Servicing being transferred in the middle of HAFA agreement
I need help with a HAFA transaction, there's a HAFA contract in place good through 10/24/12 (with an offer in their system), and once again Bank of America has managed to screw up by changing the servicer to Ocwen by the end of this month. Clearly the person who made the changes didn't bother looking through their systems to verify what was the status of the loan, had they seen that Bank of America has a HAFA contract, and that Bank of America is the INVESTOR, they wouldn't have changed the servicers. Nobody wants to take responsibility for the screw up, and keep stating they can't do anything at this point, while this change just happened on 8/13, borrower was notified via mail by 8/20, immediately it was brought to their attn, and as of this morning this hasn't gotten resolved yet, they continue to redirect the calls back to the short sale dept, and they don't have a clue as to how to fix it, not even through calls to the Office of the CEO/President, which they too understand the frustration, as they weren't unable to get anywhere themselves...so if the TOP OFFICES can't do anything to fix their own mistakes internally...who can?? I will be submitting next a complaint to the Department of Justice, Consumer Finance, RESPA, etc. I have already started through the Social Media in other sites, and will not stop until they fix this!
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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I think you are stuck. Servicing of loans is sold all the time from BofA and there is zero consideration for the status of the loan, so far as you are concerned. If the servicer was moved from BofA to Ocwen - you simply have to go to Ocwen to continue, usually restart the process. Basically, you have one dept that bundles up a bunch of loans to have some sort of mix of bad and good loans and sells the servicing right to another servicer (Ocwen here). When the sale is done, BofA has no right to anything on that loan, they sold the servicing right that the investor gave them to Ocwen - nothing legally can be done by them.
You might get some traction with the investor - Freddie Mac or FNMA or whoever, since it is the same investor. Other than that, you need to focus on Ocwen. Others in my office deal with them, I don't know them so cannot tell you if they are a pain to deal with. I was waiting for the approval which was in QC (last step) when one was sold to SPS - SPS is pretty good. They are usually happy to just pick up where BofA left off. HAFA, on the other hand, involves gov't reg's - meaning likely stupid backward requirements with no appeal for sanity because politicians had their fingers in making it. You probably have to start from square one for HAFA - but I don't know.
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Permalink Reply by Erica Contreras on
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Good Morning, after a week of continuos arguments with different departments, attacking them in social media as well. I have just received Confirmation that the request has been APPROVED, our loan will not be transferred at the end of the week as planned. Persistance is the key with these lenders. If you consider they can rescind a loan after being foreclosed than they should be able to stop a transfer if the Investor is the same..just make sure to catch it right away!
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Permalink Reply by TOP END Properties on
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Nice! Which department and contact number/email was eventually able to get that done for you?
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Very nice. Please let us know that it actually happened and is not smoke from someone at the bank.
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Permalink Reply by Kevin - Greenville, SC on
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The new Servicer is required to honor the HAFA SSA.
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