Hafa, Bofa SS length of time
The Hafa program is supposed to speed up the short sale process...in theory, mind you. Anyone believe this to be true? And just how long does it take, on average, for a Hafa/BofA SS?
Replies to This Discussion
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Permalink Reply by Donna McClelland on
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My experience is that it doesn't go any faster!
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Permalink Reply by Jeff Payne on
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The only BofA HAFA that I have done took something like 65 days from contract to close. We did not have any HAFA preapproval, we submitted and BofA put us in the HAFA program
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Permalink Reply by Eric Mieles on
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Chris sorry to say but it takes much longer than normal. 1st you will be routed to one of there servicers AMS or UTLA or LRC. It will go to doc collection, then underwriting then asset manager.
Just some helpful tips. Make sure you don't have an MI company with any of the loans and if you do check first if they participate in HAFA. Be selective with your buyers and use some of the tips Bryant wrote about to keep the buyer in the deal. Bo on top of the file min 3 x week.
Good luck!
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Permalink Reply by Marina Solo on
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HAFA does slow down the process, however it does help your homeowner if they have second mortgage who does not want to negotiate, plus, protects your client from deficiency or payment plan after the closing. I learn that if homeowner makes calls to HAFA department, it does help to speed up the process.
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Permalink Reply by Kristy Hamilton on
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I feel like the HAFA timeframe is like everything else in these short sales - the more work they have, the slower they are. If the seller qualifies for the HAFA program, I don't see a reason to avoid it. I spend more time on files at the "end game" point than any delays that HAFA may have caused. In fact, I have two realtors right now that believe that HAFA is speeding things up and give me their listings with the note if they do qualify for HAFA. Will let you know how my latest HAFA files work out as far as timeframes, etc.
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Here's what is sped up in HAFA. The time to negotiate. The overall process still takes longer, for the simple fact it takes a month or more to qualify, then after that you do have a quicker negotiation phase timeframe because the HAFA vendor will assist in determining a pre-approved price, the second gets no more than 6K, however the underwriting phase really has no timeframe, and closing still takes 30-60 days. The frustrating thing with the underwriting stage is the HAFA vendor will say "the file is with B of A in underwriting" then you call B of A's SS department, BUT, they are customer care, NOT underwriting. There is no way to be referred to the underwriting team, so you are really left in limbo not knowing what is happening, until the vendor confirms underwriting has been completed.
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Permalink Reply by Kimberley Kelly on
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I have had very good luck with my HAFA's..with 3 different lenders so far. All closed, all stayed within their time lines, all Sellers received their Relo fees. I agree that the time frame is not faster than a traditional Short Sale, except once the offer is submitted. Then my response time has indeed been quicker..
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Permalink Reply by Paul Antonelli on
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HAFA is great when i works. I've had a few ts year alone. With most lenders including BOA, the first 2 weeks the file is reviewd for HAFA. Make it easy on yourself. If you know the client can go HAFA, have them fill out the HAFA forms at the begining (http://www.makinghomesaffordable.org/home-affordable-foreclosure-al...) . The 3 I completed in the last 2 months took an average of 45 days, contract to close.
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Permalink Reply by Tni LeBlanc (805) 878-9879 on
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Let's see add another layer of bureaucracy through AMS Servicing and what do you get? A really long inefficient process. Also turns out it is a bad idea to get the lender involved in initial pricing. I've had trouble with HAFA with BofA and CHASE both pricing too high. Some agents use value pricing to overcome this difficulty. Also, the response time on offer consideration is generally not what is promised.
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That's what they said, that it would speed it up but is it happening? NOPE! just like the the loan modifications30% out of 90% and most of them piggy backing and at Intrest only, right? I had two sellers and applied for HAFA , sent all the paper work and we were ready and at the end just before they were to send us the Short Sale Approvval Letter, they requested the HAFA paper work again, so that delalyed the process again. and on the other they kept asking for the same paper work over and over and almost denied the offer that they have. We kept sending the papeer work to them and they just kept misplacing. The same problem that these banks have had is still there. so Yes, some will delay ! It's hard work for us and it's not easy.
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Yes, me too! I have a lisitng and going through the HAFA program, they approved seller. they did sent a BPO/ Interior included, than they came back and gave us a high price too, What they do they sent out of area agents to do a BPO's and they price these homes higher than what they should be or they might be new agents pricing higher with hopes that this won't sale and that they will give to them on the second round , right? or they just don't know the difference on a Short Sale and a Regularr sale BPO, something is wrong with out of area BPO agents, especially when they come from a higher end neighborhood or city . on my cases this is what I have expierenced. And of course the Lender/Bank comes back and ask us to price it at that price and even if we know that the price is high and we tell them, they don't care.. they insist that that's the price they want.. so what happens? the home sits on the market longer than the others and sometimes no Activity. I wonder if they know that out of area agents should be doing these BPO's and Appraisals, and if they do,, we should question if they are playing a trick so that homes won't sale and they can take them back and write them off as a loss to profit them and re sale them ? I am sure that they have their own investors lined up and ready to buy them, collect a big piece of money as loss, than sale as REO, we should know there's a trick behind doors.. right? Remember Banks are making out, they are not loosing so they don't care about us. Instead of making things easy they make more problems.
Tni LeBlanc said:Let's see add another layer of bureaucracy through AMS Servicing and what do you get? A really long inefficient process. Also turns out it is a bad idea to get the lender involved in initial pricing. I've had trouble with HAFA with BofA and CHASE both pricing too high. Some agents use value pricing to overcome this difficulty. Also, the response time on offer consideration is generally not what is promised.
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Permalink Reply by Jackie Thompson on
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Melba Diaz said:
Yes, me too! I have a lisitng and going through the HAFA program, they approved seller. they did sent a BPO/ Interior included, than they came back and gave us a high price too, What they do they sent out of area agents to do a BPO's and they price these homes higher than what they should be or they might be new agents pricing higher with hopes that this won't sale and that they will give to them on the second round , right? or they just don't know the difference on a Short Sale and a Regularr sale BPO, something is wrong with out of area BPO agents, especially when they come from a higher end neighborhood or city . on my cases this is what I have expierenced. And of course the Lender/Bank comes back and ask us to price it at that price and even if we know that the price is high and we tell them, they don't care.. they insist that that's the price they want.. so what happens? the home sits on the market longer than the others and sometimes no Activity. I wonder if they know that out of area agents should be doing these BPO's and Appraisals, and if they do,, we should question if they are playing a trick so that homes won't sale and they can take them back and write them off as a loss to profit them and re sale them ? I am sure that they have their own investors lined up and ready to buy them, collect a big piece of money as loss, than sale as REO, we should know there's a trick behind doors.. right? Remember Banks are making out, they are not loosing so they don't care about us. Instead of making things easy they make more problems.
Tni LeBlanc said:Let's see add another layer of bureaucracy through AMS Servicing and what do you get? A really long inefficient process. Also turns out it is a bad idea to get the lender involved in initial pricing. I've had trouble with HAFA with BofA and CHASE both pricing too high. Some agents use value pricing to overcome this difficulty. Also, the response time on offer consideration is generally not what is promised.
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