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Permalink Reply by Janie Howard on December 14, 2011 at 8:07pm

I don't know about a revolving line of credit on a commercial property but I am processing a BofA 2nd through Equator at present. Go to Equator to Initiate a Short Sale and I'm pretty certain the system will tell you if you cannot process it for some reason at the time you are initiating it.  Good luck!

Permalink Reply by joe beauchamp on December 27, 2011 at 6:22am

Yes I have  What a hoot.  It fits BOA's personality perfectly - always think that they are in control, number 1, etc.  I spent a great deal of time calling around including closing officers and good negotiators whom I knew, about how to submit it.  Nope, no one could tell me -- how to put data into **their** system.  I see 3 ways - I've used 2 of them.  It doesn't seem to matter.  The negotiator will hopefully figure it out from the HUD-1, I suppose.

The main issue I ran into is that the negotiator also thinks he is in charge.  I spent a lot of time reiterating that BOA is is 2nd position - they don't tell the bank in 1st position what to do - they take what the bank in 1st position feels like giving.  BOA just has a nervous breakdown with that - trying to put the seller through HAFA, etc.  I swear, I can see the car loaded with clowns driving up as I submit one of those.

You'll be fine - just keep reminding them that they are in 2nd position.  And if you get the brain dead negotiator/manager, the fastest fix is to kill the sale and resubmit it - get someone who can think as a new negotiator.