Bank of America refuses to honor written agreement to help troubled homeowners prevent foreclosure
Jacksonville, FL – 1/14/2011 – After receiving written approval of their short sale, a Jacksonville homeowner who is facing financial hardship had their short sale rescinded by Bank of America. In a heinous act of deceit, Bank of America refused to honor its written approval to help the homeowners avoid foreclosure. This leaves the homeowner’s future in jeopardy and leaves all troubled homeowners nationwide to wonder if Bank of America is truly committed to preventing foreclosures.
Here is a synopsis of the chain of events:
The affected homeowners paid to relocate their residence after notification the sale was approved only to be lost in confusion regarding where they should live. Bank of America has put the homeowners and the Buyers in a difficult situation and caused financial damages by not honoring their approval of the short sale. Troubled homeowners nationwide should exercise caution when considering a short sale with Bank of America. Deceitful and careless business practices like this are the same reason Bank of America and other lenders cannot correctly prove they own these troubled loans and hire ‘robo-signers’ that caused illegal foreclosures in Florida and other states. This deplorable act is indicative of a taxpayer bailed-out company whose careless acts are jeopardizing the economic recovery as a whole and need to be brought to light.
Documentation and interviews available upon request.
Mike Linkenauger & Ethan W. Gregory
First Coast Realty Associates & The Short Sale Specialist Network
904-733-4911 & (877)737-4903
***Update 2/19/11 - Thank you for all of your help in getting exposure to this matter. It worked! The property closed a few days ago successfully. Thanks again to everyone who took the time to draw attention to this, together we can be a force to be reckoned with!
***PLEASE PASS THIS ON THROUGH FACEBOOK AND TWITTER DIRECTLY BELOW!***
My company processes short sales for realtors and lawyers, primarily. I have the BOA Equator fun stuff. This is in no way a surprise to me. Between the majority of uncaring poorly trained and managed negotiators and closers (they do have some good ones), and the absolutely totally uncaring FNMA (some people claim to get something from them - I get the idiots who tell me that it is BOA's money, etc. - what do they care? They have donuts to eat and gov't holidays to take). Yes, I have been down similar paths repeatedly with BOA. Do you have a reason to believe that they care? They botch tons of stuff, etc. Uh, who gets money free from the gov't and comes up with record profits? BOA is not hurting because of what the financial industry has done to the world economy - they're making tons of $$.
The combination of BOA/FNMA is terrible - this story is not the worst that I've seen - that cost the investor (oh, excuse me, no one cares because it is the taxpayer for FNMA) and everyone else involved.
Integrity? Hello? BOA is a bank, what integrity? P.R.? BOA is the bottom of the heap in the time it takes to get rid of bad accounts and the amount of money it gets to the investor. Do you see BOA shutting down? I don't see much coming from charging at that windmill.
Most homeowners are burnt out and take the abuse and just go away - they've had enough trauma in their lives. Again, BOA is just not regulated or monitored or forced to do much of anything - and their stockholders are making heaps of cash. Who is going to "make this right"?
I think that the most that will happen is that this homeowner still has enough spirit that he takes them to court. BOA will be forced to pay his (relatively) minor expenses and they will say that their negotiator made a human error, sorry. And that is that. Beyond that, a court isn't going to do anything. P.R.? Hmm.. did I mention that they are making record profits and "we" are giving them gov't money to ease this problem and they have done nothing of the kind? One scream in the dark from one of the hundreds that this sort of thing is happening to -- will make who sit up and "fix it"?
Media attention? How long will it take for BOA to say that a negotiator made an error and did not properly follow the investor guidelines? About 3 seconds. And as a news reporter, what would you do with that? In what way is this news to the thousands of people who have been screwed into the ground by these banks with this horrible financial mess? It isn't exactly a story to the readers/viewers. But let's say that you found a reporter who thought this was worse than what BOA is doing to thousands of others and prints a story. It isn't going to get the house back, it isn't going to change BOA or FNMA, at most it would get the negotiator fired, but not likely.
It seems to me that the prudent thing to do is sue BOA for losses and walk away. You have 1 case. How many people have a worse story due to robosigners and what came of that? BOA "voluntarily" stopped foreclosure sales for a few weeks. That was at least hundreds of people screwed even worse - didn't even see it coming - many of them. And you have 1 story where you were working a short sale where everyone should know that if something goes wrong at any step, sheriff sale will happen.
I guess I'm "not as sorry" as I could be for the seller, but it is because I run into these kinds of things with BOA a lot. There are very few damaging losses like this that don't bother me - this is just one more. Something major has to shift to get even one piece of BOA's operational tactics to change to make just a minor difference in the way that they operate and I just don't see this 1 out of hundreds of stories making that change. It is way too easy to dismiss as a negotiator mistake. Sorry.
We have spoken with pretty much every executive and executive office and Bank of America. We also did a congressional intervention and got congress involved in this. Unfortunately we could not get the media involved like we would have liked, perhaps making a video would have helped with that and we will explore that option in the future.
The good news I'm happy to report is that it is finally resolved and this property should close in the next couple weeks! Thanks everybody who took the time to reblog this and tweet and Facebook this!
Congratulation Mike - I love it when someone fights for the good of someone other than the lenders. I contacted Fox - but was on standby - I guess they get plenty complaints about bank. Again, congrats.
Just received a weird counter from B of A via Equator today... Yes on Super Bowl Sunday at 6:32 A.M. ... Finally came to terms that everybody can agree on but they want it to close on 02/07/2011...
In the notes... it states "Do Not Modify the Closing Date" ...
Needless to say there is a Trustee Sale scheduled for this one and it's coming up.... seems like some type of COA tactic to me...