Files in EQUATOR status "Unavailable" - anyone know what this means

Around the 25th of March, we came in to find many of our "ready to close" files in EQUATOR suddently changed to status "Unavailable".  We contacted Equator & BOA and after days of inquiry were only told to resubmit all of the files from scratch - as yoiu can imagine, with volume this was very time consuming.

 

We arrived at work yesterday to find that many active file in progress are now in status "UNAVAILABLE" - does anyone know what this status means?  If we have to resubmit these again we could be here for a month!  HELP!!!  I have attached a snapshot of what I am seeing in Equator.  Any help is appreciated!

Darryll

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Joshua, did he respond to you or anyone from his office?  I looked in equator and I have several that say transferred but they are still active.    Did you try to do a search for your old files on equator, I think they stay on their.  Take your approval letters that you do have and work them towards closing with the closer assigned.  Might work?

Any information that you have, I can take to our mastermind next month, BAC will be there most likely.

This is what my transferred files look like in equator



21001 PANAMA CITY BEACH  FL  BANK OF AMERICA  AGENT  TBD  TBD  TRANSFERRED 
Institutional Seller Posting 21001 PANAMA CITY BEACH  FL  BAC SHORT SALES  AGENT  06/16/11  $325,000.00  CLOSING 

Jeff,

 

Let me know what your mastermind group suggests.  BoA specifically told us that we couldn't close with a closer and approval letter because they declined the file and therefore they would not be able to approve a final hud.  We tried that angle to no avail.  All the old files and the actual docs and tasks associated with them are no longer available.  As for the "transferred" status, all our files went transferred and most were then "unavailable", which is where our paperwork was lost.  We do have the 4 files still active but listed as "transferred" status and they are in "document review".  We believe these files were not killed off because they are in reveiw for HAFA.  It's the only guess we can make right now.

Joshua -

 

I'm sure my response to your post may not be well-received BUT, as a broker I make my living the same way you do, selling and closing on real estate transactions.  I also negotiate for other brokers who do not or cannot do it themselves.  In all cases the negotiation fee is paid by the Listing Agent from their commission and we never double-end transactions (but that's another 2 topics).

 

If I were Brian Moynihan and received your letter I probably would have stopped reading after the 1st paragraph.  Yours was just one of thousands of e-mails / letters received every hour at BofA.   Are they the greatest bank to deal with, No.  Are they the ones making the decision on your short sale approval, likely Yes.

 

I think what many agents / brokers have forgotten is there is NO "entitlement" to a short sale approval.  If there is a documented hardship, etc. it will work it's way through the system and get approved but it's NOT automatic.  Yes, BofA like all the others have their issues.   Now, they are outsourcing HAFA short sales to incompetent companies with incompetent staff.  Is it frustrating, Absolutely.  Is there anything we can do about it, most likely not.

 

As far as a class action lawsuit - good luck.  What will it get YOU? (likely nothing)  We're all going to be dealing with short sales and REOs for years to come.  Although banks cannot actually broker real estate, they can control who they approve / accredit or call it anything else, to work in their systems and within their rules.  "He who holds the gold, makes the rules".

 

With Fannie and Freddie getting ready to pull all REOs and Short Sales off the market and allow the properties to be rented to the occupants, brokers and agents will be scrambling to list and sell the same few non-short sale and non REO properties available.  I would rather continue to work all real estate transactions, including short sales.

 

Be careful what you wish for, you might get it - short sale frustration eliminated ----- by eliminating short sales !

 

Best of luck,

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Joshua Norber said:

BoA is bullshitting you.  As you can see from my previous post, our problem started the first week of July.  NO ONE online in any forum has been of any help.  Here is my story....see if you can add yours or figure it out.  We had files with approval letters and then we got hit with the men in black syndrome.  We escalated and threatened legal action 3 or 4 times to the office of the president.  We were then contacted by the escalation department, which is not the same as the department with sunglasses, black ties and ray guns that just vaporize your files.

All our files had to be restarted.  No getting around that.  We were in escalation with 3 separate people that could not give a direct answer as to why our files were classified as "non-compliant" and eventually declined again.  The 4th person from the escalation department has actually put us back on track.  He explained at last that the reason our files were declined, even after restarting them with a new escalation peon, was for the very mysteriously simple reason that we are a 3rd party company negotiating and NOT THE LISTING AGENT.  He said they do not negotiate with 3rd party negotiators and our account was flagged.  By the way, let me mention that we are the listing agent on several of these files and also that 3 files in Equator are still active.  It's not logical....it is b.s., but we are finally moving our files through with someone dedicated to helping us fast-track them, and we have worked with our listing agents to create new accounts.  I have no suggestions as to how to fix the Bureaucracy of America Bank and their Negotiation in Bad Faith System, but I will be happy to tell you to read the email we used 3 times and the email addresses we emailed.  Please see below.

BTW....let's put our cases together and file a class action suit.  We are working with our attorneys on doing this.

 

To: 'brian.t.moynihan@bankofamerica.com'
Cc: brian.lorenc@bankofamerica.com'; 'nathan.hensley@bankofamerica.com'; 'barbara.j.desoer@bankofamerica.com'; 'edward.p.okeefe@bankofamerica.com'; 'michael.j.williams@fanniemae.com'; 'Edward_golding@freddiemac.com'; 'william_a_eldridge@freddiemac.com';
Subject:
Urgent- Help with B of A Short Sales
Importance: High

Brian,

 

I truly hope you are the one that reads this, but if not I hope whoever reads this can help.  We have 20 short sales that are in process with your bank.  We had all files in the Equator system in various stages of negotiation.  Low and behold we log in and practically all of our files are in transferred status.  We called tech support with Equator and they say it is a B of A issue.  B of A says it is not something they did.  We lost all the notes and documents that had been uploaded.    Two of the files we had just received approval letters on are now gone.  Our staff has spent many wasted hours on the phone trying to resolve the issue.   We first spoke with Joshua Owens an advocate out of the corporate office,  he gave us Brian Lorenc who is the system VP for Short Sales.  Then with Nathan Hensley manager of Short Sale Support he gave us to Natasha to handle our files.  Nathan has tried to get Natasha to help but we sit here over a week later and any progress made was all lost again.  She got a few back in the system, but this morning our files are back to where they were before.  LOST!

 

We are here to help assist people get out of their homes with as little pain as possible, but at this point I am about to tell our clients that have B of A files that we are going to start legal action due to the negligence of your bank.  We have submitted close to 100 files to your bank for short sales and closed less than 20%.  Those are ridiculous statistics.  We have over a 75% approval and close rating with most other banks.  Your system is flawed and your people in the system are not allowed to think freely to get the deals done.  Look I am not here to tell you how to run your bank, but the way it is running today does not work for anyone.  Why is it that you can decide to lend someone money in less than 45 days, but to get a homeowner out of the house that takes the same information into account it takes 6 months to over 2 years?  This is not putting money back into the economy this is letting our economy falter even more.  We have people that want to get you out of bad assets and you don’t want out?  What gives?  Please help me understand.  Does this start at the top?  Is middle management just there to collect a check and not work for it?  We need help we want to get these deals done for the good of everyone.  Please act like a CEO should and make some decisions that make a difference and get things moving.  I understand that there are other parties that you are accountable to, but if they knew this is the way things are being run behind the scenes they might not want your bank involved anymore.   Please help.  This is all I ask. These are real people whose lives are at stake not just paper being pushed around.  You need to add a human element back into the "system"  because the logic of the decisions are flawed in many cases. 

 

I truly hope to hear from someone who can get these files approved with or without your system.

We were told to look a the common denominator of all of our files and that would help us figure out why they were declined.  Joshua, it sounds like you are the only person that has gotten a straight reply from someone at BofA-they don't work with 3rd party servicers.  Does anyone else have a common denominator of all of their files that were declined?   

Corinn/Joshua,

 

I've 3rd party negotiated and closed BOA files. 

I'm not sure why we were able to do it.

 

Josh, what ever happened after you send your letter?  Did your files get re-opened?

 



Corinn said:

We were told to look a the common denominator of all of our files and that would help us figure out why they were declined.  Joshua, it sounds like you are the only person that has gotten a straight reply from someone at BofA-they don't work with 3rd party servicers.  Does anyone else have a common denominator of all of their files that were declined?   

I negotiate as 3rd party with BofA and other banks everyday - it has never been an issue.

 

Thom Colby

Broker

Newport Beach CA

It's happened again...has anyone here gotten a straight answer from ANYONE at BofA??  Apparently, no one can help with this issue.  Files were closed due to "Non-Compliance", but no one at BofA has any idea what Non-Compliance is, or how to fix the issue.  Any thoughts, contacts, etc. to help with this is GREATLY appreciated.  Thanks Superstars...what a great site!
Corinn. Send BofA a tweet at  @bofa_help  They will respond very quickly and look into it for you. Do not place any personal info in your tweet.

Did anyone figure out a solution to this problem? Just yesterday my file on Equator went to UNAVAILABLE and we are supposed to close the 27!! The short sale was approved by the bank and everything was ready to go for closing, I cannot figure out what just happened? Any soluitions or advice would be greatly appreciated! I already have a short sale negotiator and attorney working on the problem but at the moment they are as confused as I am and I was hoping to have some clarity on the situatuion. Thank You

Did anyone figure out a solution to this problem? Just yesterday my file on Equator went to UNAVAILABLE and we are supposed to close the 27!! The short sale was approved by the bank and everything was ready to go for closing, I cannot figure out what just happened? Any soluitions or advice would be greatly appreciated! I already have a short sale negotiator and attorney working on the problem but at the moment they are as confused as I am and I was hoping to have some clarity on the situatuion. Hopefully you all got your deals closed since this post was from a year or so ago. Thank You

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