Comment

Comment by Short Sale Dale on July 11, 2011 at 4:03pm

I like the HAFA program when it gets my sellers 3K.  I have gotten property investors 3k through hafa for working with the bank.  What is frustrating me is that the second mortgages are trying to take the money or will not play ball with what the 1st mortgage will give them.

Comment by Christina Conrad on July 11, 2011 at 3:57am

There is a change in the air here recently with BOA...I had a short sale, where I got the dreaded email notification "seller is eligible for HAFA".  We had the seller call in to decline the same.  Seller called me back in tears, stating that the HAFA representative would not take NO for an answer and was trying to strong arm her into doing a HAFA.  We had to do a conference call with the seller and BOA on the line to decline HAFA, and even when we called in with the seller the HAFA representative wouldn't take NO for an answer...we had to get borderline hateful..what is up with that?  According to BOA- HAFA...the rules changed this year and more sellers qualify for HAFA//whatever...I personally do not like HAFA and we recommend ALL of our clients to decline the same...I haven't had the luck that Jeff has had with BOA...the few times we tried to do HAFA with BOA it was a nigthmare and we ended up losing the home to F/C...just my take on things.

Comment by Tni LeBlanc (805) 878-9879 on July 9, 2011 at 3:22am

I haven't seen a response that matched the time frame either.  I am recommending most of my sellers NOT do HAFA.  If they are straining and still making payments, why enroll them in a program that you know will increase the time for approval?  $3000 doesn't add up to much if you are going into debt trying to keep up with payments.  The lenders aren't doing any favors here and I do think despite being bailed out it will catch up with them.

Comment by Jeff Payne on July 8, 2011 at 7:26am

Sadly the banks are still in control and don't have to follow the guidelines.  I usually submit a normal short sale package and have closed 2 that were then HAFA sales, both went fast and smooth with BofA and EMC, sellers recieved $3000 at closing each