Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 23, 2011 at 5:26am

Re-Initiate the short sale in Equator - upload everything you have, into the Library, as soon as you can.  Let the negotiator know you are doing it, they can get a supervisor to find the new short sale request and re-assign it to the original negotiator - AS LONG AS that negotiator didn't have it for longer than 3 months.....

 

Best of luck,

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Jeff Payne on May 23, 2011 at 5:27am

Who told you that they can not overwrite the system?  If you have the negotiators email, ask her to reopen the file. You may have to resubmit everything but that does not take long. Once you resubmit, if the BPO is done, you should be right back to where you were.

Permalink Reply by Jeff Payne on May 23, 2011 at 5:30am

Go into equator and search for your file, it is in there, you can find any file that you have worked in equator.  go to my properties and search for it and you will find the file

Permalink Reply by Susan Milner, SFR, CDPE, GRI on May 23, 2011 at 5:35am

I'm not for sure about getting the same negotiator as I have never been so lucky but like Thom said, get everything uploaded again with the quickness and keep calling to move things along. Good luck!

Permalink Reply by Brenda Houghton on May 23, 2011 at 6:08am

Go on Twitter, find BoA_help, and send them a request for help.  The Twitter help team will contact you almost immediately via twitter and phone.  They can either get your same negotiator back or set you up with an senior escalation negotiator. 

 

Good luck! 

Permalink Reply by Susan Motta Knight, LLC on May 23, 2011 at 6:36am

Thank you for all the great advice. I am doing them right now and will let you guys know how things work out.

Jeff, I don't have access to the old files, my library is empty other then the 3rd party A. I will start uploading everything into the library now and I will try the Twitter thing. Thanks!

Permalink Reply by Susan Motta Knight, LLC on May 23, 2011 at 6:38am

Thank you Thom, I did re-initiate the short and now uploading everything. Have called them 3 times today. Thanks you so much for sharing!!

Thom Colby Newport Beach CA said:

Re-Initiate the short sale in Equator - upload everything you have, into the Library, as soon as you can.  Let the negotiator know you are doing it, they can get a supervisor to find the new short sale request and re-assign it to the original negotiator - AS LONG AS that negotiator didn't have it for longer than 3 months.....

 

Best of luck,

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Jeff Payne on May 23, 2011 at 7:08am

Susan, Go to my properties and offers, click on it.  You will see "search my properties by"    pull down the lender box and find the lender and then search, all of your files that you have had with that lender will be there.

Permalink Reply by Susan Motta Knight, LLC on May 23, 2011 at 8:43am

Thank you Jeff, that was very helpful. I learned something.

Permalink Reply by Public Relations on May 24, 2011 at 10:52am

First of all, thank you for using Equator; we greatly appreciate your patronage. We have noticed that many agents have questions about initiating short sales on Equator, so we have put together a comprehensive list of FAQ's to help you through the process. Please see below:

Equator does not manage or have any specific information on any of the properties on our system. We do not have answers to property-specific questions regarding Short Sales. For all questions pertaining to the business aspect of a Short Sale property, please call your Lender or Servicer.

This document will provide information on what our Customer Service Department/Technical Support can provide and the matters that can be handled only by the Lender or Servicer.

Q. How are Short Sales initiated?
A. Currently, Short Sales may be initiated in one of two ways: via the Equator Marketplace or by calling the Lender or Servicer directly. Some Lenders or Servicers allow Agents the ability to request a Short Sale through the Agent Workstation at www.equator.com. Simply log into Equator, click “Initiate Short Sale” located in the header under the “My Properties and Offers” section, choose the Lender or Servicer, input the loan number provided by the Lender or Servicer and request a Short Sale (note: Equator does not have the loan numbers; these must be obtained from the Lender or Borrower/Home Owner). For further details on the Agent-Initiated Short Sale, please visit www.equator.com. Equator cannot initiate a Short Sale nor does Equator have any information on the status of any Short Sale.

Q. How can I check the status of my Short Sales?
A. You can check the status of Short Sales at any time by visiting www.equator.com, logging in and clicking on “My Properties and Offers” at the top of the screen. From there you can view a list of all properties on which you are currently working and check each individual status. If you wish to speak with someone about the status of your Short Sale after reviewing it online, please contact the Lender or Servicer directly. Equator does not have any information on the status of the Short Sale.


Q. How can the Borrower/Home Owner check the status of their Short Sale?
A. Equator does not provide access to any Borrower websites. Certain Lenders have Borrower/Home Owner Websites that enables Borrowers to view status and participate in the Short Sale process by completing tasks such as uploading financial documentation. For those Lenders that do not have a Borrower Website, Borrowers should contact their Agent or Lender for Short Sale status.

Q. What is a task?
A. Tasks are steps that the Lender requires the Agent to complete in order to move the property through the Short Sale process. Tasks can include entering information into the system, providing signed documents, completing certain forms and/or providing offers and related documentation. If you have task-specific questions, please contact the Lender or Servicer.

Q. When working an existing Short Sale property, do I need to re-do tasks I have completed outside of the Equator platform?
A. It is necessary to complete all assigned tasks within the Equator Workstation. Any tasks that were completed outside of the Equator Workstation will have to be redone. This is an audit requirement from the Lender or Servicer and includes uploading all of the Borrower/Home Owner financial information and all offers.

Q. Why have I not been assigned a Negotiator?
A. Many lenders do not assign a Negotiator until late in the process when all necessary Borrower/Home Owner financial information and valuations have been received. Until that time, the “name” of the negotiator remains “generic” in the system. Messages sent to this generic negotiator will not be received by a live person. Instead, contact the Lender directly for assistance. Only the Lender or Servicer can make decisions on Short Sales.

Q. Why am I not receiving a response from a Negotiator?
A. For best results, send a message to the “NEGOTIATOR” Role for your property through the Equator Messaging system. This will tell the Negotiator which property you are inquiring about, and will keep all communication about such property in one location. To do this, log into www.equator.com, navigate to your property and click on the “Messages” section to email the Negotiator directly. Equator does not have any information on the status of the Short Sale, nor is Equator authorized to contact the Lender or Servicer on your behalf.

Q. How are Short Sale Agents selected?
A. Borrowers can select any Agent they wish. If the Borrower requests assistance, the Lender or Servicer can search Equator for registered Agents to suggest to the Borrower. Results of the Agent search are determined by the zip code areas the Agents selected through Equator.

Q. How are Short Sales managed and approved?
A. The entire Short Sale process is managed through the Equator software application; however, all decisions related to the Short Sale, such as Accepting Short Sale requests, Reviewing Offers, etc., are made by the Lender or Servicer. Any and all questions about the business aspects of the Short Sale process should be directed to your Lender or Servicer. Equator makes no decisions nor has any information on the status of the Short Sale process (including acceptance of an offer).

Q. Whom do I call to get information?
A. If you have a question on the Short Sale process or status, call the Lender. If you have a question on how to use the software, call Equator. Equator is a software provider and does not have access to any business aspect of the Short Sale.

Q. Whom should I call for Short Sale questions?
A. For any questions pertaining to the Short Sale process, procedures, status or progress, please call the Lender or Servicer. Equator does not have any information about Short Sales.

Q. Whom should I call for technology questions?
A. For any questions regarding account issues, password issues or other technology-related questions about our site, please call Equator at (310) 469-9167. For questions specifically related to a particular Short Sale, please call your Lender or Servicer. Equator does not have any information regarding Short Sales.

Q. How can I be sure I’ve reached Equator?
A. To ensure you are speaking with an Equator representative, please call (310) 469-9167. Please remember that Equator’s representatives can assist you with Equator website issues only. Equator representatives have no information regarding the Short Sales or any properties on the Equator system.

Q. Which Lenders are currently using Agent Initiated Short Sale?
A. Please go to www.equator.com, log-in or create an account, and then click the “Initiate Short Sale” link for a list of Lenders and Servicers. Check back regularly to see if new Lenders or Servicers are allowing Agents to initiate Short Sales via the Equator Marketplace. Equator does not have any additional information about any other Lenders or Servicers leveraging this initiation process. Please contact the Lender or Servicer to inquire when this feature will be added.

 

Hope this helps!!

 

The Equator Team

Permalink Reply by Susan Motta Knight, LLC on May 25, 2011 at 7:05am

Hi Brenda,

Wanted to say Thank You for the great advice! I now have an escalation negotiator and things are moving fast. I hope it will keep moving quickly and we can close soon. Thanks again, great advice.

Brenda Houghton said:

Go on Twitter, find BoA_help, and send them a request for help.  The Twitter help team will contact you almost immediately via twitter and phone.  They can either get your same negotiator back or set you up with an senior escalation negotiator. 

 

Good luck! 

Permalink Reply by Brenda Keck on June 1, 2011 at 8:38am

Just happened to me also, last Monday at 3:00 received the approval, asked for updated HUD reflecting new close date and Tuesday at 11:00,  a different negotiator "hit" the decline button.  It use to take weeks to resubmit but that is now immediate. If you call the 800 number, usually they will escalate the file. Good Luck.

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