IBM LBPS and Fannie Mae HAFA

My clients completed the HAMP step and elected to pursue a Fannie Mae HAFA short sale because they can no longer afford to stay in the house. At first LBPS insisted on doing a "traditional" short sale. I finally told LBPS that a HAFA short sale would be much more beneficial to the client. After several more tries to shift to a regular short sale they finally agreed to do a HAFA. LBPS told me on Feb.28 that a HAFA "solicitation letter" would be sent to my clients within 3 to 5 business days. When the letter had not been received by March 16 I called. Again they tried to convert to a "regular" short sale and then agreed to send a "soliciation letter" in 5 to 7 day. I contacted James Ihara, one of the HAFA short sale negotiators by e-mail. He replied that he was working to get the letter out. When the letter hadn't been received by March 28 I both called the short sale department and sent James Ihara another e-mail. He said he had his HAFA team working on it. "The letter should go out soon." WHAT IS GOING ON? Has anyone had this experience? What was the outcome?

Thanks for comments!

Glenn Batten

Carolina One Real Estate.

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Replies to This Discussion

Permalink Reply by Isaac Ramirez on March 31, 2011 at 1:12pm

I am having the same exact issues it has been over 3 weeks at first they told us we could not qualify for HAFA do to not qualifying for HAMP which is a BIG LIE due to us being offered HAMP and then falling out of our trial payment period due to not being able to afford the home 11/16/10, so the best solution was HAFA .............well it is now 3/31/11 and we still do not have our solicitation letter

Permalink Reply by Luis Ortega on April 25, 2011 at 8:32am

I had the same problem since august last year. Finally the negotiator Joanna Starks told me the reason why the delays is because they don't have the program in place for the HAFA short sales for the Fannie Mae loans. I called again today, and guess who is the new negotiator??

Luis Ortega

Permalink Reply by Patrick Smith on August 16, 2011 at 11:12am

Hope you got it resolved. IBM LBPS tried to do the same to my client. This is almost illegal. Almost. I'm still trying to get FNMA to reel this horrible company in.

Permalink Reply by Patrick Smith on August 16, 2011 at 11:16am

I should also point out that this company is so bad that I'm just about to get the judge in the foreclosure action to deny Fannie Mae's request for a deficiency judgment, all because LBPS has effectively denied my clients their rights; quite a coup. And the minute I have that in hand you can bet that I'm going to make sure Fannie understands the reason they ended up with nothing was due to the horrible behavior of LBPS. Frankly, I intend to provide annotated evidence and name names. It might almost feel worthwhile.

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