Replies to This Discussion

Permalink Reply by Makoto Sato on December 24, 2009 at 12:44pm

Marcelo,

Please join the REOTrans discussion group. Equator is REOTran's new name.

As far as your question, I was told that you don't need to initiate for both loans. Just the one. BUT, this is coming from the BofA short sale department and many of them are not trained on the system yet, so they may be right and they many be wrong.

Don't wait for them to assign. Go to Equator.com and initiate a SS on your end. Then you upload your authorization. Then, your seller has to input/upload their info. Then, you will be given another task. All tasks have a deadline. More info at the REOTrans discussion group.

Try calling them at Equator Support 866-677-2516. It's entirely possible that they will give you real information...

I should have asked Santa for quicker Short Sales. Instead, I asked for World Peace!

Happy Holidays!

-Mako

Permalink Reply by Marcelo Da Silva on December 25, 2009 at 7:15am

Hello Makoto:

Thank you for the tip! I will do that. Instead of asking Santa for either one, let's ask him for both! :-) Happy Holidays!!!

Makoto Sato said:

Marcelo,

Please join the REOTrans discussion group. Equator is REOTran's new name.

As far as your question, I was told that you don't need to initiate for both loans. Just the one. BUT, this is coming from the BofA short sale department and many of them are not trained on the system yet, so they may be right and they many be wrong.

Don't wait for them to assign. Go to Equator.com and initiate a SS on your end. Then you upload your authorization. Then, your seller has to input/upload their info. Then, you will be given another task. All tasks have a deadline. More info at the REOTrans discussion group.

Try calling them at Equator Support 866-677-2516. It's entirely possible that they will give you real information...

I should have asked Santa for quicker Short Sales. Instead, I asked for World Peace!

Happy Holidays!

-Mako

Permalink Reply by Bettie Meadows on December 31, 2009 at 2:15am

My expereince has been that I can not upload anything unless it is requested from the rep as an assigned task. They are aware of the second lien and has always included it in my transactions. But to be safe I always put both loan numbers on the docs to protet myself and to move things faster. Be sure to mention the second lien and talk to them or write them about it, so it does not slip through the cracks. Hope this help. I have been doing this for 4 years reuglarly and do have some experience.

Permalink Reply by Kay VanKampen on January 8, 2010 at 3:02pm

Marcelo, I just uploaded a new short sale to Equator. I'm not sure what to do yet either.

Permalink Reply by Marcelo Da Silva on January 8, 2010 at 3:29pm

Hello Kay:

That's what is great about this forum. I basically did what they recommended. The firs task the system will generate is the third party authorization request. Once you upload that, it will generate a task to upload the offer on a worksheet. Make sure you get the buyer or buyers first five social security digits and birth date. After you fill out and submit the worksheet another task will be assigned where you will need to upload the HUD1, MLS plano, purhase contract, proof of fund or qualification letter and property picture. Make sure you write the loan number in every document. Then wait to for a negotiator to be assigned. Also immediately have your client (seller) call BofA at 1 866 677 2516 to initiate it on their side. BofA will give them (seller or sellers) a password to login at www.bankofamerica.com/shortsale and provide their financials. If you come across something unusual, please share. I'm still learning as well. Good luck!


Kay Van Kampen said:

Marcelo, I just uploaded a new short sale to Equator. I'm not sure what to do yet either.

Permalink Reply by April Nitsos on February 17, 2010 at 10:24am

Can anyone lead me the correct 3rd party authorization for BofA. They have rejected mine.

Thanks,
April

Permalink Reply by Brian Zink on April 6, 2010 at 1:20pm

Which one did you use thatwas rejected?

April Nitsos said:

Can anyone lead me the correct 3rd party authorization for BofA. They have rejected mine.

Thanks,
April