20 mins to work now because I have to stay with my mom it takes me an hour and a half one way (I fill up my gas every other day)!=$ 200. a month(est)x 5 months= $1000

    Giving me a grand tolal= $6460 (this number is almost double my closing costs)

    Please, I just want to move in, I am so tired and broke. It will probably take another 2 months for Chris at BOA to get another scope of work approved!

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  • Ji
    jill0525 Aug 17, 2009

    bank of america/countrywide sucks big time.we have been waiting 6 months to close on a short sale with boa and have had appraisal, inspection, approved by our mortgage company for a va loan and have heard nothing. we are walking at the end of this month if we don't close. oh yeah and other thing the house has been on the market for one we are trying to buy it and they won't sell a house that has been on the market for a year. pretty unbelievable and pretty dumb on their part.

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  • So
    sophie_lapin Aug 17, 2009

    I am in complete shock! I am a Realtor and the information above is nearly word for word what I am experiencing with a client (even the names of the Countrywide, now B of A employees)!
    They must be reading from a script.

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  • Ra
    RAugustine Aug 18, 2009

    It's unbelieveable that we're all in the same boat. Here is the update on the above complaint I originally you can see, we seem to finally be moving somewhere but I have lost all confidence that this deal will actually happen by the deadline we have now set will all parties involved.

    July 15 (part 2): My husband and I drafted an email complaint and sent to upper management at Bank of America (including the CEO and head of their Mortgage Division). Of course we did not receive a response, however, one of those that we emailed forwarded our message along to a Cindy Repreza in the BOA Customer Advocacy Group. Cindy emailed my husband the following "Bank of America understands the urgency of each case and it is our intent to provide our customers with the best possible solutions within the most efficient time frame. Please contact me direct at 1.800.669.2443 extension 3542 to discuss your short sale request." The seller's agent then left an extended message on Cindy’s voicemail hoping she would help. Received no response this day.

    July 16: Seller's agent calls Cindy Repreza several times today and finally gets a voicemail back - they continue to plan phone tag for the day.

    July 17: No response back from Cindy on the last message the seller's agent left. My husband called and left a follow up message for Cindy today as well as did our agent.

    July 20: Our agent speaks with a representative at BOA who confirmed it would be 15 business days from July 9th before our file would be moving to the phase 2 negotiator (not 30 as originally stated). Our agent asked if she could speak to the negotiator and was told that he would contact her if he needed additional info (wouldn't transfer over). We have still not heard back from Cindy.

    July 22: Buyer's agent emailed Robert (the negotiator) again this morning to get a status update. My husband also followed up with another email to the same upper management folks as well as Cindy to express our frustration with the lack of response from their "customer advocacy group". Cindy finally returns our calls and apologizes for the length of time it has taken her to get back to us. She stated that she has escalated our file to a VIP negotiator that will be assigned by tomorrow morning. If we do not hear from her tomorrow, we should call her back.

    July 23: The most recent negotiator assigned to the case, Robert Smith, emailed the buyer's agent to say that the file had been reviewed. They are in need of 2 pdf documents that should be emailed over to him within 7 business days, the listing agreement and the 3rd party authorization. These are both emailed over the same day. We also receive the contact information for our new "VIP" negotiator, Danielle Parker (assigned to us by the Customer Advocacy Group)

    July 28: Buyer's agent emails our new negotiator, Danielle Parker. Danielle calls her back but they miss each other.

    July 29: No email or call back from Danielle.

    July 30: Buyer's agent emails Danielle again and receives an email back at the end of the day to explain that she had "system problems" and would have an update shortly.

    August 3: Our agent called both the short sale dept. and Danielle today in hopes of getting an update being that another week has gone by without any progress. I also called and left a plea message for Danielle as did the Buyer's agent who also sent Danielle another email.

    August 4: No Update/response

    August 5: I emailed Danielle in morning to ask for an update and confirm she received my voicemail on Monday. We did not hear back by COB so I called Cindy Repreza with the Customer Advocacy Group and logged my complaint. She emailed Danielle and asked her to call me. I received a call within 15 minutes of hanging up from Cindy. She expressed to me that she emailed the buyer's agent last week to let her know new BPOs were needed on the house (this email was never received and I communicated that to her. The only update we had from her was on July 30th in which she stated she was having system problems and would be getting back to us shortly). Danielle apologized and put a rush order on the BPOs (now our 3rd set to be completed on this house because the other 2 are outdated). She informed me that after she receives those reports she needs to rework the numbers and send out her recommendation to Fannie Mae who will then have to approve the short sale.

    August 6: My husband and I officially set a deadline (Labor Day'09) for approval on the short sale. We are expecting a baby in December and can no longer risk not having a home come late fall. We emailed our deadline to our agent who in turn forwarded to both attorneys, the seller's agent and Danielle Parker at BOA.

    August 7: Two agents complete the BPO’s (via Rush order from BOA) today.

    August 10: Seller's agent emailed negotiator to confirm she received BPOs and get a status update. Never heard back

    August 11: Seller's agent emails negotiator again…never hears back.

    August 12: I leave a message for negotiator due to lack of response. Do not hear back.

    August 13: Buyer's agent sends an email to negotiator to follow up. Never hears back.

    August 14: I emailed negotiator to follow up on my voicemail from Wednesday - do not hear back. Our agent calls the Customer Advocacy Group again and speaks with Cindy who in turn emails the negotiator to give a status update to our team today by COB. No response received from negotiator following this call.

    August 17: Negotiator finally calls seller's agent back and indicates she was out of the office sick and in the hospital most of last week. No one can cover her desk while she is out because they are each assigned specific cases. She was submitting our packet today to the mortgage insurance company who then has 4-5 days to review. Once she receives their approval, she will forward along to Fannie Mae. Negotiator asks that we stop bombarding her with calls/emails and that only the seller's agent contact her moving forward since she is the only one authorized on the account (she seemed annoyed that we keep getting their Customer Advocacy Department involved) and said we were just slowing things up.

    August 18: Our attorney sends official note to the seller’s attorney requesting that they refund our deposit come September 7th if we do not have an answer.

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  • Jc
    J.Cline Aug 20, 2009

    I agree with all the above. My husband and I are selling. We have a letter from BOA stating it would only take 45 to 90 to have a decision. That was a big fat lie. We have been at this since the beginning of April 2009 and the longer the bank takes to make a decision lower the house value gets. We were calling, at the beginning, every couple of days just to find out we need something else or to hear "we don't have" for something we had already sent multiple times. I had one customer service representative tell me I didn't have to call everyday, but if I didn't call for a week or so nothing was done. That is still going on. Just recently, our assigned analyst called for a HUD she needed but the realtor sent it three times. Thinking that the issue was taken care of, we didn't call for a week or more. We finally called to check the status and the HUD was still missing. My husband waited on the phone while they went to look for it and it was there. After all the hoopla from the analyst over needing it, no one bothered to look for it. We should have known this would happen, because it is the same analyst whom had spoken to my husband and verbal had confirmation on the terms and condition and said would schedule an appraisal of the property. A week later I called to check and see if the appraisal was done and had to argue with the analyst over the fact she did speak with my husband and she was supposed schedule the appraisal. Later that day my husband called three times before getting her and she had found where she had previously spoken to him. It was a whole wasted week, because she couldn't put it in the computer, while on the phone. Customer service and type at the same time, and I am sure they get paid a lot less. Our mental distress is high and our money is gone. Stupid housing market.

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  • Jc
    J.Cline Aug 20, 2009

    That should be, "Customer service can talk and type at the same time, ..."

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  • Ga
    Gazer Aug 21, 2009

    I also am in the same situation, having placed an offer that the seller accepted bank in January, no updates until end of July in which case we are told they accepted and need to close within 20 days (a bit of a rush for an FHA loan seeing house almost 8 months with no info from them), so we started pushing, got the FHA appraisal (which came back about 6k lower than the offer since it's been 8 months) renegotiated, EVERYTHING verbally agreed upon, AND we were going to make the closing deadline, we sent them over the addendum with the new price (which they agreed to) and now 3 weeks later we seem to be stuck in the void again, still haven’t closed (everything is ready, just need the go ahead from BOA), I am disgusted to say the least by how they run a business, if everything is ready to go, and everything is agreed upon, why wait 3 weeks to sign off on this (as of today, Friday 8/21 we are STILL waiting for BOA to sign off and allow us to close at the price that was agreed upon with BOA), hell I'm paying full appraisal and all closing costs, what are they waiting for? I really wish there was someone to complain to, but they don't really seem to give a crap.

    0 Votes
  • Ri
    RichL. Aug 22, 2009

    I'm in the same situation as many others have explained. After almost five months of wrangling with BofA and Citi (yes - unfortunately, two banks, which both suck, by the way), I finally received the HUD report to purchase a short sale. It was filled with errors - ie. additional charges for buyer, misspelling of names, and incorrect addresses. Back it went to the bottom of the pile! Luckily, I'm not on a timeline, but for heaven's sake, this is incompetence to the nth degree! These banks needed to go under, not propped by our TARP money.
    Rich -San Jose, Ca.

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  • We
    webdiva Aug 26, 2009

    Trust me for all of you buyers - the sellers are just as anxious. I have went through almost every single thing posted w/ Countrywide/BOA. We put our house on the market May 20, 2009 and received a contract quickly, May 23, 2009. Two mortgages w/ BOA and we are now assigned a Phase 2 Negotiator. I call BOA weekly or several times a week. My Short Sale expert (title company) is swamped and my Realtor is stressed. Every time I call there is a different person with information that I can find on my online account. We have already moved and are ready to sell. BOA is just unorganized, careless, and losing money when they prolong this process. You would think they would be close to having some type of streamlined process with a Short Sale Department. It's not the case. We are waiting 30 days (ending Sept. 11, 2009) to allow the Phase 2 Negotiator to review our package and present to investors. This is not good business for BOA and they are worsening the economic downfall. Buyers . . . Stick with it - if it gets approved it's a great deal and the sellers won't have to start this process all over or foreclose.

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  • Un
    unbelieveable Aug 26, 2009

    Sounds just like our nightmare!!! BofA/Countrywide is a company you DON"T want to work with...We are in contract with BofA.We are buying a REO that they own...Because BofA keeps moving the closing date cause they can't seem to get it together...The selling Realtor(a BofA property) has now demanded we pay $50.00 per day since August 5th for everyday we don't close...Today I am told by our loan officer "my manager said, your loan is moving along" What the @#*& does that mean...No one can give me an answer...So come this Friday we will be out of contract and out of $5, 000. plus... It's a BofA home being purchased with a BofA loan that they can't seem to get done!!! Ouch...I feel so helpless and no where to turn!!!

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  • Po
    Porishka Aug 26, 2009

    We are in the same situation, we have been trying to sell our house for over ayear now. We have had over 6 contracts presented and due to the lies and amount of time it takes to get this done, we have lost every buyer. We finally got an approval on the last one however, and we had to pay 5K as well. The problem is that the buyer walked that same week they had secured something else, I cant say I blame them of course. However, the next week we had another contract more than the approved short sale, and they told us we would have to start all over again with phase 1 negotiator. It is like rolling the dice in candyland and going all the way back to square one!!! We do not understand this as they are not approving the buyers, they are approving the offer, and if they have a higher offer than one already approved ( 1 week later) then why not jump on it???

    We need to know what ownership BOA has, are there not any laws or ethics they are bound to?? It does not seem right that they can do this to people when they are getting bailed out on our dime nonetheless.

    Is there anyone that can provide guidance on how we can start a class action law suit, or speak to congress or someone about what they are doing??

    It is almost as if they do not want to help, that is the only explanation I can find for them not accepting our last contract for more than their approval!!!

    Please provide any ideas or someone that knows of an attorney or laws they are breaking etc.

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  • Go
    Going Bananas Aug 27, 2009

    We also are in the exact same situation. Wrote a full price cash offer in February 2009 and the exact same events have occured. BOA short sale department is not incompetent qute the opposite. They are doing exactly what management has instructed them to do and that is buy time until the market recovers. They never had any intentions to let these properties be sold at huge losses. What they are doing is reading from a script it is a well reahearsed act. Unfortunatly there is nothing anyone can do or say to get these properties to close, because they are a giant company who is in bed with the Government. My advise to all of you caught up in this charade is to run away and don't look back. BOA did not get to be top dog by being good to consumers they are only interested in making more money for shareholders.

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  • Am
    Amazed in Oregon Aug 27, 2009

    I am selling and have been trying to work with BOA for 2 months. We have a cash offer on the house. We have sent over the documents by fax 5 times and emailed them twice. I can't ever talk to the same person, they will not allow me to speak to a supervisor, and they are like a recording...send it again and call in 10 business days. I can't even get a file opened. I have tried my Senators and Congressman with no luck. Personally, I think they are waiting for the outcome of the law suit by the Countrywide Investors. I had tried a loan modification and they were no better at that, after 6 months of no contact, I finally gave up and moved out. They now seem to be on a fast track to foreclose. I don't understand...wouldn't something be better than nothing? How do we get a class action going?

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  • Ti
    TicTocTicToc Aug 31, 2009

    try calling this person Vitto Pastor. I hear he'sa manager there, or Edwin Sosa, another manager. the number I got from Vitto was 818-635-4496. But i have to warn you, when I called, he hung up on me and wouldn't pick up.

    I believe his email is [email protected]
    If all employees get the same email addresses, you can try [email protected] Hopefully that will work too.

    This is beyond ridiculous as we are unable to get a hold of anyone that can truly help. As been mentioned, they're just adding notes. No one seems to know anyone in the other departments or phases of their short sale process. No one has the right numbers for the negotiators. No one wants to truly share the number or email of their managers. Just a horrible experience. We've lost 2 buyers already due the lack of service BofA continues to offer.

    0 Votes
  • Ti
    TicTocTicToc Aug 31, 2009

    Horrible that we have to go through all this. I understand that they stand to lose a lot of money, but get it over with. the sooner we can clean out the short sales, the sooner we can get back to a regular market.

    0 Votes
  • Ti
    TicTocTicToc Aug 31, 2009

    lets get these short sales done. it's going to happen one way or another. get it over with and let's get back to a regular market.

    0 Votes
  • Tr
    Troi1976 Aug 31, 2009

    After 8 long Months I finally closed a short sale with BOA. one bit of advise. dont'wait for the real estate agents or the attorney.

    0 Votes
  • 6m
    6 months of Frustration Sep 01, 2009

    Troi1976, PLEASE SHARE WITH US! What FINALLY made the approval go through on your deal?!?!?!

    0 Votes
  • Po
    Porishka Sep 03, 2009

    My negotiator told us to not contact them as it makes the process get confusing, we told her we can not do that, as we need to know what is going on. It seems when we intervene things get moving ( that is how we obtained our first offer). Please share any other secrets you might have on how you get them to close. Are they pursuing a Def Judgment do you know?

    0 Votes
  • Pl
    plw Sep 09, 2009

    We are having the same problems with BofA. What a joke of a bank. I guess none of us should really be surprised. These are, after all, the same f*& ups that got us into this mess! Write to your Congressional Rep. Thats what we have resorted to. This bank borrowed taxpayer dollars to stay alive. They should be doing everything they can to clean out the backlog of up-side-down homes.

    0 Votes
  • Cc
    CCP1115 Sep 11, 2009

    There needs to be a class action lawsuit. Wonder how we could get everyone suffering from the horrible short sale experience to come together. We should at least get compensated for our pain and suffering.

    1 Votes
  • Hh
    hhbuyer Sep 12, 2009

    We are in the process of trying to buy a short sale home that is through BOA/Countrywide. It has taken 2 weeks just to get them to acknowledge receipt of package, another 2 weeks to assign a negotiator, etc. This is going to take forever and in the meantime the house is uninhabited and we are afraid it will go into further disrepair.

    0 Votes
  • Am
    Amy010993 Sep 16, 2009

    We too are trying to sell our home via short sale after being denied for a modification. The Bank of America has lost our offer 3 times, my buyer is getting ready to walk, I called the short sale department today, was told they don't have any paperwork AGAIN (3 weeks ago they had it and they were going to order an apprasial), now they have nothing again so we are suppose to start all over with faxing all the documents and waiting 7-10 days for them to confirm they have the paperwork and then another 7-10 days for them to enter it into the system. THEN THEY LOSE IT FOR THE THIRD TIME!!! I asked to speak to a manager and was told "no". WHY NOT!!! I want to know what they want from me! They won't modifiy my loan, won't approve a short sale! What am I suppose to do? Let them foreclose I suppose. I'd like to try and do things the right way, not the wrong way unlike my bank. Thanks Mr. President for giving them all that bailout money, you should have given it back to us taxpayers so we could have paid our mortgages down so we could afford them and the bank would get their money then too. Where is the bailout for the taxpayers? The banks are not doing their job!

    0 Votes
  • Ex
    exbofaemployee Sep 16, 2009

    Im an ex employee... good luck getting your short sale to go through... they will drag it along for any timeframe of 8-18 months!!! i now work for a listing agent and im on the phone with them daily trying to push short sales through...

    0 Votes
  • Ag
    Aggravated Steve Sep 17, 2009

    We too started our purchase process in March of 2009. Bank of America's compliance has been miserable with phone calls, dead lines and promises being totally ignored. I felt at first that it was all about Country Wide, but with numerous phone calls and dead lines being ignored I know that Bank of America has their fair share in the problem. I am also a realtor and have worked on 7 other short sales. Each resulting in a two to three month turn around. This is the most pitiful lending experience I have seen to date and I will never recommend Bank of America and will try to reccommend others first to ensure their lending experience is somewhat better that all of ours. If anyone knows of broken laws, attorneys ready to help or anything we can do to help please let me know as well as I will gladly join the crusade. 850 428-2479.

    0 Votes
  • Bl
    Bluffparkbob Sep 18, 2009

    This situation is not going to be changed until a willing politician with clout gets involved. If we could only get one heavy mover to haul these incompetents before a televised committee hearing, we might get some results. If any of you know any politicians willing to bloody some noses, chime in. The politicos would get a lot of votes for doing that.

    0 Votes
  • Iv
    ivy45 Sep 22, 2009

    At the end of April 2009, I signed a purchase contract for a home in Rhode Island, May 13th I found out the house was going into a short sale, we went forward and signed a new contract. July 13th, I was supposed to have an answer from Bank of America, that day came and went. The next answer I was suppose to receive was on September 1st and they said I would have to wait until September 9th, that day came and went with no answer. All I want is a date for my closing and now I am supposed to hear something October 2nd. I'm not holding my breath, but getting sick of waiting, even though we really want the house. I wish there was something I could do to speed up the process, waiting almost 5 months is ridiculous.

    0 Votes
  • Jj
    jjohnw Sep 24, 2009

    I am writing this letter to speak with you about the housing market and my frustrations; On may seventh 2009 I put in an offer on a town house that was a short sale. Now I am a first time homebuyer and I was very eager to take advantage of the first time homebuyer credit. The bank that is in charge of the short sale is Bank Of America. Once the homeowner accepted the offer two days later the bank had said that it could take 60 to 90 days to get an answer. That was a lot of time I felt, I loved the house and I had a good offer. I was going to wait hoping it would be less then 90 days. Today is September 23 2009 and the word from the bank is that it’s been a long time and they will need to get all of the information from the homeowner again, they will need to start the process over again. After all these months of getting told its moving along I am pissed. due to the fact that most likely I will have to wait and will miss out on the first time home owner credit. So far waiting for a bank for 140 days to get a answer of, they will have to start over just does not sound Wright to me

    0 Votes
  • Eq
    Equally frustrated Sep 27, 2009

    Same story here. The negotiator Rosa Tapia, [email protected], actually said the bank would prefer to foreclose. She even recorded it. I wish I had. I'd be playing it all over You Tube.

    The offer on the table is for $500k current value is probably $470k due to the declining market. The sellers have moved out, stopped paying the mortgage and they cannot afford to pay the home owner's insurance. So... the bank stands to lose $50k in foreclosure costs, $30-50k due to declining market and who knows how much due to vandalism or water damage because it's now sitting vacant.

    We the tax payers should be irrate. They have good offers on properties, with buyer's anxiously awaiting a closing. Agents are working their tails off for months on properties that the bank would rather foreclose on. It makes no sense. They are playing with buyer's and seller's emotions and they just don't care. Interest rates are rising, $8k credit is nearing it's end and values continue to decline. The longer they wait the more they lose and the more it hurts the economy.

    They should care. We should find a way to make them care.

    I for one will not bank with Bank of America. I will not use their credit cards and I will never ever get a home loan through them.

    1 Votes
  • Im
    Imran Ahmed Sep 28, 2009

    Bank of America loss mitigation department is cruel and, if you bug them they take revenge against you, they become personal. I am in loss mitigation department for over 1 year but when the time come to modify my loan either they miscalculate my debt to income ration or remove me from their system. When I call them they just apologize and put me back in the system it takes them 10 working days to be in their system and another 45 to 60 days to modify a mortgage.
    If something happens customer has to go back to the waiting queues and kind of reapplying the whole process. Such a painful and long process.

    0 Votes
  • Ih
    I hate Countrywide Oct 02, 2009

    Countrywide/Bank of America most incompetent idiots that walk this planet. As you can see I am just a little angry. After 8 months of heavy lifting, and trust me it was all done by us, buyers we finally got an approval from these idiots. Got the lender to approve the loan in few days and ready to close. But we needed a final approval of HUD statement before we can close. Title company submitted the information to Countrywide/Bank of America 3 days prior, no response. We emailed, called, I almost booked a flight to go down there. By the way we are dealing with Chandler, AZ team. No response at all. We moved closing date several times and they just would not respond. They should all be fired. All of them.

    0 Votes
  • Br
    Brent S. Pelusio Oct 06, 2009

    B of A

    All of the above is 100% correct. B of A is the worst to deal with by far. You must establish contact with someone whom has real authority to get things done in order to move files. I have a contact. Please email me and I will forward you that contacts info.

    [email protected]

    Furthermore you should file formal complaint to the head of the banking commission in your area and also to the BBB. The more public we get our concerns the faster something will be done about it.

    0 Votes
  • Br
    Brent S. Pelusio Oct 06, 2009

    Email me I can help.

    NJ Capital Solutions, Inc.
    [email protected]

    0 Votes
  • Jo
    jogenshu Oct 06, 2009

    We are in a similar situation. We have been trying to short sell a home since March of 2009. We have had four valid offers fall out because BofA is taking their sweet ### time. They have asked for the same information to be re-faxed over the months. We get letters requesting the same information after they have received it and placed in their system. Their left hand doesn't know what their right hand is doing. My pleads to expedite the short sale have fallen on deaf ears. I can't speak to anyone, at BofA, who can help. I am told, each time, that my requests will noted into the "system" for the analyst to review.

    This so called financial institution is a behemoth of inefficiency and bastion of unrelenting ineptitude which is operated by a league of unsympathetic minions working to improve others misery.

    Where and how can we stand up to this mishandling by BofA? Is there a class action law suit we can join?

    0 Votes

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