Its time to finally put away those 56k modems and those fax machines. Old technology is exactly that; OLD! We ourselves couldn’t be happier but we definitely know that those agents out there that are not technically inclined are either going to give up on Bank of America Short Sales, they are either going to use a Premier Short Sale Company, or they are going to step into 20th century. A farewell to faxing hundreds of pages, to faxes still being ”processed” (whatever that means) and even more so a final farewell to faxes not being received!
This doesn’t mean that that the system is getting any better as of yet. This though is going to at least remove one of the hurdles that have plagued the process for sometime. Clarity is also a big issue as the old school faxes did not always send good qualify images will hopefully help everything as the process moves forward. We expect that other lenders will follow and as many are signed up for the new equator system we hope to see a service industry change.
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.
Do you have any questions? You can call the Bank of America Specialist Team in your area at 1(888) 934-3444.
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