Comments on: Bank of America Retard Division for Short Sales

By: Linda Copeland

Linda Copeland — Thu, 11 Mar 2010 13:44:50 +0000

I have buyers who waited 5 months for a response back from BOA, just as we were suppose to be given a negotiator they completely dropped the file because they said the offer was not acceptable. They gave no counter or explanation, we immediately raised
our offer but they started all over with the file. This company is really unbelievable, they
let the sellers live in the house for over a year paying nothing, and yet they let good buyers get so frustrated with their system that they eventually give up hope. I wish I could
have five minutes with the CEO he definitely should be ousted!!!

By: Christa

Christa — Fri, 05 Mar 2010 23:18:28 +0000

I have been told that B of A is a pain to deal with. Your not kidding! Our home is curently on the market SS after trying to do a loan mod (for a year) with B of A. It was always the run around. First they want this then that but could never give us an answer. So we decided to go the SS route. We were lucky enough to get an offer the first week our house was listed, 2/2010, for more than asking, but now the waiting game begins. I guess I’m asking ” is it worth the process?’ Do you think we should stick it out and see what happens? We are wondering about the deficiency verbage? Because if we let them foreclose there is no deficiency judgement? We also have a 2nd thru Chase. I’ve been told they are horrible also. If anyone has some direction or advice I would appreciate it.

By: Kat

Kat — Wed, 03 Mar 2010 20:52:41 +0000

Because the house I hope to be short selling (my experience mirrors the rest – 166 days and counting) is no longer my primary residence, it could be difficult to qualify under the Debt Relief program… assuming BOA forgives the debt (and everything I’ve read so far leads me to believe they won’t). I’ve been advised by my tax accountant that if they do, I can avoid paying taxes by claiming insolvency (my debt will be greater than my assets at the time of closure). It’s not like declaring bankruptcy – you don’t go to court or anything and it doesn’t hurt your credit further. It’s just a matter of filling out the right IRS form when you do your taxes the following year.

By: Toni Labrum

Toni Labrum — Mon, 01 Mar 2010 23:27:05 +0000

I’ve had previous short sales with BofA, not easy, but did close. My current listing is on Equator, I’m hoping this will be a better process. Has anyone had a smooth process with the new Equator, please say, yes…

By: Nashville Grant

Nashville Grant — Mon, 01 Mar 2010 22:55:20 +0000

I think it would be safe to add the following short sale and loss mitigation departments to the list:

Wells Fargo
SunTrust Bank
Regions Bank

All of the above have either killed deals, wasted immense time with lost paperwork or employ folks who have been turned down by the admission office of the University of Phoenix.

By: MediatorKen

MediatorKen — Sun, 28 Feb 2010 19:50:46 +0000

B of A is one of the most difficult banks to deal with during foreclosure mediations as well. It’s not unusual for the representative who appears at the mediation to have absolutely no idea what’s going on and put forth zero effort to even determine whether the homeowner is a candidate for a loan modification.

By: Out West

Out West — Sat, 20 Feb 2010 03:51:29 +0000

Funny how the common theme here is a sense of entitlement: you’re entitled to a short sales with no hassles or deficiency judgment. You’re entitled to quick answers. You’re entitled to call people retarded. You’re entitled to keep your house that you can’t afford. To sellers: go to any attorney, particularly a BK lawyer and they will advise you to walk away from your house. A short sale benefits two people: the listing agent and a buyer’s agent. It does not help you, sellers. Get a lawyer. Leave your agent at home. Your life will change. For the better.

I am a real estate broker who avoids short sales like the plague. And I am waiting for tsunami of lawsuits forthcoming against agents and brokers, by sellers, for acting like lawyers in short sales.

For what it’s worth, B of A is very pleasant to deal with if you’re not a douche to them.