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Per "Courtesy Call" from Bank of America...Deed In Lieu DENIED! Update

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!

MORBID INCOMPETENCE!!

UPDATE 6/2/2011 

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.

FINGERS CROSSED!!

Per "Courtesy call" from Bank of America...Deed In Lieu DENIED!

 

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.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! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 6 commentsBridget "Mortgage Mama" McGee • June 01 2011 10:13PM

Comments

Bridget: This is absolutely disgusting and warrants a call to the local COngresswoman/man... terrible... someone needs to step in.. Hoe can ANYONE treat a memebr of our military in that fashion.. call your local news station. you WILL get results..

Posted by Gay E. Rosen, As Real as Real Estate Gets! (Julia B. Fee Sotheby's International Realty) over 7 years ago

When will it end??? From the discussions above it seems never. Sad sad set of circumstances.

Posted by Martha Brown, Your Homes Around Annapolis Agent (Long & Foster Real Estate, Inc., Annapolis MD 21403) over 7 years ago

Bridget, Bank of America is supposed to be getting better, it doesn't look like it to me. 

Posted by June Piper-Brandon, Piecing Dreams One Home at a Time (The Traczyk Team at Remax New Beginnings ) over 7 years ago

Bridget. Give Barbara Mikulski a call. Let her get her teeth into this one.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) over 7 years ago

Bridget, total incompetence, totally disgusting, what a mess. Honestly, I hope you get someone in the news interested, someone in government interested....

Let's me not even address the fact this is one of our brave people serving our country?

I am so angry right about now, seriously.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Gay,  Per the Maryland Bankers Association, any state and local officials will route the calls to her for assistance.  She did give me the go-ahead to contact Barbara Mikulski.  She just wants to ensure that I let them know that I am already working with her.

Martha,  We are so close!  HA!!  That has been what has kept me on this for so long, all the folks at Bank of America make it seem like they are going to handle the problem and they are just as surprised as I am...or maybe I am just too gullible!

June, I have had one realtor (the original realtor on this property) that has closed 10 short sales in the last year, 4 with Bank of America.  Too bad we can't just start over, maybe then it would have been done quicker!

Ellie, Barbara Mikulski is next on my list to call.

Andrea, I am almost over the anger, now it is just a matter of principle, I want to finish what I started! I have contacted Maryland elected officials, and now I am on to Congress!! It is a wonder I have any hair left!

 

Posted by Bridget "Mortgage Mama" McGee, Maryland Mortgage Mama NMLS#196068 (SWBC Mortgage 410-960-2061) over 7 years ago

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