BOA (Equator) Name Change

Hello,

 

I have a short sale listing with lender BOA. This is my 1st one with Equator as I have been avoiding them. But the system is simple to use once I got into it. The buyers agent had informed me that they needed to drop 3 of the buyers from the contract and ad a new one.  Buyers were getting a FHA loan and parents were co/signers.  Well parents have been dropped off and a new person has come onto the scene. My issue is that we are schedule to close on 6/30/11 and now I need a new approval letter. I have uploaded the addendum of contract to the Equator system and sent several emails to negotiator and also closing coordinator. None have advised or sent anything back.  Those of you that have done this. What is the best way to approach.  I have left a voice mail message earlier today.  By the way all of this started last Thursday.  Looking for guidance.

 

Regards,

Jon

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Replies to This Discussion

Permalink Reply by Bryant Tutas on June 21, 2011 at 12:18am
Jon. That's an awful lot of name changes. BofA may actually make you resubmit the entire transaction. I hope they don't but it is certainly possible. You need to do everything you can to reach the closing coordinator. Just keep pushing and keep calling. Please come back and let us know how this works out.
Permalink Reply by Jeff Payne on June 21, 2011 at 1:58am

Keep calling and emailing them, I have changed the buyers names from their personal name to the LLC name and your case is not much different.  Explain to them that you really have the same buyer, just need a co-signer for that buyer now.

I am curious, why would you avoid Equator?  Do you prefer to fax documents in to the lenders and play the "we don't have them" game.  I have LOVED Equator since it was REOTRANS and was so happy when BofA went to Equator.  It cut down on my telephone and faxing time considerably and is easy to track the file.

Permalink Reply by Jonathan D Rexford on June 21, 2011 at 5:38am
Jeff, I am a technology hound. I love it. But back when BOA was the only lender using the system, I just said that I will avoid BOA files.  Also back then, I was on the Real Estate Investor side of things and quite frankly I did not want to learn a NEW technology.  But since my investing side has taken a back seat and Short Sales are going to become the norm. I decided to take this listing and a few more since then.  No I am not a fan. It was more of a FEAR and FRUSTRATION that I did not move to that side of things. But when I seen more and more lenders moving to the platform. I said I better get my ducks in a rown for myself and my clients.
Permalink Reply by Kristy Hamilton on June 21, 2011 at 4:14pm
You can also try to e-mail your negotiator outside of Equator.  They should have their e-mail address listed in the Equator message.  I would attach a copy of the new contract with the name change explained in as much detail as possible.  It will be a form of their name @bankofamerica.com.  I am pleased with Equator and have several files with BOA, GMAC, NationStar and Wells Fargo, all in Equator.
Permalink Reply by Ellen Dittman on June 22, 2011 at 1:29am
I have not had this problem with BOA/Equator yet, but did have the same situation with a short sale with Fifth Third Bank. In this case it was no problem at all. But with BOA being a larger bank, I think it is best to be proactive and get a new arms length agreement signed by everyone and uploaded it into Equator along with a message to the negotiator explaining briefly. It may serve well to upload a prequal letter on the new added buyer too. Hope you have a successful transaction.
Permalink Reply by Jeff Payne on June 22, 2011 at 5:05am

Understand for sure!  At one time I said I will NEVER take another BofA short sale. I actually LOVE the equator system because for one it is paperless and it is trackable.  Never really had any issues since they went to equator and have seen their time lines go from 6 months or more to many under 60 days.  I especially love that I rarely have to call and be placed on hold like before and I dont have to fax 100 page faxes that never made it to the recipient, it is all online now!



Jonathan D Rexford said:

Jeff, I am a technology hound. I love it. But back when BOA was the only lender using the system, I just said that I will avoid BOA files.  Also back then, I was on the Real Estate Investor side of things and quite frankly I did not want to learn a NEW technology.  But since my investing side has taken a back seat and Short Sales are going to become the norm. I decided to take this listing and a few more since then.  No I am not a fan. It was more of a FEAR and FRUSTRATION that I did not move to that side of things. But when I seen more and more lenders moving to the platform. I said I better get my ducks in a rown for myself and my clients.
Permalink Reply by Brenda Keck on June 23, 2011 at 6:44am

I am wondering what has changed that the lender doesn't need the co-signer now but he did. I also have changed and added for LLC and IRA. I sent a new HUD with the names that would be on it. BUT you definately need to pick up the phone and talk with your negotiator. Unfortunately, not all answer their phones. You can also tweet BofA. I am not a tweeter but I know it works.

Permalink Reply by Jonathan D Rexford on June 23, 2011 at 7:05am
It has nothing to do with the co-signer. What had happen is that the buyer had 3 cosigners and the people did not want to go through the process. So they changed 3 to a NEW family member. The issue is to GET A NEW APPROVAL LETTER.  Here is the update. I did get someone after several emails and calls to the closing coordinator. Submitted the HUD and now waiting on approval.

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