Bank of America - what exactly is wrong with these people? My other shorts move along very quickly. The ones with BOA...man..I could cry a river. Thankfully one of my 4 with BOA has reached "phase 2" finally. I believe moving to phase 2 is just code for "the monkeys in loss mit have finally shuffled the paperwork sufficiently. It is now time to move along to a party with (hopefully) at least minor intelligence and decision making power"
Someone with experience with shorts with BOA PLEASE tell me what needs to be done to move BOA along faster than this.

Phase II, Well honey, that is the "joke stage". Spent 9 months there, would have been more comfortable in alcatraz I believe. At the end of phase II (which they claim is 30 day window for negotiator to wrap it up, get it to the investors and come back with something to go to phase III which is the closing stage." You will be given your approval with all the terms and conditions. In my case the approval include the MI company insisting the seller to pay $16K and we went another 4 weeks where they absolutely said there was no negotiating on the $16k so I lost my very first short sale deal!

BofA IS THE Wosrst, I don't get it what is their point in this market? Be patient - but don't focus on just this deal or you will go nuts!!!

I have been all the way to stage 2 when they closed the file due to me not providing paperwork back to them within 48 hours. I had to resubmit and start from the begining. AAAHHHHHHHH! I originally submitted this offer in December 2008. We are currently at the stage 2 negotiator, AGAIN. I am about to tell them to sell it themselves.

Good luck.I feel your pain. Oh, by the way I have three files with them. Yay me!!!

I currently have 6 shorts I am working - 4 of them with Bofa. This one has made it the furthest thus far. I guess I'm in for some good times!

I don't get it either - Why? Don't they want resolution?
Whats worse is that two of these 4 have come to me to short sell because Bofa wouldnt foreclose either. They were just waiting around for it to happen - never did. Whats up with that?

WTF is wrong with Bank of America?

I actually have a checking account with them. No wonder the fees keep increasing. They are screwed.

Sometimes there is just nothing you can do to speed things up. I have about 20 short sales right now and at least 50% - 75% of them are with BofA. I have had to escalate almost all of my BofA files to upper management due to some sort of issue with every file. It gets a bit ridiculous.

They will soon have an online portal so everyone can upload documents faster and the process with run much smoother. From what I understand, it's going to be very similar to the REO portals. This will speed the timeframe up where a short sale should only take aout two to four weeks. They should be rolling this out anytime now.

Len, I have heard about a better doc uploading system but not the portal. That sounds promising, I can't wait to see that.

I call on my shorts about once a week how often are you checking with yours?

I call mine about 2x a week. The last time I called they reminded me of when I had called & said there were no updates since. Mine is w/Wells Fargo, they did the bpo quickly but now are taking forever! The negotiator has had the file for over a month and has not updated any notes until a few days ago because I called & mentioned how long it had been. Now they need updated information & I have been waiting for his email for almost a week. It's all information that they already have except the financials which I know they have to be updated. It's crazy how long this process takes.

You get all the information they request and it takes soooooo long that by the time it has been reviewed they request that you need to update the paystubs and financials. Oh and by the way can you get it to us within 48 hrs or we will remove the file. Been there,done that....more than once.

Good luck to you guys and your shorts.

I think the government would be interested to know the kind of $#it the banks are putting the brokers/agents and the general public through.

It would light a fire under there #ss to get things done.
Maybe 20/20 would like a story on this.

Please keep us posted on the portal thing.

Super, I feel the same way. I would be more than happy to put a story out there with a major news channel or article. It would be like telling the story from the real point of view. I don't think the government would help much though. The government officials that are giving away this TARP money to these banks are not the smartest of people.

Oli - I have had that happen to me as well. They closed my file too! The phase 2 girl went on vacation and low and behold - grrr!!

I have gotten an email to set up an account with their online system...so far it hasn't done a whole lot of good. I've gotten 1 update from them via email - and when I asked them a question....no response back.