Replies to This Discussion

Permalink Reply by Laura Forty-Garcia on September 23, 2010 at 7:04am

Hello,
I just closed another one with Chase & BoA.
The approval has to have the Relocation money.
Make sure it is on the final HUD..
The title company gives the check to the Seller.
Your Seller has to get paid at closing or he will not see..

Permalink Reply by Kyle Souza on September 23, 2010 at 7:13am

It should have been on the HUD and SSA or HAFA documentation that the borrower was provided from BAC.

Permalink Reply by Wendy Smith on September 23, 2010 at 7:21am

Absolutely do NOT believe the HAFA relocation will be paid after closing. It ALWAYS goes on the HUD, usually in the 500 section. Be persistent - keep after them. You had it on the HUD that was submitted to BAC, right?

Permalink Reply by Kyle Souza on September 23, 2010 at 7:26am

It should be indicated on the RASS or ARASS that the borrower completed. It is a guideline of the government's "wonderful" program.

Permalink Reply by joe beauchamp on September 23, 2010 at 4:41pm

That's good, now, do you get 72 virgins with that money, too? He was talking about your rewards in the afterlife, right? Kinda like the flight attendants as you go to leave the plane. Oh sure you'll make to your next connection even though you are 45 min late. What do they care? They can tell you anything, they'll be miles up in the air when you find out you will be spending the night on the floor of the Toledo airport - enjoy!

Yeah, as said, that HUD-1 is the fed official "just where did what money go in this real estate transaction". So, if it isn't there, it isn't anywhere. Also, if it is not in the approval, the title co cannot pay it - it is not in their instructions.

BofA HAFA hotline - that's rich. Like going to a 3 toed sloth to learn how to sprint..

I have gotten my other files out of HAFA and now have 1 in each. They both seem disorganized and behind. It is not a surprise that they miss a little thing like one of the main principles of the HAFA. You don't have a valid HAFA short sale w/o that money being accounted for - in the approval, on the HUD-1.

Dealing with the HAFA companies has been hit and miss for me. I assume that in the end, the file is still with the HAFA company and not BofA. If so, you need to get on the phone and don't let them shuttle you to the "I've been jammed by BofA" prayer hotline. No, you tell them that you've tried that, they have the file, they were supposed to properly deliver that approval and you are STAYING ON THE PHONE until you get this resolved - and keep escalating. This guy unable to spell approval? I want your manager - and take names, and ID's as you go - let them know that you see this as serious - serious enough that they now might be personally involved in something not good. You need to MAKE them responsible. Yes, I know. A bank? Responsible? What was that about 72 virgins? Well, they often don't do it. You got the actual real run around - call here, call there. BofA? Who is that who told you to call us? Nah, we fix electrified chicken fences - but nice talkin' with ya...

I've learned the ropes for BofA and equator - this is a new game so I suggest you hang tough on the phone otherwise, more shuttling around for you. Who IS responsible for the approval? He can't spell $3000? OK, who is his manager? Neither one can spell and they keep looking for the "extra fries" button on the keyboard? OK, who is his manager? Why is that $3K not there? Who is going to correct this? When will it be done?

Sorry it isn't as simple as saying, "Hey, something is wrong here, can you fix it?" Since you've already made the rounds, it is time to grit your teeth and stay on that phone until you get it resolved (get those names - if someone hangs up, you want that name).

And good luck -- I think we are all pulling for you!

Permalink Reply by Frederick Paul Tazartes on September 23, 2010 at 6:27pm

Make sure that the reolocation money was not included in the closing cost on the approval letter. My approval letter just had a lump sum closing cost, but when I compared it to the HUD that I submitted it included the Relocation Cost.

Permalink Reply by Ute Ferdig on September 26, 2010 at 3:33am

I have an approved B of A HAFA short sale. The $3,000 relocation benefit was included (pre-printed) with the ARASS letter and the HUD that we submitted for approval. The approval letter itself does not itemize what's been approved. It just states that X-amount of $$ have been approved for closing cost and the minimum net to B of A. The ## match what's on the ARASS and the HUD. If the relocation benefit was included in the HUD and your RASS/ARASS letter and the approved closing cost and minimum net to the bank are not different, the escrow company will disburse the funds according to the the HUD that the bank will sign off on just a few days before the actual closing. If the $3,000 relocation benefit was not included with the HUD that you submitted for approval, then it won't be paid because you did not ask for it. You would have to resubmit. They won't pay anything extra after the COE date.

Permalink Reply by Van Bui on October 2, 2010 at 11:05am

Email me. I will give you a contact of VP who is a captain of the ship in HAFA program. She can help you to clear this issue. [email protected]