Bank of America Mortgage Complaint

Bank of America Mortgage department,

Other mortgage Application, originator, mortgage broker Wisconsin

Note : this issue relates to an active offer to purchase a short sale property. 1. A townhouse - - -, # - was listed for sale in - 2016. We made an offer for $400000.00 for this property through a realtor and was accepted by the seller in - 2016. 2. We understood then that this property was a short sale and required approval from the bank. According to the realtor, public records indicate the mortgage was taken by the seller through Bank of America. 3. Since - the bank has been going through its approval process.


5. We were told by our realtor the final hurdle was a BPO for the property to be conducted by the bank. 6. Per your communication the BPO was calculated to be $410000.00. 7. The realtor then informed us that the bank wanted additional $10000.00 from the seller in order to close the deal. 8. We informed our realtor verbally that we were willing to increase our offer to match BPO amount making our offer $410000.00. 9. Two days later in a phone call to our realtor, the realtor mentioned that the bank wanted an additional $40000.00 without any explanation as to the reason for the increase. 10. On hearing this increase, we requested a formal response or explanation for this increase as it was way above the assessed value/BPO ( conducted by the bank ) of $410000.00. 11. We were not given a response. Our realtor suggested we cancel the transaction as 'there is nothing else we can do '. We do not understand why we are being requested to cancel or withdraw the transaction since we are interested in the property. We do not understand the increase in the amount from $410000.00 ( BPO amount ) by another $40000.00. 12. We suspect there is a foreclosure/short sale scam going on in the sale of this property. We have not been given an explanation from the bank or sellers agent as to the status of our offer that was previously accepted by seller and is the same as the bank assessed value of this property. 13.We would lrequest CFPB to look into the short sale status of this property and help us understand if what the bank is doing is legal or if there is a foreclosure scam preventing us from getting this property.