Replies to This Discussion

Permalink Reply by Laura Rencher on February 16, 2011 at 1:39am

I am in the HAFA program through BOA. it was a pain in the *&@#$ to get in, but it was certainly worth it now that we are guaranteed no deficiency and have an acceptable price. Not sure about the offer situation...however, I do know if your loan is FREDDIE MAC, you have be approved before submitting an offer or you will be disqualified. Good luck!

Permalink Reply by Jed Shuler on February 16, 2011 at 5:40pm

Thanks for the info Laura.  Did you initiate the short sale in Equator prior to acceptance into the HAFA?  I've initiated it within Equator, and uploaded the Letter of Authorization and provided the borrowers contact info, now the next task it is requesting is an actual offer.  We have been waiting on putting it on the MLS a couple of days until we figure this HAFA thing out.  Any ideas?

Thanks Laura. ~Jed Shuler

Laura Rencher said:

I am in the HAFA program through BOA. it was a pain in the *&@#$ to get in, but it was certainly worth it now that we are guaranteed no deficiency and have an acceptable price. Not sure about the offer situation...however, I do know if your loan is FREDDIE MAC, you have be approved before submitting an offer or you will be disqualified. Good luck!

Permalink Reply by Jennifer Aldrich on February 22, 2011 at 10:32am

Hi Jed,

I am the listing agent, borrower & approved for HAFA (in CA) So, yes, you can list your own property...you just agree not to take any commission. I just rec'd the first offer and will be uploading it today to Equator. I waited to put it on MLS until I had the answer from BofA on the price, the appraisal was done, and I was accepted into HAFA. I didnt want to risk having buyers walk away, waiting on answers from  BofA.

Permalink Reply by Catherine Gheen on February 22, 2011 at 8:50pm

yes, you can do a HAFA short sale.  But it has to be initiated in the begining before a trustee sale date is set.  This HAFA file will allow the seller to receive up to $3,000.00 for moving expenses.

 

You will need the RMA affidavit, the Dodd-Frank certification form and a 4506T signed by your seller, as well as current utility bills that are in the seller's name to provide to b of A.  You will have to find out from B of A which division of HAFA the file will be under they have two.  One is called Promis Solutions.

Permalink Reply by Laura Rencher on February 23, 2011 at 2:29am

Jed, Since in Freddie Mac, they won't let you have an offer or it kicks you out, we held the offer until we had our HAFA approval letter. Then we asked the buyers to resubmit. However, the BPO ended up higher than we expected so they backed out because they couldn't go that high..BUT with the pre-approved list price, we were fairly quickly able to secure a good second contract that we are submitting today. We hope to hear back within the 10 day guidelines...will let you know if they comply with this.  ALSO, FYI...even with the signed HAFA contract, BOA tried to auction our house on March 1.  AMS,the 3rd party servicer, told me they could do what ever they wanted regardless of HAFA. Obviously, this didn't go over well with me...as this is completely against the HAFA contract. So I called BOA loss mit and escalated until I got someone who understood how insane this was...and got it postponed.  BUT I  can't even imagine how many houses BOA will foreclose on with their parallel process system with no communication between the departments.....Just don't count on BOA to do anything they are supposed to do.... I have been all over them every step  of the way....I am convinced if I hadn't done this we would have never gotten to this point....I can't say enough about how incredibly screwed up, inadequate, uninformed, disorganized, and completely incompetent the BOA business admin is...It is completely beyond me has to how they can run their business the way they do....I am cheering every class action lawsuit I see filed against them....Every top admin in that business deserves to be held responsible for how horrible they are being to the people whose loans they service.

I guess I need to post a warning on the boa forum and hafa that they will try to do this...it is kind of hard to believe when you receive the letter of trustee sale when you are in HAFA...but the fact is...they are just that disorganized and evil....IMO

Permalink Reply by Jed Shuler on February 23, 2011 at 9:54am

Catherine, Thanks for your experience.  I sure appreciate it. ~Jed

Catherine Gheen said:

yes, you can do a HAFA short sale.  But it has to be initiated in the begining before a trustee sale date is set.  This HAFA file will allow the seller to receive up to $3,000.00 for moving expenses.

 

You will need the RMA affidavit, the Dodd-Frank certification form and a 4506T signed by your seller, as well as current utility bills that are in the seller's name to provide to b of A.  You will have to find out from B of A which division of HAFA the file will be under they have two.  One is called Promis Solutions.

Permalink Reply by Jed Shuler on February 23, 2011 at 10:01am

Laura,

Yes, I'm very interested if they stick to the HAFA enforced response deadlines on your offer.  I hope so.  I couldn't agree more, BofA is extremely unprofessional, unorganized, and "yes" often flat out evil.  Fannie owns our loan.  I hope they don't deny entrance to the HAFA program, I don't think they will, we have signed the listing contract and paperwork but haven't put it on the mls yet because we don't want offers.  Hopefully we'll hear back soon. Thanks for sharing. ~Jed.

Laura Rencher said:

Jed, Since in Freddie Mac, they won't let you have an offer or it kicks you out, we held the offer until we had our HAFA approval letter. Then we asked the buyers to resubmit. However, the BPO ended up higher than we expected so they backed out because they couldn't go that high..BUT with the pre-approved list price, we were fairly quickly able to secure a good second contract that we are submitting today. We hope to hear back within the 10 day guidelines...will let you know if they comply with this.  ALSO, FYI...even with the signed HAFA contract, BOA tried to auction our house on March 1.  AMS,the 3rd party servicer, told me they could do what ever they wanted regardless of HAFA. Obviously, this didn't go over well with me...as this is completely against the HAFA contract. So I called BOA loss mit and escalated until I got someone who understood how insane this was...and got it postponed.  BUT I  can't even imagine how many houses BOA will foreclose on with their parallel process system with no communication between the departments.....Just don't count on BOA to do anything they are supposed to do.... I have been all over them every step  of the way....I am convinced if I hadn't done this we would have never gotten to this point....I can't say enough about how incredibly screwed up, inadequate, uninformed, disorganized, and completely incompetent the BOA business admin is...It is completely beyond me has to how they can run their business the way they do....I am cheering every class action lawsuit I see filed against them....Every top admin in that business deserves to be held responsible for how horrible they are being to the people whose loans they service.

I guess I need to post a warning on the boa forum and hafa that they will try to do this...it is kind of hard to believe when you receive the letter of trustee sale when you are in HAFA...but the fact is...they are just that disorganized and evil....IMO

Permalink Reply by Jed Shuler on February 23, 2011 at 10:03am

Good to know. Thanks. My friend is a model agent and has never done a listing side of a short sale, so heck, I might as well make a few bucks right?  Good luck with your offer, I'm interested to know if B of A is meeting the 15 day response deadline?  Thanks. ~jed.

Jennifer Aldrich said:

Hi Jed,

I am the listing agent, borrower & approved for HAFA (in CA) So, yes, you can list your own property...you just agree not to take any commission. I just rec'd the first offer and will be uploading it today to Equator. I waited to put it on MLS until I had the answer from BofA on the price, the appraisal was done, and I was accepted into HAFA. I didnt want to risk having buyers walk away, waiting on answers from  BofA.

Permalink Reply by Jed Shuler on February 24, 2011 at 12:21pm

I've made about a dozen calls today and have been given the runaround.  I initiated the short sale in Equator and I've been told I need to have them transer that short sale to UTLSs HAFA program within Equator.  I'm not getting any new task requests within Equator to upload the requested RMA, utility bills, 09 tax return, bank statement, etc.  When I talked to someone at UTLS (the HAFA vendor for BofA) they said I can just upload these documents in the "Library>Property" upload section.  I'm not super familiar with Equator but does this sound right?  It seems like there was more of a specific area to upload qualifying documentation, the last time I used Equator.  Or is it because it was started or initiated as a traditional short sale?  Any ideas out there Equator/BofA gurus?