Replies to This Discussion

Permalink Reply by Makoto Sato on December 15, 2009 at 4:39am

Jeff, Any updates regarding your BoA->REOTrans Short Sale? Hope all is going well...

Jeff Payne said:

Listing agreement
authorization letter
purchase contract
HUD-1

Permalink Reply by Mary Sowell on December 16, 2009 at 12:04pm

My 1st BOA since REOTrans was brought into the mix. In calling during the contract phase to get set up with REOTrans, they instructed me to have the sellers call Home Retention to give thier finanacial information and get an approval. Then I was instructed to email the required short sale documents when the contract was finalized to [email protected]. I was told we would get a response within 20 days. I sent the email today.
It is a little disconcerning to have been instructed to email when everyone and everything else instructs to fax the documents. Has anyone else received such instructions?
I did call today to "check on the file" and they said the Authorization Form had been received and the file was activated.
I'm real gunshy with these guys after past experience.

Permalink Reply by Jeffrey Burnham on January 6, 2010 at 12:25pm

Don't expect miricles.... it's just more of a stall tactic...I haven't seen any faster reaction on the one I sent in early last month.

Permalink Reply by Kris Lindahl on January 26, 2010 at 3:15am

Good luck. I have nothing but problems with that system. It assigns a generic negotiator and I can never get a response. I had one declined because it didn't get uploaded in the system on time. Yet I was never aware that I was supposed to upload something. Not a big fan!

Permalink Reply by Julie R. Baldino on March 3, 2010 at 9:49pm

The listing agent does NOT get notified if tasks are assigned (unlike the REO side of the program)... you have to log in every day and constantly be in contact with your seller to see if they are requesting additional documentation. There are ways around the seller having to do the document legwork-ask the negotiator to upload the seller files for you if you have a client that is not tech savvy. Also, you can log in to the sellers account with them sitting next to me and uploaded the documents for them. I have utilized each of these tactics several times and received an approval within 45 days from start to finish through Equator. The biggest issue with Equator and B of A is that you start from scratch with each offer. New timeline, new negotiator, etc... its a pain!

Permalink Reply by Anna on March 24, 2010 at 12:44pm

03/10/2010 received approval on boa short submitted to reotrans 12/29/2009 little over 3 month not bad for BOA:)

Permalink Reply by Anna on March 24, 2010 at 12:48pm

Negotiator asked for Hardship Letter to be uploaded in Library section on one my files.

Wendy Rulnick said:

Very interesting. No hardship letter.....

Jeff Payne said:

Listing agreement
authorization letter
purchase contract
HUD-1

Permalink Reply by DoesntMatter on June 23, 2011 at 3:04pm

Stacy, B of A listings are processed through one of TWO systems..

 

All conventional loans, (Ginnie Mae Rural Econ Loans, even lot loans) would be initiated yourself at Equator.com

Government Loans, (VA, FHA,) and Private Label loans will be faxed over and worked the old fashioned way. Equator is expanding all the time, and eventually all loans will be supported.

 

The only exception to this process is the infamous "private label error" loan, where even though the loan is conventional, there is an Equator glitch that flags the account as private label. In that case the loan would be treated as private label with the same process as the private label loan, even though it TRULY isn't PL. (faxing doc's, etc.) 

stacy Vogel said:

Jeff,

I am hopeful that this will help speed up the proceess. I am still so confused on what and where to send documents. I have 6 B of A Listings right now, 2 with offers every time I call, I get different information and a different fax number. Some are original B of A 1st Loans and Some Countrywide. What documents should we send in to get the file added to reotrans or should we call in and ask for them to open file on reotrans? How did it work out for you? Thanks for sharing.

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