Bank of America - Short sale with collectible Debt - Page 2 - Loan Modification Forum

shkir · 05-15-2009, 03:42 PM

HopingtoFind:
Well the VP never responded to my voicemails or emails. But I sure started receiving calls back when I started to leave him messages, and detailed emails about what was going on with the people under his command.
There really is not credit file that would identify a closed mortgage as 'Short Sale'. The 'Paid Settlement' that I have on mine, still was a negative, but only to the tune of 10 points. I'm still above 680 for my credit scores.
I got the Director of the Loss Mit department to agree to this after she got on the phone three way with me, and their recovery department.
She quickly realized how unrealistic their repayment plan was for the amount they wanted me to sign a unsecured promissory note for. I was literally at the end of my chain.....(this neg. process with them took two months), and I finally just blurted out to her, 'look, we can't get to an agreement. What if I scrape every penny I have together, beg, borrow and steal and bring $5,000 to closing. Can we call it a deal? You then don't have to foreclose and lose 40grand more on the house, and I walk away knowing I helped you out.'
She immediately said 'Yes, we'll do that', And then I let her know the rest of my stiuplations , "you will delete every late mark on my credit report, the 20,60,90 day late will be deleted within 30 days after closing."
I tried to get them to list the account as just a regular 'Closed - Paid in Full' but there was no way possible they would. I also had them put in my letter that I signed, that they agreed to waive all future claims, not pursue any further judgement or deficiency.
But that's fine, either way, I came out ok. Bottom line, I wish I hadn't had to sell my place. I LOVED the house, but life changes happened.
FIGHT FIGHT FIGHT the bank. They can, and will change the wording and you can negotiate with them to make sure you come out ok after the end. Remember, you are helping them.
If anyone wants to see a copy of my agreement letter, by all means contact me and let me know.

HopingtoFind · 05-15-2009, 07:43 PM

Great Job! Very good outcome!

ShortinPA · 05-18-2009, 11:57 AM

Shkir,

If you could post the letter that would be very helpful since I am still going through the negotiation process.

Very much appreciated!
-ShortinPA

ORNV3 · 05-19-2009, 05:36 PM

shkir,
Congrats! Thanks you so much for posting your story. I'm 4 months behind on my mortgages and just started the short sale process. I had completely given up any hope of finding any way out of this mess besides bankruptcy because my state (Nevada) allows for deficiency judgments and I just can't have that. I really don't want to have to resort to BK because my only debt is my house. Your story gives me hope and as you said, I'm going to FIGHT FIGHT FIGHT!

I would love to see your letter. Thanks!

shkir · 05-21-2009, 08:52 AM

Sorry for taking so long to respond. I'm posting the letter now. I've editted out my personal information, but everything else is there.

ok...maybe I'm retarded. I can't figure out how to do the attachment, and I WORK with pc's for a living! I hit the attachment icon, and it's just a screen that shows a legend. Hmmm....I'm going to just hand type the letter below.
I'm not sure if I can post my email address, if anyone knows, let me know. I'd have no problem emailing the letter to people to see. I know it's NEXT TO IMPOSSIBLE to find this online dealing with BofA.

This letter confirms Bank of America's agreement to settle the above-referenced loan on the following terms:
Bank of America agrees to accept $147,200.08, including a cash contribution of $5,000.00 from Shakir, in certified funds as payment in full of the Loan. Upon the Bank's receipt of the payment of $147,200.08, the Bank will report the account to the credit bureaus as "Settled," with the explanation "Account legally paid in full for less than the full balance," and remove the 30, 60, and 90 day late from Shakir credit report. Bank of America will waive balance due on the above referenced loan and release Shakir from all further obligation therein, and waive all right to pursue further judgement or deficiency, once the Bank is in Receipt of the payment of $147,200.08. Please note that any subsequent refund received by the Bank will be applied to the outstanding balance of the loan.
In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue Service as required by the Revenue Reconciliation Act of 1993. You may want to discuss the tax ramification of this reporting with your accountant.
Please confirm your acceptance of the terms stated in this letter by signing and dating the enclosed copy of this letter on the line below and returning the signed copy with your payment to the address stated above. If the Bank does not receive this signed agreement and the payment specified in this letter by 12/30/2008, this offer becomes null and void.

And there you have it. The full letter that I signed, sent back to them, and now am buying again! The thing I realized the other day was this, they Bank didn't DELETE the late payments, they blocked them. Which, actually is kinda hurting me as I look. Because when my credit is pulled now, they see my file for Bank of America mortgage as good good good, then blocked for a few months, then paid and closed. So, I'm starting a dispute now to get that unblocked, and updated to just say 'Paid on Time' for those months.

Also, one thing I learned with my loan also, which caused the most pain. I was in some special loan program with BofA, which gave me a special rate, and low down payment when I bought my house, and a loan they kept fully inhouse. SO, when I was doing my short sale, it actually HURT me. I was told be the manager in the Loss Mit. department, that had I NOT been in that program, my short sale would have been approved and completed months before we finally came to an agreement.
My total difference between the loan balance, and payoff was about: $126,000.00. Houses in the area of Phoenix I lived in FELL like a ROCK! They have since fallen about another $30,000.00 since then.

- Shakir

ORNV3 · 05-21-2009, 06:01 PM

Thanks so much Shakir. My house is being listed at $152000 and I owe about $308000. I hope I can get a similar outcome! Thanks for posting!

ShortinPA · 05-28-2009, 08:20 AM

Shakir,

Excellent post. It is IMPOSSIBLE to find BofA stuff like that online.

Moe Bedard · 05-28-2009, 08:51 AM

ShortinPA

Copy and paste it or use the print feature under the thread tools.................please do not post any personal contact info on the forum as it is against the tos of this anonymous forum.
thank you

sheila1 · 06-12-2009, 11:52 AM

Does any body know what the rules are in VA about short sales?

rickeb1 · 06-16-2009, 08:21 AM

This is outstanding information that I could not find anywhere else - thank you very much! We are in a similar situation with BofA with an Arizona property. Does anyone know how to contact the Director of Loss Mitigation at BofA? We keep getting the runaround when trying to reach someone with authority there. Thank you!

theylive · 06-16-2009, 06:42 PM

Thanks for posting your letter shkir. Did you have an 80/20 both w/ BofA?

Seagirl · 06-21-2009, 10:23 AM

One of my clients is in an exact situation as I've read described here. She received two approval letters, she's fine with the verbiage on the first letter but not the verbiage on the second letter. B of A refuses to change the verbiage or give her the same approval letter for both her first and second loans. We have a P&S agreement we've been working with for three months now which gives B of A most of their money. My client has refused to sign the second approval letter so B of A says nothing they can do. We've worked with multiple loss mitigation case workers since February and have received different information from each of them. At one point my client's file was assigned then unassigned to three different case workers in one day! We just learned that her current case worker is no longer at B of A with the bounce back notification received after sending him an email. The supervisor assigned to her case is unresponsive. After that she learned they sent her file to another department without her permission, notification, etc. so I don't know where it is right now. At one point I sent emails to the person I found as the VP of loss mitigation but I've since not been able to locate that email. I assume the VP may have changed in the last three months given the whirlwind changes that seem to be going on internally at B of A.

Does anybody have a current phone number or email of the VP for the loss mitigation? If I can locate my information I'll post it. I, too, received no return calls or emails but a supervisor did get involved immediately after I began blowing up the email and vm of that VP.

In our position, B of A is saying they'll do better by foreclosing on my client. That is absolutely incorrect. Conservatively, they'll lose more than $50,000 if they choose to stick with that route and that doesn't include any holding costs, foreclosure fees, employee salaries, etc.

This is a financial issue and these are financial institutions so it's certain there are reasons (unknown to me right now, probably unknown to the general public right now) why allowing so many properties into foreclosure is financially more beneficial than working out short sales with homeowners. I have my own theories but that a topic for another forum.

So again if anyone can post contact information for the VP of loss mitigation that'd be helpful. Or any other escalated contact information that can get sticky wheels moving.

Appreciate the informative string!

Drew0111 · 06-23-2009, 03:33 PM

Seagirl your story sounds just like mine. Supposedly the negotiator's can only call out. They can not reply to emails. I was told it is to prevent viruses in their system, I think it is so nobody can document all the misinformation they are giving out. I am so frustrated I want to let all these experiences be know to Congress or some agency that can do something about it. Here we have Obama saying STOP THE FORECLOSURES at any expense. Then you have B of A who got Billions of dollars in tax payer bail-out money, doing everything they can to get everylast drop of blood out of there distressed borrowers. I would like to find a way to let our goverenment leaders know about this thread so they know exactly what the big bank is doing. Bank of America is the only lender not letting its borrowers off the hook. Something needs to be done to stop this, and quickly!!

Seagirl · 06-23-2009, 06:34 PM

Drew0111, not sure you received my last posting which I sent from my BlackBerry so I'll repost.

If you search Twitter for Patricia Pikul you'll find telephone and email contact information (the VP Manager of B of A's Loss Mitigation Department).

My client received an immediate phone call after I sent an email to Patricia Pikul, Richard Shults, Nicole Miljour, and Alicia Crenshaw on behalf of my client and sent a cc: of the email and 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.

Seagirl · 06-24-2009, 02:21 PM

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.

rickeb1 · 06-24-2009, 09:27 PM

As I mentioned, I am in a very similar position, trying to get a short sale done for a property in Arizona and trying to get BofA to give me a settlement letter instead of the standard "collectible debt" letter they keep insisiting I sign. Following Shakir's advice about going up the chain of command got my loan analyst to suddenly take an interest in my case. After many conversations and showing her Shakir's settlement letter (taking his name out of it first, of course), she is now to the point where she has agreed to pursue getting me a settlement letter... IF... I can tell her who from BofA actually signed Shakir's settlement letter, so that she can go to them and figure out how to get it done. Shakir, can you possibly tell me who actually signed your settlement letter?

By the way, this forum and this thread in particular have been a lifesaver for me! I might have been tempted to sign their "collectible debt" letter if I hadn't read all of the great information here, so thank you all very much!

~ Rick

Seagirl · 06-25-2009, 10:32 AM

I would like my client to try Shakir's letter as well. Shakir, would you please post the name of the person who signed your letter? That would be great!

Vice President and Loss Mitigation Unit Manager: Patricia Pikul, 716-635-2000 or patricia.pikul@bankofamerica.comPatricia's assistant: Tanya at 716-635-7169

Rick Shuls, B of A Loss Mitigation Manager/Supervisor: richard.shults@bankofamerica.com or 716-635-7190

Nicole Miljour, nicole.miljour@bankofamerica.com

Alicia Crenshaw, alicia.crenshaw@bankofamerica.com

Seagirl · 06-25-2009, 10:42 AM

Name spelling correction to my previous post: It should be "Rick Shults".

Drew0111 · 06-25-2009, 03:17 PM

Seagirl do you have the email addresses to the federal government departments that you CC'ed your request to? I have permission from my seller to push as hard as I can. I am also going to send copies to congressman George Miller, Diane Finestien, Nancy Peloci, and who ever else I can think of. If nothing else I want to make some noise about what Goliath is doing to the little people. I agree with everything you are saying about Bank of America. Maybe I should call some of the news channel's investigation Teams and really stir the pot...

Seagirl · 06-25-2009, 05:41 PM

Drew0111 and others:

United States Senate Committee on Banking, Housing, & Urban Affairs
United States Senate Committee on Banking, Housing and Urban Affairs : Contact

Better Business Bureau
Contact Us - U.S. BBB

Washington State Governor Chris Gregoire
Contact Governor Gregoire

Seagirl · 06-25-2009, 05:56 PM

Drew0111,

Regarding: "... I am also going to send copies to congressman George Miller, Diane Finestien, Nancy Peloci, and who ever else I can think of. If nothing else I want to make some noise about what Goliath is doing to the little people. I agree with everything you are saying about Bank of America. Maybe I should call some of the news channel's investigation Teams and really stir the pot... "

Go for it!! I'm with you. The public would be well served to know what's going on. The government could do with hearing some shout-outs about how that $1000 lender short-sale incentive (silly at best) etc. IS NOT working. They gave these financial institutions bailout funds and homeowners (who this was supposed to help) are not receiving the benefit. Give them over $20 billion dollars and they apparently forget how to answer the damn telephone or return emails or voice mails.

rickeb1 · 06-29-2009, 07:58 AM

Quote:

I would like my client to try Shakir's letter as well. Shakir, would you please post the name of the person who signed your letter? That would be great!

I could REALLY use this information right now, as I am afraid our buyer is going to walk soon if we can't get BofA on board. I'm guessing that Shakir may not frequent this forum, so is there any possible way to contact Shakir directly (it looks like this board is set up to not allow direct messaging)?

Thanks!

Seagirl · 06-29-2009, 10:30 AM

Yes Shkir please reconsider posting the name of the person who signed your letter, or providing that information someplace else that we can access. My client and I has sent and continue to send her version of your letter to VP of Loss Mitigation Dept. Patricia Pikul and some others but she has received no response yet. Our buyers have been on the line with this property since March. They've sent thousands on inspections, loan extension, etc. The seller just wants to sell the property. The only issue preventing this the verbiage in that damn second Approval letter. As B of A admits that most of their short sale transactions fall apart after the homeowner receives the Approval Letters, it would be a Godsend to learn a successful channel through, around, over, or under the brick wall of denial.

Everybody, feel free to send your communications about your individual transaction to Patricia Pikul. She does oversee the Department. I have posted her contact information in a previous post.

It is frustrating how limiting the construct of this forum is. It's a good place to post information but a poor place to actually "communicate".

ShortinPA · 06-29-2009, 08:35 PM

The problem is that BofA doesn't usually sign those letters. The end reads the same as the "Collectible Balance" version:
" Sincerely,
Short Sale Team - Loss Mitigation"

However, the contact info of the woman who had the authority to do that would be helpful. On the face of it, maybe it was Paula?

Seagirl · 06-29-2009, 08:53 PM

ShortinPA, I haven't dealt with anybody named Paula. Yet.

05-15-2009, 03:42 PM	#26 (permalink)
shkir Junior Member Join Date: Feb 2009 Posts: 4	Re: Bank of America - Short sale with collectible Debt HopingtoFind: Well the VP never responded to my voicemails or emails. But I sure started receiving calls back when I started to leave him messages, and detailed emails about what was going on with the people under his command. There really is not credit file that would identify a closed mortgage as 'Short Sale'. The 'Paid Settlement' that I have on mine, still was a negative, but only to the tune of 10 points. I'm still above 680 for my credit scores. I got the Director of the Loss Mit department to agree to this after she got on the phone three way with me, and their recovery department. She quickly realized how unrealistic their repayment plan was for the amount they wanted me to sign a unsecured promissory note for. I was literally at the end of my chain.....(this neg. process with them took two months), and I finally just blurted out to her, 'look, we can't get to an agreement. What if I scrape every penny I have together, beg, borrow and steal and bring $5,000 to closing. Can we call it a deal? You then don't have to foreclose and lose 40grand more on the house, and I walk away knowing I helped you out.' She immediately said 'Yes, we'll do that', And then I let her know the rest of my stiuplations , "you will delete every late mark on my credit report, the 20,60,90 day late will be deleted within 30 days after closing." I tried to get them to list the account as just a regular 'Closed - Paid in Full' but there was no way possible they would. I also had them put in my letter that I signed, that they agreed to waive all future claims, not pursue any further judgement or deficiency. But that's fine, either way, I came out ok. Bottom line, I wish I hadn't had to sell my place. I LOVED the house, but life changes happened. FIGHT FIGHT FIGHT the bank. They can, and will change the wording and you can negotiate with them to make sure you come out ok after the end. Remember, you are helping them. If anyone wants to see a copy of my agreement letter, by all means contact me and let me know.

05-15-2009, 07:43 PM	#27 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 556	Re: Bank of America - Short sale with collectible Debt Great Job! Very good outcome!

05-18-2009, 11:57 AM	#28 (permalink)
ShortinPA Member Join Date: Jul 2008 Posts: 17	Re: Bank of America - Short sale with collectible Debt Shkir, If you could post the letter that would be very helpful since I am still going through the negotiation process. Very much appreciated! -ShortinPA

05-19-2009, 05:36 PM	#29 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Bank of America - Short sale with collectible Debt shkir, Congrats! Thanks you so much for posting your story. I'm 4 months behind on my mortgages and just started the short sale process. I had completely given up any hope of finding any way out of this mess besides bankruptcy because my state (Nevada) allows for deficiency judgments and I just can't have that. I really don't want to have to resort to BK because my only debt is my house. Your story gives me hope and as you said, I'm going to FIGHT FIGHT FIGHT! I would love to see your letter. Thanks!

05-21-2009, 08:52 AM	#30 (permalink)
shkir Junior Member Join Date: Feb 2009 Posts: 4	Re: Bank of America - Short sale with collectible Debt Sorry for taking so long to respond. I'm posting the letter now. I've editted out my personal information, but everything else is there. ok...maybe I'm retarded. I can't figure out how to do the attachment, and I WORK with pc's for a living! I hit the attachment icon, and it's just a screen that shows a legend. Hmmm....I'm going to just hand type the letter below. I'm not sure if I can post my email address, if anyone knows, let me know. I'd have no problem emailing the letter to people to see. I know it's NEXT TO IMPOSSIBLE to find this online dealing with BofA. This letter confirms Bank of America's agreement to settle the above-referenced loan on the following terms: Bank of America agrees to accept $147,200.08, including a cash contribution of $5,000.00 from Shakir, in certified funds as payment in full of the Loan. Upon the Bank's receipt of the payment of $147,200.08, the Bank will report the account to the credit bureaus as "Settled," with the explanation "Account legally paid in full for less than the full balance," and remove the 30, 60, and 90 day late from Shakir credit report. Bank of America will waive balance due on the above referenced loan and release Shakir from all further obligation therein, and waive all right to pursue further judgement or deficiency, once the Bank is in Receipt of the payment of $147,200.08. Please note that any subsequent refund received by the Bank will be applied to the outstanding balance of the loan. In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue Service as required by the Revenue Reconciliation Act of 1993. You may want to discuss the tax ramification of this reporting with your accountant. Please confirm your acceptance of the terms stated in this letter by signing and dating the enclosed copy of this letter on the line below and returning the signed copy with your payment to the address stated above. If the Bank does not receive this signed agreement and the payment specified in this letter by 12/30/2008, this offer becomes null and void. And there you have it. The full letter that I signed, sent back to them, and now am buying again! The thing I realized the other day was this, they Bank didn't DELETE the late payments, they blocked them. Which, actually is kinda hurting me as I look. Because when my credit is pulled now, they see my file for Bank of America mortgage as good good good, then blocked for a few months, then paid and closed. So, I'm starting a dispute now to get that unblocked, and updated to just say 'Paid on Time' for those months. Also, one thing I learned with my loan also, which caused the most pain. I was in some special loan program with BofA, which gave me a special rate, and low down payment when I bought my house, and a loan they kept fully inhouse. SO, when I was doing my short sale, it actually HURT me. I was told be the manager in the Loss Mit. department, that had I NOT been in that program, my short sale would have been approved and completed months before we finally came to an agreement. My total difference between the loan balance, and payoff was about: $126,000.00. Houses in the area of Phoenix I lived in FELL like a ROCK! They have since fallen about another $30,000.00 since then. - Shakir

05-21-2009, 06:01 PM	#31 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 166	Re: Bank of America - Short sale with collectible Debt Thanks so much Shakir. My house is being listed at $152000 and I owe about $308000. I hope I can get a similar outcome! Thanks for posting!

05-28-2009, 08:20 AM	#32 (permalink)
ShortinPA Member Join Date: Jul 2008 Posts: 17	Re: Bank of America - Short sale with collectible Debt Shakir, Excellent post. It is IMPOSSIBLE to find BofA stuff like that online.

05-28-2009, 08:51 AM	#33 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Bank of America - Short sale with collectible Debt ShortinPA Copy and paste it or use the print feature under the thread tools.................please do not post any personal contact info on the forum as it is against the tos of this anonymous forum. thank you __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-12-2009, 11:52 AM	#34 (permalink)
sheila1 Junior Member Join Date: Jun 2009 Posts: 4	Re: Bank of America - Short sale with collectible Debt Does any body know what the rules are in VA about short sales?

06-16-2009, 08:21 AM	#35 (permalink)
rickeb1 Member Join Date: Jun 2009 Posts: 6	Re: Bank of America - Short sale with collectible Debt This is outstanding information that I could not find anywhere else - thank you very much! We are in a similar situation with BofA with an Arizona property. Does anyone know how to contact the Director of Loss Mitigation at BofA? We keep getting the runaround when trying to reach someone with authority there. Thank you!

06-16-2009, 06:42 PM	#36 (permalink)
theylive Senior Member Join Date: Feb 2009 Location: Florida! Posts: 35	Re: Bank of America - Short sale with collectible Debt Thanks for posting your letter shkir. Did you have an 80/20 both w/ BofA?

06-21-2009, 10:23 AM	#37 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt One of my clients is in an exact situation as I've read described here. She received two approval letters, she's fine with the verbiage on the first letter but not the verbiage on the second letter. B of A refuses to change the verbiage or give her the same approval letter for both her first and second loans. We have a P&S agreement we've been working with for three months now which gives B of A most of their money. My client has refused to sign the second approval letter so B of A says nothing they can do. We've worked with multiple loss mitigation case workers since February and have received different information from each of them. At one point my client's file was assigned then unassigned to three different case workers in one day! We just learned that her current case worker is no longer at B of A with the bounce back notification received after sending him an email. The supervisor assigned to her case is unresponsive. After that she learned they sent her file to another department without her permission, notification, etc. so I don't know where it is right now. At one point I sent emails to the person I found as the VP of loss mitigation but I've since not been able to locate that email. I assume the VP may have changed in the last three months given the whirlwind changes that seem to be going on internally at B of A. Does anybody have a current phone number or email of the VP for the loss mitigation? If I can locate my information I'll post it. I, too, received no return calls or emails but a supervisor did get involved immediately after I began blowing up the email and vm of that VP. In our position, B of A is saying they'll do better by foreclosing on my client. That is absolutely incorrect. Conservatively, they'll lose more than $50,000 if they choose to stick with that route and that doesn't include any holding costs, foreclosure fees, employee salaries, etc. This is a financial issue and these are financial institutions so it's certain there are reasons (unknown to me right now, probably unknown to the general public right now) why allowing so many properties into foreclosure is financially more beneficial than working out short sales with homeowners. I have my own theories but that a topic for another forum. So again if anyone can post contact information for the VP of loss mitigation that'd be helpful. Or any other escalated contact information that can get sticky wheels moving. Appreciate the informative string!

06-23-2009, 03:33 PM	#38 (permalink)
Drew0111 Junior Member Join Date: Jun 2009 Posts: 2	Re: Bank of America - Short sale with collectible Debt Seagirl your story sounds just like mine. Supposedly the negotiator's can only call out. They can not reply to emails. I was told it is to prevent viruses in their system, I think it is so nobody can document all the misinformation they are giving out. I am so frustrated I want to let all these experiences be know to Congress or some agency that can do something about it. Here we have Obama saying STOP THE FORECLOSURES at any expense. Then you have B of A who got Billions of dollars in tax payer bail-out money, doing everything they can to get everylast drop of blood out of there distressed borrowers. I would like to find a way to let our goverenment leaders know about this thread so they know exactly what the big bank is doing. Bank of America is the only lender not letting its borrowers off the hook. Something needs to be done to stop this, and quickly!!

06-23-2009, 06:34 PM	#39 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt Drew0111, not sure you received my last posting which I sent from my BlackBerry so I'll repost. If you search Twitter for Patricia Pikul you'll find telephone and email contact information (the VP Manager of B of A's Loss Mitigation Department). My client received an immediate phone call after I sent an email to Patricia Pikul, Richard Shults, Nicole Miljour, and Alicia Crenshaw on behalf of my client and sent a cc: of the email and 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.

06-24-2009, 02:21 PM	#40 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt 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.

06-24-2009, 09:27 PM	#41 (permalink)
rickeb1 Member Join Date: Jun 2009 Posts: 6	Re: Bank of America - Short sale with collectible Debt As I mentioned, I am in a very similar position, trying to get a short sale done for a property in Arizona and trying to get BofA to give me a settlement letter instead of the standard "collectible debt" letter they keep insisiting I sign. Following Shakir's advice about going up the chain of command got my loan analyst to suddenly take an interest in my case. After many conversations and showing her Shakir's settlement letter (taking his name out of it first, of course), she is now to the point where she has agreed to pursue getting me a settlement letter... IF... I can tell her who from BofA actually signed Shakir's settlement letter, so that she can go to them and figure out how to get it done. Shakir, can you possibly tell me who actually signed your settlement letter? By the way, this forum and this thread in particular have been a lifesaver for me! I might have been tempted to sign their "collectible debt" letter if I hadn't read all of the great information here, so thank you all very much! ~ Rick

06-25-2009, 10:32 AM	#42 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt I would like my client to try Shakir's letter as well. Shakir, would you please post the name of the person who signed your letter? That would be great! Vice President and Loss Mitigation Unit Manager: Patricia Pikul, 716-635-2000 or patricia.pikul@bankofamerica.comPatricia's assistant: Tanya at 716-635-7169 Rick Shuls, B of A Loss Mitigation Manager/Supervisor: richard.shults@bankofamerica.com or 716-635-7190 Nicole Miljour, nicole.miljour@bankofamerica.com Alicia Crenshaw, alicia.crenshaw@bankofamerica.com

06-25-2009, 10:42 AM	#43 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt Name spelling correction to my previous post: It should be "Rick Shults".

06-25-2009, 03:17 PM	#44 (permalink)
Drew0111 Junior Member Join Date: Jun 2009 Posts: 2	Re: Bank of America - Short sale with collectible Debt Seagirl do you have the email addresses to the federal government departments that you CC'ed your request to? I have permission from my seller to push as hard as I can. I am also going to send copies to congressman George Miller, Diane Finestien, Nancy Peloci, and who ever else I can think of. If nothing else I want to make some noise about what Goliath is doing to the little people. I agree with everything you are saying about Bank of America. Maybe I should call some of the news channel's investigation Teams and really stir the pot...

06-25-2009, 05:41 PM	#45 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt Drew0111 and others: United States Senate Committee on Banking, Housing, & Urban Affairs United States Senate Committee on Banking, Housing and Urban Affairs : Contact Better Business Bureau Contact Us - U.S. BBB Washington State Governor Chris Gregoire Contact Governor Gregoire

06-25-2009, 05:56 PM	#46 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt Drew0111, Regarding: "... I am also going to send copies to congressman George Miller, Diane Finestien, Nancy Peloci, and who ever else I can think of. If nothing else I want to make some noise about what Goliath is doing to the little people. I agree with everything you are saying about Bank of America. Maybe I should call some of the news channel's investigation Teams and really stir the pot... " Go for it!! I'm with you. The public would be well served to know what's going on. The government could do with hearing some shout-outs about how that $1000 lender short-sale incentive (silly at best) etc. IS NOT working. They gave these financial institutions bailout funds and homeowners (who this was supposed to help) are not receiving the benefit. Give them over $20 billion dollars and they apparently forget how to answer the damn telephone or return emails or voice mails.

06-29-2009, 10:30 AM	#48 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt Yes Shkir please reconsider posting the name of the person who signed your letter, or providing that information someplace else that we can access. My client and I has sent and continue to send her version of your letter to VP of Loss Mitigation Dept. Patricia Pikul and some others but she has received no response yet. Our buyers have been on the line with this property since March. They've sent thousands on inspections, loan extension, etc. The seller just wants to sell the property. The only issue preventing this the verbiage in that damn second Approval letter. As B of A admits that most of their short sale transactions fall apart after the homeowner receives the Approval Letters, it would be a Godsend to learn a successful channel through, around, over, or under the brick wall of denial. Everybody, feel free to send your communications about your individual transaction to Patricia Pikul. She does oversee the Department. I have posted her contact information in a previous post. It is frustrating how limiting the construct of this forum is. It's a good place to post information but a poor place to actually "communicate".

06-29-2009, 08:35 PM	#49 (permalink)
ShortinPA Member Join Date: Jul 2008 Posts: 17	Re: Bank of America - Short sale with collectible Debt The problem is that BofA doesn't usually sign those letters. The end reads the same as the "Collectible Balance" version: " Sincerely, Short Sale Team - Loss Mitigation" However, the contact info of the woman who had the authority to do that would be helpful. On the face of it, maybe it was Paula?

06-29-2009, 08:53 PM	#50 (permalink)
Seagirl Member Join Date: Jun 2009 Posts: 15	Re: Bank of America - Short sale with collectible Debt ShortinPA, I haven't dealt with anybody named Paula. Yet.

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