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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I haven't seen one marked 'UNAVAILABLE.' I had one marked "TRANSFERRED,' and then not assigned to anyone. Calls to BofA got me a very nice person whose efforts to help were useless. An email to the person who was working on the file before, got a response moving the file forward within 10 minutes. Hopefully your problem will be solved without having to reload files. Argh.....
Just got off the phone with a very helpful BOA employee who stated that the "Unavailable" status is a place where files go when they are derailed to the sidelines as non-compliant, however the files she looked at for me all have approval letters and are 2 days from closing so it makes no sense.  She is checking with management to see if we will have to resubmit these files again or if they can get them back on track - if we had to re-key all of the files it would take days!!!

Kathleen Sheridan said:
I haven't seen one marked 'UNAVAILABLE.' I had one marked "TRANSFERRED,' and then not assigned to anyone. Calls to BofA got me a very nice person whose efforts to help were useless. An email to the person who was working on the file before, got a response moving the file forward within 10 minutes. Hopefully your problem will be solved without having to reload files. Argh.....

Just heard from another firm in Fort Lauderdale with the same issue.  Over 100 files - all marked unavailable - the person called into BofA and was told all files are non-compliant and have been declined.

 

This is very interesting....  2 firms, both in FL, both with over 100 files, all suddenly unavailable in Equator.  Do you think BofA is trying to delay write-offs?

 

Thoughts?



Darryll Clark said:

Just got off the phone with a very helpful BOA employee who stated that the "Unavailable" status is a place where files go when they are derailed to the sidelines as non-compliant, however the files she looked at for me all have approval letters and are 2 days from closing so it makes no sense.  She is checking with management to see if we will have to resubmit these files again or if they can get them back on track - if we had to re-key all of the files it would take days!!!

Kathleen Sheridan said:
I haven't seen one marked 'UNAVAILABLE.' I had one marked "TRANSFERRED,' and then not assigned to anyone. Calls to BofA got me a very nice person whose efforts to help were useless. An email to the person who was working on the file before, got a response moving the file forward within 10 minutes. Hopefully your problem will be solved without having to reload files. Argh.....

I have 13 SS with BoA Equator they ALL have been closed/unavailable

some files have been uploaded 7-10 times

 

When we contacted the negotiator that was assigned; they do not understand why the files have been declined 

 

I have tried even to open a new account, so far we have 3 accounts SAME ISSUES

We have deeling with this for over 60 days now

 

:( This is a NIGHTMARE :(

 

I think BoA does not want to do any short sales at the moment

Karina:  Can you call me at 407-425-2400 so we can compare notes and maybe get something moving forward?

KARINA MITCHELL said:

I have 13 SS with BoA Equator they ALL have been closed/unavailable

some files have been uploaded 7-10 times

 

When we contacted the negotiator that was assigned; they do not understand why the files have been declined 

 

I have tried even to open a new account, so far we have 3 accounts SAME ISSUES

We have deeling with this for over 60 days now

 

:( This is a NIGHTMARE :(

 

I think BoA does not want to do any short sales at the moment

I have had this same problem over the past 3 - 4 months. All of our files are declined at the same time with absolutely no explanation as to why. No one from the Office of the President to high level management has a clue as to why this is happening. We are told to just re-initiate the files and then the same thing happens. Absolute insanity. My theories are: 1. Something is going on with the equator system even though the equator support people say this is caused by someone at BofA  2. The new BofA quality control dept is out of control  and screwing up files 3. Most of the files are Fannie or Freddie Mac and they are the cause. BofA has just settled with Freddie Mac and have agreed to make them whole for loans that default. So Freddie Mac is deciding to say no to short sales because they will be paid in full from BofA. 4. Somehow I have been black listed or something by BofA even though I have done nothing wrong. If this was the case I would think they would close my equator account. 

Does anyone have any other theories as to why this is happening?   

Darryll Clark said:

Karina:  Can you call me at 407-425-2400 so we can compare notes and maybe get something moving forward?

KARINA MITCHELL said:

I have 13 SS with BoA Equator they ALL have been closed/unavailable

some files have been uploaded 7-10 times

 

When we contacted the negotiator that was assigned; they do not understand why the files have been declined 

 

I have tried even to open a new account, so far we have 3 accounts SAME ISSUES

We have deeling with this for over 60 days now

 

:( This is a NIGHTMARE :(

 

I think BoA does not want to do any short sales at the moment

I may have a couple of ideas about why Bank Of America is doing this.

Would anyone who is having this problem please call me at (310) 666-6464 so I can ask you a couple of questions and see what I can figure out.

Ask for Alex.

Lance Munson said:

I have had this same problem over the past 3 - 4 months. All of our files are declined at the same time with absolutely no explanation as to why. No one from the Office of the President to high level management has a clue as to why this is happening. We are told to just re-initiate the files and then the same thing happens. Absolute insanity. My theories are: 1. Something is going on with the equator system even though the equator support people say this is caused by someone at BofA  2. The new BofA quality control dept is out of control  and screwing up files 3. Most of the files are Fannie or Freddie Mac and they are the cause. BofA has just settled with Freddie Mac and have agreed to make them whole for loans that default. So Freddie Mac is deciding to say no to short sales because they will be paid in full from BofA. 4. Somehow I have been black listed or something by BofA even though I have done nothing wrong. If this was the case I would think they would close my equator account. 

Does anyone have any other theories as to why this is happening?   

Darryll Clark said:

Karina:  Can you call me at 407-425-2400 so we can compare notes and maybe get something moving forward?

KARINA MITCHELL said:

I have 13 SS with BoA Equator they ALL have been closed/unavailable

some files have been uploaded 7-10 times

 

When we contacted the negotiator that was assigned; they do not understand why the files have been declined 

 

I have tried even to open a new account, so far we have 3 accounts SAME ISSUES

We have deeling with this for over 60 days now

 

:( This is a NIGHTMARE :(

 

I think BoA does not want to do any short sales at the moment

I had that happen when they decline it but dont send out the decline letter. Call Equator tech support and they can tell you exactly why it shows that status.
Has anyone found a solution or have a suggestion other than resubmitting?  Is there any legal action being considered against BoA?

This just happened to me...all files closed/unavailable.  So far, everyone at BofA has to do reasearch and in the meantime, I'm trying to do my own.  Has anyone had any luck, if this has happened to you?  I'm debating if I need to reinitiate, or wait to hear some more feedback and try the lender again.  Equator help was useless, they blamed it on the lender.  Any thoughts....suggestions???  Thank you!!!!!

This just happened to me as well. A couple of files were in "offer analysis" and one was already approved. Equator sent out declines all at the same time. Has anyone had any resolution on this yet?

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: '[email protected]'
Cc: [email protected]'; '[email protected]'; '[email protected]'; '[email protected]'; '[email protected]'; '[email protected]'; '[email protected]';
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.

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