Wednesday, September 23, 2009

The drama of Bank of America / Countrywide

Did you know BofA / Countrywide now services over 50% of the home loans in the United States? This is scary because they are totally disorganized and irrational!
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For fun, I thought I would share with you a journal of my experience on one of their accounts.
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7/28/2009
We are finally given an email address for sending in our documents. At this point I have already faxed all documents in three times. Yes, I put the account number on the top of each page.
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8/6/2009
Local agent called and was doing the BPO today.
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8/9/2009
BPO is not returned yet. A negotiator will review the file on September 2nd.
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8/17/2009
BPO not returned to the bank yet.
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8/19/2009
BPO not back yet.
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8/20/2009
No negotiator is assigned yet. They sent an escalation request. Should be completed in 5 to 7 business days.
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8/26/2009
Nothing new, no updates. But hey, got to be on hold for a very long time.
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9/1/9
All documents are in, it has been escalated. But no new information.
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9/2/9
15 minutes on hold, had to hang up...meeting time
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9/2/9
No negotiator on file yet.
BPO is in.
NOT a Fannie loan
BPO was uploaded on 8/26
She is sending an email to her supervisor to see what is going on, including my contact information.
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9/8/9
Rasheda was very helpful, even gave me her email.
No negotiator assigned yet.
BPO is uploaded, but no progress
Did a 2nd escalation request. Cuz ya know, the first one did so much good.
Going directly to management via email.
Told me to email her on Friday to get an update.
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9/14/09
Notice of intent to foreclose expires on 8/16/09 and was I calling in to make a payment?? HELLO! I am the Realtor, not the borrower!
Transfer to short sale department.
While on hold I sent an email to Rasheda, it bounced. Either she no longer works there or she gave me a bad address.
On hold again. She was going to send another escalation request, but if they do that it will cancel out the first one and we will be even farther behind. The escalation request will expire on the 22nd, so I should call on the 23rd.
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9/14/09
Just for kicks I am calling back to see what kind of variation on the original story I can get.
Beatrice informed me there are no new updates and I should call back on the 23rd. At least that date seems to be a consistency.
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9/17/09
No new updates, I should call on the 23rd. Hey, there's that date again!
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9/18/09
Transferred a few times, and what do you know? NOTHING NEW!
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9/22/09
I am now being told the reason we are having such a long delay for a negotiator is because this is a Fannie Mae loan. (see noes from 9/2/9). Only certain negotiators can do Fannie loans. However, nothing new is noted on the account.
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9/23/09
Jennifer informed me that the file was not pending assignment and that was a new update as of today. The file is in valuation review. They have the wrong offer on file, but I said nothing. The correct offer is $13,000 higher. I have told them multiple times which offer they should have, the other two were dead....buyers walked. If I tell them they have the wrong offer I will have to fax the new one over and it will delay progress. Once I get a negotiator I will talk to her or him directly and present the newest offer.

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