Bank Of America HELOC Short Sale Help

A Home Equity Line Of Credit (HELOC) is typically serviced in a HELOC department by the mortgage servicing entity. When processing a short sale with Bank Of America they use equator to facilitate their transactions. If the transaction is a 1st and 2nd (non heloc) both serviced by Bank Of America it will be facilitated together by the same BOA negotiator. If it is only a 1st or 2nd lien and is a standard mortgage it would go through equator as well. When it comes to a HELOC lien with Bank Of America this is serviced by a different department and is handled outside of equator.

The HELOC department has different guidelines and requires the BOA 2nd lien HELOC package to be completed. All documents can be sent to the HELOC department directly via email and the file will not be open until they have an offer and complete short sale package on file. Once this is done typically an appraisal is ordered and a negotiator will be assigned. Things will continue as business as usual at this point and know that the HELOC department is knit-picky with items and at times requests a higher than normal payoff than industry standard.

If you have any questions about anything short sale related or need support in any fashion, please fill out the form below and a member of our team will reach out to you to answer any questions you may have.

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