Per "Courtesy Call" from Bank of America...Deed In Lieu DENIED!
On May 29th I posted about contacting a client's elected officials for help with a Deed In Lieu with Bank of America.
The basics (all dates are approximate and based on "as memory serves")...
June 2008 Clients separated and put house on market as "regular sale",
July 2008 Husband goes active duty and moves to Germany.
August 2008 Contract Ratified and fell through
November 2008 "Quick Close" contract, client vacates property and moves back onto military base.
December 2008 Buyer "changes mind", contract falls through
December 2008 Bank of America says, "Stop making payments and we can discuss short sale."
Jan 2009 Short sale "Expert" Hired
March 2009 Short Sale "Expert" Fired for non-performance, NO contact with Bank of America since initial inquiry, no documentation received.
Jan 2009 through May 2010 The owner was sent to military schools for months at a time and then deployed to Afghanistan for a year. I was assigned Power of attorney to handle things in her stead and to relieve some of the pressure while she fought for our country. Bank of America delays cause 5 contracted buyers to give up and move on. In the meantime, owner receives an almost $500 Gas and Electric Bill for property no one lives in, realtor showing property had left back door open. Owner has utilities turned off, Realtor goes to drain lines...too late, pipes froze. Pipes Burst, Realtor pays to fix pipes and drywall for final contract, buyer concerned about quality of repairs and potential mold rescinds contract.
May 2010 Deed in Lieu Requested. Multiple phone calls, emails, more phone calls, Deed in lieu cancelled, short sale negotiator assigned (WHAT?), 'escalated and deed in lieu requested over and over....
October 2010 Blog Post written about Bank of America's Incompetence
April 2011 Deed in Lieu negotiator assigned, all paperwork submitted as requested.
May 2011 Front foot assesment lien must be paid to move forward with Deed in Lieu process, lien paid, inspector sent to property determines property not in "broom swept condition".
May 12, 2011 Excerpt from email by Deed in Lieu Specialist:
Our written inspection and pictures are the property of the bank and can’t be provided to you. If you would like to view the damage and the debris you can return to the home. The debris can still be removed by you or the lanes. I am currently waiting for the total cost for the removal of the debris. The Bids will be submitted to HUD for approval. This will slow the (DIL) Deed in Lieu process. We are still in the process of reviewing the request. When I have a decision I will contact our borrowers directly.
May 19, 2011 Blog post written after a visit to the property to determine what the inspector saw.
May 25, 2011 Blogs about situation sent to all elected officials in clients district
May 25, 2011 Call from Maryland State Delegate, info forwarded per conversation to Maryland Bankers Association. Call from Banking Association Rep and Bank of America "Office of President", "looking into situation."
June 1, 2011 "COURTESY CALL" from Escalation Department to let me know that the Deed In Lieu had been denied as of May 14th due to property condition. No documentation/communication received by me (Power of Attorney) or the clients.
Rest of Conversation (by memory, not in a place to take notes) between Escalation Specialist (ES) and ME
ME "No documentation has been recieved by homeowner or myself. Any idea why?"
ES "I don't know. I don't know who escalated this, I am just making a courtesy call, but it was denied by the Deed in Lieu Negotiator on the 14th.
ME On the 14th? This is ridiculous! [considering email rcvd from Deed In Lieu Negotiator on May 12-see above], what happens now? What is the next step to get this property that has been vacant since December 2008 taken care of?"
ES I don't know, that would be handled by the FHA, VA Deed in Lieu Department I can't help you, I will have them contact you.
ME When should I hear from someone?
ES I don't know, I will forward your request for a call to the department that handles it.
Looks like I have MORE phone calls to make tomorrow!
I just don't understand. As you can see by the excerpt from the negotiator, she wanted to deal with the owner's directly. I wish I thought that would help! I am wondering why I seem to care more about bringing this to a resolution than Bank of Amrerica and HUD? I have absolutely no stake in this property, there is nothing for me to gain here. I am not being paid, nor have I been paid for the last 3 years of involvement with this property. After 3 years, it seems kinda silly to give up now....we are just so close! HA!
Spoke to contact at Bank of America, she doesn't know why I got that call and hopes to be able to contact me shortly (definitely not today) to determine where we go from here. She is not a deed in lieu expert. I told her that it sure seems that there are no experts in any part of this process at Bank of America!
I also followed up with Allison at the Maryland Banking Association, she is going to nudge BofA from her end to see if we can get a resolution.
Per "Courtesy call" from Bank of America...Deed In Lieu DENIED!
Bridget McGee Maryland Mortgage Mama NMLS# 196068 SWBC Mortgage. 410-960-2061 EHO email@example.com or www.marylandmortgagemama.com
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
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