Well, this article might not have anything to do with Short Sales per se, but anyone who reads this blog regularly should be well aware of my disdain for Bank of America, so it's certainly worth posting.
Forwarded to me by an associate yesterday, this story really seems to be picking up steam in the national media. A woman in PA came home to find her house had essentially been "winterized" by Bank of America - the process in which a lender protects a home after it has been foreclosed or abandoned, by changing the locks, shutting off the water, etc. Of course, the obvious problem here is that the owner of this particular home was current on her payments and very much still living there. The article details the mess that has since - and understandably - ensued.
Others are starting to come forward with similar stories - one couple in particular who had this happen to them actually paid in cash for their home and didn't have a mortgage period, let alone one with BofA!
I understand though. As a customer of BofA myself, I received a notice about year ago advising me that my short sale had been denied, due to a lack of paper work. Makes sense, since I never submitted a short sale! Turns out there was a mix-up because our firm had so many files in their system with me listed as the point of contact.
These stories are horrible, but I'm glad they're coming out. Once the housing market recovers and people begin buying and refinancing again, they're going to be looking at far more than rates when choosing a mortgage company. They're going to be looking at customer service and loss mitigation practices as well. Those lenders who are being reasonable with their customers, will do well. Those like Bank of America, will not.
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