Successful Short Sale with Bank of America

For Bank of America Short Sale,The borrower must have a current or eminent financial hardship and the loan must be delinquent.

Sample BOFA Short Sale Success

1.Sounds to me as if BofA and Countrywide are still slightly different departments. I have just had an approval for a short sale with BofA and am pursuing a modification with Countrywide and they are definitely different folks, numbers, proceedures, etc.

For my BofA short sale approval, it was purchase money on a vacant lot. Details are as follows:

- Pretty sure there will be no deficiency judgment based on the above.
- They will issue a 1099c.
- We are paying off just under 70% of the loan with the sale.
- We are not having to come up with any cash ourselves.
- Purchase money in CA and I believe it stayed in house and wasn’t sold.
- They have agreed to “settled paid in full for less than the full balance”.
- We got the approval in less than a month from the time an analyst was assigned.

We are really lucky based on what I am reading elsewhere but we did have some leverage because there were some legal situations that needed our cooperation in order to solve so we used this to negoatiate and get the approval fast.

2.Here is the latest with our short sale attempt with Bank of America, in case it is useful to anyone. The day after I sent an email to Patricia Pikul (V.P. Bank of America Loss Mitigation ), I got a phone call from Rick Shults. I explained again about Arizona being a non-recovery state, and that we would be giving up our rights and protections under Arizona law if we were to agree to the collectible debt letter. He insisted that we would not be giving up any rights or protections, and that if the Recovery department ends up not being able to recover anything, than that the way it will go.

This sounded good, but I was still very leery. So, I went back to my attorney, who practices in Arizona and is familiar with these laws. I sent her copies of the collectible debt letters, called her up, and discussed it in detail with her. After studying the letters, she was very strong in her recommendation that we should NOT agree to make our loan a collectible debt. She said that despite the assurances of Mr. Shults, we would indeed be giving up our rights and protections under Arizona law if we agreed to this letter.

So, back we go to Loss Mitigation to see if we can get anyone there to understand that this collectible debt letter is NOT appropriate for a property in a non-recovery state. Frankly, there is a part of me that feels that BofA is being very, very deceptive in trying to get people in non-recovery states such as Arizona to agree to these collectible debt letters. On the other hand, maybe the Loss Mitigation folks just dont know about this, especially since the Recovery department, which does seem to know, is a completely separate department, and there does not seem to be much communication between the two.

Tips for BOFA Short Sale

I had a short sale with Bof A that closed in December of 2008. I also at received that first letter, where they wanted to charge it off as collectable debt. I told them to go eat something….that I was in AZ, an anti-deficiancy state, and would thus be giving up my protection under Arizona law, and it’d be better for me to have them just foreclose on the property, and lose MORE money in the process.I KEPT to my guns, and ended up finding the phone number and email address to the VP of the Loss Mit department at BofA. I was pissed, because my loss mit, supervisor, and manager would NOT return phone calls.

Make them get the Recovery department on the phone, and have them listen to the outrageous repayment plans they want you to do. I proved to them, with their repayment plans, I would have just KEPT my house if I could have afforded that.

The most important thing in a short sale is your relationship with the real estate agent. Is he a specialist with short sales? If not, that can be a problem. Also, since you have listed all that he has brought up that you’ll need to pay, it makes me wonder if he has listened to you – like, “Hello, we’re broke! We need to short sale the house because we’re trying to do the right thing!”

Contact numbers for BOFA

Here’s the contact numbers, mailing address of CEO, Pres And Executive of BA and their negotiators and senior management.

Negotiators:
colleen.haggerty@bankofamerica.com,
britney.w.sheehan@bankofamerica.com,
nicole.nastacie@bankofamerica.com,
keith.banks@bankofamerica.com,
michael.jones@bankofamerica.com,
bradford.r.dinsmore@bankofamerica.com,
michelle.shepherd@bankofamerica.com,
maryellen.baker@bankofamerica.com;
kacie.miller@bankofamerica.com;
david.kozik@bankofamerica.com;
melissa.a.henderson@bankofamerica.com;
bitha.mackellar@bankofamerica.com;
annabel.lopez@bankofamerica.com;
juanice.neal@bankofamerica.com;
minerva.roman@bankofamerica.com;
jeremy.roberts@bankofamerica.com;

EXECUTUVES-
brian.t.moynihan@bankofamerica.com;
steele.alphin@bankofamerica.com;
joe.price@bankofamerica.com;
walter.e.massey@bankofamerica.com;

BA Customer Advocate:
William De Leon – william.deleon@bankofamerica.com

Negotiator:
Jamie Garnett – jamie.garnett@bankofamerica.com
Senior Management –
dan.b.frahm@bankofamerica.com
adam_herson@bankofamerica.com;

Customer Advocates:
Khara Turner…800-601-2522 ext 8560, khara.turner@bankofamerica.com
Kacie Miller …800-601-2522 ext 8559, kacie.miller@bankofamerica.com

Negotiators:
David Kozik…800-405-0078, ext 3047, david.kozik@bankofamerica.com
Pam Preciado 800-669-2443 ext. 5105
Cesaer Ramos 800-669-2443 ext. 3592
Clint Vale (negotiator Andrew Kane’s supervisor) (972)498.2561
Heidi McNaughton—1st contact of President Barbara. Desoer
1-800-669-2443, ext. 3392
fax—1-805-520-5414

Melissa A. Henderson (Negotiator)
Senior Operations Analyst
Office Of The Chairman – Home Retention Division
Bank Of America
LA-LM ADMIN PL
800-405-0078 x 3057 Office
866-619-4249 Fax
450 AMERICAN ST
Mail Stop: CA6-921-01-09
Simi Valley, CA 93065
melissa.a.henderson@bankofamerica.com

Cynthia Cutarez HEAD OF HOME RETENTIONS (CA) Direct Line
661-951-5939

Tabitha Mackellar…Senior Collector…(800) 405-0078 X5583
tabitha.mackellar@bankofamerica.com

Annabel Lopez…Customer Relations Advocate..(800) 669-2443 X2710
annabel.lopez@bankofamerica.com

Juanice Neal…Customer Relations Advocate..(800) 669-2443 X5034
juanice.neal@bankofamerica.com

Steven Nielson Customer Relations Advocate..(800) 669-2443 X7810
Customer Relations Advocacy… (800) 669-2443 X2773
Jessica Gadeng (not sure of spelling)…Senior Collector..(800) 405-0078 X5667

Here’s some FHA Negotiators numbers…I think they are located in Texas..
Minerva Roman (972) 498-6485
minerva.roman@bankofamerica.com

Jeremy Roberts (972) 498-6701
jeremy.roberts@bankofamerica.com

Bank of America’s CEO
Mr. Kenneth D. Lewis
100 N. Tryon Street
Mail Code NC-1-007-18-01
Charlotte, NC 28255
CEO – ken.d.lewis@bankofamerica.com

President – barbara.j.desoer@bankofamerica.com

Successful Short Sale with Bank of America Relate post:

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