For those who are about to launch a short sale BofA’s way please take note of their love for what used to be REOTrans and now is the new Equator system. We have been testing this with them for quite some time.
In a nutshell they are pushing the work out to the loss mitigation counselors and the homeowners. In theory this will streamline the process and prevent the “uh, we never got your faxed short sale package” from bank reps. We hear this a lot as our office does a ton of short sale and loan mods with Bank O’ UnAmerica. Fun, fun!
Faster and more streamlined remains to be seen as from our experience there are two other serious problems:
- It requires the homeowner to access the system and upload docs. HELLO – some sellers are BROKE and don’t have internet access much less a scanner.
- It seems like nothing more than an automated hurry up and wait system. i.e. We knock off all the tasks (just like faxing, calling, and emailing the old way) and then wait on the bank to get around for someone to be assigned to the account and review the upload docs.
We’re still crossing our fingers this will help homeowners. BofA is the worst bank at getting quick resolution for short sales.
I’ve posted below the email they sent to us yesterday.
- The Bank Slayer
From: Equator [mailto:NoReply@Equator.com]
Sent: Monday, April 12, 2010 11:13 PM
To: ron glaser
Subject: Bank of America Short Sale Agent Communication
Bank of America Home Loans will now be using Equator as the primary tool for short sales. It is a self service portal that automates the short sale process. This will streamline the process and improve the experience for both customer and real estate agents.
As a result, Bank of America will no longer be accepting faxed short sale documents, effective immediately you will need to upload those documents through Equator. Information to assist you with the Equator system can be found at www.bankofamerica.reo.com/shortsaletraining.
Once a short sale is initiated on a Bank of America loan, you can also access the educational guide within Equator. It can be found within the “Upload 3rd Party Authorization” task. This guide provides tips for avoiding delays and navigating system functionality.
To start a short sale today, go to www.Equator.com/
REMINDER: The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010. Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification. For more detailed information on the HAFA program, go to the National Association of Realtors site at www.realtor.org/government_affairs/short_sales_hafa.
Great information! I’ve been looking for something like this for a while now. Thanks!
great post as usual!
Getting the run around from the Selling agent. Selling agent told our agent that there is an offer in on the house. The offer has been in for about a month and is lower than asking price. Selling agent has had no contact with first offer since submitted and does not feel they have the $$$ means to move forward. Seller signed our offer on 4-23. Will not be submitted until first offer falls thru. Fine…I understand. Here is my question……….Selling agent says he does not use Equator and will not be using it either. Everything I read on bofa sites is that YOU must use Equator to submit offers on short sales. Is it possible there is no first offer and we are getting pushed off so the seller can steal more stuff out of the house? ei. door knobs and light switches. Seller owes more than $900,000 on the loan. Is a foreclosure better for the seller?
Keep posting stuff like this i really like it