BANK OF AMERICA FHA SHORT SALES- STALLING TACTICS!!!

Short sale was started June 6, 2012. The date is right. It really has been going on a year. I have had the same buyer for a year. On February 19, 2013 I was delighted to receive the "Welcome to Phase 2" email from Bank of America.  I've also received 2 more "Welcome to Phase 2" emails. Apparently Bank of America thinks it is OK to send me multiple requests to update documents and continually "push" the closing back 30 days each month. Hey, Bank of America it is not OK to treat my client like a second class citizen.

I've attempted to open cases at HUD (The National Service Center) and discovered that there definitely is a problem at Bank of America. You see, you can't open a HUD case involving Bank of America until you use the "special" escalation team at Bank of America. You talk to HUD and they transfer you to the "escalation team" at Bank of America. The escalation team transfers you to the Short Sale Department and if you get no resolution, you have to call HUD back with the name and the employee number of the person you spoke to, and then HUD will open a case!!!

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*** UPDATE - 6-18-2013. E-MAIL this morning from negotiator requesting a change that was responded to May 31, 2013. Someone at Bank of America needs to get this done. We accepted the counter offer of the ATP on December 21, 2013. In 6 months I have not gotten an approval letter.

  • June 18 2013 - Cedar Park
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Answers (7)

Welcome to the wonderful world of short sales. While not normal, I have seen time periods on short sales like this before. Most buyers get frustrated and walk away.
  • June 18 2013
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Profile picture for mamtazchowdhury
Bank of America & Wells Fargo are Making Problem all the time.
  • June 18 2013
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Tim & Rachel;

I've seen time frames like this before,  too.  But this is blatant disregard for the person in financial distress.  It is disgraceful. 
  • June 21 2013
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Profile picture for user9969001
We signed for a short sale in April, have been told 3 different times we were with second phase negotiators, have had to re-sign forms because it was written Rd Vs Road, now told we are with a NEW negotiator and she knows her stuff. I sent 20 emails last Friday to every CEO, Exec Officer, and VP of BofA that I could find. Sad that such a large bank with such a bad reputation already treats their clients in this manner. This is NOT a new process and they should be able to move a bit quicker by now, if they ave too many then they need to HIRE more people!! Getting ready to walk away!
  • July 22 2013
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Profile picture for user3237350
Funny, I have been dealing with the same situation. I started my first short sale process on 6/19 and received the 3 same emails, along with 3 negotiators within 15 minutes of each other. Then once we provided the required documents, they rejected them or said they did not have them. We go them whatever they needed by the next business day and then they cancelled it anyway. It was obvious they were trying to decline the short sale. 

Now my customer relationship manager and her supervi8sor will not return calls, when I press * for immediate assistance, they hear they situation, place me on hold, and then the line is disconnected. They're just stalling, what a joke... 
  • August 13 2013
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Profile picture for epeoples
Clearly none of this is an accident.  It's deliberate.  BoA strung my short sale out for about 10 months, multiple times requesting new documentation, multiple times telling me my case was moving to a final decision-maker until finally, out of the blue, announcing that they had sold my loan to a new bank.  Now the stringing out process begins anew there.  It's a sham.  It's all a sham.  They're trying to goad me into doing something stupid.  
  • October 05 2013
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Profile picture for Jarrid Echard
I've seen time frames like this before... not the norm but it does happen buyers usually get fed up and eventually walk....
 
you have to keep in mind in order for a short sale to occur some bank official must first admit that they were wrong and over valued the property in question initially!!! 

What they really are hoping for is

1) in the course of that yr or more someone will come with a higher offer     or
2) the property values will increase enough over the time to bail there butt out 

a shameful game being played on home owners who are upside down
  • October 05 2013
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