Replies to This Discussion

Permalink Reply by Tara Polley on June 16, 2011 at 8:29am

Hi Lydia,

I recommend 2 things: twitter your problem at BofA_Help  and contact the HAMP Solution Center at 866-939-4469 or [email protected]   Under HAFA guidelines, they have 10 days to approve your offer once it is submitted, if you did all your homework up front. The main goal of HAFA is to get you a PRE-APPROVED short sale, so all of this should have been done (appraisal etc) prior to the home going on the market and receiving an offer. The entire thing should not take more than 45 days. Good luck!

Permalink Reply by Lydia on June 16, 2011 at 8:31am

Thank you so much!!

 

 

Permalink Reply by Tara Polley on June 16, 2011 at 8:35am

You're welcome! :) Maybe this will help you too... ?   https://realestateagent.bankofamerica.com/shortsale/Default.aspx

Permalink Reply by Shamekia Goldsmith on June 22, 2011 at 8:43am

Ask for the oversight team.  they handle these things!  Helped me out when my ss sat in Equator for 30 days with no response to my equator messages AND phone calls.  They stopped the foreclosure 20 minutes before it was going to happen!

 

Permalink Reply by Elvira Quiray on June 22, 2011 at 3:27pm

I have the same problem with BofA/HAFA thru AMS. It took 3 months to get HAFA approval. Got approved May 5. My offer was rejected and taken out of equator . Reason was there was no valuation of the property yet. Have been calling, and all I get is that it will be escalated.

 

Permalink Reply by Lydia on June 23, 2011 at 4:04am

See my previous posts above...nothing has worked in making headway through HAFA/BofA but then I remembered a CDPE webinar where they featured Kimberly Dawson who is the VP and Ops Manager of Short Sales and I sent her an email.  She responded and voila we had our valuation task signed off and the paperwork is on its way to the seller as an approved short sale.

 

Below is her info, I'd email so that there is a "paper trail"

 

Kimberly Dawson, Bank of America Home Loans
Vice President - Group Operations Manager Short-Sales
[email protected]

Tel: 972-526-6970

 

ps I went ahead and just uploaded all the docs that Equator lost just as a "CYA"

Permalink Reply by Elvira Quiray on June 23, 2011 at 5:55am

Thanks. I remember watching that video.  I just e-mailed her. Hope to get a response soon. Thanks so much for the tip.

Permalink Reply by Lydia on June 23, 2011 at 5:59am

It took about 4 days to get a response from her and then she cc'd someone on the email asking them to take care of the problem for me and lo and behold I got a call saying we had the approved price and the contract was being sent to us.

 

Just make sure you include the property info, sellers info, address and loan number.

 

Good luck!

Permalink Reply by Elvira Quiray on June 23, 2011 at 6:06am

The e-mail bounced back so I called. Ann from her office took my call and said she will e-mail AMS regarding this file. The e-mail will come from Ms. Dawson, so hopefully, they will move on it.

Thanks again.

Permalink Reply by DoesntMatter on June 23, 2011 at 3:13pm

Lydia, one thing to understand with the HAFA files is this..

 

When the file is opened, the HAFA vendor works to qualify the H/O for HAFA FIRST. This process takes a month or more, and is completely normal. After the borrower is FULLY eligible and approved for HAFA, your normal SS process will begin (valuations, negotiations, closing). With HAFA eligible files W/ an offer, the qualification step can effect the buyers willingnes to wait for the process, however once a H/O approaches you for help, and there is NOT an offer, initiate that sucker and start the qualification process FIRST, so once approved you have the 120 days to find a buyer and complete the sale. Keep in mind that Freddie Mac guidelines require there is NOT an offer present to do HAFA, so let's say that you are in the qualifications process and you sign a buyer to contract, when you contact the vendor to advise of the offer, if not approved already, you (borrower) will now be forced into a traditional SS.

 

My suggestion to assist with more successful SS's is to be as TRANSPARENT as possible with these buyers, because 90% of them have NO idea of what they are getting into. If you have a buyer that is pressed for time, has deadlines with leases, arrangements, etc, this would not be the best buyer for a SS.

 

Hope this helps