Short Sales through Equator with Bank of America Utah

As of about October or November of 2009 Bank of America starting using an online management system called Equator to handle all of their incoming short sale files. Prior to this Bank of America was easily the worst loan servisor to work with hands down on a short sale. The first few months in equator were rocky but they have improved it quite a bit since then.

Below is a brief guide for agents when working with equator. Equator is also a useful tool in stopping foreclosure with Bank of America short sale.

equator-guide-for-agents

If you have a Bank of America home loan or a GMAC home loan and have questions about how to short sale your house or stop a foreclosure using the equator system please contact me. 801-471-7276. If you live in Highland Utah, Cedar HIlls Utah,Alpine Utah, Utah county or Salt Lake county please contact me for a free consultation. Bank of America is currnetly not processing Bank of America FHA files through equator.

Judge James L. Shumate stops all Bank of America Foreclosures in Utah

On May 22, 2010, Judge James L. Shumate granted a preliminary injunction order against mortgage giant Bank of America disallowing them from conducting trustee sales in the state of Utah.

In the the a lawsuit filed by John Christian Barlow the Judge determined that “Recon Trust in not registered with the Utah Division of Corporations and therefore may not transact business in the state of Utah”

The Utah code 16-10a-1501 states that “foreign corporation may not transact business in this state until its application for authority to transact business is filed by the division”

This affects almost 1100 homeowners in the state of Utah who are currently somewhere in the foreclosure process.

The ripple affect of this case if made permanent will affect lenders and homeowners all over the nation.

If you or someone you know is looking to stop a Bank of America foreclosure in Utah please contact me about options and long term solutions.

A copy of the original filing can be found here. bankofamerica-foreclosure-stop-order.

**UPDATE** This action was later denied on the basis that Recon-trust is a federal chartered company and federal laws trump state laws.