Replies to This Discussion

Permalink Reply by Alan Remigio on April 22, 2010 at 6:39am

Jeff,
This may be a wild discussion, as HAFA is in its infancy. Both seller and lender are not required to participate in the HAFA program. It is totally voluntary on both sides. My personal opinion, today, is to do business the best you know how and not go the HAFA route until we see some experiences.. Many dynamics are in play here. BofA is in a very gray area regarding negotiating, but many agents don't want to fight back and hold them to good faith. HAFA is muddying up the waters right now, but as things begin to clear, buyers and agents, in general, will be on a new learning curve, as will the lenders, and we may see a different climate in short sales.

Permalink Reply by Steven Jackson on April 22, 2010 at 6:41am

Yeah...VERY frustrating,,,try calling the HAFA escalation #: 1-866-939-4469 or email [email protected].
Let us know if this is effective.

Permalink Reply by Bryant Tutas on April 22, 2010 at 7:05am

Hi Jeff. More info on HAFA including the forms can be found here.

http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041

I think we all need to have a little patience as this program just went into affect a week ago. And remember not all short sales will qualify for HAFA. In fact very few will at this time.

Permalink Reply by Jeffrey Burnham on April 22, 2010 at 7:40am

I understand that HAFA is in it's infancy. But c'mon now...this has been in the works for quite sometime. The proceedures by the Gvt outline what should be done to make this happen. The banks disregard of the proceedures just allow more foreclosures, which lowers prices (and OUR paychecks!) even further.

As slow as our government works, even THEY have laid out specifically what should happen. Why can B of A layout proceedures (just follow what HAFA tells them to do!) . Step 1.) you do this. Step 2.) you do this. Step 3.) then you do this. People are becoming homeless NOW. They don't want to hear that this will take time. They need help NOW. HAFA offers that NOW. The sad thing is this is merely lip service on the part of B of A to participate. They were the first in line to grab TARP funds... it should have been a requirement that they actually do PERFORM to get those monies... as much as I used to pray that Countrywide would go away.... it got even worse... they became B of A! I guess it could get even worse - CHASE could buy them! Maybe what we need is that Bank of China to come in an buy them... bet they'd have this mess cleaned up in 60 days! I know there's a lot of hot air billowing from me up here on the soap box.... it would just be nice it SOMEONE empowered to do something would see these forums and try to help. It my nievity, I still believe we can all make a difference if we unite.

Permalink Reply by Elise Fay on April 22, 2010 at 7:56am

Jeffrey

That is very disheartening but honestly I am not surprised. This is what happens when the government gets involved in the private business sector. I did take a webinar a few weeks ago that talked about the HAFA guidelines and they did say that there are repercussions for a bank that has signed up for this program and/or services Fannie/Freddie loans (we know those loans don't necessarily qualify for HAFA-but that is my understanding). I may have taken some notes that would have that phone number for complaints listed. I will look into it, but I do believe the number is for the Treasury Dept that is overseeing the HAFA program. Check into the Making Home Affordable website

If I find out the information, I will be sure to send it out.

Elise Fay
AZ Short Sales

Permalink Reply by Bryant Tutas on April 22, 2010 at 8:01am

Jeff, I understand your frustration and did not mean to make light of it.

If yo haven't already listen to this webinar from Tim and Julie Harris interviewing the guy (Jeff) from NAR who helped get HAFA put together. he is direct contact with the treasury and may be able to help. Check it out:

http://timandjulieharris.com/2010/04/19/exclusive-harris-real-estat...

Permalink Reply by Julia Huntsman, 562-896-2609 on April 22, 2010 at 8:12am

I've just been sitting here reviewing the HAFA directive myself, and have this question: Who is enforcing HAFA?

Permalink Reply by Jeffrey Burnham on April 22, 2010 at 9:35am

Thanks Bryant. I will check this out.

Bryant Tutas said:

Jeff, I understand your frustration and did not mean to make light of it.

If yo haven't already listen to this webinar from Tim and Julie Harris interviewing the guy (Jeff) from NAR who helped get HAFA put together. he is direct contact with the treasury and may be able to help. Check it out:

http://timandjulieharris.com/2010/04/19/exclusive-harris-real-estat...

Permalink Reply by Jeffrey Burnham on April 22, 2010 at 9:43am

Just so you all know... this is really amuzing... the REO dept at BofA told me to have the Home Retention Division rescind the sale (is this unheard of or what??) as HAMP guidelines were not followed!

For the last several hours I have talked to Home Ret who sent me BACK to REO who sent me BACK to HR who send me to Recon Trust who sent me BACK to Home Ret who sent me to the short sale dept who sent me BACK to HR. I'm waiting for Abott and Costello to pick up the phone and ask me who's on 1st base!!! If I weren't ready to cry this would be funny. (Except I have to face a homeowner who will be faced with homelessness if I can't get B of A to get this straightened out!)