Obviously Kimberly Dawsom from BofA is full of BS.  My daughter had an offer accepted by the seller on a short sale and sent to BofA on 1 April.  (Orlando FL not Reno, NV)  The selling agent called BofA every 2 weeks for status.  Was told after about 60 days, that my daughter had preliminary approval and expect final approval with closing NLT 1 July.  So we had our broker plan for the event.  So 90 days came, and we were being told now to expect approval any day now from BofA..  Next it was well, it was reassigned to another processor, but soon.  Than all of a sudden the story was it went past the timeline for BofA approval, and FHA took it over, and expect another 60 days.  Selling agent said BofA stopped taking her phone calls and was trying to contact someone at the FHA..

So on 3 August,we decided to start looking at other properties.  That day she made an offer on a bank owned home, that was listed out of her price range back in  March/April by about 25K.  Offer was contingent on preapproval for a a mortgage loan with BofA. She almost withdrew the offer, since she is a financial aid administrator at a local university, and BofA has a bad reputation for student loans.  (that's another story)  Decided to  play their game.  She was approved in an hour, and BofA offered to waive the FHA appraisal fee if she used BofA for the loan.  She had a broker that had a loan commitnent in place, so decided to go with them.  Come to find out rhe FHA appraisal had already been done for someone else that couldn't get a loan.  The selling agent emailed me a copy, and said use this and save some money... 

So closing occured  on 2 September 2009.  The lender said to expect that the mortgage will be sold to another lender in the next month or so, and send them the first payment.  Low and behold!  Who assumed the loan for processing, Bank of America, and please make your pament on 1 Nov to BofA....

Our TARP bailout money at work!  The sad thing is the individual that owned the short sale, who transferred out of state had purchased the home for $176K in Nov 2006, moved out in Nov 2008.  The property was in top condition in March.  So it's been sitting vacant since Nov 2008, in the heat of a Florida summer with no A/C, utilities, etc.  Values have dropped since the March offer.  The property was relisted and short sale again sold pending 3rd party approval by BofA the 2nd week in August.  It is still listed as sale pending on the MLS. 

Heh it's only the US taxpayer money at work...  As long as BofA can hand out bonus's what's the rush to clear up these toxic assets...  Just print up some more money and the fools in congress will bail us out again...

I'm not in real estate, and this is an observation from a parent of a first time homebuyer daughter.  I'm not an investor either, so I have no personal grievances with BofA other than as a consumer.  I've heard the same complaints about BofA at my local barbershop visit. Same bs i hear with Chase, Citi Bank, etc.