Bank of America Short Sales - Love 'em, NOT!!

By
Real Estate Agent with Realty Executives

Well, I went to call the short sale department and the number is no longer in service.  Just in case you didn't know the old number 866-265-3512 is caput.  You will need to call the new number which is 866-880-1232.  Fun, fun!! 

Hey, I also wanted to share something new I learned this week about Bank of America as well.  I have not had a B of A equity line short sale yet, but it you come across a loan that is a 14 digit account number, guess what? Its an equity line and no one in the regular short sale has a clue what to do with you.  Save yourself some trouble and read this blog post first!!  Haha! Then call 866-413-3757 and get started.  They will email you specific documents that need to be completed you are on your way. 

As a side note, I do want to commend B of A in that I just faxed in the completed application yesterday and received a notification fax today.  It stated that we have a negotiator assigned and should be hearing from her in 14 days!  Yippee!! 

You win some, you lose some.  I guess its what we get for being in the biz...I hope these tips maybe help someone out there.  Good luck! 

Posted by

Susan Manning

Comments (9)

Katherine Fornale
REMAX REALTY 9 - Howell, NJ
SFR, GRI

Thanks for the info.  I do have a HELOC with BoA.  It's been sitting in Equator for over a month.  I tried to escalate but so far nothing.  I just love talking to computers!

Apr 14, 2010 01:21 PM
Susan Manning
Realty Executives - Temecula, CA

So you should definitely call the other number and see if that's how you need to proceed, huh?  Everyone probably assumes to run everything through Equator now.  Maybe you could cancel and go the other route.  I'm sure its faster!! 

Apr 14, 2010 01:31 PM
Vicki Pedersen
Pedersen Real Estate - Riverside, CA
Providing Exceptional Real Estate Service

Susan,  Thanks for sharing the number for BoA equity lines.  I don't have a short sale right now with one but just added this contact number to my data base. 

Apr 15, 2010 02:21 AM
Susan Manning
Realty Executives - Temecula, CA

I'm glad it helped you Vicki!

Apr 15, 2010 05:35 AM
Mike Linkenauger
Jacksonville, FL
Short Sale Specialist Network

Bank of America short sales are like pulling teeth.  Unfortunately they have one of the longest approval times in the industry, and the new Equator system has only helped SOME!  Lets see them get it to TEN days like they are supposed to!  We have a great group to discuss short sales with BOA:

http://www.theshortsaleguide.com/group/bankofamerica

Apr 20, 2010 05:18 PM
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

Thanks -- I have BofA listings and buyers......it's almost like reading tea leaves to figure out what to do.

May 03, 2010 06:01 PM
Anonymous
Penny Foree

I just discovered the same issue. The first loan is with BofA (Countrywide)-everything uploaded through Equator. When calling 866-880-1232 and mentioning there was a 2nd HELOC, they said "don't worry, we know about it and we will handle it at the same time". Dah! Now I find the 2nd HELOC is with BofA (BofA). Now working that side.  What troubles me even further is finding out the Seller/Borrower entered partial information on their side of the BofA website, clicked on Save to be completed later.  Now they are told it was all uploaded and they can not go back into the system and complete the information.  Has anyone else had this problem?

May 10, 2010 07:29 AM
#7
Susan Manning
Realty Executives - Temecula, CA

Leslie, NICE!!!

Penny, yes and yes.  The HELOC is a totally different animal.  It has a 14 digit account number and is a totally different set of expectations.  The good news is they move quickly.  They acknowleged receipt of my short sale package within a day or two and response time is about two weeks.  And about the seller side online, yup. Its a total joke.  Even if you keep the page open and come back to it later, its as if it times out.  A definite glitch in the system that is not cute!!

May 11, 2010 06:10 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

 

While B of A used to take forever to process Short Sales, and still take a healthy length of time these days, they are getting infinitely better since Matt Vernon came on the scene early this year.  

 

Jul 12, 2010 11:23 AM