I will be the first to step out on a limb and say that Bank of America short sales are getting better…significantly better. Bank of America has long has issues with their short sale process. I have personally heard from hundreds of frustrated buyers, sellers and Realtors across the country about the dismal record Bank of America has had with short sales. My Bank of America Short Sale Blog posts continue to be the number one visited and most commented posts on my blog:
It has been a long 6 months since the launch of the Bank of America and Equator short sale platform. Both Bank of America and Equator spent millions of dollars to develop a customized short sale system to handle the hundreds of thousands of Bank of America short sales. The learning curve has been steep, but we have seen significant changes with Bank of America and Equator…positive changes. All of our Bank of America short sales have been put into the Equator system and all of the files are moving through the system fairly efficiently. Click here to view a detailed Bank of America and Equator short sale training guide.
I just received and email from Equator stating that ALL Bank of America Short sale are now required to go through Equator. Additionally, Bank of America will be participating in the Home Affordable Foreclosure Alternative HAFA program. This is exciting news and we are very optimistic that Bank of America will put the right foot forward and turn their disastrous history with short sales around.
Bank of America's HAFA Program Website gives homeowner's details on their support of the program.
Below is a copy of an email that I received on Friday from Equator.
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.
Questions? Please call the Bank of America Home Loans Short Sale team at 1.866.880.1232