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Can not Get a Responce and the B of A V.P on Tape....

Posted by George Kenner on April 20, 2011 at 4:56pm

 I have recently had some problems with B of A up  including upper management.  They tell us that they are working in good faith to close short sales and then want more than market value. WE CAN NOT SELL FOR MORE THAN MARKET... I have many such cases of this.  I have several problematic files that they have ignored and I can not bring attention to even after being escalated.

 

The standard of stay on the phone till you get a favorable answer has failed.  Even e mails to the UPPER MANAGEMENT who I have gained access to through trade group contacts have gone silent.  Fannie Mae and Freddie Mac are getting soaked for these losses.  That is of course us as Fannie and Freddie are broke and owe us about 200 billion dollars.

 

So here is what I did... I sent them a Youtube Message.. If anyone here knows Mr. Monyihan have him give me a call I would love to talk to him.  I think if he took the time or even has the background to understand the mortgage business things could change.  Maybe Freddie Mac or Fannie Mae will pull their ability to do loans, if they can not get things together.

 

<iframe title="YouTube video player" width="640" height="390" src="https://www.youtube.com/embed/Mf1qacDNT88" frameborder="0" allowfullscreen></iframe>

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Comments

  • Frank Alvarez April 23, 2011 at 10:09am

    After reading through some of the comments on here, all I can think is that the people complaining about Equator must not have tried a short sale with BofA before Equator, or must have not done one with Chase. Chase is where BofA was before Equator. You fax in documents to an imaging center and they lose 50% or more of the documents you fax in. Then it took/takes 3 days for it to show up on the negotiator's screen, only to have them request documents you already faxed in once again.

    Sure there could be improvements. One I would like to see in Equator is realtime information and an agent generated online request for postponement of foreclosure sale. 

    Another change BofA needs to implement is once a short sale is in process, they need to freeze the loan to prevent the loan from being sold. Recently I had a transaction where the 1st & 2nd were with BofA, and when we got the approval on the 1st, the negotiator told me the 2nd had been sold and I had to start the process again with the new owner of the 2nd mtg.

    Another problem is the grinding of commissions. If they foreclose, they would end up paying out a full commission. I have a $600K plus deal where I represent both sides and they have cut total commissions to 4%. Not fair.

  • Jill Grieco April 23, 2011 at 7:17am
    I was once told, If you don't ask for the higher price, how do you know you woun't get it?  I think that all of the banks are using this philosophy now and if you don't know there secret to getting it lowered, your out.  The secret varies from bank to bank.  Frank Alvarez shares one of these secrets in another post.  Does anyone have any secrets they care to share?
  • Nancy Hodgson, GRI, SFR April 23, 2011 at 7:09am

    I've yet another example of Bank of America not working in the best interests of anyone! I had a move-in ready listing @ $129,500 and during the course of 6 months received 3 valid offers from buyers all offering at least $125,000 for the property. This was prior to Equator being set up. I never got beyond affirming the lender's ability to talk to me about the seller's financial condition. Never was I assigned a negotiator and the buyers all ultimately walked. The property went to the foreclosure sale and sold for $85,000. Insult to injury? The $40,000 to $50,000 it cost the lender to foreclose. I later talked to B of A about the situation, rec'd sympathy but no outrage for the total stupidity and criminal wastage of money.

    Now with the Equator system, I'm getting better "customer care" but it's lip service only. So far I've rec'd no results and no closure on either of the two properties I'm dealing with. If we ran our businesses this way, we'd be out of business in no time yet the banks continue to increase service fees to their customers to offset some of the stupidities in their mortgage business. And we, the taxpayers, through out brilliant federal government gave them money to "help" them because they are too big to fail! Until B of A is hit with major consequences for misuse of the mortgage funds I don't think we'll see much change. Meanwhile, we continue to try to assist our clients one homeowner at a time. A blessed Easter to you all.

  • Chet Dilka April 23, 2011 at 6:43am
    Have I 10 Short Sales currently in process. 5 of them are BofA.  I have found as few good people that really try to do the job.  But I truly believe that the Equator/BofA systems is set up seriously flawed.   There is no accountability on their side.  They do not have to respond, they do not have to communicate clearly.  A lot of their responses seem to be cryptic.  Example. I submitted the 5 items they asked for, photo of the property, pre-qual/proof of funds, copy of MLS, & MLS number.  All I get is "documents rejected."  It took 3 weeks and 5 resubmits along with 5 phone calls before the lady gave me her opinion, the buyer on the proof of funds was not the first name on the offer contract.  Now they won't cancel the original offer so I can submit a new one.  This is on a $30k condo.
  • Lisa LeQuire April 23, 2011 at 6:14am
    Did you know that after 3 buyers-escrows (all declined by B of A through Equator) I found out that NONE OF THEM HAD BEEN SUBMITTED TO THE ACTUAL INVESTER!!!!! The property was sold at auction and the company holding the paper never even knew the owner had been trying to short sale the property. This is criminal.
  • Kenneth Bryan April 23, 2011 at 5:43am
    Stay with bank foreclosues waisting time with short sales takes too much time you make less money Ken b
  • Michael Richert April 23, 2011 at 5:00am

    Some of the counters, like the value is $155K but the counter is $200K, is a formula.  My short sales change based on the amount of time that the seller is behind on their mortgage payments with some investors.  And remember, HAFA short sales are priced by the bank at 125% of the BPO.  It's a fight every day we step out there. 

  • George Kenner April 23, 2011 at 4:56am

    There has been a problem with the video, and I have tried to fix it.  Let me give everyone an update. 

    Sr.  B of A staff have contacted me, in the most positive manner and I believe that they will work out the issues not only for me but will attempt to improve the industry standard.   I had this placed at my own personal blog and web site, and have removed the video of the Vice President that made comments.  Our industry is full of professionals, you, Jessie and I are not the only ones, Bank of America has some REAL TALENTED and caring people, sometimes it takes a special skill at the customer service window to bring out the manager.

      Good Faith is required and we have to give of our self, and be honorable.  I do not want to take Bank of America apart, I do not want any adversaries.  I just want to close my clients transactions, and maybe get an REO or two along the way for working hard and being a seasoned professional.

     

    We have industry system issues that have to be addressed if we are to move forward.  B of A's close rate and the nightmare they put us all through on Equator has to change.  An REO Data Platform is my opinion is a failure. This can not address my clients needs as they are in the formal foreclosure process, loan modification at the same time, they need human contact at a level to make a common sense decision.  If we are going to meet the FANNIE / Freddie Mandate to short sell this has to change.

     

     I encourage everyone to leave a comment.  I will print and share all the comments with B of A in the coming days I have opened a door and I am excited about the possibilities for change.  Thank you very much Jessie for building this community.  Together the PROs in the field make the difference.
  • Terrance E. Blakemore April 23, 2011 at 4:56am

    Unable to open Utube message.

    Comment:  The banks tendency to overvalue properties is why we now have the mess we have.  They retain knowlegdable people to assist them in selling properties, but think they as bankers know more about the market than we.  The banks are simply tying to drive prices up again to save their "U know whats" and start the cycle all over again for our children and grand children.  I think it is interesting that our parents (those of us in our 60's) purchased homes simply to have a place to live, not as necessarilly an investment.  The younger generation seems to have turned loan purchasing and selling into a bit of a loto ticket.  Now, we are back to a place to live.  Homes today are worth not much more than they were 25 years ago and maybe that is OK.  At least at that rate, everyone may eventually be able to afford one?

  • Judy Nolin April 23, 2011 at 4:48am
    It's just a nightmare. I agree with you both wholeheartedly. My latest experience. Listed Short Sale. Rec'd an  offer, a reasonable one which should have been snatched up quickly. After 8 weeks of waiting for them to take to the next level and out of "Evaluations", they had been informed that the owner had been approved for a Loan Mod. He (owner) had been declined twice for his Loan Mod. OK, so I withdrew the listing and informed the very patient buyer. Yesterday I get an email through Equator that they have a counter to my offer????? Baffling to say the least!! By the way, they countered back @ $10,000 more than offer which was way out of the market value range. I don't think one back has the other in this organization. B of A Short Sale dept. is just too overwhelmed and can't do the job properly. The customer servicew reps are very nice and pleasant but we need much more than a smile to get these deals done. One more thing. I don't understand why I can't speak to the negotiator until she/he is ready. Ridiculous!! I'm listing another one Monday.....Pray for me. I'm gonna give them one more try. Hope it gets better for us, our clients, their customers and everyone concerned. Thanks George for this blog....don't know if it will make a difference if B of A doesn't wise up and give us a smooth platform to work with. Like Donna said....they have a horrible reputation.   
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