Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 15, 2011 at 5:20am

I have a HAFA SSA with Bayview Loan Servicing right now.  The process of getting that was 'fairly' painless.  Still waiting on an acceptable offer.

 

Permalink Reply by Patsy Clevenger on March 15, 2011 at 10:06am

I've had 1 go smooth with Chase, 3 with B of A that are a joke and 1 new one with Wells that has come back with a value that is not realistic. 

Permalink Reply by Heather Robins on March 15, 2011 at 10:33am

Quick question, you say your a year into it?  Why did the bank extend the timeline.  Most of the time they require you sell the property with 120 days or they have to deed in lieu it.  Have they been good with the extensions, what are some of the problems you are running into?  I am starting a Fannie Mae Co Op (their verson of HAFA) so any advise, suggestions, complaints would be great!  My fear is they are going to want to much money on the listing end of it.

 

Thanks

Permalink Reply by Jeff Payne on March 15, 2011 at 10:36am

Heather, I meant the HAFASS process is about a year old.

Permalink Reply by Heather Robins on March 15, 2011 at 10:53am

ahhh yes a year old and the bofa is finally working their system for it

Permalink Reply by Mary Wilcox on March 16, 2011 at 10:08pm

Can anyone get through to these BPO Realtors that are pricing these trashed ans less-than-desirable homes at current market values?  SHEEEESH!

 

That seems to be what kills the process for our sales here. I don't do BPOs yet.  Don't want to.  But, I'm thinking maybe if we had short sale saavy Agents performing them then we would at least have a chance at selling the homes. In my area, I've not only experienced this but many Agents are.  WHO ARE THESE AGENTS?  sorry...I just had to ask. They're just killin' us!

Permalink Reply by Jeff Payne on March 17, 2011 at 1:38am

Mary, I am with you.  Best way to handle it is when you get one of the BOZO BPO agents, deny them access to the house.   THey can not do the BPO without access.  

I do BPOs, probably too many BPOs but I always ask alot of quesions to find out the situation and take into consideration that the market continues to decline and that no one is going to pay more for a home than that one sold for yesterday.

Permalink Reply by Ron Margolis, RA on March 22, 2011 at 3:08pm

I've had a frustrating go with HAFA to date. My first three transactions were all handled by AMS. Each of the homeowners was approved by B of A underwriting. Then, later in the process, after appraisals and such, the borrowers were declined, get this, because "they did not have an offer". Holy sxxt! I thought i was supposed to wait for an SSA. Anyway, when we contacted the MI company who declined the sales, the MI company said" No, we never declined it, the servicer submitted the wrong form." Talk about FUBAR. Now I have 4 HAFA and 2 co-op transactions and wouldn't it be great if there was someone at B of A we could talk to about the problems that B of A has or a way to get people on the same page.

Permalink Reply by Michael Schneider on March 23, 2011 at 2:33pm

Jeff,

One MHA/HAFA closed (Saxon).  One Fannie/HAFA approved, not closed (BofA/UTLS).  One MHA/HAFA under review (Ocwen).

Two rejected, because they moved.  Two rejected, because of MI (Radian, in each case).  One reject, because subordinate lien denied.

Personally, I think that history will show that MHA/HAFA had large negative value, when all costs/benefits are considered.

So, my conversion rate is over 25%, compared to the population average of 1%?  Yippie....

Fannie/MHA should be better, in principle, as it is mandatory for the Servicer and Fannie has delegated authority for Old Republic.

Does someone know who the insurers are for Fannie? And, can they reject participation in Fannie/HAFA?  Does the RMIC delegated authority have real meaning?  Are the Insurers' terms with Fannie different from a securtized portfolio?

 

Permalink Reply by Angela Pitre Reddy on March 30, 2011 at 4:14am

I have had 4 sellers get cash back at closing in the past year and they were ecstatic. Litton seems to be the easiest to work with when it comes to the HAFA program. I have also had quite a bit of success with the PFS program too although they get less of a seller incentive. Some is better than none though!

Permalink Reply by Keji Ogunleye on March 30, 2011 at 8:26am

I have one going on with Saxon now and to my surprise they want borrower to sign promissory note until I copy and paste HAFA guidlines from the website and sent to them. HAFA with BoA is a joke.. I inform my sellers they should be prepare to wait for months - I don't understand BoA.. They are getting better with regular short sale so I'm not sure what the problem is with HAFA.