Replies to This Discussion

Permalink Reply by Terri Adams-Scott on October 2, 2010 at 3:34am

I represented a buyer on a BofA/HAFA short sale. We just closed escrow with a 5 month time frame. The HAFA portion took 9 weeks for approval. Since the sellers had been through HAMP and had an executed contract, I was expecting the process/approval to take place within the 10 days of its guideline. Didn't happen...but then again, I was on the buying end and not privy to what the listing agent actually did or didn't do.

Permalink Reply by Kynse L. Agles CDPE on October 4, 2010 at 8:55am

I have a Lee county Florida, Cape Coral HAFA success story. I submitted a HAFA short sale package to Chase. The sellers of the property are closing next week. Once the file was submitted it only took about 2 and half months for approval. The great thing about a HAFA short sale is the fact that the sellers are receiving $3000 seller incentive/ relocation fee at closing to help with their moving expenses. The approval letter also states that Chase will not pursue them for a deficiency judgement. If you qualify for the HAFA program I strongly suggest you find a Realtor that has training in the HAFA program or has successfully closed a HAFA transaction. If you need to find an agent that can get the job done let another Realtor refer you to one! What a lot of agents do not understand is that the process time for document collection still takes time. Once you get to the HAFA negotiator is when the 10 day time frame for approval or denial kicks in. If anyone has any HAFA questions I can be contacted at [email protected] or 239-560-6587. Thanks! Kynse Agles Certified Distressed Property Expert

Permalink Reply by Paul Francis - Vegas Short Sales on October 4, 2010 at 9:26am

Hello Kynse,

Thanks for the advertising.... I would hope that anybody on here answering the question knows the incentives under the HAFA program.

For Chase short sales, I can normally get an approval for a Chase Traditional Short sale in 1 to 2 months max. Personally... I find Chase to be very easy to work with if the package is submitted properly to begin with and I can't say I've ever had anything to complain about when it comes to Chase short sales. Personally... I have not had a HAFA short sale with Chase yet.

Good to hear that you have a HAFA short sale actually closing and I'm assuming the process was smooth? Did Chase give you a minimum acceptable purchase price / minimum net proceeds before you took the buyers offer? Was it better then a Chase Traditional Short Sale?

(Minus the $3K Relocation and waiver of future deficiency judgment rights of course which is the whole point of sellers doing a HAFA short sale.)

I'm more interested (for this question/discussion) in knowing if it's really making the process easier for real estate agents with details of why compared to a traditional short sale with a particular lender/servicer.

Thanks!

Permalink Reply by Caroline Chai on October 4, 2010 at 11:28am

Hi Kynse,
I am doing a Chase HAFA. My case just got forwarded to a HAFA processor awaiting for approval. Chase said it will take about 30 to 45 days to get a decision. Is there anything I can do to speed up the process?
Caroline Chai, RE/MAX Realty 100

Permalink Reply by Kynse L. Agles CDPE on October 6, 2010 at 8:05am

Paul,
I have closed both HAFA and non-HAFA short sales with Chase. I really like working with Chase and have always had very smooth short sales with them. My seller in this particular transaction had been through the HAMP program, but could not afford the payments.

We started the process with an offer. The property was very desirable in a great location (gated subdivision in Lee County Florida, West Coast). The day the property went into MLS we had 10 showings, and 4 offers all over asking price. I submitted the full Chase HAFA packet the next day. I had a negotiator within 10 days, the BPO was ordered within 15.

The process was very smooth, the only actual negotiating that had to be done before approval letter was past HOA dues. Because the association had not yet placed a lien on the property they would only pay a maximum of $1350 in back dues, which was fine because the buyer paid the remainder.

The longest phase of the process was before we had a HAFA negotiator assigned.

I just started a B of A HAFA yesterday, I will update on that process.

I submitted an Aurora HAFA short sale on 10/1/2010. When I called today for an update I got a recorded message stating that all required paperwork has been received and to call back on November 13, 2010 for an update. I will also update on this short sale as it progresses.

Kynse Agles CDPE (239)560-6587

Permalink Reply by Kynse L. Agles CDPE on October 6, 2010 at 8:15am

Caroline,
I would call or email your negotiator weekly for an update on the approval. Once approved you will have only 45 days to close or risk a $1500 extension fee. Our buyer was obtaining FHA financing so once we had a verbal approval from the HAFA negotiator we started the loan process to avoid any delay in closing.

Kynse Agles CDPE (239)560-6587





Caroline Chai said:

Hi Kynse,
I am doing a Chase HAFA. My case just got forwarded to a HAFA processor awaiting for approval. Chase said it will take about 30 to 45 days to get a decision. Is there anything I can do to speed up the process?
Caroline Chai, RE/MAX Realty 100

Permalink Reply by Caroline Chai on October 6, 2010 at 8:26am

Kynse,
Thanks a lot for the helpful info.
Caroline



Kynse L. Agles CDPE said:

Caroline,
I would call or email your negotiator weekly for an update on the approval. Once approved you will have only 45 days to close or risk a $1500 extension fee. Our buyer was obtaining FHA financing so once we had a verbal approval from the HAFA negotiator we started the loan process to avoid any delay in closing.

Kynse Agles CDPE (239)560-6587





Caroline Chai said:

Hi Kynse,
I am doing a Chase HAFA. My case just got forwarded to a HAFA processor awaiting for approval. Chase said it will take about 30 to 45 days to get a decision. Is there anything I can do to speed up the process?
Caroline Chai, RE/MAX Realty 100

Permalink Reply by Paul Francis - Vegas Short Sales on October 6, 2010 at 8:36am

Thanks Kynse....

That's the information I'm looking for to be shared...

Searching around on the web for HAFA short sales and you come across a bunch of rah-rah cheerleading information on how it was going to change the world.... all published on or right around when the program started.

Other then the $3K Relocation Fee and the waiver of the deficiency rights.... the process with some lenders / loan servicers has actually been Snafu...

Chase (from my experiences) has always been good to work with.

Keep in mind the point of my question is that the whole point of setting up the HAFA short sales program in the first place was supposed to set procedural standards with some of the other lenders / servicers that certainly need some standards...

So... looking for success stories with some of the lenders / loan servicers that we all love so much... LOL!

AKA Just More PR lip service or actually doing something?





Kynse L. Agles CDPE said:

Paul,
I have closed both HAFA and non-HAFA short sales with Chase. I really like working with Chase and have always had very smooth short sales with them. My seller in this particular transaction had been through the HAMP program, but could not afford the payments.

We started the process with an offer. The property was very desirable in a great location (gated subdivision in Lee County Florida, West Coast). The day the property went into MLS we had 10 showings, and 4 offers all over asking price. I submitted the full Chase HAFA packet the next day. I had a negotiator within 10 days, the BPO was ordered within 15.

The process was very smooth, the only actual negotiating that had to be done before approval letter was past HOA dues. Because the association had not yet placed a lien on the property they would only pay a maximum of $1350 in back dues, which was fine because the buyer paid the remainder.

The longest phase of the process was before we had a HAFA negotiator assigned.

I just started a B of A HAFA yesterday, I will update on that process.

I submitted an Aurora HAFA short sale on 10/1/2010. When I called today for an update I got a recorded message stating that all required paperwork has been received and to call back on November 13, 2010 for an update. I will also update on this short sale as it progresses.

Kynse Agles CDPE (239)560-6587

Permalink Reply by Kynse L. Agles CDPE on October 7, 2010 at 1:36pm

Paul,
I agree, as I get into more HAFA short sales I will keep you posted. The majority of my new listing are all HAFA and with a wide array of lenders. I will keep everyone posted as there is so much cheer-leading going on and not to many actual closed HAFA transactions. I will do a comparison of my non HAFA short sales and my HAFA short sales on lender time frames, approval letters ect as my deals progress. I have worked with many of the lenders on a non-HAFA basis and also look forward to seeing the outcome and comparison!

Kynse Agles CDPE (239)560-6587