Since we are a year into the HAFA short sales (HAFASS for short), has anyone had any significant success with HAFA?
I have only had one HAFA sale close and have one in process and the one that closed was very smooth with EMC. The one in process with BofA not so smooth.
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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.
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
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!
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.
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?
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