Bank of America used to be one of the most difficult banks to complete a short sale with, but they have worked hard to correct the problems they were facing. Since April, Bank of America has hired over 2,000 employees and now has over 18,000 workers in “default management” (A 60% increase since January 2009). In addition to the hiring push, Bank of America was the first bank to launch their 100% online short sale system “Equator”. The new system has helped to streamline the short sale process and has made a dramatic improvement in their turn times.
Between the two big steps they have taken along with all their many other smaller changes, they have gone from being one of the most difficult banks to work with, to a bank who’s short sales we look forward to taking on.
Approval times have gone from 6-12 months, to 1-3 months. One negotiator works the file from start to finish and both first and second loans are handled by the same negotiator.
The new Equator System allows the homeowner and the agents to see where they are at in the short sale process at any time.
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