Bank of America uses the Equator System. What that means is that the Short Sale is processed through an internet based service where the negotiators are downloading your paperwork and documents online into the Bank of America on internet system known as "Equator". This system is intended to make communication easier between real estate, agents, attorneys, negotiators and banking staff. Before "Equator", the bank were notoriously known for being slow in processing paperwork. Many times files would be lost.
The Equator system is currently being used by Bank of America, Wells Fargo, Nationstar, GMAC, and Service One. Historically, the banks are notoriously slow and inefficient in processing paperwork and approving short sales. Through the online platform, documents are uploaded and messages are sent in a more efficient manner. As a result, the Short Sale Bank of America process is moving along much faster.
DETERMINING YOUR ELEGIBILITY FOR A SHORT SALE WITH BANK OF AMERICA
AFFECT ON CREDIT
Short Sales typically take less time to complete than foreclosures. As a result, your reported late payments would be less, and this will have less impact on your credit rating. Your credit scores will be less affected than if your property goes into foreclosure.
BANK OF AMERICA SHORT SALE PROCESS
If you are experiencing financial hardship due to job loss, divorce, medical conditions, etc, and do not qualify for a loan modification, doing an Short Sale may be on option you may want to
consider. The purpose of the Short Sale
is to avoid foreclosure with Bank of America. You will sell your home for less than what you owe.
HOW TO DO A SHORT SALE WITH BANK OF AMERICA
Once all parties agree, we will issue an approval for your Short Sale. The approval process usually takes 60-90 days, but can take longer if there are additional liens for approval. Upon completion of the Bank of America Short Sale, we will report that your loan was "paid in full for less than full balance".
We have successfully closed numerous Short Sales with Bank of America and are Equator Certified Experts. The Bank of America Short Sale process has improved drastically since implementing the Equator System. It is crucial to use an experienced Short Sale Agent who fully understands the process.