Menu
ADVERTISIMENT
Home Banks Bank of America Incompetent Department and Service
More

Bank of America  - Incompetent Department and Service

R
Author of the complaint
1:27 am
Review updated:
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Featured review
This review was chosen algorithmically as the most valued customer feedback.

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).

Timeline:

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.

ADVERTISIMENT
Update by RAugustine
Aug 18, 2009 2:55 pm

It's unbelieveable that we're all in the same boat. Here is the update on the above complaint I originally posted...as 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.

Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

Helpful? 1 1
Share
Reply
109 comments
Add a comment
P
Oct 03, 2021 1:27 am

yaayayayayyya

Helpful?
0 0
P
Oct 03, 2021 1:27 am

For those of you who chose BofA to work with - it's your fault! Never choose BofaA! Or Wells Fargo or Citibank. These are crooks who will screw you every chance they get. Work with a small local bank, or better yet, work with a Credit Union.
For those of you who had no choice in using BofA, pray, pray and pray. Nothing else will work (and this won't work either).
Instead of leaving it on the level of bellyaching, try to figure out what is going on. These banks DO NOT WANT YOU TO BUY HOUSES THAT THEY OWN. They can afford to wait until the market goes up again and sell them for a lot more than you are offering. You can only succeed if you can find a niche where they might want to sell for some special reason.
And for you ignorant fools who think lien is spelled lean, and their is spelled there, I have no sympathy for you. Read over and fix your post before hitting submit.

Helpful?
0 0
R
Aug 18, 2011 1:27 am

BOA rep... kinda makes BOA reps sound bad. I have been in the short sale business and I will admit, I have meet some really nasty Agents but I would NEVER let the buyer or the seller down because of it.

Of course, I pick up my phone and ensure they are called and are up to date on everything starting BEFORE the file even really gets to me. As for the nasty agents, especially the ones that actually don't want to attempt to even TRY to work on a file...well... i kind of understand. But again, I wouldn't just sit on a file if there was anything I could do about it.

I have personally been subjected to death threats because they "didnt think they needed a new BPO" well guess what bucko, i am only doing what the investor requires, if you wont get off your behind and let the BPO person in the home, I am OBLIGATED To decline that file. I hate to do it because sometimes there are REALLY good and easily closeable offers on the table, but if I can't get current valuations, I can't negotiate. The same goes for the documents, we need those, they arent a request, they are mandatory.

I busted my butt for a long time because I TRUELY cared and i KNEW these people hit hardships... heck even if they just wanted to get out of a home that was devalued by 100k, I can understand that too... But, a lot of you are blaming the bank that serviced the loan and not even questioning your agent.

I would... my old bank would send letters as to why we declined files IE: no communication or docs within X amount of days. Just because your agent SAID they sent them... I can almost guarantee they didn't. They all are guaranteed 6% commission on these loans. My favorite line to any realtor that got nasty with me was, look, you are making (average) 8k on this deal, i'm making 30 dollars ... if you want it to happen you MAKE it happen by working with me and getting the things I need... otherwise, I cannot do my job and get a deal for the buyers.

Helpful?
0 0
G
Apr 04, 2011 1:27 am

We placed on offer on short sale in PA 1st week of February its April and still no answer. Seller accepted our offer within 1 day of offer, contract was sent to BOA, receipt of contract was noted and a negotiator was assinged, one week later apprisal was done, since then no progress all we get is we are working on your file, 1st negotiater stopped answering her calls or email, realtor contacted her manager was told she no longer works there and was assigned another negotiator she actually answered all her calls and emails until she was confronted with the progress she replied and stated offer was under review, and the appraisal had just been uploaded to system two weeks after initial day of appraisal, now that appraisal was being evaluated and compared to payoff amount, never heard from her since, finally I had read a posting here that one buyer or realtor actually went as far as sending a letter of complaint to the VP of BOA, did that last week, received numerous call that our file was escalated to a senior management negotiator, then was called again telling our realtor that the head of short sales was taking over file to speed up the process due to my recent email, its been a week and no answer yet. Frustation setting should we move on? Fortuantely our home sold the very first day we should it but now closing day is getting near and we dont have an answer from BOA. All we want is a yes or no so that we can move on. Although we really like the home we are trying to buy, the headches from this long standing process that seems to give you the run around is tempting us to move on and look elsewhere. Help with any advise please. Thanks and good luck to all.

Helpful?
0 0
R
Mar 29, 2011 1:27 am

I am a Realtor in Chicago, 3 contracts on one property Bank of America 2Nd Lean holder
2/28/11 sitting at the closing table with a verbal that we are getting a letter from Bank of America stating they approved the short sale after waiting the previous week for the letter seeing they said there should not be a problem to close on 2/28. Let me tell you we heard nothing, no one answers the phone calls back nor responds to you, long and short buyer walks. The week after we put it back on the market we got another contract, do you know we are still waiting for the approval letter today since 2/28.
Sheriff Sale in 2 days they need then investors approval, I hope they go down and go down big Watch out for Bank of America properties and loans

Helpful?
0 0
M

I have done dozens of short sales with BOA. Before the Equator system, they were a mess. With Equator, I actually do not have as much an issue. They are still slow but at least there is a methodology with their process. Lenders such as Suntrust, IBM LBPS and Flagstar are a different story, in my opinion. However, I do have a unique advantage to most of my real estate agent brethern, I am a CPA and a former Loss Mitigation Negotiator (nka M&T Bank). Most listing agents were not prepared for this market. To make matters worse, only two methods of short sales are being taught by the local boards and/or brokerage firms: traditional (listing agent) or HAFA. I negotiate as a BUYERS agent, not listing agent, a method approved by the Florida Association of Realtors. My success rate is in the low 90% range, far better than the national average of 23 to 25% (per USA Today). I do not do HAFA. The fact that only 661 shorts closed through HAFA in 2010 through the whole US of A should tell you why. HAFA is a mess. If any agent or seller wants me to negotiate their file, please contact me to discuss. I can provide proof of a recent closed transcation (BOA approval letter, signed HUD and borrower's final mortgage billing) where the borrower received full deficiency waiver. He has great credit, never missed a payment before approval and has a good job as a CFO. Thanks. Mike Stott www.BanksAcceptLess.com P.S. I can negotiate all 50 states.

Helpful?
0 0
C
Dec 07, 2010 1:27 am

I'm a realtor and i'm having same problems. I think this "Negotiators" don't really care about the prosses and i'm sure that the investor that is behind all this files doesn't really know about the bad service from this people. Meanwhile the sellers that are trying to solve their nighmare are suffering due to all this lack of... I'm so upset with that bank of america.

Helpful?
0 0
B
Nov 26, 2010 1:27 am

This is directed at homeowners who own a home worth more 100k and who are whining about BOA when they haven't made a payment in over two to three years. You should be grateful that there is a way you can get out of having to pay the money back. I am sure if someone borrowed money off of you, you would want every dime of it back, but get upset when the bank is trying to cut their loss as much as possible.

To any homeowner trying to do a short sale. Be careful about the real estate agent you select. Most sales fall to the wayside because of incompetent REAs. I cannot tell you of the times I have had to sit and walk some idiot that is supposed to be an REA through the ss process. Then when you see how much they are getting in commission for the sale, it is enough to make your blood boil. Oh and make sure your REA knows how to spell and write.

Another thing to be on the lookout for in a REA is attitude. Some REAs call with an attitude that will get them nowhere with CSRs. Sometimes there are things we can do to move a file faster, but is not a requirement. I had an agent call me one time and spoke to me really bad. Little did he know I was laughing at him for being a [censor]ic piece of dung, and I did nothing for his file even though I could have.

Then you have the agents who are so nice they make you want to help in any way possible. Those are the files that get closed. The files that get closed are handled by REAs who have taken the time to educate themselves on the way BOA handles ss. They sign up for the newsletters and websites and attend the webinars.

Helpful?
0 0
L
Sep 28, 2010 1:27 am

I agree with what everyone has said. I just went through the same thing. Had a contract in early April. My buyers just walked because of B of A. B of A knew that the borrowers were going to walk if they didn't close the short sale by the time the tax credit ran out and they didn't care!

Helpful?
0 0
B
Aug 31, 2010 1:27 am

The same here. We have been trying to buy a short sale through BoA for more than 5 months (almost 6) and this has been the most frustrating experience I have ever had. It seems they don't WANT to sell the property yet it's listed on the market. Endless delays and frustrations. Of course, if BANK OF AMERICA wanted some paperwork, well you just better hop to it or they will kick the deal to the curb. Of course, they don't mind a bit never responding to any emails or calls. I have had it with BoA. Personally, we are moving onto other homes and if I find BoA holds the note I will be walking. Can't believe this crap is legal. If the laws protect these pirates, the only recourse we have is a total boycott of Bank of America and any of their interests.

Helpful?
0 0
W
Aug 18, 2010 1:27 am

I just had a experience with B of A that just irks me to no end. I started a Short sale on a Property here in Glendale AZ in February 2010. All the necessary documents, forms etc were sent in on time. This home had a BPO done and after four months, the middle of May it finally went to the next level, the closing dept. A t this point they wanted a July 5th or 6thclosing date. We were waiting for several weeks for letters of commitment from B of A. I emailed and called several times during this period for this and received no response. This was done all by phone and email on Equator, their chosen web site for this type of transaction. Finally I went back one step and the lady I spoke too said it was sent o the closing dept and she would check on it. When she called me back she apologized and let me know that the file had been assigned to a person that no longer worked for that company. She also mentioned it was set for auction and she would rescind that and get the file completed as soon as possible.. On July 22 2010 we received the letters of commitment from B of A with a Aug 22nd COE. At this point he buyers ordered appraisals, home inspections, termite etc and had to make repairs required by the appraisal and had invested close to 2000 dollars at this point since the seller had no funds.. I received closing instructions on August 4th from the B of A closing dept.. On August 6th I received a call from the B of A processer with a big OOOPS, Im sorry we sold that home by accident on July 28th at auction. I am sorry we will see if we can do anything.. YEAH RIGHT.. FNMA now owned the property and they sold it for 20 k less than our purchase price. Steve Pedersen West USA Realty Phoenix, AZ

Helpful?
0 0
W
Aug 11, 2010 1:27 am

I have had my house in Los Angeles up for short sale for almost 2 years now. Every time I turn around I'm being asked for another paper. Three buyers have walked away from the table because they were tired of waiting. As much as it will hurt me, I have told my realtors that this is the last round. If it doesn't go through this time, we're walking away and not looking back.

Helpful?
0 0
K
Jun 27, 2010 1:27 am

Hi,
I join the millions of buyers trying to have a American dream of home ownership..But unfortunately..I got sucked into a BAD deal of SHORT SALE with BOFA in NOV 2009. They provided me a closing date of June 10th and all the stuff has been going south since then..Thanks to BOFA and Sun TRUST bank..they are so incompetent guys..unable to send a simple letter to provide clarification to my Underwriting process. I am paying $100 per month trying to keep my lease short, My kids schools are at stake..not sure when they will make a decision and probably miss my $8000 first time home owners credit. Already spent 2000$ or more to get my getting pre-approvals, home inspections and appraisals and all other lender fees. I have already some surprises in stock with HOA liens and no idea what else might pop out on the way..I am ready to join a class action lawsuit aganist BOFA creating such undue stress to all. I think we need to even sue the GOVT for giving a blank check to banks with out any strings..pathetic senators and leaders.

Helpful?
0 0
T

We were buying a BOA short sale home and at the end of the process where we thought we would be receiving a closing date we were informed that they foreclosed on the property. The attorney handeling the short sale and the home owners gave BOA every document that was asked for ASAP. When asked why they foreclosed they said it was due to non-compliance! The attorney has a record of every request and her compliance with BOA through out the entire year. My buyer will lose the tax credit and now has $1000 worth of bills from rate lock extensions, appraisal and title work. Is there any recourse to this or are we pawns in a corporate game of fraud and deception?
I also have a BOA short sale listing that we have been trying to put through and has been going on for 18 months now.
I would be more than happy to join a class action lawsuit against this corporation.

Helpful?
0 0

I have been seven months waiting and waiting. They said yes to my offer but wanted the seller to pay $6500 in cash. Seller agreed three months of waiting calling and frustration and they said today they want $40000 more from me the buyer and another $10000 from the seller and a promissory note for $13000. The house would now be over market value and its a dog. It needs so much work. How can these idiots be so very incompetent?
I want a place in this area but I'll be damned if I will let Bank of America screw me into the ground

Helpful?
0 0

I have been in the process of purchasing a BOA home for the past 11 months and out of the 11 months the house has sat 9months vacant. BOA has not received a dime on this property and I have been approved twice but neither time have they produced a hard copy for my lender. They never return the seller agent nor my agents calls or emails. It is like working with a black hole. I feel that BOA really don't care about the buyers/sellers only that if they can hold on every house and wait until the market raises? I am a first time buyer and it has been a race with time on staying within there time frame. I have been in escrow since January 28, 2010 and have gotten no further in the process. My driving purpose for the purchase is to give the home to my son when I pass on. I am a heart patient and need surgery and been holding off so I can move into the new home before everything. I am not sure how much longer I can wait or should I just give up so I can move on with my life? Does BOA ever see any of these comments? Thanks for listens my fellow home buyers...signed lost in california

Helpful?
0 0
S
May 08, 2010 1:27 am

Is anyone getting any satisfaction from Bank of America on the short sales? I have had one in process since December 2009 and it still has no resolution. Everyone adds notes but I'm not sure anyone is doing anything else. Thanks for listening.

Helpful?
0 0
P
Apr 29, 2010 1:27 am

WHY IS BOA GETTING AWAY WITH THIS? DO WE HAVE TO FILE A LAW SUIT OR GO TO THE MEDIA IN ORDER FOR THEM TO ANSWERE THEIR PHONE?

I have been trying to modify my mortgage w/ BOA since Dec of 2008?

Still trying!

This business behavior is sicking!

Why has the goverment allowed this to continue!

Helpful?
0 0
M
Apr 26, 2010 1:27 am

We too have been dealing w Bank of America since June 2nd 2009 attemping to buy a short sale home in FL. We have been through all of the same frustrating situations previously mentioned. It's coming up on our 1st anniversary. THIS IS SOOO STRESSFUL and SOOO WRONG!

Helpful?
0 0
S
Apr 15, 2010 1:27 am

The best and fastest way to take care of these matters is through your local news station. They are all over these issues and you will have your issue resolved in a week or two. Media is their worst nightmare!

Helpful?
0 0
T
Apr 11, 2010 1:27 am

We have had an offer pending on a short sale property in Hawaii with 2 banks (Bank of America is one of them) involved and 5 weeks ago, received a Settlement Statement (Estimated) form our title & escrow company with a contract sales price and our payment amount stated. We assumed this to be the agreed to sales price subject to changes in estimated miscellaneous fees which were not firm. We were told we were 1 week away from closing. Now 5 weeks later, we have been advised that the bank has increased the sales price by $9, 000. Can they do this? Is there someone that could assist with getting this straitened out? Any assistance would be appreciated.

Helpful?
0 0
F
Apr 10, 2010 1:27 am

Bank Of America is pathetic! I have been a customer for more than 20 years but you can bet your a$$ that as soon as this shortsale purchase goes through, I am yanking every [email protected] dime out of their bank and I would encourage everyone else to do the same. There is nothing they are providing as a bank that you cannof find anywhere else. Their total incompetence needs to cost them in every way possible. I understand the shortsale process is a long and frustrating process, but when you have finally received verbal acceptance and are told you will be receiving the letter in 3-5 days and end up still with nothing 30 days later, that is BS. WHY LIE?!?!?!? Why say something that is simply not true? I have developed a totally new level of disgust for 90% of the people in this industry (agents, negotiators, bank, etc). But BofA has taken me to a level of hatred that I never new was possible. They have hired or acquired the most worthless people possible! And then BofA lending has the [email protected] to send me a letter stating how now is the best time ever to buy a home, and how you better move fast to get the tax credit. WHAT A JOKE! How dare you (BofA) send me this garbage when y ou cannot even take care of the offers that are already being made on properties.

Best of luck to all of you. Looks like the tax credit extension turned out to be wasted effort too!

Helpful?
0 0
F
Apr 10, 2010 1:27 am

Keith,

I'm going to have to call BULLCRAP on you! You are just one more person on the list of people that, in my book, are all talk.

Helpful?
0 0
K

It is sad to see this problem occurring to all theese people. I fortunaletly have a excellent working relationship with numerous b of a employees and am getting my short sales in California done in 72 hours if this problem is still occuring pleas do not hesitate to call me for more info. Every situation under the comments can be handled and quickly, not 1 of my short sales have not been sold in under 30 days. My name is Keith J. Fulbright and i can be contacted T pst cell:310.507.3617 office: 310.715.2899 . Please do not hesitate to call even for questions only bank of america and countrywide bank owned Short sales qualify for a guaranteed 72 hours service.

Helpful?
0 0
H

I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy?--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.

I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where, ...and NOT fast!

She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.

As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT...OR ELSE.

Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc [protected]
cell [protected]
fax [protected]
Listing + Selling NW Suburban Homes for over 20 Years!

As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1

Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com

Helpful?
0 0
R
Mar 15, 2010 1:27 am

The heavens have opened up, I finally closed on my short sale purchase! I was approaching the 10 month mark on a home I was trying to purchase and getting nowhere fast. I came across this email address [email protected], in one of the prior post and decided to see if it would get me any where. I'm happy to say I closed on Friday! BOA and ASC (Wells Fargo) are horrible! They should be ashamed of themselves for taking so long to process these sales. I received a call 2 days after emailing [email protected] Since I'm not the home owner they couldn't really tell me anything but it got the ball rolling. I think that as frustrated as I was for having to wait so long that I got more bees with honey then vinegar. I was always professional but persistent when I emailed or called anyone. So my best advise for getting your short sale through is to email [email protected] Good Luck!

Helpful?
0 0
T
Mar 10, 2010 1:27 am

I have had the same experience with this so called mortgage company. I submitted a shortsale request in May of 2009. The file has been closed several times, due to being sent to the wrong department, to being non compliant. They could not even tell me what was non compliant. Never once did I receive a phone call, letter, email to update me on the status of the request. Even though each time I called in they took my phone number, current address and email address. They finally stated, after several months, that it was sent to an outside negotiator. After calling today, 3/10/2010, this so-called outside source had no record of my file. I called b of a and they told me that the file was closed 12/8/09 due to non compliance, however, they did not know what was non compliant. Then, after dealing with these poeple for 10 months...they informed me that each time my file was re-opened I was suppose to fax an updated buyers contract. No letter, no phone call...nothing. This is a big joke and unfortunately, we, the mortgage holders that are trying our best not to have our homes foreclosed on, are getting no help from these people.

Helpful?
0 0
J
Mar 08, 2010 1:27 am

This is the EXACT situation we are going through now. We've had offers in on the house since July 2009 and because BOA seems to always take steps backwards no matter how many times we submit the information and call them (if they answer the phone)...Once you do get through to them all the short sale personnel can do is read what is on Equator...they don't have ANY information of ANY value to give you so you sit dumbfounded and hoping you don't go bankrupt because of this. The federal government claims to be assisting in this matter but I haven't seen it yet.

Helpful?
0 0
D
Feb 26, 2010 1:27 am

Our CASH offer on a short sale will celebrate it's ONE YEAR anniversary on March 7, 2010. We are paying $930, 000 on a $950, 000 appraisal. There is absolutely NO reason for this bank to exist with these business practices. Who will hold them accountable? Congressmen? We look every day for a different property. Actually, we just purchased a foreclosed lot last week. My husband called the LOCAL bank that owned the lot and within one HOUR our offer was accepted and we were at the attorney's office depositing our earnest money.
So, our offer was approved in November. On to the second lienholder (that was on the hook for $231, 000). They would release the lien for $23, 000 of which BOA offered them $3, 000 (which is legally all they have to do). So that the deal would not change, we offered to pay the additional $20, 000 difference to hopefully get to close (it was the exact same dollar figure to BOA that they had approved).
Now, BOA wants to KEEP the $20, 000 that we offered to pay the second! ONE YEAR is absolutely unacceptable. NEVER do business with BOA!

Helpful?
0 0
R
Feb 23, 2010 1:27 am

This is a scam.

Helpful?
0 0
R
Feb 23, 2010 1:27 am

I think there is a scam going on and every month they delay maybe they are making money on a bet that the mortgage was not going to be any good as they very well knew. People should call the federal reserve, there congressman, federal trade commission. This is tax payers money they are wasting. All there doing is making a bad situation worse. Sometimes it appears that the government is not even trying. Is there some kind of a plan to bring this country to its knees inorder to bring us into the new world order.

Helpful?
0 0
C
Feb 18, 2010 1:27 am

Hey folks! I have had similar experiences as those posted. I won't say I've cracked the code, but am able to expedite and facilitate these BoA/Countrywide deals such that we are turning them around in 2 months or so, sometimes less. I am an attorney and real estate broker, and so have had a lot of experience/success with CW SS's - so far, am batting 100% success rate. If you need some help or advice, please feel free to login to my website and provide some contact info, and I will get back to you.

www.capitolshortsale.com

Helpful?
0 0

I was just told by someone well connected to the business that the banks (at least those who took TARP money) DON'T want to short sell. Because of the language in that bill they apparently would be insane to do so. And so they COMPLETELY would rather see foreclosures. Because in that situation, under TARP, they no longer have the liability on their books. Thus they can wait until the markets recover.

Helpful?
0 0
F

you guys think thats bad this will really make u sick. I have closed on a bofa short sale. It has been over a week and know funding or recording. We are waiting for them to sign final hud they wont. Also Fanniemae needs to sign off on it. Who knows they may not even fund after they close. Anyone have any advise please email me at [email protected] Thanks guys

Helpful?
0 0
C
Jan 13, 2010 1:27 am

It appears that the complaints are uniform and consistant. We have been trying to complete a short sale for approz one and a half years. We have had five offers. Four of the offers walked away because of lack of support by the Short Sale Dept. I have called once a week every week to stay abreast of any request. They close out my short sale and the excuse was that we did not provide the necessary paper work required. This is not true. The information was faxed to them. The Bofa people all said it takes about two week to scan the new paper work into their system. We have now been put on the new system Equator. My biggest problem is set up my account. I have spent two week talking to BofA. I will be pulling my accounts and will never use this company again if I ever get through the short sale

Helpful?
0 0
B
Jan 12, 2010 1:27 am

I've had all the same experiences. I've written my state senators and state reps, office of the comptroller etc. I send them confidential documents, they say they have them, and then they don't. It is alarming.

Helpful?
0 0
A
Jan 07, 2010 1:27 am

Heads up on short sales with Bank of America! We just closed ours yesturday. We had to close by the 8th, glad we scheduled it on the 6th. They tried to say at the 11th hour that the didn't have the final HUD (which was emailed on 12/30 and 1/04) BUT, lucky for us, my realtor kept really good records and was able to scan in a confirmation of them receiving the HUD and email it, then she threated we were walking if this didn't get completed because at that point we were already moved out of the house and had NOTHING to lose. She told them to approve us to close or foreclose. They approved us 10 minutes later. What a circus! Leave yourself extra time for Bank of America games, they pull them in the 11th hour!

Helpful?
0 0
A

I contacted the Office of the President when i had some issues with my short sale. I spoke to an executive by the name of Noah Kahn, he was really helpful in explaining all my options . He had a specialist assigned to my file the same day. I am a loyal Bank of America customer and i realy appreciated the direct communication with an executive who understood my situation.

For customers in my situation there is hope.

Helpful?
0 0
G
Dec 29, 2009 1:27 am

Ditto in Michigan. Lost paper work, "didn't get that fax or email"(BS!), declined due to a law that did not even apply to the state of Michigan! Twice! Sorry, now you have to start over. 7 monthes, 3 sets of financial statements, pay stubs, ect. Runaround after runaround, phase after phase. BOA foreclosed on the house in the spring 3 days AFTER we sent the offer to buy, they of course never got the paperwork. Now the house is gone and the buyer got screwed as well. Speechless.

Helpful?
0 0
A
Dec 29, 2009 1:27 am

We just got an approval from Bank of America! It's an absolute mircle! We have been working on this since July with repeated attempts, constant request for paperwork and getting no where. This is what I personally did at the end of October and then they started to move it along: I wrote a letter to all my congressmen, senators, and representives in my district and explained the issues I was having, I also filed a complaint with the federal trade commission online. I contacted the office of the v.p. of bank of america at [email protected] She had someone call the next day after I emailed my complaint. After there they assigned a senior negiator right away and moved along FAST. I was actually very impressed at how professional my negoiator was. We are closing next week. I wish you all the best of luck! Use the email I gave you, you will see some results!

Helpful?
0 0
ADVERTISIMENT

Learn how the rating is calculated

1339 complaints
450 resolved 889 unresolved

Bank of America contacts

(added by reviewer)
100 N Tryon St., New York United States
ADVERTISIMENT