HAFA 3K
The seller called BOA yesterday and was told that although his loan was handed off to Fannie Mae several months ago as a result of the Countrywide fiasco (serviced by BOA, of course), it has somehow been listed as belonging ultimately to Freddie Mac. Under Fannie Mae's HAFA program, the seller is responsible for soliciting and presenting a short sale offer; under Freddie Mac's program, I'm not eligible for HAFA because...there's already a short sale offer. Both do participate in HAFA, but under opposite rules.
My negotiator tells me that he qualifies for the HAFA 3K, but they do not pay it. I can not put it on the HUD.
Any suggestions?
Replies to This Discussion
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Permalink Reply by Steve Early on
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Virginia:
Honestly, I don't know a way around this. HAFA in my humble opinion, is a complete disaster. People read about how it is supposed to work, get all geared up for the alleged HAFA benefits and end up getting nothing. I have seen people not get full debt forgiveness, be denied the $3,000 to move, and realtors get their commissions cut.
This is why we consistently warn people who want to go through HAFA to do their short sale that HAFA is a government PROGRAM with GUIDELINES. It is not a law. Lenders seem to be able to implement the guidelines at their whim, and they may or may not get any of the benefits they read about on the official HAFA web site even if they are told 10x over that they qualify.
I'm sure other people have had success with it, but our experience is all over the map, and none of it has been "as advertised". Your situation is typical of the finger-pointing and blame game that we see.
You might try complaining to the Inspector General's office in Washington:
Assistant Inspector General Helen M. Albert
202-402-8187
HUD Headquarters
Good luck.
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