Equator is a computer database and workflow system developed by a third party and implemented by Bank of America to handle short sales. One of its purposes is to prevent foreclosure on a property that is in the midst of a short sale. Your anecdote illustrates several points: A computer system like Equator is only as good as the people who run it; and Bank of America damaged itself and its customer by foreclosing when you had a short sale offer in hand.
Equator has not solved all of Bank of America's problems. To be fair to Bank of America -- and I have been very critical of Bank of America's performance in handling short sales and foreclosures -- I only hear from readers who have problems. Equator may be a roaring success. Unfortunately, we may never hear how successful and efficient Equator may be because by touting Equator Bank of America will only reinforce how abysmal its performance once was.
Consult with an Nevada or Washington attorney about the possibility of unwinding the foreclosure. Also, provide all of the information you have regarding the sale of the property, and in particular the excuse you were given regarding your property not being in the Equator system. You may have a cause of action against Bank of America for negligence.
In our opinion Bank of America Mortgage appears to be a good choice for many folks looking for a loan, but check our our review and see if you agree.
I hope this information helps you Find. Learn & Save.