Replies to This Discussion

Permalink Reply by Wendy Rulnick on November 10, 2009 at 12:43pm

They told us NOT to use REOTRANS on one we had to submit last week. They said to fax it! I bet they are having big problems.

Permalink Reply by Geanne Pack on November 10, 2009 at 2:27pm

Hi Jeff,

I just heard about the equator program on ReoTrans from BOA today. The told me it officially rolls out tomorrow and that they would not open any new short sale files until next week!!! I just became a member of ReoTrans and had hoped that I would become familiar with it by now but it's a little intimidating to say the least. Hope there is a webinar or something showing what they are expecting from us.

Take care,

Geanne

Permalink Reply by Souzan M on November 10, 2009 at 5:05pm

Yes I used it. I started my first about 3 weeks ago. Its a joke they have us doing the busy work. I called one of the 12 people who have access to it and they set it up so I can also access the sellers part and assign tasks to the agent. If the seller does not assign an agent and a task then you never get a request.

The best part . . you can opt out. OPT OUT! How long is it going to train agents seller AND EMPLOYEES?? We are part of an actual BOA training. I confirmed that it does not speed up the process. In fact the files I have participating in this trial have been pushed back a few weeks and I am being asked to upload the same docs they received weeks ago. LOVE short sale HATE HATE HATE Bank of America . Give me any 3 lien short sale any day just dont give me a Bank of America short sale. I just can't say NO to a seller because of who the lender is!!

Geanne this is a direct # to Bank of Americas REO trans dept 1-866-921-4772 and they will step by step walk you through what the seller sees and what you see. This part was very helpful. I have used REOtrans in the past but wanted to understand what Bank of Americas plans are.

Permalink Reply by Tessa Wilborne on November 12, 2009 at 8:26am

Jeff, I have loaded forms and information into the REOTRANS system. After 30 days with no response from the negotiator assigned and multiple phone calls from me.... On 11/09/09 we received a denial of the short sale from the negotiator in REOTRANS saying it was put in the system as an error and if we wanted to attempt a short sale to please call 866-880-1232. I immediately got on the phone and was on the phone with BOA for about 2 hours and no one could tell me what just happened and of course the short sale system within BOA can not communicate with the REOTRANS system. I finally ended my phone conversation at 9pm EST time thinking...Great we are going to start all over. Then at 9:30am on 11/10/09 I was issued an approval letter and the file was removed from REOTRANS. So much for being faster in REOTRANS. I can't complain because this one only took about 3 months from start to finish.

Permalink Reply by Lizette Cano on November 15, 2009 at 5:08pm

Bank of america drive's me nuts I was on the phone with them alllll day on friday going in circles , very few people are trained in this program some people dont even know about it. My client registered and did something wrong with his registration and bofa supposedly reset his password but its still not working bofa tells me to call reo trans and reo trans says that its a private bofa site and only a bofa rep can help . I have refaxed my offer im hoping that they will not transfer me to the REO Trans program again on this file.

Permalink Reply by Jeff Payne on November 17, 2009 at 7:42am

I have 2 that are with REO Trans right now, if it works right, it will be a better system, both I had to get a senior supervisor to open for me though.

Permalink Reply by Lynn Pineda on November 18, 2009 at 12:59pm

I had a recent short sale that BOA indicated that the seller needs to contact them for entry into REOTrans so I prompted my Seller to contact them as per their instructions. When the Seller contacted them they said, "no" your offer is already going through, it's complete and being reviewed yet and will not be handled through REOTrans...oh my gosh! Who is leading the pack here?

Permalink Reply by Bettie Meadows on November 23, 2009 at 10:19pm

Yes, I have uploded photos, sales contract, MLS page and #, proof of funds letter, ATR and all with few difficulties so far. the format immediately showed "yellow'gold", which means it was accepted and in the negotiation stage.

One thing about REO Trans if your offer is rejected, you know it instantly.
Please remember to Submit and Save.

Permalink Reply by Bettie Meadows on November 23, 2009 at 10:21pm

Jeff Payne said:

I have 2 that are with REO Trans right now, if it works right, it will be a better system, both I had to get a senior supervisor to open for me though.

Permalink Reply by Katerina Gasset on November 24, 2009 at 1:04pm

We just tried to opt out of one but BofA manager said we can not opt out.
I do not like this REOTRANS, not one little bit.
No one knows who is doing what!

Permalink Reply by Nicole Borsey on November 24, 2009 at 2:41pm

OK, I have used REO trans on the REO stuff, and it's FINE... however on the Short Sales, I was told i was going to be sent my log in, a week later, NOTHING... after calling a few different reps, I was finally told that IF i just fax it, they will STILL take it that way, and it was her suggestion to do so! I DO THINK in time it will make things MUCH easier- it's just toooo new for them right now.