New Rules For Equator
We have recently been informed by a manager in the Bank of America Escalations Department, that due to a high influx of new offers being submitted, and escalated, days before a pending foreclosure sale, they have initiated new policies to prevent this practice from occurring.
Previously, a new offer could be initiated for a short sale in Equator, and subsequently escalated, up to three days prior to a foreclosure sale date.
It appears Bank of America considers this practice to be an abuse of this policy, and the practice of submitting illegitimate offers just to postpone a foreclosure, so this policy has been changed.
Currently, if there is a pending foreclosure, the offer must be initiated in Equator more than fourteen (14) days prior the scheduled foreclosure date. Any offer submitted within that fourteen day time frame will be deemed ineligible for review, and the short sale will be denied. We will be working to get further guidance on this harsh policy