Replies to This Discussion

Permalink Reply by Jimmy Williams on July 12, 2012 at 12:23pm

Your seller will need to submit your contact information to her contact at BAC, a BAC rep will contact you to get the file started.

Permalink Reply by Sharona Byrnes on July 12, 2012 at 12:28pm

Two things -

Fax in your 3rd party auth.

Contact the BOA twitter team, they are very helpful. @BofA_Help

Permalink Reply by Brenda L Wood on July 12, 2012 at 12:39pm

The important thing here is to make sure that the Loan Modification is closed.  If it is open then the short sale is "put on hold."  Several years ago I had a short sale that was denied for Loan Modification and BofA told my client to short sell. But BofA still had the request "open."  It was a nightmare getting them to close it and it took nearly 3 months. Several months ago, armed with my first experience, I had a client that was granted a loan modification but the payment was more than she currently was not able to make so she denied the loan modification. She did not want to wait until the trial period failed. She faxed in a written request to close the open loan modification per BofA instruction (sorry I don't remember that fax number and they also stated that it must come from the homeowner, not the agent). She called the Home Retention Department at 800-669-6650 repeatedly - it took over one month to close this out and only after I tweeted the BOA help team.  (By the way, they had it resolved for me in about a week.) One week I called in for a status update and was told that the loan mod was closed but then the following week I was told it was not. 

This may be why you can't initiate in Equator?  Call short sale department to see if mod is open.  If so, I would submit everything via fax and then start working on getting the mod closed.  Good luck!

 

Permalink Reply by Michelle Adams on July 12, 2012 at 3:23pm

If it is in the cooperative plan, Once the bpo value is done they will send your seller a form that needs to be faxed in and then you will be assigned in equator. You cannot do the coop plan if you already have an offer. They cannot switch it over to you in the middle or it would have to be declined.

Permalink Reply by Pamela Ann Zyski on July 13, 2012 at 3:58am

They had my sellers write a statement that they did not want a loan mod & wanted to proceed with a short sale.  Had to be signed & dated.  Once they acknowledged they received it we were good to go.