Bank of America continues to improve
the short sale process so agents can help homeowners avoid foreclosure.
Integrated Technology for Deals With an Offer and Without an Offer:
Agents can now
initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program"
include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process.
In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
Short Sale Specialist Assigned Earlier in the Process:
If a short sale is imitated
with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without
an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility.
Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch
the agent tasks.
sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on
the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process
will not move forward until all required homeowner documentation is provided.
If an offer is submitted that is significantly lower than current values, the offer may
be rejected and the agent will be notified in Equator. The Submit Short Sale Offer task will reopen and a new offer must be
Wells Fargo Short Sales
Wells Fargo is now using Equator to help initiate, manage and process short sale transactions
for Wells Fargo Home Mortgage properties.
Equator is available
at anytime to:
- Initiate the short sale
process - with a few steps, initiating the sale is easy
- Check the
file status of your short sales - to stay on top of tasks and on target with deliverables
documents - to easily verify documents have been submitted
the workflow of requested items for short sales - to readily know the items still needed
The following types of loan will now be accepted through the system for Wells Fargo short sale
Wells Fargo Home Mortgage conventional loans, including
Fannie Mae and Freddie Mac loans
America's Servicing Company
Veterans Association (VA) loans
Home Credit Solution(HCS) loans
a Wells Fargo short sale you can sell your home for less than the amount owed on your mortgage. We will also
negotiate for a full release from your obligation to pay back your primary mortgage under its original terms and negotiate
for a full release of the deficiency balance.
other banks, once Wells Fargo Home Mortgage accepts a Short Sale, the sale is reported as payment in full or
other similar language. This option can help you avoid a foreclosure sale even if the foreclosure process has started.
Avoid a foreclosure sale —
The foreclosure sale may is postponed once a written, signed offer is received and approved by Wells Fargo Home
Can live in your home until the new owner closes, giving you
time to make other living arrangements
We negotiate full release
from your obligation to repay your mortgage balance
We are experienced