America's Servicing Company (ASC)

Short Sale Telephone: 866-903-1053   |   Short Sale Fax: 866-969-0103

Required for Initiation

  1. Loan Number
  2. Last 4 digits of the SSN
  3. Property Address
  4. Seller's Name

The Process

ASC negotiates short sales through Equator, a structured negotiation interface for communication between lenders and borrower reps. ASC negotiates in three structured phases: Processing, Negotiation, and Closing.

A different person is assigned each role:

Processors: Collect additional documents, request document corrections, order appraisal, complete the file

Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements

Closers: Issue final HUD approval at the close of the transaction

Timeline for Approval

  1. Initiate the short sale on Equator, upload authorization for lender verification (2 days)
  2. Lender assigns Processor (3-5 days)
  3. Processor collects documents and orders BPO (5-14 days)
    1. Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender.
  4. Processor forwards to Negotiator with completed BPO
  5. Negotiator reviews and responds to offer (7-15 days)
    1. Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender.
  6. After agreement on terms, negotiator submits for final approval to Investor (1-2 weeks)
  7. Investor issues approval letter, negotiator sends to borrower rep
  8. Lender assigns Closer

Lender Specific Tips

  1. Expedite the Process: ASC, unlike other lenders, will respond at the same pace the parties respond. Receive an approval in under 40-days by providing them what they need within 48 hours, same-day if possible.
  2. Wet Signatures: ASC requires wet signatures on every document. Cut down on document collection time by submitting wet- signed documents the first time.
  3. Complete Documents: Check every box, date every line, write “n/a” in every in every non-applicable section. Cut down on document collection time by submitting complete documents.
  4. Communicate predominately through Equator: ASC is most responsive through the Equator system and secure email. The parties assigned are the only parties who have full access to the file. Cut down on phone time by emailing through EQ/secure email.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Lender Escalation Procedure

  1. Call Customer Service in the short sale department
  2. Request they email your assigned party for a response
  3. Send a message in EQ stating: “STATUS UPDATE FIRST REQUEST”

Wait 48 hours, if no response:

  1. Call Customer Service in the short sale department
  2. Request they email your assigned party and their supervisor stating you have not received a response for 7 days (the first 5 + 2 days after the first phone call)
  3. Send a message in EQ stating: “STATUS UPDATE SECOND REQUEST”

Wait 24 hours, if no response:

  1. Call Customer Service in the short sale department
  2. Request to speak to a supervisor
    1. Note: The representatives can transfer you to a supervisor, but expect to make the request to them between 2-4 times

Closing Process

  1. Send final HUD for approval: ASC requires HUD-1 approval two days prior to closing.
    1. Submit the final HUD on Equator
  2. Sign and Return Final Closing Materials: ASC issues closing instructions in Equator once the HUD has been approved. Closing instructions typically include the requirement to sign specific documents:
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.
    2. Upload documents to Equator library and include in message on Equator as well.

Approval Extensions

To request an extension of an approval:

  1. Reach out to a negotiator in Equator
  2. Provide a buyer/seller a signed Purchase and Sale Addendum with a revised closing date
  3. If you receive no response within 2-3 days of the approval letter expiration date, call to escalate