Bank of America Short Sales & Using REOTrans (Equator)

If you are working short sales with Bank of America (Countrywide) you may have recently found one of your files sent to Equator.com, formerly REOTrans.com. As of this post they are just trialing certain files but it shows some promise but some faults as well.

If you are new to Equator (REOTrans) it may seem a bit confusing and on its own like many things it will take getting used to. Personally I like it because it should eliminate the crap that happens on every file with them. You know the 'we don't have the contract, we are missing this document or that document' response. Now you will be involved with uploading those files so they can't hide behind that one anymore.

Some tools you will need to be successful with Equator (REOTrans).
> You will need a way to create PDF files of your documents. It can either be a scanner or if you use an efax service you can set the service to deliver PDF files and just fax the documents into yourself for uploading later.

> PDF management software. Most lean to Adobe PRO but I suggest something MUCH cheaper. Check out NitroPDF Pro. Much cheaper and does everything you might need to separate nested files for uploading.


Please understand the steps we summarize below are not the official instructions from Bank of America. Why are we adding them here? Quite simply because B of A seems to think we should all know some of this almost 'magically'. It is as if they assume we've received their hidden signal in the radio waves explaining what is needed. Realtors will manage their side of this through the Equator.com web site by creating an account if they on't have one already. I won't be able to go into all the details of the Equator (REOTrans) web site as it is too involved for this post. Most of this is in reference to what they want our home owner to do.

EQUATOR BORROWER STEPS (Home Owner)
> Call to Bank of America at 866-770-7961 to set up thier access.

> The home owner will supply an email address and provide an answer to a security question.

> Bank of America will email at the email address the home owner provided them with a temporary password and instructions to login to B of A. See Sample email letter HERE.

> The home owner will login with the temporary password and are required to set a new password. The new password must be 8 digits in length, contain 1 number and 1 capital letter.

> They will use the answer to the security question they provided on the phone at the bottom of this page to set and approve the new password.

> They can now return to the page and login with their new password.
See Screen Shot of Sign In Page HERE
See Screen Shot of Successful Login Page HERE

The address for the page they are going to is https://shortsale.bankofamerica.com/ (notice there is no ‘s’ at the end of ‘shortsale’)

Bank of America needs the following pages be filled out.
1. Supply Hardship Reason (See Screen Shot of Page HERE)

2. Submit Financial Information (See Screen Shot of Page HERE) Note that only the red asterisk ( * ) are required to be completed.


In the 'What Were They Thinking' column:
Why in the heck are they REQUIRING the borrower (homeowner) to create a login and upload PDF files? First of all so many have spent months avoiding all contact with the banks. Those that are communicating are just hoping this will all be over. Any and all hurdles they place in front of the home owner is just another reason for them to through up their arms and say forget it.Some do not have Internet access.

I know this sounds crazy in this day and age but many are having financial challenges and the Internet has become a luxury. Others in our area have certain cultures that seem to have very low use of the Internet. Those that do, don’t often have a scanner or what is needed to create PDF files for upload the bank is requesting.

For whatever the reason the fact that Bank of America is not allowing the Authorized 3rd Party that is on file to manage this is asinine. They need to fix this soon. Of course as an agent/negotiator you have all the details needed to call in for your client and set this up but that is not what Bank of America wants. An then of course there is the fact that this is all in English! What about all of my Spanish (as well as other) speaking clients that do not have English as their first language?

Okay so nothing is perfect.  I know of other Short Sale agents that hate this system.  I like it but just need Bank of America to see why their refusing the Authorized 3rd Party on file to manage the process for the home owner is not in anyones's best interest.