BAC Home Loans Servicing, LP: Bank of America Short Sale Information: Awaiting Valuation

While processing short sales through the Equator system, once known as REOTrans around this time last year, we received a new message notice advising that they were completing the valuation part of the process. This is a relatively new in the sense that it has only been in the past month couple of months that this message has been in use but it seems that it is here to stay. Generally this is sent out once Bank of America has put in a request for the BPO/Appraisal to be completed.

It will be about 7-10 business days for this portion of the process. What is important to note is that almost just as important as it is for this value to be ordered it is just as important for the value to return. A second follow up email (found below) is sent out to notify that the value has returned and the second part of the process is ready to get started.

Having trouble with your short sale(s)? Nightmares happen every day at Bank of America and that is why we have been specifically assigned to a team to resolve all your processing issues with them. We know it happens because BOA knows it happens, so stop struggling and get ahead of the rest of 450,000 short sales currently being processed there. Call us for a review of your situation at 888-934-3444 or contact us directly at info@mlreport.com.

Email Received once Valuation has been requested (BPO/Appraisal):

Subject: Bank of America Message – Bank of America Short Sale Information: Awaiting Valuation

Message Inserted (##/##/## ##:## PM) On: ##### XXXXXXXX XX, XXXXXXX, XX, #####

Thank you for completing the assigned agent tasks for the property at ##### XXXXXXXX XX . We are in the process of obtaining an updated valuation on this property.  As the agent on this short sale, you will be the point of contact for the valuation so please be prepared to coordinate access to the property as needed.  You will receive another status notification once the valuation has been completed and uploaded to our system.

Please remember that additional liens on the property must be negotiated separately with the lien owners.  Complete this as soon as possible to avoid any potential delays to the overall timeline.

The Short Sale Specialist assigned to your account is X. XXXXX.  Please utilize the messaging system within Equator to contact your assigned specialist.

*If possible, you should reply to this message through Bank of America Short Sale System Message Center so your reply is delivered correctly and tracked. To reply, log in to the Bank of America Short Sale System and go to the Messages section.

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The information contained in this e-mail message is privileged and confidential information, and is protected under The Privacy Act of 1974 and The Gramm-Leach-Bliley Act of 2000, and is intended only for the use of the individual or entity named above. If the reader of this e-mail message is not the intended recipient, you are hereby on notice that you are in possession of confidential and privileged information. Any dissemination, distribution or copying of this communication is strictly prohibited. You will immediately notify the sender of your inadvertent receipt.

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Email Received once Valuation has returned (BPO/Appraisal):

Subject: Bank of America Message – Bank of America Short Sale Information: Awaiting Analysis

Message Inserted (##/##/## ##:## PM) On: ##### XXXXXXXX XX, XXXXXXX, XX, #####

Congratulations, the property at ##### XXXXXXXX XX  now has updated valuations and we can move the short sale forward.   At this stage, we will be obtaining some internal pieces of information, such as the payoff amount so that we can analyze the offer in comparison to the valuation.  You will receive questions or counter offers directly from your Short Sale Specialist.  The next status notification will be sent to you once the file is submitted for investor decision.

Please remember that our objective is to negotiate for an offer that we believe the investor will approve.  All counter offers will delay the process.  Also, please be aware that the investor can make changes to the offer and additional stipulations prior to approving the deal.

*If possible, you should reply to this message through Bank of America Short Sale System Message Center so your reply is delivered correctly and tracked. To reply, log in to the Bank of America Short Sale System and go to the Messages section.

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The information contained in this e-mail message is privileged and confidential information, and is protected under The Privacy Act of 1974 and The Gramm-Leach-Bliley Act of 2000, and is intended only for the use of the individual or entity named above. If the reader of this e-mail message is not the intended recipient, you are hereby on notice that you are in possession of confidential and privileged information. Any dissemination, distribution or copying of this communication is strictly prohibited. You will immediately notify the sender of your inadvertent receipt.

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Loss Mitigation Advocates @ Absolute Consultant Group

MLReport.com started in the Loss Mitigation industry in early 2000's. We worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Speaking with approximately a work flow of several thousand cases a month and several years of experience they created an organization dedicated to helping homeowners. Our Goal here is to increase the accuracy and awareness of loss mitigation information found on the internet while creating a forum for homeowners and professionals alike to find the information on up to date mortgage servicer/lender guidelines. — MLReport Management Have a question? Call us 888-934-3444

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