New Bank of America Short Sale Escalation Guidelines

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Real Estate Services

Bank of America Short Sale Escalation Guidelines

Bank of America, N.A., Member FDIC Equal Housing Lender © 2011 Bank of America Corporation. Some products may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Bank of America and brokers are separate entities; each is independently responsible for its products, services and incentives. AR23G621

Bank of America(R)

Short Sale Escalation Guidelines


To Consider BEFORE Escalating

Several factors contribute to the timeframe of a short sale. Bank of America uses the Equator short sale processing system. Equator is a task driven system and each task has a specific deadline. Agents must educate themselves on the process and review the tasks and messaging in the system to assess the progress of the transaction.

Before submitting an escalation, agents need to ensure they have exhausted the following resources:

    – Contact the assigned Short Sale Specialist through a message in the Equator Short Sale Processing System and allow at least two business days for a reply

     – Contact the team lead through the Short Sale Processing System (Equator) and allow at least two business days for a reply

     – Contact Bank of America’s Short Sale Customer Care line at: 1.866.880.1232 (Monday to Friday 8:00 am - 10:00 pm Eastern and Saturday 9:00 am - 5:30 pm Eastern)


Bank of America Short Sale Escalation Guidelines:

To Consider BEFORE Escalating

Agents should review and understand the following guidelines before accessing the escalation web tool and submitting an escalation.  Transaction specific information will only be discussed with homeowners or their authorized third parties. Due to privacy reasons Bank of America can only provide loan specific information to homeowners or authorized third parties (where proper third party authorization documentation has been reviewed and approved by Bank  of America). If you are a buyer’s agent we will acknowledge your escalation but will reach out directly to the listing agent.  All escalations must be submitted through the designated escalation web tool. Once an escalation is submitted, please avoid contacting Bank of America Mortgage Loan Officers and other associates about the case to prevent duplicate efforts that may slow down the response and  the overall process.  To access the escalation web tool a username and password will be  required. An email with a link to the web tool and registration instructions will be sent to all agents who have been authorized to use the new tool.

Identifying the Need for an Escalation

Only a very small portion of short sale files should require an escalation at any given point in the process. Agents must carefully assess the situation and determine if an escalation is needed.

A Short Sale Escalation IS ideal as:

• An avenue to resolve one or more of the following issues related to the short sale process for a specific property:

• No response to attempts to contact the Short Sale Specialist and Specialist’s team lead (allow for two business days to receive a response after attempt contact)

• A decision on an offer (approval / rejection) has not been communicated in 45 days

• The buyer is going to walk and a decision on an offer (approval / rejection)  has not been made within the 45 day time frame

• If settlement statement has not been approved at closing

• An avenue to get answers to questions that have not been answered by the assigned Short Sale Specialist or Team Lead


A Short Sale Escalation IS NOT ideal as:


• A way to get a status update
• A way to expedite a short sale
• A guaranteed method to get a short sale approved
• A way to get general questions about the deal or the short sale process answered
• A way to bypass working with your assigned Short Sale Specialist
• A forum to obtain general assistance in using Equator Short Sale Escalation Guidelines

What to expect AFTER Escalating

• Within two business days of submitting your escalation, you will be contacted by a Bank of America representative to acknowledge that the escalation was received and outline next steps.
• The actual resolution of an escalation can take up to 30 days, depending on the issue, as it may require additional research and response from other partners (investor, MI company, etc).
• If you have submitted escalations in the past and have interacted with a Bank of America escalation representative, please do not contact the same representative directly if a new escalation arises. Agents are expected to submit new escalations using the online form only.

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Re-Bloggged 2 times:

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  1. Phillip & Theresa Slocum 11/13/2011 08:43 PM
  2. Betty & John Knowles 12/19/2011 09:25 AM
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Anonymous #10
Anonymous
Monica Owens

I am new to commenting, but have been subscribing for some time. I have completed a few short sales on my own, but after hearing of potential future liability,have been advised by attornies to leave it in the hands of them and Title firms.  With that being said: question for anyone:   I am working for a buyer who has just (yesterday) made an offer on a property that the seller has actually been dealing w/BofA on his own--states he's completed hardship, submitted package they've requested and has started down the road toward short sale, but also Deed in Lieu in case no offer was to come in (resort area, not a large ma)  I am a member of Equator, but not used for short sales.  I don't know if feel secure w/the seller in control of the situation I guess.  He does have a listing agent, who prefers to "stay out of it".  Any advice--I guess that is my question?!?

 

 

 

Monica Owens
Coldwell Banker Anchor Real Estate
231-873-3400 Office
231-750-2393 Cell
http://www.PentwaterProperties.com

December 21, 2011 01:39 PM
Rainer
133,297
Ute Ferdig
Attorney Short Sale Negotiator
Ferdig Real Estate Solutions

It's my understanding that B of A is taking back handling the short sales that are opened with an offer and that only those short sales that are started without an offer are handled by third party vendors.  This info was passed on to me in the context of a HAFA short sale. 

I have contacted B of A for help through Twitter and found that they responded quickly.  While they were not able to help, they were able to explain a few things and told me they would escalate if the vendor does not respond appropriately in a timely fashion.  I have not had a need to escalate a file with B of A.  So far, I have only escalated 1 file and that was with Wells Fargo and it was a very unusual short sale that required the setting aside of the foreclosure which called for upper management involvement at the servicer's and investor's level.  Other than that, I guess I have been lucky that I have not had a need for escalation.

December 21, 2011 01:44 PM
Rainmaker
257,584
Michael Collins
CDPE, SFR , Wisconsin Short Sale Specialist Realto
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent*

Good article Mike. I'm sending you an email for some additional clarification.

Thanks!

May 01, 2012 09:34 AM
Anonymous #13
Anonymous
Natalie Arndt

Hi I am dealing with an FHA loan with BOA and we were specifically instructed to place the home on the market get an offer and submitt it. This was completely against what I have donne with all of my FHA listings. Thanks God we got $165000 BOA appraiser came at $163000 and BOA asked us to lower down the price. We have been asking negotiator to look at our files. He never returns my calls and the only time that he talks to me is when I call him via Short sale department. His name si Brian Arnold. He promised he was going to go over my file last friday and since than I called and left 3 phone messages. I also called his supervisor who never returns phone calls. I am only following up with a phone calls via short sale department because this way I have documentation what is going on. have anyone tried escalating? I have been told by BOA that my only recourse is to go to his supervisor. I have told them his supervisor is just as unresponsive as he is. THere must be someone else I can contact.

Please help me with a number of escalating department if you have one. This buyer will walk away. The offer was sent to BOA in July.

Thank you 

Natalie Arndt

November 03, 2012 07:00 AM
Rainer
122,387
Mike Linkenauger
Short Sale Specialist Network

Sorry to hear that Natalie.  What is your email address and how can I reach you?  I have everybody's contact info at BOA.  If you get a minute, you can also visit our forum of over 12,000 short sale agents at www.TheShortSaleGuide.com and quickly get escalation contacts or guidance on there as well.

November 06, 2012 08:44 AM
Anonymous
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Rainer
122,387

Mike Linkenauger

Short Sale Specialist Network
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