Has anyone completed a HAFA Short Sale?
We have several of them in process, but I haven't heard of anyone completing a HAFA short sale yet. Please someone tell me they have completed one so I know it is possible! :)
Replies to This Discussion
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Permalink Reply by Mike Sher on
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Ocwen just dened the HAFA short sale. They said it was because of my clients financial. I asked her what was wrong with the finacials. She said that the client made to little money. (FYI she was denied a HAMP prior). II told ocwen that this rational does not make sense. She said that the HAFA dept decides which SS go HAFA or not and she does not understand it either. I said my seller would not go traditional SS unless full deficiencies were release in writing for both 1st and 2nd liens both held by ocwen, The negotiator said she could do that. She just could not offer the $3000 relo to the seller. We are going to take, hope Ocwen was telling the truth. will be very angry if those SS letters do not release the borrower. Will let you know more once I get them. Wish me luck!!!
Elise Fay said:Mike. Great information. I have finally received full out approval on my Wells HAFA. Filling out that Settlement Sheet is the worst. The numbers must match to the penny and when the buyer has a VA loan with some fees that we had to account for, we had to be very creative.
For the HAFA program you do not have to have completed a HAMP Loan Mod BUT you must be HAMP Eligible and since your client was unemployed, they could not qualify, hence the traditional short sale route.
I am working on a BofA HAFA right now, still waiting for the ARASS. I believe the only way to go thru HAFA is once an offer is received, unless you are staring down a foreclosure date. Then it would be nice to have them approve it and postpone the date for marketing the house.
I am also trying to work on 2 Fannie Mae HAFA's. Both banks knew nothing and played dumb. Citi and Merrill Lynch. I called Fannie in DC and they have escalated the file for me. I should hear back in about another week.
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Permalink Reply by Elise Fay on
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Wow...great news. That is what I like to hear. I just learned about the difference betweed being denied a HAMP and being Eligible. I got that info from Fannie Mae regarding the Fannie Mae HAFA's...it is probably true for either program.
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Accept one of the reasons you are supposed to go HAFA is when you are denied for HAMP. That is right out of the HAFA directive.
Page 4 of the directive sates:
Services must consider possible Hamp Eligible borrowers for HAFA within 30 calendar days from the date the borrower
1. Does not qualify for a trial period
2. does not successfully complete a trial period plan
3. is delinquent on a HAMP modification by missing at least two consecutive payments, or
4. Requests a short or DIL
Elise Fay said:Wow...great news. That is what I like to hear. I just learned about the difference betweed being denied a HAMP and being Eligible. I got that info from Fannie Mae regarding the Fannie Mae HAFA's...it is probably true for either program.
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Permalink Reply by Michael Schneider on
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Mike, That's not my read of the MHA/HAFA guidelines. It is designed to a downstream alternative for HAMP eligible, who fail the NPV test or or drop out of the program.
So, no income => fail for the modification because they would fail the NPV test.
But, not HAFA.
Makes no sense to me either.
I would push them and contest this, after reading the guidelines very carefully.
I suspect the person you are dealing with *thinks* they are doing the right thing, but actually mis-interpreting Ocwen policies.
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Well..it did not make sense to me either when I heard it from Fannie, but now I will have to re-read the guidelines.
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Permalink Reply by Laura Marshall on
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I have one in process with Chase - 2 loans - Chase is the investor on both. I got a verbal approval yesterday, and it should be in writing by Friday. It went through their HAFA department 1st, then to a regular negotiator. It was NOT 10 days...lol. It was submitted mid June...but I'm not complaining. They are offering a $3,000 relocation allowance to buyer at COE - paid through escrow directly to the seller. The main criteria...but not only criteria... was: market value offer, owner occupied & borrowers income. The borrower had to show his income and that his monthly payment of 1st mortgage (ONLY) + property tax...was more than 31% of his take home income. They do not look at 2nd mortgage payments or any other obligations.
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Permalink Reply by Ute Ferdig on
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Hava a HAFA short sale with B of A. Negotiator told me that B of A completed review and that he has asked for creation of the approval letter. That was last Monday 8/30/10. He said he was hoping to have the letter within a week. We'll see. So far, the process has been smooth with the loan servicer being very responsive. Let's hope it stays that way.
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Permalink Reply by DeLana Billingsley on
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Just did one. From the time I submitted the HAFA package, got an offer and an approval - less than 3 months. Very quick and great to deal with. THis was with Saxon though. They were awesome! Can't say that about too many!
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