Replies to This Discussion

Permalink Reply by David A on March 31, 2010 at 11:48pm

I have a similar issue as ROBAFLOYD. I am a buyer currently working on a short sale. Litton is the first lien holder and Bank of America is the 2nd lien holder. I am working with the listing agent for the property, who has been working through the short sale process. Litton sent us an approval letter on our offer the first part of March 2010 and they have approved the sale and have only allowed $3k to go to the 2nd lien holder. Our listing agent is currently working through Equator to get Bank of America to approve the sale. After the listing agent was set up to use Equator, they were asked to send the seller's financial information. However Bank of America has not requested anything further, and it has been almost three weeks since the financial information was sent. The listing agent has received no response since then, despite constant requests and attempted phone conversations with anyone from Bank of America. I already have documents at the title company and I am ready to purchase, but Bank of America is non-responsive. Has anyone had experience working through Equator with Bank of America as the second lien holder. Are there any phone numbers we can use to contact an actual human being? Shoulld the listing agent be sending additional documentation, such as the purchase and sale contract and Litton's approval letter before they have been officially requested by Bank of America through Equator. If anyone has any ideas/advice, I would sure appreciate them. Thanks.

Permalink Reply by Van Bui on April 1, 2010 at 1:28am

David, is your loan stand alone 2nd or HELOC ? If it is HELOC, I am on same boat with you. I submitted the package through Equator on 3/28 including seller's financial information, offers, other support documents. Today 3/31 it is on evaluation stage. No more task is assigned to me. Will see how long I get response from them. I also faxed short sale package to (336) 805-8727. This package contains 4 pages of application, HUDs, hardship letter and 3rd party authorization. No seller financial information nor any offers are required. In your case, listing agent should escalate the file. If it is HELOC, call (866) 413-3757 to see if they can locate your file.

Permalink Reply by David A on April 1, 2010 at 1:21pm

Van,

Thanks for the information thus far!

The second is a HELOC. The listing agent received a task to upload the Third Party Authorization, which was requested around the 10th of March, however she has not received any other tasks at this point, despite repeated attempts to inquire about additional tasks. I have a couple of questions, I am hoping you can help me with. How can the listing agent escalate the file? She is not quite sure how his is done.

Also, the seller has not created an account with Equator and has not uploaded any financial information at this point. Does the generic negotiator need to assign a task for the seller to upload their financial package? Everything I have read on this site indicates that the seller needs to upload their financials and that the listing agent can't do it for them. Is this correct? Does the seller need to upload their financials if the lien is a 2nd mortgage? If the seller does need to upload their financials, how do they go about setting up their equator account and have it refferenced to the same account as the listing agent? One final question is that at the beginning of the process with Equator, the listing agent was assigned an actual negotiator, but now she has a generic negotiator. Does this mean anything? I apologize for all of the questions, but if you have answers to any of these, I would be much appreciative. Thanks!

Van Bui said:

David, is your loan stand alone 2nd or HELOC ? If it is HELOC, I am on same boat with you. I submitted the package through Equator on 3/28 including seller's financial information, offers, other support documents. Today 3/31 it is on evaluation stage. No more task is assigned to me. Will see how long I get response from them. I also faxed short sale package to (336) 805-8727. This package contains 4 pages of application, HUDs, hardship letter and 3rd party authorization. No seller financial information nor any offers are required. In your case, listing agent should escalate the file. If it is HELOC, call (866) 413-3757 to see if they can locate your file.

Permalink Reply by Van Bui on April 2, 2010 at 11:35am

David, yes HELOC or 2nd lien still have to go through Equator. Your file on Equator does not go anywhere if the seller does not upload his inf. Seller does not create an account in Equator. LA can help seller to upload financial inf. Seller needs to call BOA and provide BOA his email address. BOA will send seller a password to access to BOA's website. From there seller can upload financial inf. to BOA's website. Equator does not have any access to seller's inf. The seller gave me his financial and his PW. I uploaded his financial for him. I worked with him through phone. It only takes me 5 days to complete the whole process and an actual negotiator is working on the file now. It seems like LA needs to get help on Equator. Make sure you fax the package to the fax I mentioned on previous post as well. LA needs to call BOA to see why she has actual negotiator now it is a generic. Sorry I cannot answer this question for you.

Permalink Reply by Ryan F on April 2, 2010 at 12:26pm

Again, has anyone had a BOA short sale where they had both mortgages on the property? I am trying to determine the timeline from accepting their counter to a complete approval of both mortgages...

Permalink Reply by Van Bui on April 2, 2010 at 8:11pm

Ryan, I just have approvals from BOA for both 1st and 2nd loans. Same negotiator issued both approvals. Call short sale support line to find out who handles the 2nd if your negotiator does not respond. Good luck.

Permalink Reply by Donna Paul on April 5, 2010 at 5:38pm

Hi Ryan

I had a similare situation. My Short Sale is wiht BOF and they approved the 1st loan and when they told us that there working on the second loan. the first one was expired so we had to start the process over again. Now I'm happy to say that there both agree and we are working toward and this took about 4-5 weeks after that.,

Ryan said:

Again, has anyone had a BOA short sale where they had both mortgages on the property? I am trying to determine the timeline from accepting their counter to a complete approval of both mortgages...