Comment

Comment by Sue Fitzhugh on June 13, 2012 at 5:53am

Does anyone remember how long it took once BoA asked for buyer partial social security number to be entered into Equator for the short sale to be approved? My buyer is willing to wait but once BoA approves the listing agent is sending the short sale to Suntrust to get the 2nd approved. He says Suntrust won't process the short sale until the 1st trust approves and we want to put their house on the market before it slows down.

Comment by Stephanie Hart CA 310-930-2342 on June 12, 2012 at 1:52pm

Sameer... My BAC 2nds have gone through equator. They were true 2nds not HELOCs though.

Comment by Sameer Punjani on June 12, 2012 at 1:37pm

Do 2nds with BOFA go through equator as well? I have a 1st with Wells and 2nd with BOFA. 

Comment by Carol Muir on June 11, 2012 at 2:47pm

Hi George,

Yes I closed one a short time ago and they did get the $2500. In some states they were eligible for additional monies.  The language in the approval was 'accept less than payoff'', ' and release your from further financial responsibility for the outstanding debt'.

Comment by Thom Colby CA Brkr 888-391-5245 on June 11, 2012 at 12:19pm

@George Isaacs

Do it, it's real and it works.  They don't need financials and not sure what state you're in but here in CA they cannot pursure deficiency.  In a Coop, BofA sets the list price unless you already have it listed and an offer.  They reduce the price every 21 days.  Seller gets the $2500 at closing and they pay commission up to 6%.

 

Good luck,

Comment by George Isaacs on June 11, 2012 at 12:15pm

Anyone worked a file thru Bank of America’s Cooperative Short Sale Program?

I have a client who has gone through bankruptcy, had the debt discharged, vacated and had the property re-keyed. Four month later she is getting constant calls to engage the Coop Short Sale Program to avoid foreclosure....and they'll give her $2,500.

Sounds too good to be true to her and I The authorization forms they sent to get started were minimal and require no financials on her part. From what I've read so far, this program allows BoA to pursue deficiency in some cases, different then a HAFA. There also appears to be a "streamlined" version wherein deficiencies are not pursued. Is this status disclosed up front?

Any wisdom or guidance you can share is greatly appreciated

Comment by Deidre St. Romain on June 11, 2012 at 9:46am

tweet BOA.  @BOA_help.  include property address, your name and phone number.  Need ss help!

Comment by Benjamin Campos on June 11, 2012 at 8:57am

I need HELP !!! I have a FHA short sale that I'm working with B of A . I recieved a final approval but it needs to be revise and  my negotiator is not being responsive .. I've escalated this file several times and all I get is an email from my negotiator that he will review the file and get back with me.. Does anyone know of a Manager or Supervisor and their contact information ..

Comment by STACY LACROIX on June 8, 2012 at 7:38am

Sharon, Thanks, I have gotten so may different answers thats why I figured I'd go to my BEST TOOL EVER!!! We do have the most recent autho and our whole office is on the form, We close 50 short sales a month, but BOA seems to keep throwing a wrench in our chain...lol Thanks again

Comment by STACY LACROIX on June 8, 2012 at 6:57am

Has anyone else had an issue with a file being kicked out due to the new system and Authorizations? We are an attorneys office that negotiates short sales for hundreds of real estate agents, we currently put all BOA short sales into our law office account, but recently BOA kicked a file out stating that we were not the listing agent and the account needed to be the listing agents account.  Any incite? Thanks

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