Bank of America Abusing Troops!
We just received this very disturbuing letter about Bank of America abusing active duty troops and trying to steal their home by purposely sabotaging their short sale.
“Dear Banking Bad,
I am a real estate broker engaged with a buyer and seller, both of which are 20+year veteran military families with children, who are mid-way through a short sale with Bank of America in the 29 Palms area.
Although, there is no law against giving people the proverbial “run around” it has become apparent that BofA is internationally sabotaging the assurance and security of these families homestead, and personal finances.
I find it particularly disturbing that Bank of America accomplishes questionable and deceptive business practices toward families who have made the ultimate sacrifices abroad, and fought in the name of freedom, while protecting their very same freedoms to deal maliciously and abuse customers stateside.
Now, 29 Palms is notorious for being the predetermined destination for San Bernardino County to cache felonious parolees, sex-offender and substance abusers alike, as one of the highest concentrations of methamphetamine abusers per capita in California.
For military families receiving orders to this duty station, it is often discouraging, as secure on-base housing typically carries a multi-month waiting period to live curb-side to Lake Bandani, a open air cesspool.
For families with children, locating off-base housing in a safe neighborhood presents a considerable challenge here.
The majority of off-base rental properties in this region is in less than desirable locations, or far too dilapidated, and considered sub-standard for most families relocating. With an average home price at $75,000 and median household income at nearly $30,000 the area hosts minimal uplifting attractions.
An area devoid of the key demographics real estate investors would target for an opportunity of higher resale potential.
Late 2006, from hindsight, an unfortunate time to be a homebuyer, the Hay family received orders to 29 Palms.
Upon advanced housing search, finding limited prospects in the rental market, they elected to purchase, amid a hyper-inflated market, a robust home for $275,000.
Unfortunately, at that time, the market was poised to take a nose-dive.
Keep in mind, even well publicized markets such as San Diego, albeit much more resilient and economically favorable climate, still took depreciation hits of 50% on average or greater.
The Hay family, living on a single military income, was devastated to realize they were upside down by over $150,000 in less than 12 months of ownership.
However, being a faithful military family, they stayed the course. The Hay’s even decided (against better judgment) to extend at 29 Palms for 3 more years in 2010, with hopes the market values would return to the high desert – they never did, (today’s estimated value $125,000). The Hay’s received orders to Virginia in 2013, leaving behind an upside down homestead.
Currently, another military family occupies the Hay’s former home at (censored) and has submitted a VA purchase offer to Bank of America for fair market value.
Today, both military families are frustrated beyond words, given an exhausting 6-month long process, while dealing with automated systems, and transferred between representatives that consume hours of each day.
The process here is beyond reproach. While timelines are inadvertently moved back and “declined file” threats are issued at every juncture. It appears the short sale process is still as brain damaging and counterproductive as ever.
The only reassurance I can offer the family occupying the property is Title VII, Section 702 of the 2009 Helping Families Save Their Home Act, which permits the Bona Fide tenant to stay in possession for the duration of their lease, which coincidently, is the same duration as their duty assignment.
I look forward to BofA’s formal response…….
Semper Fi!” – (We think that is Marine speak for Always Faithful – Always Loyal – Maybe Bank of America should take this on with how they treat their customers