The Key To Navigating the Short Sale Process with Bank of America

Understandably, Bank of America has been the target of much criticism for how difficult they have been to work with in trying to successfully negotiate a short sale. Just this week nearly 100 angry homeowners took to the streets in Las Vegas, protesting what they call unfair treatment by Bank of America.

But since December 2009, Washington Property Solutions has utilized BOA's Equator Financial web-based system and it has been a great experience. Our ability to communicate with BOA directly through the Equator system is an extreme improvement on their execution and response time. Other lenders have been using Equator also and WPS has become proficient with each of their unique processes.

The system can be difficult to maneuver through, but we have been successful in learning the intricacies of the system. Previously Bank of America's short sale process could take up to 2 weeks for a file to be activated properly. Through the use of Equator we are now able to initiate the short sale process with Bank of America in less than a minute. We can upload the required documents directly into their system and get instant confirmation that they have been successfully received. The use of Equator has also eliminated the need for repeated requests for updated financial documentation from the sellers.

The new system does require that the sellers create an account and sellers do have required tasks assigned to them, but WPS is happy to assist all our clients to successfully navigate the system. At the seller's request, we are willing to take care of the tasks required for them if they are having problems or other time constraints.

Nice to see some positive developments with the Bank of America short sale process.