I received a call yesterday from one of our Short Sale negotiators about a conversation
that she had with a Bank of America Loss Mitigator. She called to check on one of our files and was questioning the incredibly long time it takes to negotiate a Short Sale with them, when the loss mitigator levels with her and says literally “let me level with you here.” He explains to her that they are a shop of only 128 and that they closed over 90,000 short sales in August. He goes on to explain that they cannot keep people employed because their workloads are so great that “people go to lunch and never come back.”
I can’t imagine walking into a position where I thought I was going to have a few hundred files on my desk and in reality having a few thousand files instead. How do you get out of that pit? This would explain the cheerful conversations we have with loss mitigators from all banks. I know that anytime I call the banks I greet with a warm “How are you today?” and normally get a very cold “good” in response.
Bank of America earned 3.2 Billion Dollars in the second quarter of 2009, which seems like a lot of money to me, certainly enough to hire a few hundred people to help negotiate all the short sales that are on their books. Maybe they should talk to some other banks that are negotiating these deals at record speeds. EMC would be a great start. They have a great system in place. Submit your package, call to verify their receipt, wait about a week for them to order the BPO and you will more than likely have an answer in about 30-45 days total, from start to finish. I wish they would all model after EMC.
