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Bank of America Short Sale Changes

Posted by 15789465 on

Bank of America has made some changes to the Equator system it uses to process short sales.  For any new short sale, you will be required to enter:
  • Loan Number
  • Borrower First Name (new)
  • Borrower Last Name
  • Property Best Contact Telephone Number (New)
  • Reason for Default
  • Whether you have a signed purchase contract (New)
  • The property's primary purpose (New)
  • Current occupant of the property (New)
  • When was the property last occupied by the homeowner (New)
Bank of America will then evaluate the property and borrower to see if they might qualify for a loan modification. If so, the system will generate a message to the real estate agent asking him or her to have the borrower contact Short Sale Customer Care at 866.880.1232 to discuss a modification.  If the borrower is not interested, that is all they have to say, but they MUST make that phone call. Bank of America will also attempt to contact the borrower directly, but things will move more quickly if you have that person call the Bank right away.  Otherwise, your short sale will be stalled until that conversation takes place. It is not enough to attach a note to the system saying the borrower does not want a loan modification. Bank of America is concerned that real estate agents are steering borrowers to short sales (where the agent makes a commission) instead of loan modifications that might work out better for the borrower. As a result, the bank wants to speak directly to the borrower, instead of having communications filtered through the agent.

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3 comments

  • Too bad this was not available last month we could have possibly saved our condo. Now it is too late and our credit has been affected.

    Charlene Kendrick on
  • BoA may be a little smarter than I gave them credit for. I would like to think that RE agents were always looking out for their clients, but I’ve heard enough from some of them to know that this isn’t the case. Talking to the owner is a good thing.

    Anything to either help people stay in their homes or to help them sell them expeditiously if they cannot afford them is to be much desired.

    Chuck Robertson on
  • That’s funny. Every time I have the home owner try and get a loan modification the lender sets terms that are worse then the original loan terms. It is very frustrating. I never skip the loan mod step but I have never seen a serious effort, on the banks part, to find a realistic solution. Some home owners would definitely be qualified for HAMP but I have never seen it work as advertized. I wish I could find a HUD certified housing counselor who will follow up or return phone calls! : (

    Steve Payne on

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