Bank of America
Short Sale

Due to a pending layoff, I proactively put my property up for sale in February and contacted my Bank of America mortgage department and began the short sale process. They first stated that they would not even consider my paperwork until I was at least 60 days late on the payments. I immediately stopped paying the mortgage per their request so that my paperwork would be shifted over to the short sale department. I immediately had multiple buyers submit offers for approval in early march for an amount extremely close to the payoff amount with Bank of America. My attorney immediately began receiving misinformation, blatant lies, run arounds, holding on the phone for several hours at a time, transfer of short sale analyst, lost paperwork, resubmit paperwork etc etc. Because of this, I lost 4 buyers over the first couple of months b/c they were just as frustrated as I was. When they finally got their act together they rejected one offer. They did not inform my attorney nor myself that they were rejecting the offer until I received a phone call asking me why my payment was late. We then submitted another offer which we are still waiting on an answer two weeks later. It now gets worse, I received a letter and very inaudible voicemail about calling them. The letter stated that they were starting foreclosure process... I tried calling today (similar story to my attorney), only to be transferred 4 times, cut off once, then they couldn't find my account on to be transferred to a department that doesn't even work on original Bank of America loans. No one is calling back either my attorney nor myself to get this place sold. I do not want a foreclosure as I worked very hard in being proactive about selling the place and keeping my credit intact.

By now, this process and passing the buck has gone on for over 9 months! My credit score was very high and I had hoped that this process would have moved faster... However, due to all of their "issues" my credit has now been ruined. Bank of America should be fined heavily and looked into their business practices as I as well as my attorney have the records to prove that we have been submitting the correct paperwork, contacting them etc etc.

Company: Bank of America
Country: USA
State: Illinois

  <     >