US Bank Investor ...Wont allow HAFA ???

We initiated a short sale with BOA and our client wanted to go HAFA.  Just found out today calling in that they are not elegible because the investor is US Bank and they will not allow it to go HAFA since there is a looming foreclosure sale on August 6th.  Has anyone ran into this with US Bank?  Would love your ideas or escalation contacts to determine is this can be negotiated with US Bank! Thanks as always for your help!

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Permalink Reply by Kevin - Greenville, SC on April 18, 2012 at 1:32pm

The % of HAMP applications that are denied due to investor not participating is very, very small in the 1% range.  Also, if a borrower is denied for investor not participating, they can escalate the case at one of our call centers.  Treasury will then review the investor to determine if the denial was legitimately caused by an investor that is not participating or who has restrictions that make it impossible to do the mod.  If we disagree with the servicer's assessment we overturn the denial.

Laurie A. Maggiano
Director of Policy
Homeownership Preservation Office                                                          
Department of the Treasury                                                     

Permalink Reply by Kevin - Greenville, SC on April 18, 2012 at 1:49pm

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