Anyone know how BOA is handling short sales where they are the junior lien?

I have a short sale with 2 liens. The 1st lien is with Indy Mac/One West Bank. and the 2nd is with BOA.

Do I initiate the the short sale thru Equator like a regular short sale?

I've had other short sales where BOA owns both loans, but this is the first where they are the junior lien holder.

Thanks,

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Yes, you initiate it in Equator
John,

I am the buyer in the process of a short sale and we have an acceptance letter from the first mortgage lender and the listing agent is currently working through equator because B of A is the 2nd mortgage lender. The listing agent uploaded third party authorization about a month ago, but she has not received any other tasks. I have learned from some of the conversations on this website that the seller needs to upload their financial information through the shortsale.bankofamerica.com. As of right now, the seller has not created a user name and password for shortsale.bankofamerica.com and has not uploaded any financial information.

To help get this sale moving forward I am hoping you can answer a few questions:

Will the listing agent receive any additional tasks if the seller does not upload their financial information at the shortsale.bankofamerica.com?

The listing agent has not been informed through Equator that the seller needs to upload their financial information. Is she suppossed to be informed somehow that this needs to occur?

Once the seller does create a username and password with shortsale.bankofamerica.com, are there some instructions on this website that the seller can follow for entering their financial information?

Once the seller has entered their financial information, how does the listing agent typically know if the seller has done this? Is she informed through Equator, or does she simply need to ask the seller if this has been completed?

I would sure appreciate any answers you can provide.

Thanks!


John Edelman said:
Yes, you initiate it in Equator
I will try to answer your questions the best that I can. With my Equator transactions, I have not been sent any type of notification that the seller needs to enter their info or any notification after it has been done. Seems like a hole in their system- but there are a lot of these.

Also, on the ones that I have done, after I enter the 3rd party authorization, I will be tasked (sometimes takes several days) to complete additional tasks. In my experience, it is not dependent on the seller entering their info.

I would recommend that the seller complete the downloading of their financial info per the Equator guidelines.

Also, I would recommend that the listing agent go into the Equator system and under "My Properties", they should have a entry for this particular property. If you click on that property and then when it opens up, you can click on messages and then click on "new message" - I would send a message to everyone on the list stating that the 3rd party authorization has been uploaded but you have not received any additional tasks. I would do this every day or 2 until someone responds.

The squeeky wheel!

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