Why do the sellers have to call in to initiate the Short Sale with Equator?

I'm always trying to find out the "why" in things, that way when approaching the situation I may be able to quickly diffuse the problem at hand. I'm usually pretty good at coming up with the "why," but with this I'm lost. Can anyone tell me why the seller's have to call in to initiate the short sale? Speculation is ok on this one. I guess I'm concerned as an agent because I feel like our power is shifting. This process is painful enough, emotionally for our sellers. I personally pride myself in making it as painless as possible once it is listed. This throws a HUGE wrench in painless! Typically about the time of submission, most sellers have already aggressively attempted loan mod's which have left them on hold with this same bank for hours. Are they trying to run them off? Also, what do they ask the seller's? Can what is said create an issue for the sale down the road? Has anyone found a way around it? Do they even take the traditional way of faxing etc for submission?

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Jennifer - Actually, the agent can initiate the short sale in Equator before the seller does anything. BUT, the seller must also log in and upload their docs.

They gave my sellers the wrong web-site for short sales so I called and got the correct web-site that the seller must log in to. If your seller didn't get their password or if they lost their username/password you, as an authorized party can help your sellers get this info. They are allowing agents to assist in uploading docs if the seller signs a disclosure statement.

But, this doesn't really answer your question of "Why?"

Yes, they still take the traditional way of faxing for submission. But, with Equator, they can't say, "Please fax the entire package again, we don't show it on our system yet... Oh, you faxed it yesterday? Well, it takes, 48-72 years for the system to show that you've faxed it... what number did you fax it to?"
My take on it.....could be wrong......it may really depend on where in the country the short sale is.....but they are gearing up for the foreclosures. By having us enter in all of the information in the data tank for them has the system set up for the foreclosure scene if or when the short sale is denied and eliminates their help from having to do so and most likely will result in layoffs at BofA as well.
Maybe a little cynical on my part..................
WHY? in my opinion it does make sense to bring all stake holders to the same platform, and work together, but the reallity is the sellers may not be up to the task, willing or even care anymore.

As the short sale log jam builds the banks will try to offload as much of the work as possible, similar to outsourcing.

IMO the economy will not recover, and jobs will continue to be lost until this GREAT ASSET RE-VALUATION can begin, and that is all it is... Our capitalist system does a great job of re-valuing assets going up(appreciation). If the re-valuation process uses the foreclosure process then it could take 10 years, but if banks would utilize the Short Sale process that time frame could be cut in half or possibly 2-3 years. Either way non-performing assets have to be revalued to begin perfroming again. There just isn't any strong leadership on this, YET...
Jennifer,

I have been told BofA that they only take faxed contracts for government backed loans. All others have to go into the Equator system.

Susan
Interesting Susan. Maybe that's why my Freddie backed BofA SS is going thru the traditional fax method and my non-Freddie/Fannie SS is going through Equator.

Susan Stuth said:
Jennifer,

I have been told BofA that they only take faxed contracts for government backed loans. All others have to go into the Equator system.

Susan
Susan - I was told all contracts should go to Equator, or but wait, the next day the rep laughed and said none have to go to Equator.

Susan Stuth said:
Jennifer,

I have been told BofA that they only take faxed contracts for government backed loans. All others have to go into the Equator system.

Susan
I understand what you mean about different answers. The advice I was told was to call in and verify on each and every short sale whether it has to go through Equator or not so that you don't waste time going through Equator and then finding out it doesn't belong there and having to start all over again.

Consistency is not one of B of A's strong suits.

Wendy Rulnick said:
Susan - I was told all contracts should go to Equator, or but wait, the next day the rep laughed and said none have to go to Equator.

Susan Stuth said:
Jennifer,

I have been told BofA that they only take faxed contracts for government backed loans. All others have to go into the Equator system.

Susan
I submitted a Freddie loan and was told that Equator was not set up for this loan. The faxing process, 10 pages at a time, please, went smoothly. For the next one that I am working on, I was told to use Equator.

I've noticed that people answering the phone at BofA may or may not know what they are talking about, may or may not have access to the system that has your sellers docs, will forward you to someone else who may or may not know anything either. If you don't succeed call and call again, I guess.

Susan Stuth said:
I understand what you mean about different answers. The advice I was told was to call in and verify on each and every short sale whether it has to go through Equator or not so that you don't waste time going through Equator and then finding out it doesn't belong there and having to start all over again.

Consistency is not one of B of A's strong suits.

Wendy Rulnick said:
Susan - I was told all contracts should go to Equator, or but wait, the next day the rep laughed and said none have to go to Equator.

Susan Stuth said:
Jennifer,

I have been told BofA that they only take faxed contracts for government backed loans. All others have to go into the Equator system.

Susan

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