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Dec
23

Will Bank of America Lawsuit Affect the Las Vegas Short Sale Market?

By Kathryn Bovard

Catherine Cortez Masto, the attorney general of Nevada filed a lawsuit against  Bank of America accusing it of engaging in “widespread fraud” by misleading customers with “false promises“.  “Bank of America’s callous disregard for providing timely, correct information to people in ther time of need is truly egregious” stated Ms. Masto.

Former employees said that Bank of America’s modification staff was “chaotic, understaffed and not oriented to customers”, according to a news release. One former employee said, “The main pupose of the training is to teach us how to get customers off the phone in less than 10 minutes”. Another employee said, “When checking on a borrower’s status, I often found that the modification request had not been dealt with or was so old that the request had become inactive. Yet, I was instructed to inform borrowers that they were  ”active and in status”. One time I complained to a supervisor that I felt I was always lying to borrowers”

Will this debacle with their loan modifications allow more short sale approvals from Bank of America-one can only surmise that the continued build up of customers who cannot make their payments will only bring more pressure on a already overtaxed system.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Related posts:

  1. Are Your Considering a Short Sale with Bank of America?
  2. Las Vegas Short Sale Time Frame
  3. Should I Short Sell, Or Let The Bank Foreclose?

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