Replies to This Discussion

Permalink Reply by Sheila Vardakis on September 29, 2012 at 6:43am

Kelly,

 

From what I know only loans that are not FHA, VA or USDA can apply for HAFA. 

Permalink Reply by Wayne Brooks on September 29, 2012 at 6:51am

I believe WF is required by the Fed settlement to determine investor particpation in HAFA.  If WF actually owns the loan, it is automatically offered.  Why would the seller Not want HAFA participation-automatic deficiency waiver, $3,000 relocation money?

Permalink Reply by Kelly W. Maynard on September 29, 2012 at 7:05am

Wells denied her qualification for HAFA and said we could not opt for a traditional short close.  I have other prospective short sale clients that may not qualify for HAFA and why waste our time going through all that, if we don't have to?  There hardship does not have to do with being insolvent.

Permalink Reply by Kevin - Greenville, SC on September 29, 2012 at 7:11am

Who is the Investor? Fannie, Freddie, FHA, VA or other?

Permalink Reply by Kelly W. Maynard on September 29, 2012 at 7:19am

Hi Kevin,

It's me again.  The loan is not owned by Fannie, Freddie, FHA or VA.  It is owned by Wells Fargo. American Servicing Company services the loan.  My question is not about that particular short sale transaction, that is over, for now.  I am asking in general, does Wells REQUIRE every prospective short sale homeowner to have to be qualified by HAFA, or can they, up front, opt not to participate in HAFA, but instead do a traditional short sale?  And, while I am asking this question, do other lenders, or freddie or fannie require the HAFA qualification as well?

Permalink Reply by Kevin - Greenville, SC on September 30, 2012 at 5:39am

Wells Fargo reviews ALL Borrower's to see if they qualify for HAFA at the time of Short Sale initiation.

Permalink Reply by Jim McCormack on September 29, 2012 at 7:20am

As far as I know all borrowers with Conventional Loans (i.e. not FHA, VA, USDA, etc.), where the investor on the loan participates in HAFA fully or partially (i.e. Fannie Mae, Freddie Mac, etc.), have to be reviewed for HAFA before doing a traditional short sale.

Permalink Reply by Kelly W. Maynard on September 29, 2012 at 7:23am

Okay, that is what I was wanting to know.  That information helps me a great deal.

Thank you!

Permalink Reply by TOP END Properties on October 9, 2012 at 3:32pm

Doesn't the HAFA qualification only take about 24hrs?  Usually what happens is they tell the borrower they are eligible through equator and to have the seller call to initiate the HAFA acceptance.  The next day I'll get a 'declined for HAFA' notice and the tasks will begin..