Year Later - Its finally over!

[seashells48]

First of all, I want to say how great it was having this place to go and realize I wasn't alone in this nightmare. Not that anyone deserves to be here, but it helps to share the knowledge we've gained.

After 16 months of fighting BofA, my short sale finally closed. Story began last March when I was laid off. I applied and kept trying for MHA - faxing docs, etc. Was told because my income was unemployment compensation that I wouldn't qualify. Pur house on market in July with realtor as a short sale.

Got an offer in August - submitted paperwork and waited -and waited - and waited - until January 2010. Escalated my issue to the OOP in October, and November. The only thing that got BofA's attention was when I contacted the PMI company and they asked BofA why nothing had been done on my file. In the meantime, my buyer had lost his job and the sale was dead.

In one 30 day period (January) I received the approval for the short sale, a FedEx with paperwork for the MHA program, and a foreclosure notice. When I contacted BofA and asked where they got the info for the figures they had in the MHA paperwork, no one seemed to know. I told them I wasn't interested in the MHA program any longer and wanted to pursue a Deed In Lieu. (As an interesting note - 3 months later received a FEDEx saying I didn't qualify for the MHA because I had already been in a trial!!)

Oh, but nothing goes like you plan it! Suddenly I had another offer on the short sale in April . Submitted it - but the buyer backed out 3 days later.

THEN, my first buyer found a job and resubmitted his offer in April. And again we waited, and waited. No word from BofA and I had given up hope. Contacted BofA about DIL and was actually assigned a negotiator and had sent her all the financial info.

Turns out they never removed the second buyer's that backed out name from the Equator file and rejected the new offer because the names on the sales contract didn't match!!! Never contacted me or my realtor to tell us what the issue was. I discovered it while trying to find out what was going on with my file. Found out not everyone in the Short Sale Department has Equator - so they don't all see the same thing. One rep says everything is fine - the other with Equator sees the name issue.

Finally received approval for the sale on June 28. Closed June 29 so the buyer could get the tax credit. I had moved out last October thinking the first sale would certainly be approved soon....

I did not receive any funds for 'relocation' expenses - never was offered them by BofA. They also would not remove the deficiency clause. I did not have to sign a promissory note or bring any funds to the closing. I do not know what type of 1099 I will receive - I guess I'll have to wait until next year to get that.

Whether they or the PMI company pursues the deficiency remains to be seen. My savings are totally gone and I now only have Social Security and a small pension - neither of which they can touch. But knowing I might have to go toe to toe with them again to protect myself isn't a pleasant thought.

Sorry for the long post, but I can't believe this is over (for the most part). I can finally stop paying utilities and HOA dues on the house.

Organizationally, BofA is so messed up its a wonder anything gets approved. My advice - don't give up - keep fighting - escalate when you need to (its the only way to get their attention sometimes).

[Bella]

Glad to hear it is over, and glad you posted the outcome!

[cahomeowner]

thanks for sharing your story.

I had a similar story with 3 different properties that took well over a year to close. it's astonishing how slow the process can be....that's why I can't figure out how banks are going to approve short sales in 10 days with the new HAFA program

[seashells48]

BofA can't do anything in 10 days! When I was calling the Short Sale Dept/Equator to get updates and try to straighten out the buyer's name mess, they were very nice, tried to help, etc. At the end of the phone calls I was asked to take a survey on their customer service. It was something new I'd never had happen before. While I could rate the helpfulness of their staff, when the questions came up as to would I recommend BofA to anyone, do business with them, it was a joke!!

[Eufie]

I think we are all encountering the effect of 'too big to fail.' If it is too big to fail, the bank is also too big to provide meaningful customer service and certainly cannot address non-standard issues at all.

I got word on my latest application for HAMP modification yesterday. I was denied at the first review. They took the paycheck from a consulting project I recevied 3 weeks ago and divided the amount by SEVEN MONTHS. Although the amount was certainly enough to fund a couple of months, dividing by the 7 months of the year to date resulting in a monthly shortfall of $2,400.

I was put on a HAMP trial earlier this year based on monthly financial contributions from my mother. I paid all payments on time with those contributions. When the decision rolled around, they said they wouldn't approve me based on 100% support by my mother. I needed to show some income and then I should be in good shape for approval.

They put me on a 3 month forbearance telling me it was to give me time to find work through my own company (I am self employed). I found work. Now they're telling me they won't count my mother's contributions at all so basically, I'd need to come up with work totalling $24,500 by the end of this month or I'll be deficient. We all know that if I came up with that kind of paycheck, they'd tell divide by 1 month and tell me I made waaaaayyyy too much money to be considered for HAMP.

To add insult to injury, they had insisted on getting my mother's financial information less than a week ago. My mother, her stockbroker and I did backflips to get them updated information on a packet that wasn't 90 days old yet. Oh, but they weren't planning to decide until the 14th when it would be 95 days old and therefore unusable... After all of this, they didnn't could her contributions or her promise to continue to provide help should I need it. Along with the judgement that rendered her help moot, they frigging asked for proof she'd sent money in June! I don't get it. I was self-supporting in June AND you just told me you won't count her contributions. What do you want??? They're putting my mother through hell and she's not even on the mortgage.

I have dialed my senator's office in on every step this time around. They are requesting that Freddie Mac make the decision--not Wells Fargo. I got so pissed off by the reponse yesterday that I wrote them all a scathing letter, which you can see in one of my other posts. I'd love advice on what to do next. I think they just want the house.

I am so angry and confused.