BofA HAFA requiring $1 a month ???
The homeowner has been trying to get Bank of America to handle her short sale right since November of 2010. I have finally got her in the HAFA program. I have had a lot of HAFA short sales, but this is the first time the homeowner has been asked to pay Bank of America $1.00 a month. There have been other homeowner's who have been in a better financial situation then these people are, but never charged anything a month. It's not that they won't or can't pay that, but it is such a ridiculous thing. She is thinking of just putting the $1 in an envelope, instead of writing a check, or money order.
Has anyone else had a HAFA like this?
Replies to This Discussion
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Permalink Reply by Lori Young on
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An attorney told me once that payment like this reestablished the debt and keep the collection period open. You may want to ask them the reason why the $1 and sending cash is not a very good idea.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Kathleen,
How was this request made? In Equator via e-mail, in an approval letter? Maybe it's a mistake and someone plugged a number in error. I agree with Lori. Every month the homeowner makes a $1 payment, they are reaffirming the debt (not that it will go away unless BofA says so).
I would escalate via the BofA Twitter help desk. @BofA_Help
Best of luck,
Thom ColbyBroker
Newport Beach & Palm Desert CA
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Permalink Reply by joe beauchamp on
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Boy, with BOA, there is ALWAYS something new and fascinating, eh? Yes, you should ask about this. I'm sure it is not a feature of HAFA. However, Lori's reply got me thinking of what happens once a debt goes to collection - you get pinheads who bought the debt for pennies and push very hard for huge payoffs because they go for all the free money above what they paid. In that light, it is possible that someone saw that you could keep the loan from going to the collection dept by paying something every month. I'll need to ask around about that because that would save more than a few killed short sales by not having a 2nd go into collection.
But then again, it is difficult to believe that anyone at BOA is doing something to help a homeowner - and even having it in writing..?? That would be cool if it really works. [Also, usually, after a point, the bank will refuse to accept any payments - all or nothing - why wouldn't BOA do that here?. So, maybe there is something very special abourt this investor or the mortgage/note?]
If/when you find out, please let us know!
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Permalink Reply by Suzanne White on
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If the investor is Freddie Mac, there may be a required payment. I have had one with the same minimum payment as well. On Freddie Mac HAFA guidelines, the issue of a payment is addressed.
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