Replies to This Discussion

Permalink Reply by Jim Stewart on June 17, 2010 at 5:20am

My BofA HAFA deal is absolutely WORSE than a standard BofA deal, and that's saying something!! I'm now seven weeks into a HAFA BofA request. Have been told multilple times 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. BofA nego told me over a month ago that if HAFA wasn't involved he could have me an approval in 10 minutes. Thanks so much Mr. Obama!

Permalink Reply by Elise Fay on June 17, 2010 at 6:01am

Well that is not encouraging at all. I am planning on submitting a HAFA Short Sale Request by tomorrow. In fact I am submitting the request with the contract in hand. I will let you know if I have any better luck. Geeze!

Permalink Reply by Elise Fay on July 6, 2010 at 4:37am

Hi Everyone...I promised you an update on my HAFA short sale. Well late in June my client received the ARASS form (modifiede HUD I call it) to be filled out. It must contain all of the terms and conditions that were revised on the HUD from the negotiator. Once that gets filled out, the investor approves it and we are good to go. BUT....prior to us sending back the ARASS, the buyer walked. I contacted the negotiator and explained the situation to her. We are now still working off the SASS, with an approved price. They will postpone the foreclosure date to allow us to continue marketing the home at the approved price.

Now that the tax credit is gone and the hot summer months of AZ are upon us, the market has slowed. I am not sure if we can still support the HAFA approved price. If we can't I will plead my case for the investor to allow a lower price, if that is all I can get, but if not then we still have the option to pursue a traditional short sale. Will that mean we have to start all over again??? I am assuming so but I will cross that bridge when we get to it.

So this all looked nice and rosy until the buyer walked and that just plain stinks!!! I will keep you posted. By the way, this HAFA was thru Wells Fargo.

Elise

Permalink Reply by Elise Fay on July 21, 2010 at 9:59am

Phil...I submitted a HAFA thru Wells but just started the process once an offer was received. It should take maybe 2 weeks after it is assigned to respond to the offer. The bank sent me some paperwork, a counter offer and asked for some additional docs. Once that was supplied, I think it was another week or so before they sent us the HAFA paperwork for my seller to sign and agree to the terms and conditions. After that it was not long before we got the Final Pricing terms--a modified HUD to sign off on...Seller then has about 10-14 days to agree and send back to bank. Once at that stage the investor has to finally sign off, an official letter of approval will be issued and you will be good to go. Unfortunately our buyer walked away days before the approval. If that did not happen then we would have completed everything in about 2 months.
You just need to find out what the other agent is doing? Do they know the process well enough to keep tabs on BofA? It is tough when you are just relying on another agent and the communication is lacking.

Elise

Phil Kaufman said:

Hi,

I'm a buyer, trying to purchase a HAFA thru BoA. Being the buyer (and without 3rd party Auth), I'm kind of left oout of the loop, and finding out info is like pulling teeth. I submitted an offer on a house May 7, owner accepted May 13, and sent in to the bank. June 1 a negotiator was assigned. June 17-22 SS converted to a HAFA. From what I understand, it's now in "underwriting".. and at this point beyond the 10-day guideline. Anyone know what the next step is, and how much longer before I might know when I can (hopefully) get an approval letter? The waiting is driving me NUTS !! NOTE: I am the 2nd perspective buyer, and have offered in excess of the previously approved price. Shouldn't the process be going faster?

Permalink Reply by Tracy Gibson on July 26, 2010 at 12:54am

The 10 days does not start until after the HAFA "pre-approval." The program was designed to have the approval process first, then tell the agent the price range they need based on the BPO. Underwriting and investor approval is said to take 30 -45 days. Then they provide the approval of a certain contract within 10 days after that after receipt of the contract.

Since you had the contract in before or during the HAFA "pre-approval" as soon are you get it, then it will be 10 days for an approval. Nuts, I know.

According to http://shortsalepowerhour.com no one has reported to them any approved HAFA short sales. Hmmmm, program is almost 4 months old. Not good.

Phil Kaufman said:

Hi,

I'm a buyer, trying to purchase a HAFA thru BoA. Being the buyer (and without 3rd party Auth), I'm kind of left oout of the loop, and finding out info is like pulling teeth. I submitted an offer on a house May 7, owner accepted May 13, and sent in to the bank. June 1 a negotiator was assigned. June 17-22 SS converted to a HAFA. From what I understand, it's now in "underwriting".. and at this point beyond the 10-day guideline. Anyone know what the next step is, and how much longer before I might know when I can (hopefully) get an approval letter? The waiting is driving me NUTS !! NOTE: I am the 2nd perspective buyer, and have offered in excess of the previously approved price. Shouldn't the process be going faster?

Permalink Reply by Terri Adams-Scott on July 30, 2010 at 12:00pm

Here's my experience with a BofA and HAFA short sale (I represent the buyer and only one loan with lender).
Started out as a short sale through Equator for about 4 weeks. Then it was switched over to HAFA and was in that department for another 9 weeks. Listing agent says it was HAFA approved so now back over to the Short Sale Department. The bank's gives a new timeline of 6 weeks now before approval. We will see! I'm at least reading where some are getting HAFA approval, but I have yet to see or read where anyone has actually CLOSED one of these yet. Know of anyone?

Permalink Reply by Jim Stewart on July 31, 2010 at 1:41am

I closed mine Thursday. LRC and BAC fought back and forth constantly about who was supposed to what, where, when and how. Short sale customer service reps were clueless and constantly gave us wrong info. The only way to get anything done was to have the customer service rep put us on hold demand that they physically track down our negotiators boss (BTW, we went through three or four BAC negotiators and at least three LRC negotiators before it was all said and done). We finally got our approval letter after about 10 weeks of wrangling, but never got any of the typical closing tasks you'd normally get in a short sale through Equator. We said the hell with it since we had the letter and just closed anyway. I emailed the certified HUD and assignment of insurance proceeds to the negotiator and uploaded them into Equator using the library function. LRC claimed we were one of the first in the country to actually get an approval. The way this process worked, it wouldn't surprise me. I think HAFA is worse than a traditional BAC short sale.

Terri Adams-Scott said:

Here's my experience with a BofA and HAFA short sale (I represent the buyer and only one loan with lender).
Started out as a short sale through Equator for about 4 weeks. Then it was switched over to HAFA and was in that department for another 9 weeks. Listing agent says it was HAFA approved so now back over to the Short Sale Department. The bank's gives a new timeline of 6 weeks now before approval. We will see! I'm at least reading where some are getting HAFA approval, but I have yet to see or read where anyone has actually CLOSED one of these yet. Know of anyone?

Permalink Reply by Paul Francis - Vegas Short Sales on August 7, 2010 at 4:21pm

Who would have ever thought that it could get any worse then a Traditional BAC Short Sale?

Jim Stewart said:

The way this process worked, it wouldn't surprise me. I think HAFA is worse than a traditional BAC short sale.

Permalink Reply by Dawn Barrier eXp Realty Vegas on August 9, 2010 at 10:21am

Jim,

CONGRATS!!! WAY TO GO!!

Jim Stewart said:

I closed mine Thursday. LRC and BAC fought back and forth constantly about who was supposed to what, where, when and how. Short sale customer service reps were clueless and constantly gave us wrong info. The only way to get anything done was to have the customer service rep put us on hold demand that they physically track down our negotiators boss (BTW, we went through three or four BAC negotiators and at least three LRC negotiators before it was all said and done). We finally got our approval letter after about 10 weeks of wrangling, but never got any of the typical closing tasks you'd normally get in a short sale through Equator. We said the hell with it since we had the letter and just closed anyway. I emailed the certified HUD and assignment of insurance proceeds to the negotiator and uploaded them into Equator using the library function. LRC claimed we were one of the first in the country to actually get an approval. The way this process worked, it wouldn't surprise me. I think HAFA is worse than a traditional BAC short sale.

Terri Adams-Scott said:

Here's my experience with a BofA and HAFA short sale (I represent the buyer and only one loan with lender).
Started out as a short sale through Equator for about 4 weeks. Then it was switched over to HAFA and was in that department for another 9 weeks. Listing agent says it was HAFA approved so now back over to the Short Sale Department. The bank's gives a new timeline of 6 weeks now before approval. We will see! I'm at least reading where some are getting HAFA approval, but I have yet to see or read where anyone has actually CLOSED one of these yet. Know of anyone?

Permalink Reply by Jeffrey Burnham on September 26, 2010 at 1:13pm

That's AMAZING.

I've attempted to do on 2 occasions with B of A and have met nothing but resistance and been given excuses. I have 2 new ones going in this week with B of A.

I have 3 loan mods that have been in the works SINCE LAST YEAR with B of A (trying to do HAMP)... same results! B of A is muffing HAMP/HAFA?MHA BIG TIME... I have seen much cooperation and indication that Wells & Wachovia are really doing the job though... although I have not personally done one with them yet.

Hmmm... should we make B of A pay back the BAILOUT money they got if they can't help with the solution?

Permalink Reply by Lorie Eskine on October 8, 2010 at 10:48am

I am trying to buy a house, bank approved short sale went to Hafa. I was just notified the Hafa Was approved. What is the process now? My realtor states now that The HAFA was approved buying the house will go fast. please assist

Permalink Reply by Kailua Condo on November 14, 2010 at 1:50pm

I was rejected for a Wells Fargo / Freddie Mac HAFA because I did have an offer on the property. They said I had to get into HAFA first, and then get offers after that. I was told they reject all HAFA applicants who already have offers.

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