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Comments

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  Bryant Tutas April 21, 2010 at 12:43am

  Wendy. I'm with you. I like Equator. I have my first closing through them on Wednesday and have 2 more than have been approved. It's FAR better than the old way in my opinion.
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  Wendy Cutrufelli April 20, 2010 at 5:34am

  While I admit that the lack of instructions are problematic, I am apparently one of the few that actually LIKE equator. The #1 frustration of short-sales - lost or missing paperwork - is completely eliminated. Everything is time-stamped and permanent record so there is no "he said, she said". My recent B of A short-sale in Equator had an answer in just under 2 months....significantly less time than any using the old system (fax and call incessantly).
  
  I took Equator notes for my office because there were a few surprises, so I will share them here.
  
  The seller will receive an email link to input and upload their income and asset documentation. They have 7 days to complete this task. The file will not move forward until this is received. My seller didn't have a scanner for their documents so we set an appointment to complete this task together.
  
  Submit the short-sale offer (Contacts, HUD-1 figures, Comments). You are allowed 3 days to complete this task. The following information is required from the buyer(s): Current address (street, city, state, zip), current phone number, first 5 digits of social security number, date of birth.
  
  As soon as the "Submit the Short Sale Offer" task is complete, logout and login again. The following tasks will be assigned:
  
  Upload Offer Documents and Upload Supporting Documents (property photo, Buyer pre-qualification and proof of funds, HUD-1, MLS Printout, MLS #). You are allowed 7 days to complete these tasks (but I completed them all on Day 1).
  
  Once these tasks have been completed, the lender is allowed 7 days to move the file from Generic Negotiator to a specific Negotiator. In my case, this didn't happen. I sent an email through the system on Day 10 and again on Day 12. The file was then assigned to a specific Negotiator. The file was reassigned to a NEW Negotiator about 5 days later.....but it was transparent to me because I didn't have to re-fax the entire package.
  
  To answer Michelle's question, the status HELD means all docs have been received and the lender is waiting to receive their BPO and review their net loss figures to determine if they will accept or counter the offer.
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  Regina P. Brown April 19, 2010 at 6:39pm

  So far I've seen Equator NOT stop a trustee sale and therefore, foreclosures.... I have not yet seen any successful short sales processed through Equator. Lots of Realtors & investors are now refusing to help homeowners with Bank of America loans!!
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  Gin Rich March 11, 2010 at 6:00am

  I am curious, did you already have a short sale approval letter? My client has an approval letter, has signed her loan documents, submitted her funds to escrow and according to the letter all we have left to do is have the final HUD approved which in their letter they state takes 72 hours, that letter was uploaded on 3/2, per the instructions on the letter (they have confirmed they received it on 3/2). The seller signed early last week, has vacated the property turned over the keys to my client, all utilities are in my clients name and still no word from the so called short sale closer. The escrow officer and listing agent keep calling, have escalated with managers and still nothing, The lock expires again on Monday 3/15 and we have no idea why no one is responding. In the mean time my client has rented out her home, delayed her tenants but they have to vacate their home this weekend so it looks like my clients tenants will have to go to a hotel with their 3 year old twins and wife who is 8 months pregnant. This is totally unacceptable and I do not understand how B of A can get away with this, it is reckless behavoir on behalf of B of A and it is only a matter of time before someone sues them. Does anyone have any advise, I am at a total loss?
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  Michelle DeRepentigny, SFR March 11, 2010 at 4:49am

  So today my offer status went to "HELD" - it would be really nice if I knew what that meant!
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  Michelle DeRepentigny, SFR March 10, 2010 at 4:29pm

  I'm on day 10 with a "generic negotiator" still on one that needs to move critically fast - as we are a non judical forelcosure state with no redemption period. I guess tomorrow I will start sitting on hold on the phone .
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  Gin Rich March 8, 2010 at 6:59pm

  Well my buyers loan documents have been sitting in escrow waiting to close since last Tuesday 3/2/2010, lock expiring, seller already signed and from what I understand, we have been waiting for Equator to approve the final HUD and just got assigned a new closer. I have no idea what to tell the buyer, she has done EVERYTHING and allowed additional time. It is difficult having to explain these delays to clients and advise them as to how to move forward when you hit the Equator Wall!
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  Gwen Mark March 8, 2010 at 5:59am

  Wellll..so far it has been a headache!! First, there were no real instructions on what to do or what was expected of us. 2nd It would not take the 3rd party auths. I am an agent, but I also work short sale negotiations for other list agents. It took a couple of weeks to get an clear answer on why it kept kicking out my auths. I had to create a whole new auth for the list agent and log in under her name. 3rd First buyer walked and it has been a month and I can't get them to withdraw the old offer so I can upload the new one.:( Not a happy camper here.So I am at the bottom of the heap on this one. Also, there is another negotiator for this same agent that is having similar problems. I just got a number to call Texas,(866-677-2516) supposedly that call center can handle Equator Questions. I called and requested they withdraw the old offer Fri, but it still is in the system Mon. We'll see...