We just found out from  BOA that our client is not eligible for HAFA because US BANK is the Investor has a policy that if the home is in foreclosure, they will not allow a HAFA SS.  Sale is not until August 6th!  Has anyone ran into this before and is there a way to put up a fight.  These people have been working with BOA for 2 years on a Loan Modification and were just turned down.  Thanks for your advice!

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Are they eligible for BofA's co-op program?  Much easier than HAFA and they still get $3000 relo assistance.

Yes, that is what customer service recommended.  We have done alot with BOA; however have never done a co-op.  Our second is with SLS and we really were looking forward to the deficiency release with them through HAFA.

Our hurdle now is getting LRC to get the file transferred back to BOA to start the Co-op.

AUg 6 is the sale date? That means it JUST got an NOD if in Cali--I am guessing. That is ridiculous. Robin, where do we find info on the B of A co-op program?

Pamela, can you call US bank direct and do some investigative work, find someone who can help you. Or....maybe talk to someone else at B of A. Maybe you got a clerk on the phone who doesn't know what they are talking about!

The BofA customer service line told us about it, but not every investor participates in it.  My seller wound up giving up the relo assistance and giving that to the 2nd, but it went very smoothly.

We are in Idaho.  I agree it is ridiculous; the sale is too far out to have an impact on the banks decision.  We are pursueing US Bank direct to see if we can resolve it to go HAFA.

Pamela, we just went through this with a BofA 1st.  Per HAFA guidelines, the bank cannot foreclose while the file is being reviewed for a HAFA short sale.  We escalated the file to HAMP, got the file re-reviewed, and the sellers closed with $3k in their pockets and no deficiency!  

You'll need to email over an LOA before they can help.   You should be able to find one on MakingHomeAffordable.gov.

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