Replies to This Discussion

Permalink Reply by Kylee Roe on August 17, 2011 at 3:16pm

Not sure what state you're in, so laws very. Is it possible the timeline to auction was already started and so the trustee just was following linear protocol and assigned a date? It's  possible the trustee and the lien holder haven't communicated regarding the home now being in HAFA program (reeeeaaaalllllly? The lien holder and the trustee haven't communicated!??!?!?!).

 

Don't take anything for granted that it will "get done" Call the trustee, call the lien holder, call the HAFA servicer until you get a MANAGER or SUPERVISOR. Don't stop. The HAFA process is as difficult and screwy as regular short sales, maybe worse, since they are only a year or so old, and still figuring it out.

 

I just closed a B of A / Hafa and had to contact a mgr at B of A to get it done--problems with AMS Servicing. Good luck.

And put the home on the market at the HAFA approved price so you can build your story of just how OFF the BPO is.

 

K

Permalink Reply by joe beauchamp on August 18, 2011 at 5:22am

Kylee is right - do not trust the bank to do anything right.  They rarely care.  They are paid to service the accounts - no real incentive to get rid of it via a short sale - that just loses money.

HAFA is separate from the bank is separate from the investor and many times the negotiator, who can be from planet X.  The bank is following investor guidelines to pursue the foreclosure which is separate from any short sale or HAFA anything.

In some states, it costs a lot for a bank to stop and restart a foreclosure - so they don't.  And, plenty of people have put in bogus offers so that banks will stop foreclosures - so there is a reluctance for the bank to stop the process.  And you have ditso investors like Fannie Mae who couldn't care less about the taxpayer 'cause they got gov't jobs and can't be fired and work 3 days/wk (w/fed holidays, right?) and have super health and retirement and can play solitaire on the PC's all day pretending to actually help with bad negotiators at the bank, etc. - so they do political across the board stupid edicts w/o regard for any particular deal.

At least your HAFA is not with BOA - you'd probably want to kill yourself right now..

You do mention confusing things - not in HAFA yet talk about a HAFA 120 day time period..??

With the political will of gov't investors in this last year, I don't see much luck in getting an auction postponed.  They used to extend dates, I used to get those deals done - and the delays were rarely due to anyone but the bank.  Not anymore.  They seem to prefer to be done with the bad account rather than get the best payoff for the real investor (fannie/freddie, that would be the taxpayer).  This allows them to look like they are helping by getting bad loans off of the books while they are really cutting short getting more for the taxpayers by giving a little extra time when there is a real deal going on.  Politically wonderful while screwing -- guess who -- the taxpayer footing the bill.

An investor with the interest to maximize return would be your biggest help.  The attorney processing the auction is a surprising help a lot of times.  I have seen them postpone things quietly.  It seems that they have souls and ethics and brains, possibly.  Somethings missing in some other components of the short sale..?

Permalink Reply by Smitty on August 18, 2011 at 7:25am

This is too funny.  My homeowners got the $20,000 incentive for a short sale in the mail today.  What a screwed up organization...anyways, I'm JUMPING on it for them.  Keep your fingers crossed.