Some of you have heard of short sales which is a process for homeowners who owe more on their mortgages than their home is worth. Short sales are a way for homeowners in financial distress to approach their bank and request permission to sell their home and have the bank accept the sale price – writing off the balance in some cases or requesting a deficiency judgement that the homeowner will still owe the the difference between the sale price and the amount owed.
The process of submitting paperwork to the banks differs by bank but there is a central computer system called “Equator” which is a way to upload documents and communicate with the bank through messages – back and forth.
I am working on a short sale. There is nothing more frustrating in this world, nothing. The Equator system operates with deadlines so that if the Bank requests a document you have a day to submit it or the short sale is declined and you have to start all over again. Sometimes a document needs to be completed by a buyer or a seller and sometimes a seller is not available or does not have access to a printer and a scanner. Sometimes the Equator system is not working properly and they need to upgrade and troubleshoot issues which is what is going on now.
Two days ago the negotiator on this short sale sent me a request for a document with a PDF of the required document through the Equator system. I never got the message through Equator. I called. He sent the request through Equator two more times. I never got the next two messages. I called Customer Service for Equator and they tell me they can’t troubleshoot the problem because the short sale is no longer in the system because it was declined because I never got the messages requesting the documents. And around and around you go.
Now you are thinking you are smarter, more persistent, and that you would break through this issue and resolve it. You are wrong. No one is more persistent than I am. I know that you can’t take no that you must keep at it and resubmit again and again. Persistence is the answer to getting a short sale done but it can be really frustrating a times.