I have been approached by a homeowner who just refused loan modification and now wants to do a short sale with up to $30K relocation assistance. Unfortunately the loan mod refusal has triggered a trustee sale date (in California). I'm thinking there's not time to do a HAFA w/relo assistance. Any thoughts? 

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I don't see why not?  It's 3 months there too right?  I know BAC is notorious for taking months, but there is time to start and escalate if needed to postpone the sale date. 

Well, one would hope 3 months. However, it might be just 28 days due to where the homeowner is in the process

You should submit all HAFA paperwork today. Get the seller to complete a HAFA package and send it in to get the clock started. Then put the home on the market, get an offer, and throw it in. With any luck, you'll get the go ahead to work on the HAFA and acknowledge receipt of the offer in enough time to ask B of A to postpone the auction. If it's not Fannie Mae, you can probably get it postponed. I've been getting approvals on the bulk of my B of A short sales in 6 weeks.

Start right away.  If you can get an offer quickly and a full package in with more than a week to spare prior to the trustee sale, you stand a decent chance of requesting a postponement of the sale.  You need to get a full package in asap.

You need to submit asap and see what can be done. Then, b of a should be able to postpone the sale date. Good luck. 

Thanks for the input everyone.

I found out that the loan mod option is still in effect as the seller hasn't turned it down yet so we have (a tiny bit) more time.

My question now is....If I initiate a preapproved HAFA short sale on Equator before the bank starts their preapproval process, will this jeopardize my client's ability to receive up to $30K relocation assistance? Has anyone initiated a preapproved HAFA loan on equator and started marketing before BofA weighs in on price and homeowner qualification for HAFA w/relocation assistance?

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