Trying to buy a BoA shortsale - can't use equator? - Forum

I am trying to buy a short sale where BOA holds both the 1st and 2nd mortgage. When we made the offer, the seller's attorney touted how she had dealt with BOA and was going to get it through Equator quickly.

We signed our P&S on April 30th. We just got an email from the attorney stating that because BOA holds both mortgages, the sale can not go through the Equator. She said that everything needs to be faxed.

So I went from being hopeful that this was going to go through reasonably quickly to despondent because I've read what a disaster the "fax" process is.

Has anyone had any luck with the fax process recently? Does the fax process still take 6- 9 months or has that process been streamlined too?

We have hope that BOA will accept our offer (LOL) because the seller had a previous offer where the buyers walked after a few months. Our offer is $1K more than the previous offer that was very close to closing.

Any thoughts on whether this will actually go through in 6 months. The attorney says that she will call every week and knwos how to escalate (I laughed when she said this as I have been reading this blog and know that even that is a challenge).

Replies

Kathy Batterton June 8, 2010 at 3:34am

I have one now where BOFA holds 1st and 2nd. It is being handled through equator. It is also going HAFA, also mostly being handled through equator. At least it was til the crazy buyer backed out this weekend.
Wendy Rulnick June 8, 2010 at 1:27am

Susan - The only faxes, as far as I know, that should be faxed to BOFA are VA and HUD short sales. The rest should be entered through equator. I'd like to hear other comments on this.

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