Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Someone At BofA Needs To Read This...Matt Vernon, Are You Out There?

Bob - I can hear the passion in your post.  This is the sort of thing that really brings home just how bad things are out there - especially for those that are running out of time.  Thanks for taking the time to share this with us.  Reblogging to help spread the word.

Someone At BofA Needs To Read This...Matt Vernon, Are You Out There?

Today, I was asked to participate in the Channel 12 News Loan Mod-A-Thon here in Phoenix, AZ.  Channel 12 (the local NBC Affiliate, particularly reporter Melissa Blasius) should be given an award for the coverage they've given the local real estate crisis in AZ.

In a nutshell, Channel 12 took it upon themselves to conduct an 18 hour "call center" today.  From 4:30 am-10:30 am, real estate and bankruptcy attorneys were available to take calls.  From 10:30 am to 4:30 pm short sale real estate agents and housing counselors were there to take calls.  From 4:30-10:30 pm representatives from banks were taking calls.

Needless to say, I was there for the 10:30-4:30 shift.  I was amazed at the call volume.  There were 12 of us taking calls, and as soon as I hung up the phone, it was ringing immediately.  My brain was fried after 6 hours of non-stop action.  That being said, I left totally amazed by the calls I had received.  While I was happy to help, I was also totally dismayed by the stories I heard.  The one bank that kept coming up over and over again was BofA.

The biggest heart-breaker...  A 75 year-old man that took out a HELOC in order to pay for his wife's cancer treatment in 2006 and his young grandson's cancer treatment as well (he lost both of them in 2008).  While he knew he would be ultimately responsible for his debt by signing on the dotted line, he NEVER expected the market to tank as it has.  He has tried for almost two years to get a loan modification through HAMP/BofA, only to be given the same song-and-dance that we hear of everyday.  He didn't have enough income (with his social security checks) to support a loan modification.  He tried to explain that he had spent all of his savings, 401(k), and retirement savings up to this point to make his house payments.  It didn't matter.  He didn't have an income to support it.  He is now faced with either short-selling his home, or walking away, and renting a home.  This, from a Vietnam vet and retiree, after 45 years with his company.  He can't stomach the thought of not owning a home.

Folks, I'm 41 years old, and I short sold my home in November/2009.  I have the luxury over the next 30 years of my life to get it back.  What about this guy?  How is he going to "make it back"?

This is what scares me... I would say that 50% of the calls I took today were from people over the age of 60, in danger of losing their homes.  In most cases, they borrowed against their homes in order to pay for catastrophic events in their lives, AND THEY ARE ALL SCARED TO DEATH.  They know that time is running out, and they are deathly afraid of the "legacy" they are going to leave for their descendants.

At the end of my "shift" today, we were asked to hand off our phones to the "bank representatives" from all of the major lenders (BofA, Wells, Chase, etc.).  The last call I took was from a lady that has been struggling with a HAMP modification for almost 18 months with BofA.  I told her, "You are in luck.  I'm going to hand you over to a BofA representative who can help you out".  She was relieved.

I put her on hold, gave the BofA representative all of her details, and sat back and watched to see that he followed through.  I wasn't going to leave until he picked up the phone.  15 MINUTES LATER, after screwing around with his computer, laughing it up with his other BofA cronies, etc., he finally made it around to picking up the phone and talking to her (this from a woman who had been trying to call in and finally got through after almost 12 hours of trying).

I left the building, sickened (but not surprised) with what I saw.  After 6 hours of hearing the frustrations of the non-chalant attitude of lenders (particularly BofA), I saw it first-hand, with my own eyes.  I've spent countless hours on the phone with people like this from BofA, but to actually see it first-hand really made an impact.

Folks, THEY JUST DON'T CARE.  Sad to say, but it's true.  

I've seen Matt Vernon speak of how BofA is changing directions.  Based on what I saw tonight, IT AIN'T HAPPENING. 

After seeing this, I pulled up the website for the Channel 12 News Loan Mod-A-Thon, and a viewer comment caught my attention:

Finally got through and talked to the Bank of America rep. Seems they hold all the power and don't want to work with the American public. Funny how they can keep saying that even though you were offered a trail modification that it can take up to 2 years for it to complete. Federal law states once approved and you make the 3 payments it becomes final. Guess I am gonna lose my house since I can not go out back to the money tree and pluck $11,000 off it. And I am upside down now $100,000. Thanks Bank of America you sure are helping us Americans out during this difficult time.

Matt Vernon, I hope you're reading this.  This is reality.  This is how your employees are treating homeowners.  I watched you speak at the CDPE Convention in April, and you said you were here to change things.  You also said that you take the time to read blogs about your company's performance.  Time to stand up or shut up.  It's now six months later, and it's like watching a damned re-run.

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Bob Hertzog

Summit Home Consultants

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Copyright © By Bob Hertzog 2010 *Someone At BofA Needs To Read This...Matt Vernon, Are You Out There?*


 

 

 


 

 

 

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

Comments

Great reblog.

Millions of Americans are hurting, no fault of their own. The financial tsunami is too massive to outrun. Yet, many valiantly attempt to do the right thing by applying for a loan modification or short sale.

Bank of America in return combines callousness and inefficiency to prolong the process. Their processing delays cause BOA and their investors to lose tens of thousands or hundreds of thousands of avoidable ADDITIONAL losses, per house!

While BOA tinkers with the file, the property continues to deteriorate, buyers back out, and the market declines. Sellers and Realtors nationwide are trying to help BOA mitigate their losses, but BOA seems content with the extra losses. Thereby many conspiracy theories have spawned that banks profit more from processing loans at the expense of the investors they represent.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 8 years ago

Dave  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 4 years ago

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Wishing you a prosperous and Happy New Year!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

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