Bank of America's Irresponsible and Unacceptable Short Sale Practices Must Change

Well it is a catchy title. I know we all yearn for any improvements with Bank of America’s current short sale and mortgage modification track record. A track record that is abysmal and most certainly one of the worst in the industry. I recieve dozens of phone calls and emails from angry customers across the country complaining about Bank of America. All feel improsoned with inadequate and unacceptable response times on Bank of America short sales and mortgage modifications. Many buyers and sellers have put their lives on hold and live in turmoil while Bank of America literally watches the dust collect on thousands of files with little to no action for weeks or even months…or shuffles the paperwork from one negotiator to another with little to no progress on the file’s status. This is not how the customers were treated when Bank of America was writing the loans.

With 1 in 5 loans in Florida estimated to be with Bank of America, formerly Countrywide, it is clear that this issue has raised the eyebrows of a number of people in Florida that can prompt change or at least raise the issue up to the executive ranks at the nation’s largest lenders .

Today, Tuesday November 17th, Attorney General McCollum sent a letter to the Florida Executives of Bank of America, JP Morgan/Chase, Wells Fargo and Wachovia. He called upon the executives to provide homeowners with a fair and efficient loan modification process. To help solve the crisis he requested the executives to meet with him and discuss the bank’s responsibility to make immediate and necessary changes.

Whether this letter will create any action from the executives remains to be seen. It is clear however, that the issue will not be buried or swept under the rug. Too many homeowners, home buyers and industry professionals are impacted by this crisis and their demands for change can be heard loud and clear across the country.

In McCollum’s letter he states Florida borrowers are:

·         Placed on hold for excessive periods when calling for help

·         Forced to speak to unknowledgeable representatives

·         Transferred from department to department and person to person

·         Forced to submit identical paperwork again and again

·         Provided no avenue or recourse for complaints

·         Never informed  about the status of their loan modifications

Bill McCollum says these practices are “irresponsible and unacceptable”.

These are all the same issues affecting the processing of short sales. Any positive change to the processes and procedures for short sales and mortgage modifications would be welcomed with open arms.

You can read Bill McCollum’s letter to Bank of America by clicking HERE.

If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale.  Tracy Baranowski at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com. Team Baranowski has a 100% success rate for all of our short sales for 2009!

Leave a Reply