Equator Automates Short Sale Process

Bank of America Home Loans will now be using Equator as the primary tool for short sales.  It is a self service portal that automates the short sale process.  This will streamline the process and improve the experience for both customer and real estate agents.

As a result, Bank of America will no longer be accepting faxed short sale documents, effective immediately you will need to upload those documents through Equator.

If you are representing a homeowner in the short sale process, it is important that you have an Equator account and learn how to navigate within the system.  An educational guide to assist you is available at www.bankofamerica.reo.com/shortsaletraining.

Real Estate Agents can create an Equator account at www.Equator.com:

  • Go to the top left of the page
  • Enter your email address
  • Click the “Next” button
  • Follow the directions through the process

Once a short sale is initiated on a Bank of America loan, you can also access the educational guide within Equator.  It can be found within the “Upload 3rd Party Authorization” task.  This guide provides tips for avoiding delays and navigating system functionality.

REMINDER: The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010.  Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification.  For more detailed information on the HAFA program, go to the National Association of Realtors site at www.realtor.org/government_affairs/short_sales_hafa.

Questions?  Please call the Bank of America Home Loans Short Sale team at 1.866.880.1232

Leave a Reply

Your email address will not be published. Required fields are marked *