I truly believe Bank of America (BOA) can use an intervention.Â WithÂ hardly a Â person to speak to throughout the whole process of the short saleÂ and a computer calledÂ (Equator) dictating your tasks, how is a seller able to make it to settlement before the foreclosure process takes over?Â Let me take you through a typical short sale with BOA and what Sheri, John and her team of short saleÂ experienced specialists need to get to the settlement table.Â The following is a short sale in progress and we just left the address out for the sake of privacy to our seller.Â Here we go....
List the property on January 20, 2011 (This is 2012 right?)
Bank of America's computer shortsale package requires a hardship letter from seller; 2009 & 2010 tax returns; most recent paystubs, 4506T IRS form; BOA short sale addendum and agent certification form; listing contract, consumer notice, etc.
5 agreements later and nothing pending settlement because we could not come to terms with the lender we now need to update the appraisal again; oh and by the way we can use 2 months bank statements; and 2 months mortgage statements (Would you not know the status of my loan since it is with your bank?).
Now 5 months have gone by, I sorry equator what's that you say "Hardship letter too old. Have him cross out date &
intimal & date.Â thanks
So we update the Hardship letter and resubmit to equator. Next task:
BOA has a new authorization form, please have him sign this one. I
just got it back today from the attorney.
Finally after almost One year and 3 months we have an executed agreement of sale signed and accepted by the seller and submitted to BOA
Now what BOA we get a call from a contractor wanting to winterize the home in the middle of the spring, but sir we have an agreement of sale and only if BOA will accept this, there is no need to winterize a home when obviously the pipes will not freeze.Â After several phone calls with the third party vendor we have the seller sign off agreeing that they do not want the house winterized. Problem solved...NEXT
April 10, 2012 we receive this from the negotiator through the equator system:
Rec'd email that BPO has been ordered, we should
be receiving a call any day for access.
The negotiator has requested the missing items: Â Â Â
***09-or 11 Federal Tax Return, OR Extension
request for missing taxes
***Most recent 30 day paystubs
I thought we sent you this already.Â Okay we do it again and wait and wait.
Just received a call from the BPO (Broker's price opinion agent):
is going to view inside of property on 4/12/12
knows what the sale price is on the offer.
also got letter from foreclosure attorney with preservation charges.
Â Excuse me attornies from BOA, do you know we have an offer on the table and can get this closed out if only someone would pay attention to us.
So on we go and the next item that happens is on 4/20/10
Emailed negotiator again to check status on
values. She should have them back by now.
Asked her when she can send to investor
4/24/12: Heard from negotiator, "Yes, the BPO has
been completed and we are in the process of reviewing the offer, to enter the
actual negotiation phase". Please be patient, once it goes into offer
analysis, it can take 3-9 days. thank you
We have all waited almost one year and 3 months whats another 3-9 days.
4/30/12:Left voice-message for negotiator.
Asked her to call me ASAP, told her my life is at stake, need to know when this
will get approved. I guess the negotiator did not care that our short sale representative's life was in danger; unfortunately there was no rescue attempt
5/1/12 Called BOA & complained again about process
The rep went into equator & saw the number of times we have tried to move
She has sent an escalation to upper management called LAFA (loan administration
Emailed negotiator & upper management telling them
New changes to BOA-EquatorÂ seem to be
delaying the shortsale process.)
5/8/12 BOA responds:We
have pushed the file forward and are currently working to get the next task
generated for you to review".Â Thanks
The seller responds with aÂ good old quote:
As Bill Cosby once said
during the birth of one of his children is PUSH!, PUSH!!!!!!!!!!!!!
5/10/12:Â Rec'd email from negotiatorÂ "We
are working with Equator to complete the remaining tasks to help push the file
forward. I will follow-up in the next 72 hours and provide another
update". Thank you.
Emailed her back to call me, we are totally frustrated & want to know where
we are in process.
5/15/12 Emailed upper management again for an update.Â It is now 5/17/12 and still no answer from BOA.Â Buyer's agent also always kept in the loop and curious about how much longer this process will take.Â I don't know how long.Â BOA how much longer???
Okay we get a response:
I have submitted this file to my
management so that we can have it escalated so that the file can move forward.
5/17/12 Your last upgrade in
software has moved you back 2 years in progress. I am disappointed in the lack
of information as to the problem with this file not moving forward. This file
has been stuck almost a month. I have been calling with no answers. It seems
somewhere around 4/13 I rec'd the auto email that valuation is complete &
that was it. I have tried to reach & now i'm at a loss. This is my last
attempt. Please advise.
Our frustration comes out and our short sale department emails back:
â€œâ€â€I understand and I have escalated to our management staff as
well. I will update you as soon as possible. Thank youâ€â€â€â€
Â Our seller equally as frustrated emails us:
In what lifetime
JohnÂ Paul??? Update right.... I'll sing when I see the white smoke:)
5/22/12: Seller asks: Any update to the progress of the sale?
5/22/12 Our short sale department responds:
I am at a loss here.Â
I can never get any one the phone. I leave messages.
I sent another email today & again copied all upper management
Subject: Does anybody really care at BOA?
Iâ€™veÂ got to tell you from the agent side, that BOA/Equator
really dropped the ball. It's been almost a month that we are in document
collection stage. I call & email & get the same "standard
response" We understand we are escalating file, but nothing ever happens. It has not moved from that time forward since 4/13/12
I would like someone to actually look into the file & stop
escalating into "nowhere land" since we've done that numerous times
without a response, I would like someone to take the initiative and actually
make a phone call or look into the file. Thank youÂ
What finally a call from senior management?Â Their response: theyÂ said they are having problems
with the last software update.
I think the best thing to do is close out file & restart in
It is software driven so it should push it along.Â Otherwise it
will be put in queue with all the other problem files.
Did they say close the final and start again???
Our short sale department says lets refill out the paperwork.
Fill out these forms & I will try restarting in equator. I
think because we started before the upgrade it is stuck in the system.
Â Right now we are in a catch 22. Letâ€™s try this
Ok we will have the seller, buyer, and agents sign off and we will have the seller redo the 4506TIRS form.Â Okay done on May 22, 2012
5/23/12: Restarted the file again. Uploaded
authorization, SS addendum, AOS, T4506,&Â HUD.
File goes in Transferred status, takes 2-3 days to accept authorization &
Next action: waiting on next task to upload remaining doc's &
assign new negotiator.
What a new negotiator? 2 to 3 days
FYI- got it started again, keep fingers crossed!!
It is more than fingers crossed and toes crossed andÂ more than hardship letters and documentation fromÂ sellers and buyers.Â
BANK OF AMERICA NEEDS AN INTERVENTION
Please repost if you agree
We also can settle in 2013!!!!