Homeowner Denied HAFA

I have been working on a file that I had listed since January to get it approved for HAFA before receiving an offer. Since that time I have been following up with BOA for the status of the approval. Everytime I called they would tell me that it was being reviewed. Finally they told me it was forwarded over to the mortgage insurance company for review and that they would need an offer for them to make a decision. Within the last two weeks we received an offer and It was sent over for their decision for approval for the HAFA. This past week I went to check the status in the Equator and did not see the file at all so I called and found out they declined the HAFA request. Nobody was notified about it and the file was closed. Now we are having to start with a traditional short sale. Is there anyway this file can be escalated for a quicker approval?

0 members like this

Replies to This Discussion

Permalink Reply by Heather Robins on April 26, 2011 at 6:11am

Who is the investor? My take is it was rejected because MI is going to want your homeowner to bring in money or sign a promissory note, are they prepared to do that?

-Heather

Permalink Reply by Gwendolyn Harvey on April 26, 2011 at 7:05am

That was not even an option given to the homeowner. They closed the file without giving any notice or option.

Permalink Reply by Heather Robins on April 26, 2011 at 7:28am

They wont give you the option because on HAFA you are not allowed to ask for money back etc.. so if the value with the appraisal doesn't fit with what they want they will make it go traditional and then ask for money, my last deal they (PMI) asked for 17K plus were getting full market for the property from the Buyer, needless to say the deal died. 1-877-318-4935 is AMS Hafa they would be able to give you an explanation at least. If your deal is Freddie Mac then 1-904-218-0390 He can escalate the file once you upload everything in Equator and get you a negotiator, BUT only use him if you need a negotiator escalated he has been very helpful I wouldn't want to abuse that. I am still looking for a Fannie Mae escalation help...

Permalink Reply by Gwendolyn Harvey on April 26, 2011 at 9:44am

The good thing is that we have already been assigned a negotiator. I just uploaded the offer again on yesterday to BOA. Thanks for the information you have shared.

RSS

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.