New Development: Equator-Only for Bank of America Short Sales
With HAFA making news across the industry, we want to keep you posted on new developments as they happen. Here’s another one:
Equator just sent out a message stating that “Bank of America Home Loans will now be using Equator as the primary tool for short sales,” meaning Bank of America will no longer accept faxed short sale documents. Those documents now need to be uploaded through Equator.
This new development corresponds to Bank of America’s new perspective on short sale transactions, and the government’s launch of the Home Affordable Foreclosure Alternatives (HAFA) Program on April 5.
Stay tuned … we’ll update you as the news comes in.
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6 Comments
Dianna Lebrecht
April 12th, 2010
Does that also include Fannie and Freddie loans.
John Lewis
April 12th, 2010
I just called BOA regarding HAFA eligibility for one of my clients. The loan is NOT Fannie Mae or Freddie Mac, it is her primary residence, and her income is less that 31% of the mortgage payment. BOA stated that the loan does not qualify as it “is a government loan and the investor is not participating.” They would give me no additional information, just kept repeating the same thing. I am confused now as to attempt to qualify a seller as a possible HAFA candidate.
Leslie Moen
April 18th, 2010
Keep in mind that this does not apply to FHA backed mortgages.
Judy London Murray
April 26th, 2010
I had spoken to BOA a week ago Friday and the processor told me to fax everything. After I saw this post, I contact BOA short sale departmentand they told me I had to go through equator. Thanks for the heads up. But, it is a little confusing because I have only been asked to upload a few items (contract is one of them) but no one asked for the hardship info or tax info. Do you have specific experience in working with them. When should I start “bugging” them.
ultrasound technician
April 26th, 2010
Pretty nice post. I just stumbled upon your blog and wanted to say that I have really enjoyed browsing your blog posts. In any case I’ll be subscribing to your feed and I hope you write again soon!
Steve
May 29th, 2010
I just called BOA regarding HAFA eligibility for one of my clients. The loan is NOT Fannie Mae or Freddie Mac, it is her primary residence, and her income is less that 31% of the mortgage payment. BOA stated that the loan does not qualify as it “is a government loan and the investor is not participating.” They would give me no additional information, just kept repeating the same thing. I am confused now as to attempt to qualify a seller as a possible HAFA candidate.