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Bank Of America Short Sale Process

Help for Home Owners

I have submitted an offer on a Bank of America short sale in equator, now what do we do.

Each bank has a different way of processing short sale packages. With Bank of America, most of the leg work is handled by a third party company at http://www.equator.com In my last article, I explained how to submit an offer to Bank of America on the equator system. Now that you have an offer and submitted it on the equator site, you will ask the homeowner to call the bank and complete the short sale package. If your seller does not know how to scan documents and upload files you will need to do this for them.

The home owner will need to call this number 1-866-880-1232.
They will then send him a password to his email.

When the homeowner gets the password he needs to sign into this website.


Username is the email address and then the password that they sent him. He then needs to make up a new password, put it in twice and that will reset the password.

Some of the supporting documents that bank of america will need from the homeowner

Updated Hardship Letter
2 Bank Statements (Dated within 60 days of today’s date)
2 Paycheck Stubs (Dated within 30 days of today’s date - for each borrower)
2008 & 2009 Tax Returns

Here are a list of questions that Bank of America will ask on the website.


How many people are in the Household (Including yourself)?:
How much do you have in Voluntary Funds?:

(Borrower 1) Monthly Income from Employment:
(Borrower 1) Frequency of Pay Period:
(Borrower 1) Monthly Governmental Benefits and Insurance Income:
(Borrower 1) Monthly Unemployment Income:
(Borrower 2) Monthly Income from Employment:
(Borrower 2) Frequency of Pay Period:
(Borrower 2) Monthly Governmental Benefits and Insurance Income:
(Borrower 2) Monthly Unemployment Income:
Monthly Rental Income:
Monthly Alimony Income:
Monthly Child Support Income:
Other Monthly Income Description:
Other Monthly Income:
Total Monthly Income:
HelpExpenses Family
Monthly Auto Maintenance:
Monthly Food:
Monthly Medical/Dental:
Monthly Alimony Paid:
Monthly Child Support Paid:
Monthly Child Care:
Monthly Entertainment:
Monthly Tuition School Expenses:
Other Monthly Family Expenses Description:
Other Monthly Family Expenses:
Total Monthly Family Expenses :
Monthly HOA Dues:
Monthly Taxes:
Monthly Home Repairs:
Other Monthly Home Expenses Description:
Other Monthly Home Expenses:
Total Monthly Home Expenses:

Monthly Cable TV:
Monthly Electricity:
Monthly Natural Gas:
Monthly Phone/Internet:
Monthly Sewer/Water:
Other Monthly Utility Expenses Description:
Other Monthly Utility Expenses:
Total Monthly Utilities Expenses:


Monthly Dry Cleaning:
Monthly Parking:
Monthly Union Dues:
Other Monthly Work Expenses Description:
Other Monthly Work Expenses:
Total Monthly Work Expenses:


Monthly Auto Insurance:
Monthly Health Insurance:
Monthly Life Insurance:
Other Monthly Insurance Expenses Description:
Other Monthly Insurance Expenses:
Total Monthly Insurance Expenses:

Monthly Church/Charity Contributions:
Other Monthly Contributions Expenses Description:
Other Monthly Contribution Expenses:
Total Monthly Contribution Expenses:

Debt - Auto
Monthly Auto Payments 1:
Monthly Auto Payments 2:
Total Monthly Auto Payments:

Debt - Credit Card
Monthly Credit Card Payment 1:
Monthly Credit Card Payment 2:
Monthly Credit Card Payment 3:
Monthly Credit Card Payment 4:
Total Monthly Credit Card Payment:

Debt - Mortgages

1st Lien Monthly Payment Resident:
2nd Lien Monthly Payment Resident:
Monthly Student Loan Payments:
Other Monthly Loan 1 Description:
Other Monthly Loan 1 Payment:
Other Monthly Loan 2 Description:
Other Monthly Loan 2 Payment:
Total Monthly Mortgage/Loans:


401K Accounts:
Checking Account:
Savings Account:
IRA/Keogh Accounts:
Motor Home/Travel Trailers:
Other Recreational Vehicles:
Real Estate:
Other Asset Description:
Other Assets:
Asset Total:

Monthly Expenditures:
Monthly Total Income:
Monthly Unencumbered Income:
Monthly Expenditures/ Income:
Monthly Debt/ Income:

The second link on the website will be the hardship section. Here are the questions asked on this form.


Reason for Default:
Curtailment of Income
Whose income has been affected?:
What has caused the reduction in income?:
What are you doing to supplement your income?:
Is this short-term/long-term?:
Do you plan on keeping the property?:
What other resources do you have?:
(Borrower 1) Are you self-employed?:
(Borrower 1) Are you un-employed?:
(Borrower 1) Bank Statement (Most Recent):
(Borrower 1) Bank Statement (2nd Most Recent):
(Borrower 1) Pay Stub ( Most Recent):
(Borrower 1) Pay Stub (2nd Most Recent):
(Borrower 1) Tax Return (Most Recent):
(Borrower 1) Tax Return (2nd Most Recent):
Other Comments (Please provide detail around your hardship reason):

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IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other thank to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.

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