BoA Florida Short Sale Incentive Program

BoA Florida Short Sale Incentive Program

Posted in the Bank of America Forum

Ondish46

Punta Gorda, FL

#1 Dec 14, 2011
By now almost everyone has heard of the horror stories concerning Loan Modifications...BoA did it's best loosing paperwork from thousands of people...well it looks as they are already doing the same thing with the FL.Short Sale Program...their people put my paperwork into another program and caused me to loose aprox.$9K...I spoke to everyone from the CEO's office to the closing officer "we don't know what happened BUT too bad,our computers most have put it into another program and we can't overide the system"...it's no wonder BoA is laying off 30,000 plus "Team Members" the computers most have told their idiot Board of Directors to do it...this bank deserves to go under! but our President will probably be ready to sign the check to bail them out...watch where he serves as a board director once his term is over.
Tom

Cape Coral, FL

#2 Jan 5, 2012
I have a similar thing that happened to me. BOA told me I qualified for the Florida short sale incentive program and told me that i would be getting 19k at closing. They had their third party company call me and told me that I also was approved for Hafa and then at the last minute BOA told me I did not qualify because My note holder was Fanny Mae. I find it very hard to believe that BOA did not contact Fanny Mae or Freddy Mack to see if they were on board with their new incentive program before rolling it out. I think I fully understand! BOA knew that if they could get everyone to start the short sale process they could avoid the 75-100k dollar foreclosure fees per house they would incur and also have the houses in good order for resale. What BOA has done is nothing less than a bait and switch to the Florida citizens to benefit their own pocketbooks. I am filing a formal complaint with the state attorney general and also retaining legal counsel. I suggest that everyone else do the same. Let the crooks pay for their illegal bait and switch scheme just as we would as citizens.
Josie

Lutz, FL

#3 Mar 27, 2012
The same thing happened to us, we are almost at closing and informing us we do not get the 5% just the $3000.00 relocation, same thing fanni mae at last moment can not get hold of anyone about this my realestate agent is baffled also, big issue in tpt article, monies giving to people who did not even request the fla insentive program but are getting it go figure !!!!!!!. would like to get infomation on how to start a class action suit. we all need to get together and get this started.If you file with the state attorney general give information so we can also join with you. thanks josie
streetrunner

United States

#4 Feb 6, 2013
I just completed a short sale of my Florida condo with BOA. I hired real estate agent who listed the property and put all the short sales forms and stuff into equator. The whole deal including listing to closing took a little less then 3 months. With this deal there was no second mortgage, no money owed the condo association and no other leans. They released me from the mortgage and let me off the hook for approx. $100,000 in deficiency. I had to submit a few docs twice but it wasn't too bad. The only fee I ended paying was for the estoppel letter from the condo association.
Snail sale buyer

Philadelphia, PA

#5 Mar 5, 2014
Put in an offer for Bank of America short sale property 2 months ago. Agent listed the house as a bank approved price or I would have never bothered. Two months later Bank of America has not even looked at the offer. Most banks respond in 2 or 3 days. During this time the lies have started. First they claimed that due to a computer problem at Equator, the documents could not be loaded into the system. I called Equator & they told me they were not experiencing any computer issues. The BOA employees didn't have time to load the forms, but had time to send emails to each other with snide remarks about my realtor. The idiots accidently emailed her a copy. Then the negotiator claimed they would push the paperwork through quickly because of this issue. That was 6 weeks ago. Meanwhile all of the paperwork will soon expire & have to be redone. Called the ceo's guard dog for help. He suggested getting the seller to agree to let us talk to the bank directly. My realtor said that will never happen because that will make us privy to the seller's financial information. To add insult to injury, the foreclosure department does not talk to the short sale department. So they could foreclose at any time & leave us in the dust . What a joke this whole process is. Well folks, the moral of the story is don't waste your time on short sales. Especially if it's from Bank of America. Let the property get foreclosed on & then buy it cheaper.
Completed Short Sale

Concord, CA

#6 Mar 14, 2014
I completed a short sale with Bank of America last month. The offer that was originally submitted got rejected a few times and had to be countered but the negotiator always clearly explained the reasons and was a great help. I received the promised incentives and was able to got out of a very large deficiency. My entire experience was very easy and fast. The 3rd party that BAC used called me every 5 days during the process to keep me updated every step of the way. Recently the new Consumer Financial Protection Board (CFPB) rules went into effect so there is no reason why this process should be hard or take long except if you are an irrresponsible person who doesnt understand deadlines and do the things that are needed on your part. My agent had another seller who consistantly complained about the bank even though they couldnt take the time to do the things my agent and the bank were asking of them. My advise to everyone who needs this help is to stay involved in the process. Do not treat this as a collection or foreclosure, the bank is trying to help you so dont avoid them. Make sure to do whatever they ask in the time given and you'll get your piece of the pie.
Completed Short Sale

Concord, CA

#7 Mar 14, 2014
Josie wrote:
The same thing happened to us, we are almost at closing and informing us we do not get the 5% just the $3000.00 relocation, same thing fanni mae at last moment can not get hold of anyone about this my realestate agent is baffled also, big issue in tpt article, monies giving to people who did not even request the fla insentive program but are getting it go figure !!!!!!!. would like to get infomation on how to start a class action suit. we all need to get together and get this started.If you file with the state attorney general give information so we can also join with you. thanks josie
I hope this is a joke!!! Your getting FREE money from responsible taxpayers to pay you for being a deadbeat and not paying your mortgage like a normal person and your going to complain about it!! Wow! LOL

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Bank of America Discussions

Title Updated Last By Comments
Fraud Department Dec '17 pizzintea 1
hacker here Oct '17 good hacker here 1
Hurricane Harvey Victims Sep '17 Harvey Victim 1
BoFA student checking and savings acc (Jul '17) Jul '17 sperry2442 1
Chelsea in ATM/Debit Services Phoenix AZ (Jan '17) Jul '17 Espada006 2
Raising credit line (Oct '16) Jul '17 Espada006 2
News Bank Companies Succeed Despite Global Economy C... (Mar '12) Dec '16 sixty six 6 man 5
More from around the web