Replies to This Discussion

Permalink Reply by Tracey Martin on February 5, 2010 at 8:05am

Thanks for the info.

Permalink Reply by Katerina Gasset on February 5, 2010 at 8:33am

1000%? Have they trained all these new employees? LOL!

Permalink Reply by Wendy Rulnick on February 5, 2010 at 8:35am

Katerina - I am not holding my breath!! I cannot believe they picked up the phone and even called us!

Katerina Gasset said:

1000%? Have they trained all these new employees? LOL!

Permalink Reply by Makoto Sato on February 5, 2010 at 10:02am

1000% Wow!

Permalink Reply by Bob Wienk on February 5, 2010 at 11:38am

1000% Wow, that's even a bit more than they raised the interest on my credit card!

Permalink Reply by R E on February 13, 2010 at 2:16am

Wow,

I'm following a short sale in equator started as conventional but buyer wants to switch to FHA. I was here to see if switching was even possible when I see your post. Did you have a negotiator yet? At three weeks, I would say no.

Thanks for the heads up.

Permalink Reply by Wendy Rulnick on February 13, 2010 at 5:48am

Roger - The buyer can use an FHA or VA loan. It is when the SHORT SALE BORROWER i.e. HOMEOWNER has an FHA or VA loan they don't want that in Equator, hope that makes sense.

Roger Eisinger said:

Wow,

I'm following a short sale in equator started as conventional but buyer wants to switch to FHA. I was here to see if switching was even possible when I see your post. Did you have a negotiator yet? At three weeks, I would say no.

Thanks for the heads up.

Permalink Reply by Mark Simon on April 22, 2010 at 11:27am

I spent over an hour trying to initiate an FHA Short Sale with Bank of America today. No one I could find to talk to (including the floor supervisor in Short Sale Support) seems to understand the FHA short sale process. Does anyone have a phone number to reach someone or department at BOA who ACTUALLY KNOWS that FHA short sales are a different process, and can help us get started? Thanks for any help.

Permalink Reply by Wendy Rulnick on April 23, 2010 at 1:21am

Mark - I was told you must fax in FHA and VA. As for the FHA pre-foreclosure sale documents, you are right. They are clueless. I've called twice since faxing in the PFS form for one of my sellers a month ago. No action, no appraisal, no clue.

Mark Simon said:

I spent over an hour trying to initiate an FHA Short Sale with Bank of America today. No one I could find to talk to (including the floor supervisor in Short Sale Support) seems to understand the FHA short sale process. Does anyone have a phone number to reach someone or department at BOA who ACTUALLY KNOWS that FHA short sales are a different process, and can help us get started? Thanks for any help.

Permalink Reply by Ginny Risley on April 26, 2010 at 1:46pm

I was just told the fax number to submit the FHA loan that I had started in Equator. The fax # is: 866-808-5050. Hope that helps!

Permalink Reply by NICOLE ANDREE on April 26, 2010 at 2:10pm

I spent over 2 hours today and every day with BOA and got a rep that told me that the equator system is not helping any. The only thing equator helps with BOA is the uploading of our docs we send in. Remember last year, it took 2 weeks to get a fax downloaded? Now it is instant but the system still has to email someone to move which is like being on hold with BOA...forever. If you have a choice fax or use FED EX. The mail has been the best result so far. It might cost a little to get it there but it saves you months. There is no one who ignores a FED EX package:)

Permalink Reply by Gary Carpenter on April 28, 2010 at 10:03am

It seems like more and more of my deals are with BoA. I would much rather fax it in than go through equator with the information. They seem to move faster on my FHA deal than they have on my other deals that were submitted into equator. They have beefed up their staff in this arena, but you know as well as I do, they have put people into these positions that have no knowledge and are still learning their systems. You will still need to push through to a floor manager to accomplish anything. Watch out for the lies. They will tell you anything to get off of the phone, just don't accept what they tell you as being factual, they usually ask the rep next to them what the answer is. Call them on their lies in a nice way. Say something like, that's not what the manager told me last time, they said this or that. Once you do that, they'll know your not new at this and push you through to someone in the know. They change their policies on a daily basis it seems and don't include the 1st tier reps in on the outcome of their meetings. Best advice I can give is, don't accept the first answer. It's usually a lie to get you off of the phone.

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