Foreclosure in Dallas>Question Details

Marketguy, Home Owner in Dallas, TX

Anyone aware of lawsuits against Bank of America for canceling a short sale in escrow after supporting it for one year?

Asked by Marketguy, Dallas, TX Sat Jan 28, 2012

Am considering bringing a law suit and am interested in data others might have.

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Bank of America foreclosed on my listing while it was under contract and we had an approval letter. I am going after them. I have filed complaints with the federal trade commission, Arizona Attorney General and Senator McCain. Also have an attorney thinking about filing a lawsuit
2 votes Thank Flag Link Mon Nov 19, 2012
I am with you!! I had a home in AZ and B of A said they wanted more than the value of the house was and wouldn't work with me, the seller nor the buyer and it was listed with offers pending - all the info they wanted I got and provided to them and then I was advised it was too late - they foreclosed!! B of A Stinks Big Time!!! I am also going to write to the State Attorney and see if possibly they will change their laws and help property Owners and not the banks.
Flag Tue Jan 21, 2014
Thanked
Flag Wed Sep 11, 2013
Thanked
Flag Wed Sep 11, 2013
Thanks! They did inherit a $1 billion lawsuit for mortgage fraud and already lost that $34.5 million suit. According to the people I spoke to at B of A their biggest excuse was. :"We have 42000 employees." I said: "42000 incompetent and negligent employees. That is NO excuse . "
Flag Tue Nov 20, 2012
you go girl; take on that 800 pound gorilla!
I heard that they've got some heavy suits right now, and I don't mean Brooks Brothers. They inherited a pile of xxxx with their purchase of Countrywide. I'm rootin for you.
Flag Mon Nov 19, 2012
Kenny is right. While there is a great deal more risk in a short sale than an already foreclosed REO property the buyer does sign away just about every right he has in the deal. It's not really a "deal" - it's a wait and see game. Unless a buyer has a very specific need they are trying to meet with a very special and particular house, AND if they have a place to live until the transaction closes, AND if they are willing to accept that at the end the home could still foreclose, OR the seller could come back and change the terms, I try to steer them clear of them.

BofA has huge, huge problems in my opinion. I have a personal friend that sought a loan mod from them - here is what happened to her:

1. the mod was worked on for over a year
2. near the end she received "confirmation" that the mod was almost done
3. a couple of days after the verbal confirmation was given to her a listing agent showed up at her door to tell her that her home would foreclose at the next sheriff's sale.
4. Many calls were made to many people at BofA over the next few days to try to shake out the truth.
5. Nothing was able to stop the ensuing foreclosure, and the kind listing agent gave her a couple of weeks to get out of the home.
6. I helped her find a rental quickly and she left the property.
7. The home foreclosed on a Tuesday.
8. The Sunday after the foreclosure she received another call from BofA saying "Congratulations, your modification has been finally and completely approved. You won't have to move out of your home!" She told the caller that the home had been foreclosed on the previous Tuesday - the BofA caller had no blimey idea.
9. More work was done to find out whether or not the foreclosure could be reversed. It cannot be reversed - due to other ridiculous property laws. She lost her home, but we did determine that had it not foreclosed, she would have been staying in it with a modified loan. Unbelievable. I was/am shocked, flabbergasted and disgusted.

Tell me that isn't totally screwed up, for lack of better, more professional terminology. Perhaps I should really be using other course and vulgar terminology - those words would be the true description of these situations. As Lynn says - probably thousands that need justice with BofA, short sellers and folks that have been foreclosed on, modification or not. Then there are the stories of the BofA customers that BofA has tried to foreclose on EVEN THOUGH THEY HAD PAID THEIR LIENS OFF FREE AND CLEAR. Are you kidding me? How does something like that happen? It isn't like foreclosure is a short and sweet process - how do things get that far down a broken system to the point of a foreclosure notice going out to someone that owns their property free and clear? It completely boggles the mind.

The new Obama HAMP deal on the table isn't going to help anything. The system is broken and now he's trying to open it up to other people, like investors with rental properties. "Oh yeah - this has worked SO well, let's get some other people trapped in this mess". Ridiculous. Sorry for my rant, but it's true, it's all true.
1 vote Thank Flag Link Sat Jan 28, 2012
you just explained what boa did to me exsept i had legal aide involved and i year later finally modifyed me and i bought my house for 239 and now they settled 3.7 interest rate would be nice but they added the year they dragged us along 35 thou to my loan so my morgage is higher now ive been paying my morgage on time six months and i just recieved a packet fed ex in mail saying to had in mod paper by aug 8 or there gonna forclose and today a latter say they asighned someone to my case to handle my modifivation im so upset i want to sue them its so stupid
Flag Fri Jul 12, 2013
That is the risk you take when buying a short sale or foreclosure. They have disclosures that you signed away your right and them having to sell to you. They can accept and sell to whomever they want. Contract or not. I usually tell my client's that we need to keep looking and pass on any short sale or foreclosure for that reason.

SO SO SORRY.

Talk with your Realtor.

Kenny
1 vote Thank Flag Link Sat Jan 28, 2012
Not aware of any law suites, but after dealing with them on my current short sale I would love to see someone file one. They have sent us in circles for months with ridiculous, tedious, tasks. They make us resend and resend documents, change HUD's, it goes on and on. This has been the most ridiculous process. If it weren't for trying to do a good job for my customers I would have dropped this deal long ago. We are almost in month 7.
0 votes Thank Flag Link Tue Jun 17, 2014
Have you had any luck, my short sales failed after multiple errors by Bank of America on extensions. My buyer was with us for two years and now we are forced to foreclose. Any advice on filing a lawsuit?
0 votes Thank Flag Link Sun May 11, 2014
My name is Arthur Pettiford. My phone number is (915) 203-6705. My email address is ap12647@
yahoo.com. In Federal court I file a Pro Se lawsuit against Bank of America. I am suing them for MORTGAGE SERVICING FRAUD. Tomorrow morning I will be filing another brief in my case. I am looking for people who have had or are having problems with BOA and their mortgage division. Please contact me.
0 votes Thank Flag Link Wed Jul 17, 2013
I am now in a lawsuit with Bank of America. I got a Forbearance in September 2011 after BofA lost my paperwork for 4 months. In January of 2012 I recieved a letter stating I had satisfied my forbearance and could resume making my payments. In June of 2012, I got a foreclosure notice on my front door. I called and called and called, but never got a live person. I hired a lawyer in August of 2012. Here it is November of 2013 and I've just gotten a modification. my email address is shawn_sorenson@yahoo.com.
Flag Wed Nov 6, 2013
I had mine sold and qualified and they sold my house at auction .It like one section does not know what going on so i now have a very damaging foreclorsure on my credit. And i think bank of america sould be sued over it i know we can not be the only ones they done this too. I have all paper work and the bank knows what they done.amd my real estate person. It like there not accountable.
0 votes Thank Flag Link Thu Jun 6, 2013
I paid my house with NO LATE PAYMENTS in the 5 years I lived there, I was upside down and was asking for help with Bank OF America, They stated that I have not missed a payment and in order to even be considered for a home mortification that I would need to miss some payments. 6 months later I've turned in my paper work 2-3x a week to BOA because mysteriously they lost my papers and they sent my house on an auction. I then hired a realtor to short sale my home for 50,000 five years prior I bought that same house for 167,000. So you can see why I am so upset my mortgage lenders where Country Wide and Citi mortgage. Is there anything I can do?? because I feel I was lied to and mislead.
0 votes Thank Flag Link Wed May 8, 2013
NO BUT I AM LOOKING FOR SAME HELP AGIANST BANK OF AMERICA FOR THE SAME THING HAPPENED TO ME AND THEY SAY THERE NOTHING THEY CAN DO . BANK FAILED TO GIVE EXTENSION ON SHORT SALE ALL READY HAD BUYER AND CLEARED WITH BANK. THEY SOLD HOUSE ANY WAY SO I AM OUT MY HOUSE BECUASE THEY GAVE ME THE RUN AROUND ON MODIFICATION SO I TRIED SHORT SALE THEY DID TO ME WHAT THEY DID TO YOU . IF FIND ANYTHING PLEASE EMAIL LINDAWARRING@YAHOO.COM
0 votes Thank Flag Link Tue Apr 2, 2013
So how long do you have to wait to rescind a sale? Can I evict the tenant not paying rent I just filed the lawsuit and trying to save the house.. after Bof A sold under me.surprising my tenants with a notice from the new owner.. I am so happy with Oaktree Law.. They are in Cerritos CA 1562-741-3942. Call them and get a result.. You can email
0 votes Thank Flag Link Tue Mar 26, 2013
Hey marketguy,
If you google Bank of America lawsuits, you will see tons of them. If you file a complaint with the Attorney General in your state they will forward it to B of A and B of A will have 30 days to answer the complaint. My other advice is to call the CEO of Bof A and state your requests.
B of A has worked with me to settle my complaint. We only asked for the right things and got them. Good luck. If all else fails, get a good real estate attorney.
0 votes Thank Flag Link Mon Feb 4, 2013
Bank of America is in the process of settling with me for foreclosing on my listing after we got an approval for the short sale.
0 votes Thank Flag Link Mon Feb 4, 2013
Hi could you please call me i would call becuase i am trying to get a lawsuit agianst them for this . Thank Phone number is 480=232=4385
Flag Thu Jun 6, 2013
YES,ME:) NOTI IN YOUR STATE, IN ARIZONA
0 votes Thank Flag Link Mon Feb 4, 2013
We have been dealing with first Countrywide then B of A since 2007. We were not behind on our mortgage and had always paid on time. They would not help us. We were told to stop paying. This was ridiculous to us. We paid until we could not make the full almost $2000 a month payment due to me being off of work with my pregnancy. They would not take a partial payment (it would have been short 400-500). We were in 3 different "modifications" with them. We completed all 3, and then they would say "we no longer are offering that program", after our 90 day trial period. We were in the Making Home Affordable program for a year and a half. They sent 2 payments back to us and said we never made they so we no longer qualified for the mod. After taking 2 more payments from us and waiting to cash them for weeks I got a knock on the door and was served with forclosure papers. They have blocked me online for over 2 years. I got an attorney that has charged me over $6000, and done nothing. I have contacted the Dept. of Justice, Pres. Obama's office, our state Gov., and everyone in between. No one wants to go against these jerks. This is why the economy is in shambles. Can't anyone do anything???
0 votes Thank Flag Link Fri Dec 7, 2012
i am going through the same thing with the bank for 2 years now they have filed foreclosure papers on us and last week we received a new mortage statement , the mortage stayed the same but they say my escrow is 6,000 short because of taxes and home owners insurance , we pay for these every year out of our own pockets on top of the mortage and i sent them all the information and they said they did not receive this , also say we have lived in the house only 7 years we bought it in 1994 ,, thy say my name is not on the note or mortage yet it is .. it is a big mess iam at my wits end and dont know what else to do but hire a attorney that i cant afford .. i and gonn afile a law suite against bank of america and country wide
0 votes Thank Flag Link Mon Nov 19, 2012
IDEA: can you contact a local Title Company and have them dig up everything they can on the Property and You.
Flag Mon Nov 19, 2012
There are already law suits that have been won against b of a where the trustee sale was rescinded. While some of you think it is a "courtesy" to do a short sale, it is actually a program initiated to "help" homeowners. Take your heads out of the sand people. Our clients hire us to help them in a field we are supposed to be the experts. Stop talking about stuff and do your fuduciary duty to your clients and REPRESENT THEM!!! Every time you say "oh well, they don't HAVE to do the short sale " you are empowering the bank to screw someone else! Go to your congressmen and senators and tell them to help you stop the banks from ruining lives.
0 votes Thank Flag Link Fri Sep 28, 2012
I , too am considering a lawsuit against Bank of America for letting a house go to foreclosure and dragging their feet and changing things daily while trying to sell my listing. What started off as a coop short sale, went to a traditional short sale combining the 1st and 2nd liens, both B of A loans, to separating the first and 2nd to declaring the 1st will be paid off in full and only the heloc needed to be short sold. It was under contract in July and after issuing an approval on the heloc they sold it at auction. They put in for a rescind but never got it. There are lawsuits setting a prescendence for this potential suit
0 votes Thank Flag Link Fri Sep 28, 2012
Recently tried to modify my home loan and was cut short by my account manager and didn't even
get the chance to finalize my modification. She decided that I didn't deserve to keep my home. BofA
has no clue what they are doing. She actually called my cell looking for another homeowner. Unbelieveable!!! Has any one considered a class action lawsuit for people who have lost their homes or about too because of bad banking practices and possible fraudulent acts against their customers
0 votes Thank Flag Link Thu Jul 26, 2012
i am going through the same mess with this bank they have commited mortagage froud and are trying to foreclose for the second time I am sending a Chain off title investigation to all my politicians Banking commission office off the curency comptroller FBI motgage fraud dept. Governors office
Attorney Generals Office, and Consumer Financial Protection Bureau 1-8554112372 everybody needs to bug the crap out off this people and make them do their jobs if anyone needs more info my e-mail is mbies39@yahoo.com .
Lets take down this bank and and show them we wont quit.
GOOD LUCK TO EVERYONE
0 votes Thank Flag Link Fri Jul 13, 2012
I too am filing with state and federal banking commissions on behalf of my client. my email is screamingeagles3@cox.net
Flag Fri Sep 28, 2012
UUnfortunately banks/lenders are not reqiured to allow or complete a short sale. It is a courtesy of sorts. That is why we as Realtors cannot promise we can get a short sale to closing. You should contact an Attorney that specializes in short sales and see what your options are. Good Luck
0 votes Thank Flag Link Thu Apr 12, 2012
I'm not aware, but have been searching for an attorney with some "hootspah," to say the least. There are many many agents who have been shorted out of commissions, time spent, strung along, etc. only to have them, BOA and others, drop the damn ball and "take" the property anyway so they can "take" a great big tax deduction on a loss AND they got a bail-out too insuring them a percentage back anyway. They are double dipping - they are swindling many agents and brokers out of commssion fees, negotitating fees, additional short sale work fees, and they are totally taking the taxpaying public for a ride! ...Where's Congress? ...they haven't a clue. I'll be suing BOA in my state via small claims. I've asked attorneys for help and one mentioned that I could look up the local agent via the state .gov web-site to see what entity represents the bank in your respective state. I have the BOA office in Boston for my state of MA, and I plan on doing this soon in small claims court. I'm sick of letting them get away with this crap. They need to be sued by the agents and brokers - this has to stop! And the only way to get them to stop is to hit them in their wallet. ...Brokers Unite!
0 votes Thank Flag Link Thu Apr 12, 2012
I think you might be on to something. If some would take the chance perhaps a class-action lawsuit would be in order. Maybe someone should - if they haven't already - start a web site for the lawsuit. Maybe get some commercials out there via the attorneys.

I could feel my blood boiling while reading Kim's response and story about her friend. This is completely outrageous! If we let them get away with it, it will continue - you can count on it.
0 votes Thank Flag Link Sat Jan 28, 2012
Yeah...good luck on that one.
I know it is frustrating, but I think no where in any contract you have with them are the obligated to do a short sale.
However they do have a document called a deed of trust that the owner signed that shows what will happen if they don't make the payments as agreed.
I think that would be an uphill battle....and one that might get you further behind.
If the seller has money to spend on a lawsuit, at this point it is probably better putting it towards restoring credit and building an equity fund so that when they are ready to buy again in the future, there are nice cash reserves there to do it.
0 votes Thank Flag Link Sat Jan 28, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Most likely be 1000s behind you good luck keep us updated

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 28, 2012
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