Joplin, MO Real Estate Professional : SNEAKY.....BANK OF AMERICA.......LOAN MODS.......... TAKES THE CAKE...........

SNEAKY.....BANK OF AMERICA.......LOAN MODS.......... TAKES THE CAKE...........

I am just trying to help spread the word!!  I am not alone in thinking something needs to be done about Bank of America!!

I have clients that have been negotiating a loan modification with this bank for 1.5 years now. They have sent in all that has been required and requested and then they have sent it in again and again.

In addition, they have been in contact with this Bank 1-2 times a week for over 14 months trying to get the case closed and settled. After repetitive contacts and visiting with all the different departments and of course the famous on hold for Guinness record times......they state that the mod is FINALLY going out in 2 weeks.

Four weeks go by and then packages arrive from BofA. Two are identical with pre-paid FedEx envelopes. They are applications inviting us to start the procedures all over again. ALL OVER AGAIN. Four days later, a duplicate package is sent as well by regular mail. Another arrives two days later.

After everyone on my end who is involved gets out their frustration, blame, and all the rest of it,... the paperwork is immediately filled out and sent out the next day.

One week goes by and they move the status of the loan mod from negotiation's to sale date without notice. The reason given is that they have not received any paperwork back. Careful pressing of the issue reveals that it was sent back and timely too. VP of department cancels sale date.

Further investigation reveals that there is a phone log indicating constant contact and requests for closure on the subject matter going back over 1 year. There is also a false entry that indicates their package went out 30 days ago when it has only been 1 week. Those records helped forestall a Trustee sale, but also say a lot about BofA.

My clients tried to negotiate all this prior to any problems taking place. At the time, the bank advised them to go into foreclosure and then they would qualify for the different programs. Following their prompt, procedures, directions and suggestions brings me to this point in time......

NEWS-BREAK:.....I was going to post this with the above paragraph being the last paragraph. We just found out that a Trustee Sale took place without notice. The house has been sold. Further investigation reveals that the house mortgage of $475k sold to a third party at auction for $225K. My clients submitted paperwork proving that they could afford the the home with a modest adjustment. 

Math of deal for statistics purposes:

Invested $600k in 2006

Owes $475K currently

House sold $ clients are now squatters and have 3-days to get out



Richie Alan Naggar          Ran Right Realty       Riverside, Ca

Barbara Calwhite


Barbara Calwhite, Broker-associate
Keller Williams Realty of Southwest Missouri
Cell Phone:  417-438-7387


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Comment balloon 4 commentsBarbara Calwhite • June 10 2010 07:30AM


The agents in my office won't do business with BOA.....we advise our sellers of the horror stories if an offer comes in with a pre approval letter from that bank....the buyers are requested by the seller to change banks.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) almost 10 years ago

Thank you Barbara (and Barbara) and know that people who are suffering at the hands of lenders and banks that are destroying families and neighborhoods thank you too.......

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 10 years ago

Thanks for helping spread the word on Bank of America! We all have crazy bofA stories to share and yet nothing ever changes! It is ridiculous how they are handling these properties.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) almost 10 years ago

Happy Independence Day!

Posted by Russel Ray, San Diego Business & Marketing Consultant & Photographer (Russel Ray) almost 10 years ago