B of A focusing on Short Sales
Short Sales
November 4th, 2009
In an effort to deal with distressed properties prior to foreclosure Bank of America is adopting Equator, a short sale module that will enable borrowers and short sale agents to submit documents and check status online 24/7.
The Equator Platform, formerly REO Trans, is a web based electronic system designed to automate the short sale process and improve communication and approval timelines.
In another sign that short sales are increasingly becoming the preferred method of dealing with properties at risk of foreclosure it is reported that B of A has expanded its personnel in the division handling this type of transaction.
With short sales typically resulting in a higher net sales price look for this type of system to be adopted by other major lenders.
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