How I was able to speed up a short sale with Bank of America

April 3, 2010 at 4:57 pm 9 comments

A month back, I wrote a letter to the Bank of America CEO Brian Moynihan seeking assistance with an overlong short sale saga involving his bank.
The short sale had gone through eight negotiators, three buyers, and two foreclosure postponements for nine months and counting without a resolution.
On the same day that the letter was received, a woman from Moynihan’s office called me, asking me to fax the documents and promising to assign the short sale to a senior short sale negotiator to expedite the process.
A month after that phone call, the short sale has still not been decided and is being acted upon slowly. So much for the so-called “Senior Negotiator.” I don’t feel that the file has been given any priority handling, despite the attention from the CEO’s office. It feels like nothing is different from the way a regular negotiator would handle the file.
I am frustrated and close to providing this story to the media. If the CEO cannot do anything about his employees, who can? Any suggestions are appreciated.
Update: Yesterday, I emailed the senior negotiator’s supervisor, CC’ed the CEO, and mentioned that my story would make a good media story. The supervisor called me instantly, clarifying the situation and saying she has instructed the senior negotiator to finish the task today. The file will be decided the next business day. Since then, the senior negotiator has been in contact with me via phone and email today to move the file forward for a decision. I am very grateful and happy that my short sale request has been prioritized.
Update: The following week, the short sale was approved without any promissory note or upfront cash from the seller. It took less than two weeks from the time the Sr. Negotiator received the file to get it done. I am delighted to end my ten month short sale saga with a clean approval. By the way, the Sr. negotiator was pleasant to talk to and made me feel like my file was the only one she is handling – which is sssoooo good.

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Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , .

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9 Comments Add your own

  • 1. mida bui  |  May 18, 2010 at 7:03 pm

    That’s how I felt , lot of greed from banks and that’s why I tried to deal with credit union non profit banks. Karma Karma to them I don’t feel sorry for any bank that fall! I was lucky I got my house within the price I could afford and still loving it.

    Reply
    • 2. arizonabargainhomes  |  May 18, 2010 at 10:41 pm

      Congrats on your new place. Unfortunately, the lender rules and will determine the future of the real estate market. Lenders approve the short sale, loan modification and REO’s which make majority of the inventory. Beware of putting your money into big banks. They are too big to manage.

      Reply
  • 3. James  |  September 29, 2010 at 4:06 am

    Landers approve the short sale?! Realy!
    Where are you from….

    I made an offer on a short sale, in cash, one payment in full of the asking price.

    The SOB’s from Bank of America have not responded.
    Bank of America is suggar – you piss on it and… voila, tea is ready!

    Reply
  • 4. Callin K  |  December 7, 2011 at 2:18 pm

    Would you be able to help me get in contact with CEO Bryan Moynihan?

    Currently in our own Short Sale debacle; have been waiting for 5+ months; and have more or less given up. Even the listing agent for the seller seems to have given up on calling the bank because they are not getting anywhere.

    I’d rather get the house than go to the media!

    Reply
    • 5. arizonabargainhomes  |  December 7, 2011 at 4:16 pm

      Callin,

      Sorry to hear about your experience. I have sent you an offline response. Thank you for visiting my blog.

      Maria

      Reply
  • 6. Jaymes  |  December 7, 2011 at 10:25 pm

    I’ve been stuck in a short sale mess in CA since July 22, 2011. so I’m almost at 5 months into this and the house goes into foreclosure in another month. Any contacts you can give me would be greatly appreciated. Maybe if Moynihan gets enough letters he’ll hire more staff to get these short sales cleared. Thanks for your help. Jaymes

    Reply
    • 7. arizonabargainhomes  |  December 8, 2011 at 9:41 am

      Jaymes,
      I sent you an offline response. Thank you for visiting my blog.

      Maria

      Reply
  • 8. Michelle  |  March 6, 2012 at 12:59 pm

    Maria,
    I too have been stuck in a short sale, the funny thing is the bank offered the house as a short sale, now even after appraisal they came back and said 2 to 4 weeks and they will decide on my offer. The problem is , i will lose my funding if they don’t speed this up.
    I have about 66 days left and then i have to start all over. This house is perfect for me and my kids.
    Could you please send me the contact information for the CEO at BoA?

    Reply
    • 9. arizonabargainhomes  |  March 7, 2012 at 9:40 am

      Hello Michelle,
      I’m sorry to hear about your situation. The email I used was that of BofA CEO is Brian.t.moynihan@bankofAmerica.com. The executive customer relations number is 800.669.2443. I have been successful with emails in the past. Mention ***URGENT HELP*** in your subject line with the account number and seller’s name. However, the request should come from the listing agent or seller’s authorized negotiator. Good luck! Let me know how it turns out.

      Maria

      Reply

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