Bank of America has announced that they will be cutting 30,000 jobs or 10% of its work force. This means that there will be fewer employees to handle all aspects of their business. I have been unlucky enough to have had to deal with BOA many times and while I have had a surprise here and there for the most part they are the slowest and worst bank to deal with when it comes to short sales. We had a meeting once where our entire office was invited to a seminar hosted by BOA and when the speaker who happened to be a negotiator had a Q&A with us, I asked why they denied a short sale only to sell it as a foreclosure for a lot less. The speaker answered my question with a question which was “Was the seller an investor” I replied yes. She then said that they don’t accept short sales from investors who make bad decisions only from owner occupied sellers. I then replied that by punishing my seller/ investor they also punished their investors/stock owners who could have received a higher amount for that property. The speaker did not know what to say so she ignored my comment and moved on to the next question. I think BOA is in this situation because they make bad decisions. To attempt to punish an investor by not allowing a short sale only to sell it for less is basically cutting off your nose to spite your face. Now we hear that they are slashing 30,000 jobs because their investors have lost confidence, hmm I wonder why. Now a bank that is known for bad service in the short sale department will surely get worst and it may affect their costumer service in all fields not just the short sales.
