FNMA HAFA
Please help!
Does anyone know WHO is processing Bank of America's Fannie Mae HAFA short sales?
On August 4, short sale support told me to go ahead and start the file in Equator, and that a member of the HAFA team would be calling me in 15 days.
On August 21, the negotiator contacted me and asked for additional standard hardship documentation, to which I replied with an inquiry about whether this was being run as HAFA.
The negotiator said if this is HAFA, he can't process it, and customer service will help me.
Customer service tried to refer me to Loan Resolution, but I had already spoken to them and knew that they were not handling FNMA loans.
As is the rule with BofA, I kept calling until I could get some other answer, and received the number 1-877-579-6652. That vendor told me that they were not handling these, but this company was: 1-800-727-9463. That vendor told me that if there was already an offer on a FNMA HAFA, they have a direct message from a manager at BofA which directed them not to process those files but that BofA would handle them internally. The e-mail also stated that if anyone tries to transfer a caller to a vendor, to ask for a team lead or manager.
OK then. I called back and explained the above. I was told that no, here is the number for FNMA HAFA: 1-800-931-5000.
I kid you not: here is the recording for that number: "Call and talk to fun people at 1-800-424-4400!"
Maybe the number is hacked.
Somehow I am not in despair because this just feels like Situation Normal over at BAC. I have been in their black-hole-runaround on countless files over the last few years, and I learn something each time.
Would kind of like to get a resolution on this one though!!
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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I have one at 877-824-0976. I assume that because Fannie Mae is so big, there are several to many companies doing the HAFA thing for Fannie Mae for BofA. My other account, rep didn't have a phone number for. Since I was calling the one HAFA place, I asked - they didn't have the other account listed so it has been farmed out to someone else. (Typical BofA - let's see, no phone number - am I really supposed to believe that this one is with someone? How about BofA just puts files on hold and will eventually have HAFA for a lot of them which are just sitting?)
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Permalink Reply by Ann Trieb on
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Well that was the magic number for this file! Apparently they "just" got the file but I am happy that someone there was able to say what is happening. Thank you!
joe beauchamp said:I have one at 877-824-0976. I assume that because Fannie Mae is so big, there are several to many companies doing the HAFA thing for Fannie Mae for BofA. My other account, rep didn't have a phone number for. Since I was calling the one HAFA place, I asked - they didn't have the other account listed so it has been farmed out to someone else. (Typical BofA - let's see, no phone number - am I really supposed to believe that this one is with someone? How about BofA just puts files on hold and will eventually have HAFA for a lot of them which are just sitting?) -
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Permalink Reply by Mike Horton on
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Ok guys, the Fannie Mae rep in a webinar has stated that any time an offer has been submitted for a Fannie Mae short sale prior to it being entered in the HAFA program then they automatically reject the offer and force it into the lien holder (BOA) short sale default program. In effect this means to my way of thinking that you must provide financial information to BOA first and as soon as possible to get your client setup for HAMP, then when you get an offer have the seller tell BOA they want to short sale. This drops them out of HAMP directly into HAFA and since they were in the program prior to submitting an offer they still qualify for the Fannie Mae Hafa program. This has lots of implications on when and what to submit to BOA.
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OK, I am not totally following.
A Fannie Mae short sale is not the same as a HAFA request made on a Fannie Mae-insured loan. Fannie Mae short sales are being approved left and right. (Well not so much anymore when they on their own accord decide the borrower is strategically defaulting but that is another thread.) (re:"Ok guys, the Fannie Mae rep in a webinar has stated that any time an offer has been submitted for a Fannie Mae short sale prior to it being entered in the HAFA program then they automatically reject the offer ")
Unless you are saying that Fannie Mae will absolutely never again approve a short sale of any property before they apply for HAMP?
Mike Horton said:Ok guys, the Fannie Mae rep in a webinar has stated that any time an offer has been submitted for a Fannie Mae short sale prior to it being entered in the HAFA program then they automatically reject the offer and force it into the lien holder (BOA) short sale default program. In effect this means to my way of thinking that you must provide financial information to BOA first and as soon as possible to get your client setup for HAMP, then when you get an offer have the seller tell BOA they want to short sale. This drops them out of HAMP directly into HAFA and since they were in the program prior to submitting an offer they still qualify for the Fannie Mae Hafa program. This has lots of implications on when and what to submit to BOA. -
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This gets a little complicated, but here goes. A short sale can be completed on a fannie mae loan using the lenders default short sale process. So certainly that will happen with these loans that are not enrolled in the Fannie mae HAFA program. The HAFA program is an extension of the HAMP program. You must have applied to HAMP and then be taken out of the HAMP portion to be able to get to HAFA. Just by saying you do not want to do a loan modification and want to do a short sale is sufficient. There are other ways but that is another discussion. Now, if you submit an offer prior to being enrolled in the Fannie Mae program, they will reject your opportunity to participate in the Fannie Mae specific program and default you to the lien holders short sale program. You still can conduct a short sale, just not using their program. To recap, the seller can participate in the Fannie Mae short sale program or in the lien holders default program depending on the qualification parameters. Both program get the short sale done, but the Fannie Mae program provides benefits that the default program does not.
Ann Trieb said:OK, I am not totally following.
A Fannie Mae short sale is not the same as a HAFA request made on a Fannie Mae-insured loan. Fannie Mae short sales are being approved left and right. (Well not so much anymore when they on their own accord decide the borrower is strategically defaulting but that is another thread.) (re:"Ok guys, the Fannie Mae rep in a webinar has stated that any time an offer has been submitted for a Fannie Mae short sale prior to it being entered in the HAFA program then they automatically reject the offer ")
Unless you are saying that Fannie Mae will absolutely never again approve a short sale of any property before they apply for HAMP?
Mike Horton said:Ok guys, the Fannie Mae rep in a webinar has stated that any time an offer has been submitted for a Fannie Mae short sale prior to it being entered in the HAFA program then they automatically reject the offer and force it into the lien holder (BOA) short sale default program. In effect this means to my way of thinking that you must provide financial information to BOA first and as soon as possible to get your client setup for HAMP, then when you get an offer have the seller tell BOA they want to short sale. This drops them out of HAMP directly into HAFA and since they were in the program prior to submitting an offer they still qualify for the Fannie Mae Hafa program. This has lots of implications on when and what to submit to BOA. -
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Permalink Reply by Dee Garcia on
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Try UTLS Default Services at (877) 824-0976
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