Comment

Comment by Kynse L. Agles CDPE on February 22, 2011 at 2:43pm

I just received my 1st B of A Fannie Mae HAFA approval!!! Hooray! B of A tried to deny the seller the $3000 relocation fee but finally accepted and we received the approval letters today! Congratulations to my sellers in Cape Coral, Fl! Only took 62 days from submitting to approval! Closing next week!

Comment by Aneetra Isis Sherrell on February 22, 2011 at 7:53am

Nevermind the last post.  I was just informed by a customer service rep with AMS/B of A HAFA that they have not updated their systems with the new changes so it was flagging my seller as being ineligible. They have to send it to B of A directly to get them to initiate it, FYI...

Comment by Liz Harris, MBA on February 22, 2011 at 7:51am

Aneetra, My understanding is that the short sale needs to be initiated by the homeowner 60 days prior to the foreclosure date.

Comment by Aneetra Isis Sherrell on February 22, 2011 at 7:47am

HELP!!! B of A is saying my buyer doesn't qualify for HAFA because she has a pending sale date of 4/5/11.  However, I know the HAFA guidelines and had my seller call Fannie Mae, they said that is not a requirement, we had to go back to B of A.  Anyone been in this situation?  If so, how did it get resolved?

Comment by Michael Schneider on February 17, 2011 at 6:07am

We are just talking Treasury HAFA, not Fannie/Freddie, right?

Participating is not the issue, I think.  Not sure about this...but, I think that Insurers and Investor are making the decision on a case-by-case basis.

Which I think means, basically, the loan is eligible for HAFA, only if the Investor and the Insurer were going to waive the deficiency anyway.

In short, the deficiency waiver in MHA/HAFA is a bit bogus IMHO.

Comment by Kevin - Greenville, SC on February 17, 2011 at 5:18am

Michael, I know there is a list of participating servicers, but is anyone aware of a list of participating non-GSE investors?

Comment by Michael Schneider on February 17, 2011 at 4:58am

The fundamental problem with MHA/HAFA (as opposed to GSE/HAFA) is that participation by the Investor or the Insurer is voluntary AND if they choose to participate, the must make a consession.

Voluntary with Penalty.  Makes no sense.

Voluntary with incentive or Mandatory with Penalty could work, but Voluntary with Penalty makes no sense.

The December 28 changes will not significantly improve conversion, IMHO.

HAFA is somewaht analogous to a deficit reduction program in which the taxpayer is invited to make a voluntary additional contribution to the Treasury.

The WTF deficit elimination program:  Ask every taxpayer to make a $7500 voluntary additional tax payment next year, and the deficit disappears.  Brilliant!

HAFA really is more-or-less like this.

Comment by Laura Rencher on February 17, 2011 at 4:04am

Wendy, I think if you read the HAFA guidelines that Freddie mac is supposed to be overseeing the implementation of HAFA...Joke right? I called them about this at one point and they kept redirecting me to the House Education Program, a HUD-approved agency. At one point, I had a three way call with BAC and a representative from the House Education Program, explaining the situation. I even researched and found out how the representative could complain about BAC through Freddie Mac if they didn't follow the guidelines. (representative didn't even know this).  The letter/email I wrote was to my specific negotiator telling him if he didn't delay the foreclosure, I would have BAC and specifically, HIM investigated by all of these parties as to why HE did not follow the guidelines under HAFA.  I also contacted anyone and everyone I could. I spent about 2 weeks straight calling. I am not exactly which call/letter worked. all I know is within 24 hours of sending the letter/email to the negotiator, the foreclosure got postponed.

Comment by Aida Gonzalez on February 16, 2011 at 3:08am

In  my opinion, all deciisons of any short sale, eventhough is HAFA or traditional, depends only who is the negotiator, and if he/she wants tohelp, thats all. Some wnats to cooperate, others dones't. Of course, depends too how we handle the file. but is much easier having a good negotiator on the other side.

I closed a short sale with BofA last week, the borrower was an attorney, this property was an investment property. Since the beginnig of the approval BofA were not waiving the deficiency, and she was asked to pay $5 k cash contribution at closing with a $5k promissory note. My customer asked for a mediation, she got release of the deficiency and waive the promissory note. I was susprised when I received a note from VP thru equator telling me the decision (one day before the mediation). I think a mediation help a lot in theses cases.

Comment by Elise Fay on February 16, 2011 at 2:43am

I have closed several non-GSE HAFA short sales which according to the statistics as to how many have actually been completed, seems to be a miracle but...I just attempted to do 2 Fannie Mae HAFA short sales with LBPS.  What a nightmare.  Both of my clients are relocating because of their jobs and one of them is relocating to a remote section of Africa.  I know the guidelines and they should have qualified but both were denied HAFA after 4 months.

I was told that even tho we filled out the Making Home affordable paperwork that we were denied because they never went thru HAMP and did not attempt to do a loan Mod. and the investor says that they can deny them for that reason.  In the past I have spoken with Fannie in DC and they do not actually have to go thru the loan mod, it is just part of the qualifying process and the bank/investor has to do the pre-qual thru that process when the request is made to go thru HAFA.  THEY BROKE US!  We had already lost one buyer and the other was going to walk after all this time so both sellers said the heck with it and went the traditional route.

All of these regulations and laws that are written by attorneys always seem to be open to interpretation.  Nothing is clear cut anymore, hence that is the way the investor interpreted the law.  I guess another call to Fannie Mae is in order but I think, as most sellers do, that this program is a joke.  In fact all the negotiators ask me is "why do the sellers want to go thru HAFA?  For the $3000?  They seem surprised when I tell them the $3000 is just a perk...the sellers want the deficiency waived and that is the crux of this program.

No wonder Fannie/Freddie are on the chopping block.  I am disgusted and believe me I was a big propronent of this program.  No more!

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