Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 18, 2012 at 9:58am

I've had no problems and quite frankly don't see any difference in Equator.  I have several in process right now, some initiated after the April update.

Permalink Reply by Cathy Baumbusch on May 18, 2012 at 11:36am

The new program has caused NOTHING BUT delays. It takes WEEKS for them to respond and when they do, all they do is ask for another form. Forms I've already done before. Then they delete them out of Equator some how because they are not there when I look again. I have taken to taking screen shots of Equator whenever I upload something. It is ridiculous.

Permalink Reply by Cathy Baumbusch on May 18, 2012 at 11:46am

After not hearing from her since 4/23/2012, my "negotiator" just sent me two "forms" that she told me to "execute". One form is an "offer worksheet" that's already filled in and nowhere for my seller to sign. The other "form" is a 2-PAGE "HAFA Acknowledgement of Request ARASS". Again, nowhere for them to sign or execute anything.

This is so unbelievable since this file has been open since November.First buyer walked in March, second offer came in around mid-March. Well before the change.

 

This is what the two page letter says:

 

Dear Mr. and Mrs.-----,

Thank you for your interest in the federal government’s Home Affordadable Foreclosure Alternatives (HAFA) short sale program. As your home loan servicer, we want to help you determine what options are available to help you avoid foreclosure on your property. If a loan modification is not an option, the HAFA short sale program may provide a solution.

Below is an overview of the HAFA program. If you have any additional questions while your eligibility for this

program is under consideration, please contact us at

What is a HAFA short sale?

In a HAFA short sale, you list your property for sale at fair market value, even if that value is lower than what you

owe on your mortgage. If a buyer is identified and the property is sold, the proceeds from the sale are used to

pay off your mortgage debt, even if the proceeds are less than the amount owed on the mortgage.

By working with us and a real estate agent

sale, we can help you resolve your mortgage situation with less negative consequences than might result from a

foreclosure. If you meet all the requirements of the program, we will accept less than the amount due on

current mortgage and release you from any further responsibility for your outstanding mortgage balance. In

addition, you may be eligible for relocation assistance of up to $3,000 to help cover your moving, rental or

relocation expenses.

How does a HAFA short sale work?

Step 1 - Qualification:

You may be required to provide additional financial documentation and participate in a

qualification check as required by the federal government.

From the date we receive all documents

Sale program.

– BAU ARASS

004-09-05 1200 N French St Wilmington, DE 19884

Stafford, VA 22554

Affordable Foreclosure Alternatives (HAFA) short

1 (866) 880-1323.

t, with experience in Short Sales to successfully complete a HAFA short

documents, it may take up to 45 days to determine your eligibility for the HAFA Short

Important information on Home

Affordable Foreclosure

Alternatives (HAFA short sale)

enclosed. Please read.

ble program may

your

ays

C3-1669-091911

Step 3 - Offer:

After we have determined your eligibility for the program, we will review the offer to determine if

the proposed sale is consistent with the HAFA program conditions.

Step 4 - Closing:

Once the sale closes, you may be eligible to receive up to $3,000 to help with your moving,

rental or relocation expenses.

We may begin or continue the foreclosure process as permitted by your mortgage documents, until the transfer of

title on your property has been completed. However, we may postpone any foreclosure sale, if all borrowers on

the loan are complying with the terms and conditions of the program. We recommend contacting a tax

professional to understand any tax implications that may be associated with a HAFA Short Sale or the forgiveness

of the remaining balance of your mortgage debt after the short sale.

If your current offer is not approved, or the closing does not occur, you will have the opportunity to continue to

market your home under the HAFA program. We will provide you with a full HAFA short sale agreement at that

time with additional program conditions. In that case, you will still be eligible for the program benefits should a

new buyer be identified and a sale occur.

If you would like to stay in your home and have not previously contacted us regarding eligibility for a loan

modification, please consider the Home Affordable Modification Program (HAMP). Under HAMP, you may qualify

for a modification with affordable and sustainable monthly payments that would allow you to stay in your home.

Please contact a Home Retention Specialist at 1 (800) 846-2222 by June 04, 2012 if you wish to be considered

for a loan modification, or visit

www.bankofamerica.com/mha for more information.

We want to work with you to help you determine what options may be right for your individual situation. If you

have any questions or your financial situation changes please call us at

1 (866) 880-1232.

The Customer Relationship Manager that supported you previously, TJ Lang is available to discuss how important

it is for you to call the number above. They can be reached at 1-800-669-6650.

Home Affordable Foreclosure Alternatives (HAFA) Team

Bank of America, N.A.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 18, 2012 at 12:23pm

Cathy -

Have you ever done a HAFA Short Sale?

Permalink Reply by Cathy Baumbusch on May 19, 2012 at 2:54am

I'm not really sure I understand your question. Obviously this is a HAFA Short Sale. Yes, I have done HAFA Short Sales previous to these and there were never issues like this.

By the way, After I posted the previous message, the negotiator admitted she sent me the wrong form and sent me the right one which was the ARASS form. Then she also came up with a laundry list of piddly things that were non-issues for the first iteration when we did have an approval.

There are several points I am trying to make here.

1. I have two files open with BofA in Equator right now.

2. File #1 was opened in Nov '11 was approved in March, buyer walked. Went through "SOFT DECLINE" process.

3. Attended webinar on "new process" - was ASSURED open files would not have to go back and do new forms.

4. Bank of America implemented new process 4/13/2012.

5. Mid-April, both negotiators on both files demanded all new forms under new process in contradiction to what was said on the seminar.

6. Can't get either file out of review because of new requirements each time they respond to my daily emails/calls, which is once every 2-3 WEEKS.

7. File #1 they are now imposing requirements that were previously resolved, or so I thought.

8. These files are ALREADY in the escalation department.

9. The SUPERVISOR in the esclation department won't respond.

 

I'm completely frustrated, sick, tired, disgusted, you name it. And now that it has gone so long, now I need new HUDs which change the bottom line and they refuse to make adjustments even though the delays are THEIR FAULT.

File #1 is not your standard run of the mill HAFA short sale. (Mine never are.) There are complications caused by the ex-wife quit-claiming her interest in the house and all of that- BUT as I said, that was supposedly resolved MONTHS ago, now they are going completely backward and requiring things that they told me would not be required.

 

Permalink Reply by Debra Enos on May 18, 2012 at 11:49am

I sent a twitter to BofA_Help, asking if they are having "IT problems" and they called me with in minutes.  They are only having "spot issues", and not the whole system.  She took the information that I had and she found the file.  She esculated the file, and said that the LA/negotiator will be notified in about 48 hours on the status of the file, HAFA status and BPO status.  Got to love it. Wonder why the LA or her negotiator didn't do this? Of course I did email her with the information, so she can anticipate the call.

Permalink Reply by Donna Clayton, Broker, MBA on May 18, 2012 at 12:30pm

Until now, I have had great results with BofA short sales through equator.  But I got caught in the same web with the new system.  I had a file that was actually just about ready to close back on April 11th (just before new system hit), but we needed a few days' extension.  It turns out we needed a new BPO in order to get the extension.  The BPO actually came in pretty quickly and the values remained unchanged, but there was an additional 4 week delay in getting back into Closing.  I was told repeatedly that the delays were due to "hangups and glitches" with the new system, and the additional QA tasks that had been added to the process.  The file went in and out of QA  three different times, and each QA task ran 3-5 days overdue.  On the bright side, the file was cleared to close today.  Some ride -- we went from requesting a 3 day extension to suffering through a 5 week delay.  Let's all hope BofA will work out the issues soon and get on track with the 21 day closings we all anxiously await!

Permalink Reply by Cathy Baumbusch on May 19, 2012 at 3:04am

You put my experience so succintly. I'm so fed up at this point.

Permalink Reply by Debra Enos on May 18, 2012 at 12:54pm

B of A help called again.....they found the problem, at least a good portion of it.  The file is not suppose to be on Equator at all, which tells me it is a Freddie Mac backed loan.  I asked this question from the LA/negotiator 6 weeks ago...they wouldn't tell me.  Gave the bank all the contact phone numbers for the listing agent side. I just got an email from one of the sellers negotiator staff, just stating that it is a "Government Backed Loan" and let the process roll.

Permalink Reply by Mariana Molina on May 21, 2012 at 5:55am

I've been working on a short sale for over 4 months.  Completed every task quickly and 10 days negotiator sent the file to the investor for final approval.  She states the Investor is unable to open the attachements and cannot give me approval. I have called the 866 # and they will leave a message for negotiator.  She is not willing to help she simply replies the investors IT deparment is looking into, there is nothing she can do.  The sellers have been working on this short sale for over a year.  We have the best buyer and I'm afraid they will walk if it takes beyond the end of this month to get an approval. Need an email to the escalation department. thank you

Permalink Reply by joe beauchamp on May 23, 2012 at 7:05pm

Ouch, that's a new one to me and I see plenty of bad QC at BofA. If either the bank or the investor actually treated short sales as anyone would a for-profit business, one of them would quickly ask you to fax the files or email the files or put them on a website or even mail a flash drive with them - as if they actually cared about "doing business" - but they don't, as we repeatedly see. (Don't forget, these banks also use "secure email" which is a pain to use vs. email but is encrypted, direct and managed by secure servers - they have plenty of work around solutions - if they cared enough to use one.)

My guess is that you got hit by another area of Equator QC'd by the BofA preschooler group at corporate - you know, the ones responsible for sending out all those Equator system messages stating that the message is about the property referenced above - no property listed..... I did see that WF actually lists the property in these.  Anyway, if that is the case, your negotiator is powerless to do anything - out of his hands.  Sorry...

Permalink Reply by Cathy Baumbusch on May 24, 2012 at 2:05am

Keep in mind also that the negotiators, at least the ones on the "escalation team" are third party vendors, they are not BofA employees. Nothing irritates me more than to get a message in my Inbox in my regular email but at the end of the message it says, do not reply to this email because it is not monitored. So basically, they can send email to us, but we can't email them back. I had one like that sent to me through Equator messages that said the same thing- here's your info, but don't ask me any questions because I don't check this email. Amazes me. What also amazes me is the 48 hour turnaround time for a response. So you ask for a status, wait two days, nothing, go to the supervisor, wait two days, nothing, then go to the Twitter team, wait another two days, meanwhile a week has gone by...

btw, what's with the shopping link on your term "flash drive"? first time I've seen that here.

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