What Is A Soft Decline And Hard Decline In Equator Entail

When working a short sale through equator with Bank Of America it is important to be familiar with the two types of decline that can happen in equator. The two types of decline Bank Of America refers to, the “soft decline,” and the “hard decline”. A “hard decline” is when a file is kicked out of equator completely. A “soft decline” is when the file stays in equator, but they kick the file back typically so one can input a new offer and figures. Having a file “hard declined” is something that should always be avoided, especially if a sale date is around the corner. This typically occurs when a task is completed incorrectly too many times, a counter expires, missing documentation, or the short sale is denied. A “soft decline” should be used when needing to perform a buyer switch. It’s important to request that the file be “soft declined” as some negotiators will “hard decline” the file if you are not specific. When dealing with any lender it’s important to know their lingo and use it as leverage for a smoother transaction.

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