Rubi,
Hello.
The one positive note with Cal HFA, all of the people are very nice and professional.
On the other hand, every response from them was - it is a valid hardship. HOWEVER, _______________
and then Declined soon followed.
I presented two offers with them.
Client was losing job at end of the school year and wife lost job.
Valid hardship.
Single loan with Cal HFA.
1st offer, Cal HFA stated, we will wait until he loses his job
* Don't leave the house to find a rental while you have income?
2nd offer, Cal HFA stated after multiple escalations (this is the same house as 1st offer)
* Last Dec. they did have the ability to pay, we are declining.
* Multiple escalations led me to the Final, Final response -
It is a valid hardship and I do see that, however, we will make more if it forecloses.
I wish you good luck with them. Several others in my office have tried and not one has gotten through.
All with valid hardships. Maybe you can change their ways for us all.
Michele Peterson
Rubi,
Hello.
The one positive note with Cal HFA, all of the people are very nice and professional.
On the other hand, every response from them was - it is a valid hardship. HOWEVER, _______________
and then Declined soon followed.
I presented two offers with them.
Client was losing job at end of the school year and wife lost job.
Valid hardship.
Single loan with Cal HFA.
1st offer, Cal HFA stated, we will wait until he loses his job
* Don't leave the house to find a rental while you have income?
2nd offer, Cal HFA stated after multiple escalations (this is the same house as 1st offer)
* Last Dec. they did have the ability to pay, we are declining.
* Multiple escalations led me to the Final, Final response -
It is a valid hardship and I do see that, however, we will make more if it forecloses.
I wish you good luck with them. Several others in my office have tried and not one has gotten through.
All with valid hardships. Maybe you can change their ways for us all.
Michele Peterson
Ok Superstars -
Any new info on Cal-HFA ? I just got a short sale and wondering if anyone's had any luck or should I give it back ?
Thanks,
Thom,
I had quite bad experience with Cal HFA. We had to reopen the short sale file three times since they kept closing our file for unfair reason. At first, they told us that borrower must try "loan modification" at first, and then we can do short sale if loan modification does not work out. However, they told me that I can put the property on market and seek for the buyer simultaneously. They just do not review the offer until loan modification process is over. Then, suddenly, my client received the letter that short sale was denied. They did not even go through the loan modification program. I wrote a letter to Governor Jerry Brown to let him know how the California tax has been used in wrong way with this lender. Then, I sent a letter of reconsideration to Cal HAF and attached the letter to Governor. That worked well, and they reopened the file right away. When we reopened the file, they require the borrow to speak with the counselor at KYHC(Keep Your Home California). However, my client tried almost everyday during her lunch break, but they put her on hold for an hour. Counseling takes about 45 minutes, and this is quite tough for somebody who still works full time. In my client case, she has kept her job, but the pay cut was done by reducing the work hour, so she had to work as many hours as possible. Two weeks later, Cal HFA closed our short sale file because she could not speak with the counselor. The short sale department of Cal HFA has been always very nasty to me and my client. This was one of the most unpleasant short sale I have ever listed.
Rubi
Unfortunately I had a similar experience to the one that you had Rubi. They kept closing the file. CalHFA did not care that the borrower's expenses exceeded his income - they told me straight up, "unless he is unemployed we won't approve the short sale."
Now I am considering accepting another short sale listing which is CalHFA but I have serious doubts. They are VERY strict in regards to what they consider hardship.
I had a Cal HFA ss last year. My clients had divorced, were living apart and their expenses were many times their incomes. Husband also had taken a drastic pay cut. They had both moved out into less expensive apartments. Then after more than a year apart, they spent a weekend together and she got pregnant with twins. He moved back in with her to hep with medical bills and as soon as Cal HFA learned he had moved back in they claimed there was no longer a hardship, even though they owed many months of back house payments, other past due bills, and now had two babies on the way and an apartment lease. File was closed and they foreclosed quickly.
I elected not to pursue the one I was presented. Mine was similar to Susan and I was told "electing to have a baby is not a hardship"
Hello Everyone
I just took a listing where the 2nd is with Cal HFA. When reading all of the reviews I now feel overwhelmed. Can someone please give me any contact info or suggestions. I would greatly appreciate any feed back. Thank you!!!!
THANK YOU THOM!
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