Equator GMAC/Bank of America Short Sale - Approved and Closed

Equator GMAC/Bank of America Short Sale -  Approved and Closed

A Manchester, Connecticut short sale: Equator is certainly not a perfect system. In this case we experienced one problem after another in Equator, turning what should have been a 3 week approval into a 3 month approval...

All started out well as my GMAC was ready to approve the file in just 3 weeks..on a Friday I spoke to the negotiator who promised me an approval letter by Monday morning. Unfortunately Monday morning GMAC moved all their short sale processing to Dallas and onto Equator. This could have been an easy adjustment, but of course - nothing is ever easy when it comes to short sales. It took the new negotiator about 6 more weeks to get back on track and finally issue the approval.

More problems followed when the negotiator for the second lien with Bank of America also ignored her Equator assigned tasks for months on end. Pressed by a pending foreclosure sale date and no action from Bank of America, my assistant and I tried every approach - being super-nice....threats....multiple escalations...moving the issue to higher ups...to no avail.

With the buyer threatening to walk we tried a last ditch effort to appeal to the supervisors human side with a very personal story about both buyer and seller...and...who knew! It worked! They are human after all!

An approval followed and we closed in the nick of time last week...

Owed:

GMAC: $210,000

Bank of America: $40,000

SOLD: $190,000

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