Am I surprised that Bank of America has screwed up yet AGAIN? NOPE! Unless and until B of A allows all of their departments to have access to information about a loan, this will happen again. One department doesn’t know what the other department is doing. I’ve seen it time and time again!!
Please welcome Leigh Thomas Brown this morning on Sacramento Real Estate Voice. Leigh is a friend of mine in Charlotte North Carolina who is a Real Estate Broker and as you can see she has spunk and goes to bat for her clients. Plus, she says it… the way it is! Don’t you just love Leigh?
One of my own Sacramento Short Sale sellers who had an investment property received a denial for a loan modification on the day the house CLOSED that she NEVER even applied for since she would not qualify for a loan modification. Then 2 weeks AFTER the house SOLD in January, this past Short Sale seller received a notice from Sacramento County with of a recorded “Substitution of Trustee and Full Reconveyance.” This document was recorded AFTER the sale of the Short Sale CLOSED on February 25th!
It is possible that the new home buyers of this Sacramento home could possibly have had B of A trash out crew appear on their doorstep, too!
Bank of America get your Short Sale act together!!
I received a phone call from a B of A representative last week reading a script to me about the new procedures for a Bank of America Short Sale in their illustrious Equator system where now, the Short Sale seller is not required to upload documents but the Short Sale Realtor can do this for them. WaaHoo, it only took B of A years to figure out that many Short Sale sellers do not have access to a computer or Internet or knowledge on how to do this.
After listening to this written script for at least 10 minutes, the B of A representative asked me if I understood or had any questions. Nope, I had no questions and already knew about the Short Sale updates since I work on Sacramento Short Sales with B of A. But, I did have a question for her…
“B of A do you want to know how to make your Short Sale system smoother?”
- Have Equator match the universal HUD Statement instead of the gibberish you provide that causes confusion
- Let the Realtors® know when there is mortgage insurance that you arbitrarily place on a loan, upfront
- Develop a more efficient system for the HAFA files that are SUPPOSE to be streamlined
- Connect departments at B of A so there is updated info on loans showing on their computer screens instead of the B of A departments only seeing selective information about a loan. This is where the Short Sale seller continues to get bogus phone calls and trash outs are made erroneously. One department doesn’t know what the other department is doing at B of A.
This B of A rep didn’t want to discuss HAFA since she only deals with traditional Short Sales. Not sure she even knew what a HUD statement was much less if the Equator system matched the HUD or not. Hopefully, the B of A rep has passed this Sacramento Short Sale agent’s constructive recommendations on but I’m not holding my breath!
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