Bank of America has made some changes to the Equator system it uses to process short sales. For any new short sale, you will be required to enter:
- Loan Number
- Borrower First Name (new)
- Borrower Last Name
- Property Best Contact Telephone Number (New)
- Reason for Default
- Whether you have a signed purchase contract (New)
- The property’s primary purpose (New)
- Current occupant of the property (New)
- When was the property last occupied by the homeowner (New)
Bank of America will then evaluate the property and borrower to see if they might qualify for a loan modification. If so, the system will generate a message to the real estate agent asking him or her to have the borrower contact Short Sale Customer Care at 866.880.1232 to discuss a modification. If the borrower is not interested, that is all they have to say, but they MUST make that phone call.
Bank of America will also attempt to contact the borrower directly, but things will move more quickly if you have that person call the Bank right away. Otherwise, your short sale will be stalled until that conversation takes place.
It is not enough to attach a note to the system saying the borrower does not want a loan modification. Bank of America is concerned that real estate agents are steering borrowers to short sales (where the agent makes a commission) instead of loan modifications that might work out better for the borrower. As a result, the bank wants to speak directly to the borrower, instead of having communications filtered through the agent.