Bank of America and HAFA
I have a Short Sale with BOA and we were told to be about 10 days away from an approval and it has been a quick process about 45 days so far. Now with HAFA, the Seller would like the $3000 to help in relocation and to be guaranteed of no pursuit of deficiency. I was told from Equator negotiator from exisiting Short Sale on Equator that the Seller must contact HAFA dept through BOA as it's being handled by a totally different area. The Seller did, spoke to a rep, was told that she qualifies and will be sent a letter in the mail that she must sign and return. The HAFA rep advised that her Realtor, me, would be familiar with the Equator system and I'll have to process through Equator as a new HAFA short sale and once she has sent the signed letter back that she should hear a response within 10 days. Do you think this is possible? I do know what I was speaking with the current Short Sale negotiator through Equator she was quite huffy about the Seller inquiring about the HAFA and I had to let her know because the current shorrt sale being processed non-HAFA would have to be stopped. I'm not doing anything with that until I get some confirmation from HAFA dept.
Replies to This Discussion
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Permalink Reply by Jim Stewart on
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BOA and LRC have no idea what they are doing. We finally got our final approval after three months of wrangling. It was a constant back and forth of BOA saying LRC had to complete something and LRC saying, no, BOA has to complete that. They were are still are clueless. Once we got our final approval from LRC they told us that BOA would finish the process. I've not gotten a single communication from BOA or LRC since. I don't even have a task to upload my final HUD prepared by the title company for approval. We're just going to close and hope it all works out at this point.
Nicole Doering said:Is it wrong to have hope and faith that my Hafa shortsale will be completed???? We are the fisrt people to ever have this option and to go through this procedure.... I mean I gotta have faith and stay positvie it is my last option next to a forclosure.. It just has to happen you would think BOA would want to have some good stories or to help some people instead of constantly letting us all down and I thought the government gave them all this money to help people from losing their homes? What is going on? I mean COME ON HELP US FINISH THESE SHORTSALES UP and let us get on with our lives... PLEASE!!! I am waiting for the underwritting and approval of my Hafa shortsale right now I call every other day to check on it and of course there is just no set answer its all a waiting game but I still have hope everyday when I go to my mail box I am thinking maybe the paperwork is here today,,,, aagghhh Maybe today it will be here :) I sure hope so.. well people stay positive and if nothing happens for any of us you would think that BOA would have some explaining to do. -
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Permalink Reply by Tracy Gibson on
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Jim,
You can upload the final HUD to the Library and then alert them with a message in Equator that it is there. That way they cannot claim you didn't provide it.
Tracy -
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Yeah, I did that and sent it to the LRC negotiator in an email. Never heard a word back from him. Well, at least we don't have to use the old "fax and pray" method!
Tracy Gibson said:Jim,
You can upload the final HUD to the Library and then alert them with a message in Equator that it is there. That way they cannot claim you didn't provide it.
Tracy -
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Permalink Reply by Lynn Pineda on
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Well, I'm a long ways away from the promised 10 days from April 21st and I just closed on this HAFA Short Sale in Coral Springs Florida yesterday, July 30th. Oh my,what a ride it was with the Short Sale having been approved twice with the same Buyer the HAFA Short Sale was approved; no bantering back and forth in regards to offer amount as it was a solid offer it was simply about getting to that approval letter that I knew would come and I wish I could say, patiently waited. I had to fight long and hard to get to the closing table on this one. Seller is finally relieved of the pending foreclosure and received $3000 at closing and no worries of any deficiencies. So was it worth the wait? With a most gracious and happy Seller, I'd say "yes" it was worth the wait.
Will I be anxious to accept another HAFA Short Sale? Just please tell me that the Lenders got it down now! -
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Closed mine Thursday. Exact same experience as you. Glad it's done.
Lynn Pineda said:Well, I'm a long ways away from the promised 10 days from April 21st and I just closed on this HAFA Short Sale in Coral Springs Florida yesterday, July 30th. Oh my,what a ride it was with the Short Sale having been approved twice with the same Buyer the HAFA Short Sale was approved; no bantering back and forth in regards to offer amount as it was a solid offer it was simply about getting to that approval letter that I knew would come and I wish I could say, patiently waited. I had to fight long and hard to get to the closing table on this one. Seller is finally relieved of the pending foreclosure and received $3000 at closing and no worries of any deficiencies. So was it worth the wait? With a most gracious and happy Seller, I'd say "yes" it was worth the wait.
Will I be anxious to accept another HAFA Short Sale? Just please tell me that the Lenders got it down now! -
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Way to go Jim. We did it! Good things take time, right?
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Permalink Reply by Terri Adams-Scott on
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Lynn and Jim - Congrats on your closings! I'm representing a buyer right now where HAFA took 9 weeks to give approval. It's now back over to BofA in their short sale department and they're giving the listing agent a 6-8 week time frame for approval. Is this how long yours took after your HAFA approval? Where do the 10 days in the HAFA guideline come into play? Does it exist? Any response would be greatly appreciated! Thanks!
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Permalink Reply by Kimberley Kelly on
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AS a rule, get your primary homeowners to always ask for HAFA docs when they call you about listing their home for a Short SAle. Find out if they've already tried the loan mods..most have. My HAFA B of A short sale phone number is: 877-319-2258. It seems to go through every time..
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Permalink Reply by Debbie Donour on
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I initiated a short sale on the Equator site on 10/05/10 for my client and Bank of America initiated a foreclosure on that same date. That is a little too much of a coincidence to actually be one. It's very difficult to trust these people. They are looking for loopholes to the HAFA rules and I think they are using the EQUATOR tool to do it.
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We have been trying to get our HAFA approval with BOA and Freddie Mac since the end of August. It took over two weeks just to get the right application info and third party servicer(AMS). We got the application completed on Sept. 10. BOA initiated foreclosure proceedings Sept. 14 with a sale date of Nov. 2. We have been fighting this for weeks. Hours on the phone to BOA...each representative is different and most are clueless. we put the house on market Oct 8 in fear of not getting the foreclosure sale suspended and got an offer within a week....We have to sit on the offer because if you submit one during the Freddie Process it will bump you out of HAFA.
Last Friday, I discovered on this forum that not all BOA foreclosures had been postponed on this website. So my agent called the Foreclosure attorney who confirmed we were still scheduled for auction on Nov.2.
The AMS servicer recommended we submit the offer because couldn't be thrown out of the program at this stage of the process. I told my agent that I didn't believe her and to call Freddie and ask. Of course, they didn't know crap and referred her to the Freddie HAFA guidelines document online. She didn't find out anything related to the submission of the offer but she did find this:
According to Freddie Mac’s HAFA guideline #D65.7 , “the Servicer must not refer a Mortgage to foreclosure or complete a foreclosure sale … while determining the Borrower's eligibility and qualification for HAFA”
So since Friday I have been bombarding BOA with this info and asking for them to stop the auction...with no luck.
On Friday, the BOA people told me several times that the foreclosure sale had been stopped...and I had to explain we talked to their foreclosure attorney and the auction was still scheduled.
BoA just doesn't follow this guidelines. In fact, I think they could care less about the guidelines....the people who work there certainly aren't trained...I can't tell you how many times I was transferred to the wrong third part servicer or to a department or person that were no relevant or knowledgeable about the situation.
On Monday, I left at least 5 messages for my different people involved in my file at BoA..the negotiator, the negotiator's supervisor, etc.
In addition, over the past weekend, I did researched further and found out that Freddie mac was appointed through the HAfA and the treasury dept to oversee the servicers in the implementation of the HAFA program...I called Freddie Mac about this...the woman said that Freddie can do nothing and to talk to a HUD counselor. After a conference call with BoA and the HUD counselor, a request was made to delay the sale. In addition, I found out my file was through underwriting last week...but no other info available.
The instructions for HUD counselors on the internet say when the servicers doesn't comply with guidelines they can escalate to Freddie but my Counselor said no one in his office had ever done this.....?????
The counselor told me just to keep leaving messages and calling....
I hope this info will help someone else out there
Never in my life have I experienced such incompetence, inadequacy, and complete disorganization as going through this process. My agent and I are both smart, resourceful, and tenacious women...and we are even having trouble getting this process to work for us....The ONLY thing that I can say about it is DON"T GIVE UP>>>and KEEP CALLING>>>Some representatives with BOA are more helpful than others...if you don't get what you need just call up and talk to another one..... -
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