Replies to This Discussion

Permalink Reply by Van Bui on March 24, 2010 at 9:22am

Ed, thank you for the inf.. I am submitting a new file. BOA HELOC can kill the deal. Most of the time they want more than 1st lien allows. I got one deal went to foreclosure because HELOC negotiator did not back out. The loan was 60K. BOA countered back 13K for settlement. 1st lien agreed to pay 3K, the buyer agreed to pay 10K. 1st lien said any addition money to 2nd lien belongs to the 1st. Even we counter 10K to be paid out of closing or it does not matter who pay 10K on the HUDs at closing, BOA negotiator refused to put on approval 3K for settlement. The deal was dead. Anyone has same problems and how you get around it. Thanks

Permalink Reply by Van Bui on March 26, 2010 at 9:31am

HELOC loan submission now has to go through Equator. No more fax or short cut.

Permalink Reply by Cathy Nielsen on March 26, 2010 at 9:36am

I have been faxing in the HELOC submissions for short sale and receiving the approvals within 2-3 weeks. If the first is a Fannie, I have been told that Fannie will only allow 8-10% max to go to the 2nd if you let B of A know the first is a Fannie, in advance they will usually abide by this rule. I have had to let remind them and they change the approval letters to reflect the allowable amount,

Cathy Nielsen
Homesaver LLC
Homesaver Real Estate LLC
Short Sale Negotiators

Permalink Reply by Van Bui on March 26, 2010 at 5:32pm

Cathy, BOA changed rules recently. I tried to submit HELOC through fax today. They rejected it. I have to go through Equator just like normal files. No exception.

Permalink Reply by Diane Wheatley on May 7, 2010 at 10:18am

I just received my second declined letter from Bank of America. I have a HELOC short sale. Both loans are with B of A. I have submitted them through Equator each time. This time the negotiator tells me that it was submitted incorrectly and that the HELOC should not be processed through Equator. I'm told to order a demand as a regular payoff for the first and she will call me back with info on the HELOC. I will submit it however they want me to. I just keep getting the run around and now no return phone call. AAAHH!! Any help??

Permalink Reply by DanaVoelzke on May 18, 2010 at 10:47am

Hi all,
Just wanted to share an experience today.
I am helping a colleage with a BofA 1st w/ 2nd Heloc. Tried to iniate a separate short sale on Equator for the HELOC but the system would not let us. So we called BofA and they informed us that they went ahead and "attached" the HELOC to the 1st and already went ahead and negotiated the payoff for the HELOC as part of the deal. I kept asking the customer service rep if he was sure this was correct because it sounded way to easy to be true. We'll have to wait and see what the approval letter looks like but as far as a submission process it could not have been easier.

Permalink Reply by Debbie Franklyn on May 18, 2010 at 7:37pm

I also have a HELOC that is B of A's and they specifically told me it MUST gro through Equator.
How did you get around that?


Cathy Nielsen said:

I have been faxing in the HELOC submissions for short sale and receiving the approvals within 2-3 weeks. If the first is a Fannie, I have been told that Fannie will only allow 8-10% max to go to the 2nd if you let B of A know the first is a Fannie, in advance they will usually abide by this rule. I have had to let remind them and they change the approval letters to reflect the allowable amount,

Cathy Nielsen
Homesaver LLC
Homesaver Real Estate LLC
Short Sale Negotiators

Permalink Reply by Cami Pinsak on June 9, 2010 at 6:22pm

B of A is so messed up! I have submitted HELOC 2x through fax only. I have actually gotten counters from them. Not once have I been told to go through Equator for HELOC. I swear the right hand doesn't know what the left is doing!

Permalink Reply by Stephanie Lim on June 21, 2010 at 8:50am

We tried to go through Equator on the HELOC. Could not. Loan could not be recognized in the sytem. Negotiator for our first (also BOA) told us that all BOA HELOCS have to be done manually through their HELOC department by faxing in a package.

We faxed in our normal short sale package after calling twice and being told of no special requirements.

Our short sale request earned a "DECLINED as incomplete" letter because we didn't use their particular HELOC package. We had used the BOA financials printed from the http://shortsale.bankofamerica.com instead. We were also reprimanded for including extra stuff.

BOA HELOC is only interested in the HUD, their particular financial worksheets (with one whole page devoted to how the HELOC funds were used) being filled out, hardship letter and the authorizations.

Permalink Reply by Debbie Franklyn on June 22, 2010 at 7:24pm

Hello to all of you! I need your help.
Indymac is my first lien holder, B of a my second. Indymac has authorized $7834 to go to the 2nd, however today, B of A finally applied to the request for approval but insist of getting #14,000. Indymac also has a service fee of $2000. I doubt that would be negotiable????

The original loan of B of A is $79,000. So if the first is a Fannie, then are you saying that B of A should only get not more than $8000? Please let me know your thoughts. I have been working and working on this file and need your help!!!!

Permalink Reply by Terry Hammill on June 27, 2010 at 12:04pm

A quick note to everyone working on HELOC seconds with BAC -- depending on the 'type' of HELOC can dictate where you submit it. The old Countrywide HELOCs (with 9 digit or less loan numbers) go into Equator. The old Bank of America HELOCs with loan numbers that usually begin with a '6' and are 14 digits log (look a lot like a credit card number) can still (as of last week) be faxed in.

Permalink Reply by Debbie Franklyn on June 27, 2010 at 12:22pm

When I got my listing with the HELOC BEING B of A, I called customer service and asked if I needed to do the HELOC through Equator or fax it in. I was told EQUATOR only. So far they have not questioned anything.

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