How long does it take for bank of america short sales? I was just informed that the seller has an FHA Loan which disqualifies them from using Equator.

Asked by adisbrow06, Vallejo, CA Sun Jul 8, 2012

If they aren't using equator, then what are they using? And does this make it take longer

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J Douglas Ha…, Agent, Atlanta, GA
Sun Jul 8, 2012
Hi Adisbrow06,

BOA has been getting better at short sales when not dealing with an FHA loan. It is true that Equator is not used for FHA so the old fashioned fax machine will be used. Depending on whether the short sale was already already started, it will probably take 45-90 days. This is a bit longer than what I have been experiencing with conventional loans which are averaging 30-45 days for approval. When I have had FHA shorts with BOA, BOA always causes a delay--claiming non-receipt of paperwork, incomplete paperwork or the negotiator suddenly not responding to calls. Hopefully the listing agent on your sale will stay on top of things and I cross my fingers for you that the sale closes quickly!!

Good Luck
1 vote
Wilimagima, Home Buyer, Fort Worth, TX
Wed Jul 22, 2015
If you want to sell your house but it's worth less than the amount remaining on your Bank of America mortgage, a short sale may allow you to sell your house and settle your mortgage debt.

By completing a Bank of America short sale rather than allowing your house to go through foreclosure, you avoid eviction and your house won't be sold at a public sale or auction. Plus, depending on your circumstances, you could qualify for financial assistance to help with relocation costs.

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1 vote
Johnetta Dil…, Agent, Atlanta, GA
Sun Jul 8, 2012
That's true, but you can still do an FHA short sale with Bank of America. It's handled by a different department at BOA so Equator is not used. You simply call the loss mitigation department and tell them you have an FHA loan and you want to do a short sale. The process takes about 3 months because you have the extra FHA layer. After you turn in all the required documentation, your file will be opened and eventually assigned to an FHA negotiator. I have found that once the FHA negotiator is onboard, they're usually friendly, responsive and easy to deal with.
1 vote
thinz, Agent, Allenhurst, NJ
Mon Oct 26, 2015
If you have one loan, on average it will take 3-4 months. The equator process is actually not as slow as you think...the problem is that many agents do not know how to effectively manage their cases on Equator. If you complete tasks ahead of schedule, and follow-up with phone calls to the servicer's negotiator, things move quickly. Tom Hinz
0 votes
Svanna2012, Both Buyer And Seller, New York, NY
Tue Jun 2, 2015
Question the seller accepted my offer may 28th today I signed the short sale paper how long will it be till closing.
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Nelida Markh…, Agent, Visalia, CA
Fri May 24, 2013
NO ONE IS ANSWERING EMAILS OR PHONE CALLS.....If I get another client with a Bank of America Loan I will pass it on to another agent in my office and ask for a referral fee.
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I am having the same issue and desperately searching for help. I contact BOA NUMEROUS times every day and cannot get ANYONE to respond to an offer $20,000 over the listing price. This was an approved short sale. The home has been under contract over 70 days and still no response about moving to closing!!!
Flag Wed Jul 10, 2013
Nelida Markh…, Agent, Visalia, CA
Fri May 24, 2013
I have the same kind of Loan with my Clients, and we are now in the 9th MONTH of trying to get this resolved with Bank of America. They have switched agents handling the process 3 times and we had to send all the information to them 3 TIMES, as none of the information was being passed on to the next agent handling the SS loan processing.

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Tony Teixeira, Agent, Atlanta, GA
Sun Jul 8, 2012
How long, how difficult, how easy, how fast...? These are all questions that are virtually impossible to answer when it comes to short sales. Link those questions to any specific bank and the answers get even more confusing. There is absolutely no rule of thumb when it comes to short sales. Every bank is different and it seems as though every negotiator is different. To be more to the point on your question, my experiences with Bank of America have not been good for the most part. I've had one short sale that was smooth sailing with BOA and the rest were frustrating for everyone involved, except maybe it seems BOA. The short sale journey is not a fast one and not one that is without complications. But, if you have the patience and you remain organized the rewards can be worth it. My best experiences have been with Chase.

One more thing for everyone reading, if you are considering a short sale and you are a homeowner, don't wait any longer. The Mortgage Debt Relief Act expires at the end of this year and it can save you thousands of dollars. But, don't take my word for it, consult with your tax advisor.
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, ,
Sun Jul 8, 2012
There really is no pre-set time frame for short sales. You can expect that most short sales will take at least 90 -180 days to complete. Some may run longer than 90 days depending on response times from the lender and the seller.

A lot also depends on the seller. How far along they currently are in the process along with how quickly they respond to requests from their lender for additional infomation/documentation.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
Ava Anderson, Agent, Snellville, GA
Sun Jul 8, 2012
Each short sale is different and its hard to.say just how long it will take. It depends on the negotiator, the investor and the agent. Generally it can take anywhere from 60-120 days.
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