Comment

Comment by Ann Howard on December 19, 2012 at 4:21am

This is what I got in an email from Bank of America yesterday. Fannie Mae and Freddie Mac HAFA Short Sale Program Expiration  The Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative (HAFA) program will expire on December 31, 2012.  A cutoff date of December 14, 2012, has been established for all Short Sale Agreements to be issued out to the borrower for files without an offer.  Your client/borrower(s) may still be accepted into the program if a fully executed Short Sale Agreement is received and uploaded into Equator on or before December 31, 2012. Files with an offer can no longer be initiated for a HAFA short sale. Files that do not meet the requirements above will be declined from HAFA participation and will then be considered for Bank of America's Cooperative Short Sale program or a traditional short sale. Note: After December 31, 2012, Fannie Mae and Freddie Mac files can be initiated into the Cooperative Short Sale or traditional short sale process. Homeowners may be eligible for relocation assistance under these programs.

If you have questions, first contact your short sale specialist (or closing officer) through Equator messaging. If there's no response after two days, escalate to the team lead. For urgent needs (such as a foreclosure postponement) or for escalation beyond the team lead, contact Short Sale Customer/Agent Care at 1.866.880.1232. Visit the Agent Resource Center at bankofamerica.com/shortsaleagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

Comment by Rochelle Castro on December 18, 2012 at 7:12pm

Go to the BoA website for a full explanation regarding the changesbankofamerica.com/shortsaleagent

Comment by Karen Ruffin on December 18, 2012 at 7:09pm

I think its best to just do traditional. They dont really be trying to give incentives thats why they drag their feet. Transfer to new servicer is their game plan to not pay out. You see how robo signing went away real fast.

Comment by Karyl Moore on December 18, 2012 at 7:07pm

received today:

Fannie Mae and Freddie Mac HAFA Short Sale Program Expiration 

The Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative (HAFA) program will expire on December 31, 2012.  A cutoff date of December 14, 2012, has been established for all Short Sale Agreements to be issued out to the borrower for files without an offer. 

Your client/borrower(s) may still be accepted into the program if a fully executed Short Sale Agreement is received and uploaded into Equator on or before December 31, 2012. Files with an offer can no longer be initiated for a HAFA short sale.

Files that do not meet the requirements above will be declined from HAFA participation and will then be considered for Bank of America's Cooperative Short Sale program or a traditional short sale.

Note: After December 31, 2012, Fannie Mae and Freddie Mac files can be initiated into the Cooperative Short Sale or traditional short sale process. Homeowners may be eligible for relocation assistance under these programs.

Comment by Karyl Moore on December 18, 2012 at 7:03pm

I've had a HAFA short in for many months.  A week ago it received a soft decline.  I was told it was because they had gone past the HAFA deadline for giving an answer. No answer so they soft declined and I had to re-submit.  Re-entered 3 times on Equator on the 14th and every time was thrown out after filling out the whole long form due to 'unknown error.' . Then today (Dec 18th)  I got an email saying B of A is no longer doing HAFA shorts after Dec. 14. So is this just their roundabout way of throwing out the short sale and making it look like I did something wrong? After all my bragging about how B of A has improved . . . . .I have a DM into the Twitter team.  Anyone else have this problem?

Comment by Rachael Babinchak on December 14, 2012 at 8:33am

Call FHA direct - National Servicing Center and open a help ticket.  Need to use their borrower auth

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 14, 2012 at 8:25am

On my 14 month anniversary of this FHA short sale. Three tries by BOFA to foreclose and then foreclose, then rescinded, change negotiator 7 days before closing; missed closing. Now we want paperwork we submitted three weeks ago. Lady paid off HOA dues in arrears $1,100. Now we have a Jr lien from a County Housing Assistance $800 based on seller incentive of $1,000. Sales price will meet HUD minimum ATP with both $800 and $1,000. Seller borrowed money to rent and needs $$$ to pay back. Can BOFA submit my request for vairance to HUD?

Comment by Uilani De Motta on December 12, 2012 at 6:48am

Have you tried to submit to bids for contractors on what would need to be fixed. It seems there is going to be repairs needed and once the problems of the property are disclosed to both Fannie and the lender they seem to be able to move a little quicker and a sales price dispute. With BoA I always use 2 bids from licensed contractors not an appraisal. 

Comment by Barbara Thomas on December 12, 2012 at 6:08am

Original BPO expired November 17; AMS Servicing ordered a new BPO at that time which came in $12,000 higher than the original!  ($184K vs $172K)  I almost fell out of my chair.  Our values are not increasing in our area ... they are at best stable, and in some cases still going down.  They said I can dispute, but will not accept an appraisal.  I guess they really don't want to consider the truth.

Comment by Rachael Babinchak on December 12, 2012 at 6:07am

Move it up further - make it public.  Submit complaints online to the Office of the Comptroller and Consumer National Protection Bureau.  File complaints with Attorney General.  BAC has to be accountable to helping the public and they are not! 

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