Replies to This Discussion

Permalink Reply by Cheri Smith on October 6, 2011 at 6:52am

Julian,

 

I had the exact same problem. I was told by Bank of America that for the first 120 days of the HAFA short sale, they will not accept anything less than the approved price. When I explained to them that no buyer in their right mind would pay the inflated approved price, they told me to send in comps to dispute the value, which I did twice, but they just ignored me. Finally the 120 day period expired and the seller decided to let it roll over into a HAFA Deed in Lieu. Wish I could tell you I had success. I don't know that I'll ever list another HAFA short sale again. It was a nightmare.

Permalink Reply by Julian Jahoo CDPE, SFR, ABR on October 11, 2011 at 3:38am

OK we have some movement on this file...I originally tried the BPO dispute and that was rejected as my comps apparently did not exceed more than 10% required by AMS.

They have now offered a 21 day price reduction and have lowered the price to $265k from $273,156 the problem is we have to wait for the SSA to come our way and be signed by the sellers. More time wasted....

Even at $265k this will not sell and then I guess we can do another SSA and lower the price again after our 21 days the longer it goes on it will eventually hit the 120 period and my sellers will decide to take the DIL route and this home will become an REO and will sell much lower than its listed currently..Its a shame as we had two offers on this property and both walked because HAFA would not budge from their over priced list price...Do they not know in today's market sellers are are finding it very hard to sell their home at the list price that's why they counter to try and get the buyer up to number that's acceptable...HAFA did counter FULL LIST PRICE!

Permalink Reply by joe beauchamp on October 10, 2011 at 4:16am

BOA appears to use HAFA as it does other things to prolong the account being held by BOA, thus paid for by the investor (in case you weren't aware, as a servicer, they don't get/lose money on the property, they simply get paid for "managing" the account for the investor).

My experience with BOA/HAFA is the same.  The counters from BOA/HAFA are absurdly high, buyers walk, I keep trying by putting these files into AMS w/o offers and am waiting for one of mine to graduate rather than have sellers give up, etc.

After I put in a price dispute, I was then told that for them to look at it, the difference must be at least 20%.  To me, 20% is a lot.  For some reason, I don't think BOA would accept 19% below their counter if I said - but it is w/in 20%..

It seems that while showing incompetence, what BOA does plays in one direction - keeping the account as long as possible, thus maximizing payment from the investor.

I just got hit by a Deed-in-Lieu.  The negotiator told me that our short sale was approved by the MI, just the QC team to look it over and I learned that the seller had signed papers for a DIL.  In fact, the DIL started before I was given the short sale.  BOA says it cannot pursue both.  Funny how BOA can, until the approval is imminent.  I learned that for 3 years, BOA refused  to do the DIL and take the house back, but when the short sale is about to be approved, suddenly the seller must kill one or the other - while BOA says they will pay off the HOA if they do the DIL, but start the DIL all over if she goes with the short sale and it falls through.  Interesting timing.  Let's see, you are off the hook if you sign right now for the DIL that we won't let you have for 3 years while you do not have a buyer and good luck getting a DIL from us if you lose the short sale buyer.  Guess which she went with.  So, BOA is incapable of knowing that it is doing both a SS and DIL at the same time - until an approval is about to come out of the SS?  Yeah, right.  So, the file now successfully stays at BOA - to go to REO - to collect more "management" money from the investor until it is eventually sold at some lower price later.  The $6100 HOA owed?  Paid by the investor, not this buyer.  Nice work, BOA.

So, when I saw your discussion here and thought through how HAFA at BOA is real bad (each step must be emailed to an undisclosed BOA negotiator to be done, but BOA will tell you that AMS/LRC/UTLS is responsible for the delays - sure, go ahead and TRY to find this hidden negotiator taking months to do what he does for a regular SS in days), and that these get kicked around until -- they go to a DIL, which means end up at BOA even longer as a managed account instead of sold as a short sale, well, it all fits.  Pretend to be helping with short sales, pretend to be cooperating with the feds, but keep those accounts - at the expense of the homeowner AND the investor.

Permalink Reply by Kathleen Couch on October 15, 2011 at 6:50am

Where do you get an appraisal dispute form?  Straight from HAFA?  Or can it be added to this forum?

Thanks!

Kathleen

Permalink Reply by joe beauchamp on October 15, 2011 at 11:55am

no form - AMS called it a "Dispute Letter" and said what had to be in it.  I assume that changes based upon the investor and the sub-company involved.  Call them, they will tell you what they need.  That will be the criteria to get it in front of someone to evaluate your dispute.

In the one case, they emphasized that you must have the value which they have for listing price.  Absurd - don't they know?  So it was: 3 comps prior to BPO no older that 4 months prior to BPO, an offer or my own BPO **and** include the list price that they have for the property.  No form involved.  In my case, I had a certified appraisal, 3 comps and an offer.  So, they took it to their committee.  No, nothing came out of it, if you are wondering.