Bank Of America’s New Short Sale Program
Bank Of America has been know for having one of the slowest short sale processes in the market. I completed one that took around 7 months. I have heard of others taking much longer. This did not get any easier when BOA inherited Countrywide.
Nevertheless, they are now leading the way with how they process short sales by using the new Equator system. Equator is an online system that eliminates faxing and much of the disorganization of the past. The system allows agents to upload specific files and forms directly in to Equator for the BOA processors and negotiators to review. This eliminates the needs for agents to call multiple times a week to confirm that documents were received. It also informs agents and home owners when more documents are requested, offers are accepted, rejected, or countered.
If you are one of many home owners who has a Bank Of America loan on your home, you can breathe a short sigh of relief from the horror stories in the past. This could go a lot easier for you!
To get started on a short sale contact us!
