Bank of America and HAFA
I have a Short Sale with BOA and we were told to be about 10 days away from an approval and it has been a quick process about 45 days so far. Now with HAFA, the Seller would like the $3000 to help in relocation and to be guaranteed of no pursuit of deficiency. I was told from Equator negotiator from exisiting Short Sale on Equator that the Seller must contact HAFA dept through BOA as it's being handled by a totally different area. The Seller did, spoke to a rep, was told that she qualifies and will be sent a letter in the mail that she must sign and return. The HAFA rep advised that her Realtor, me, would be familiar with the Equator system and I'll have to process through Equator as a new HAFA short sale and once she has sent the signed letter back that she should hear a response within 10 days. Do you think this is possible? I do know what I was speaking with the current Short Sale negotiator through Equator she was quite huffy about the Seller inquiring about the HAFA and I had to let her know because the current shorrt sale being processed non-HAFA would have to be stopped. I'm not doing anything with that until I get some confirmation from HAFA dept.
Replies to This Discussion
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Permalink Reply by Jeffrey Burnham on
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Yes... BofA claims to have a "HAFA Equator system" (which WE don't have access to?)- any short sale you started WILL be stopped and started ALL OVER... Don't you just love B of A?!
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Permalink Reply by Lynn Pineda on
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Hi Jeff, yes yet they indicated it will take 10 days. Do you think that's possible for BOA? I'll report back and let you know
Jeffrey Burnham said:Yes... BofA claims to have a "HAFA Equator system" (which WE don't have access to?)- any short sale you started WILL be stopped and started ALL OVER... Don't you just love B of A?! -
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Permalink Reply by Debra Donahue on
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I have been working my short sale offer thru the Equator system. We are on are 2nd offer first walked. We recevied a counter offer on 4/23. They were just changing the sellers closing concession. Sent it back to them and accepted. Didn't hear anything called and emailed. Had it escalted because the nego. wasn't completing the tasks on time. Me and my homeowner talked to customer service at BOA very helpful and she also did an escaltion. Well I was still in hold. I sent my nego another email on 5/12/10. She finaly emailed back and said that she no longer has the file and that it has gone to HAFA. I asked her when this happen and what was there #. She said it happened on 4/24. All this time it has not been worked on.Talk to many people and no one told us.
My question is HOW DO I GET IN TOUCH WITH SOMEONE AT BOA HAFA AND WHERE DO I SEND THE COMPLETED PAPERWORK? Does this have to go into Equator again. That always mean starting over!!!!!
Thank you for any help you can give me -
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Permalink Reply by Anna Mackey SDHS on
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Debra, your seller should have received a letter from BofA Hafa vendor telling them what to do. The seller will have to call the hafa vendor directly and either accept or decline hafa participation.
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Permalink Reply by Roseline Cristanelli on
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Try the contact listed here for Bof A: http://www.makinghomeaffordable.com/contact_servicer.html
Debra Donahue said:I have been working my short sale offer thru the Equator system. We are on are 2nd offer first walked. We recevied a counter offer on 4/23. They were just changing the sellers closing concession. Sent it back to them and accepted. Didn't hear anything called and emailed. Had it escalted because the nego. wasn't completing the tasks on time. Me and my homeowner talked to customer service at BOA very helpful and she also did an escaltion. Well I was still in hold. I sent my nego another email on 5/12/10. She finaly emailed back and said that she no longer has the file and that it has gone to HAFA. I asked her when this happen and what was there #. She said it happened on 4/24. All this time it has not been worked on.Talk to many people and no one told us.
My question is HOW DO I GET IN TOUCH WITH SOMEONE AT BOA HAFA AND WHERE DO I SEND THE COMPLETED PAPERWORK? Does this have to go into Equator again. That always mean starting over!!!!!
Thank you for any help you can give me -
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Permalink Reply by Kimberley Kelly on
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With the new HAFA program, we Short Sale List Agents MUST inform our primary res. Sellers to ASK their Lenders to send them the HAFA form. Why? Not because we are required to, but because a Standard SS will be put on hold if your Seller decides to apply for HAFA qualification! So..to beat them a little anyway, have your Seller ask the Lender to send them the forms when they first contact them re: initiating a Short Sale. The HAFA form must be returned within 14 days, so it is critical. Nobody tells us this, but I have added it to my Seller info. sheet re: short sales..might help..
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Permalink Reply by Jim Stewart on
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I'm now seven weeks into a HAFA BofA request. Have been told multilple timies that my approval was almost done. Got an email yesterday saying I have to extend the closing another 45 days!!! Buyer is walking and NOBODY at BofA or LRC will answer the phone or return a call or email. So far HAFA is a complete crock of $&*t.
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Jim, I couldn't agree with you more! This very closing that I reported on, would you believe I'm still waiting on HAFA and Bank of America's LRC - it is a crock...you're right. You're given nothing but the run around from LRC. I've been told it's been HAFA approved and they just have to send out the approval letter via mail; Leave it to the govt to not allow email or fax. How difficult is it to send out a letter?! It's ridiculous!
Jim Stewart said:I'm now seven weeks into a HAFA BofA request. Have been told multilple timies that my approval was almost done. Got an email yesterday saying I have to extend the closing another 45 days!!! Buyer is walking and NOBODY at BofA or LRC will answer the phone or return a call or email. So far HAFA is a complete crock of $&*t. -
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Permalink Reply by Paola Martinsen on
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Has anyone completed a HAFA short sale with BAC? I have a file with BAC and the negotiator is saying borrower must call in to accept or decline HAFA before the file can move forward. IF the borrower accepts HAFA do we have to start all over?
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Permalink Reply by Tracy Gibson on
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The 10 days does not start until the marketing stage. This means all the homeowner qualification, BPO, doc collection has to be done, then it goes to financial and then the investor. The last two take at least 30 days. Then once you get the pre-approved short sale letter, and you have an offer, then the 10 days starts.
The program is set up to pre-approve the short sale at the price the bank wants, then we have 120 to sell it. No sale Deed in Lieu.
So for files which already have offers submitted, the 10 days starts after the pre-marketing because the offer is there.
See this doc: http://www.bankofamerica.reo.com/documents/HAFAEducationGuide.pdf -
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No you don't exactly start over. However, first the homeowner provides the RMA and/or altRASS forms, all required financial documents, and the BPO is done, then it goes up to financial, and the investor (the last two are taking 30 days, they tell me).
After documents are uploaded to equator, keep calling your HAFA team to confirm that they docs were reviewed and send to the inancials department. After the investor "Pre-approves" the short sale the 10 days begins for your offer to be considered.
One disclaimer on my part. I have two files in document collection phase and one where all docs have been submitted as of 7/9. As of 7/15 the docs were not reviewed. So I suggest calling twice a week to get the docs reviewed.
I will create a post with a play by play.
Paola Lopez De Armentia said:Has anyone completed a HAFA short sale with BAC? I have a file with BAC and the negotiator is saying borrower must call in to accept or decline HAFA before the file can move forward. IF the borrower accepts HAFA do we have to start all over? -
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Permalink Reply by Nicole Doering on
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Is it wrong to have hope and faith that my Hafa shortsale will be completed???? We are the fisrt people to ever have this option and to go through this procedure.... I mean I gotta have faith and stay positvie it is my last option next to a forclosure.. It just has to happen you would think BOA would want to have some good stories or to help some people instead of constantly letting us all down and I thought the government gave them all this money to help people from losing their homes? What is going on? I mean COME ON HELP US FINISH THESE SHORTSALES UP and let us get on with our lives... PLEASE!!! I am waiting for the underwritting and approval of my Hafa shortsale right now I call every other day to check on it and of course there is just no set answer its all a waiting game but I still have hope everyday when I go to my mail box I am thinking maybe the paperwork is here today,,,, aagghhh Maybe today it will be here :) I sure hope so.. well people stay positive and if nothing happens for any of us you would think that BOA would have some explaining to do.
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