[Seagirl]

As I mentioned previously, when I sent a B of A Loss Mitigation Supervisor, the VP of Loss Mitigation, and various underlings an email saying I was going to send a cc: of that email and the entire history of unprofessional business practices regarding my client's file to the United States Senate Subcommittee on Financial Institutions, Better Business Bureau, Washington State Governor Chris Gregoire, and United States Senate Committee on Banking, Housing, & Urban Affairs my client received a call back in less than 30 minutes. This was after my client previously left various kind emails and voice mails for her case worker and supervisor and received absolutely no contact from them for many days.

The news my client received wasn't in our favor. The supervisor said they were sticking to their guns and that they weren't concerned with her current financial situation, reason being that situations change. She may win the lottery tomorrow, receive an inheritance next year, get an even higher paying job in a few months, or come into some yet unforeseen windfall. B of A is willing to wait for the miracle of such occurrences.

They refuse to alter the verbiage in that second Approval Letter and insist upon her signing the letter as is or the deal is off.

The supervisor told my client that this is the point (when the homeowner receives the Approval Letters) that most of their short sale transactions fall apart. Since B of A will not disclose the terms of the approval letters in advance, the homeowner has no idea of exactly what position they're in until then. After homeowners receive these Approval Letters and consult with their attorney they're advised not to sign the second letter with that liability language, their transaction dies, and they proceed on the foreclosure path. B of A has created this self-destructive short sale system and chooses to continue to participate in it even given their self-acknowledge extremely high rate of transaction failure.

The supervisor also told my client that because most of their short sale transactions go bust after homeowners receive their Approval Letters, that B of A is WAY behind in managing all the foreclosures that their system is willingly created. Some people may get picked out of the pack early (who knows how or why) but some people may be waiting for their foreclosure for nearly two years down the road! See the scenario ... homeowners stay in the property FREE for some period of time, could be nearly a couple years ... or they continue to collect rent on that property FREE AND CLEAR for nearly a couple years ... or ?

The Purchase & Sale Agreement my client and I were able to offer B of A recovers most of their money. My client's liability to them if accepted would only be about $130K. B of A will lose much more than this in a foreclosure yet they choose foreclosure.

Looks to me like B of A is flying their "we're a non-forgiving lender" flag like it's some badge of commercial or capitalistic honor. I guess with that mindset they can be non-forgiving all day long and just sink more money (cough, cough ... is anybody hearing their wallet screaming "boo on bailout") into creating some mammoth infrastructure that will support all the foreclosures that they're creating on a daily basis INSTEAD of (a) working with homeowners to keep their property or (b) using this housing snafu to intelligently and sophisticatedly create some good-faith marketing (at least appearing as "good-faith" to the general public) and make themselves stand out as a Good Fish in a sea of Stinky Fish.

As it stands, Bank of America is (by their own hand) chooses to create poor press and a corporate image that surely will send future homebuyers to credit unions.

May sound childish but you know what? This professional Realtor stands firmly in front of that proudly flapping non-forgiving flag and says "Bank of America, you suck".

PS: I've decided to post about a conversation I and another professional overheard between two Bank of America Loss Mitigation frontliners who answer the phone when clients call. This person didn't realize I was on the line and overheard what she was saying to her colleague.