On this week’s Preforeclosure “Tip of the Week” we cover how a 3rd party loss mitigation specialist can “now” negotiate Bank of America short sales on Equator.com. Make sure you listen in because there is a right way to do it and a wrong way! And if you do it the wrong way you will get NOWHERE!!! We also cover what a Bank of America “Short Sale Welcome Letter” is and how it affects your deal, Bank of America’s “updated” short sale timelines, B o A’s “new” Short Sale Customer Service number for when you are stuck on a deal, our upcoming Short Sale Bootcamp and much much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

6 Responses to “How to Negotiate with Bank of America as a 3rd party Loss Mitigator!”

1. Linda Bryant says:

   February 17, 2010 at 6:04 pm

   Hi -
   I realize you’ve probably covered this elsewhere but – how do you get BofA to pay negotiator fees when they are hardly willing to pay recording and wire fees??
   I’ve got one about to submit and I don’t want to do it if I don’t have a chance to get paid!!
   Thanks!!!!!!!!!!!

   Reply
2. Gary Beran says:

   February 18, 2010 at 8:52 am

   I was under the impression that the shortfall between the amount owed the lender and short sale amount IS NOT taxable via the 1099 form because of the Federal Legislation signed into law December 20, 2007, by President Bush.

   Is this still in effect or has it been changed?

   Reply
3. Louis Wu says:

   February 19, 2010 at 8:09 pm

   hello Bob! is this Equator company is it only for Bank of America or we as an Investor can use them to negotiate our Bank of America file for us too?
   please comment appreciated!

   Reply
4. Bob Lachance says:

   February 22, 2010 at 8:03 am

   It is designed for the agents and homeowner however we use it. We work with both the homeowner and the agent to control the deal and negotiate on Equator. The good news is that Fannie Mae is starting to put heat on Bank of America to allow 3rd party negotiators into the Equator system.

   Reply
5. Joe Rutkowski says:

   March 30, 2010 at 9:20 pm

   Hi Bob, if you want to sign up as an “agent to have the ability to initiate short sales on Equator all you have to do is enter your information into the agent page, when it asks for your mls id you enter your bar # as an attorney or your phone # as a 3rd party. This is the instruction from Equator and it does work and you will have full access as the agent.

   Reply
6. Bob Lachance says:

   March 31, 2010 at 8:33 am

   Joe, you are correct. That does work, I actually did that to open an account to work the GMAC and B of A short sale on Equator. Thanks for the feedback

   Reply