Replies to This Discussion

Permalink Reply by Elise Fay on November 14, 2010 at 2:30pm

I am sorry but I have not heard of this happening before. I have closed 2 HAFA Short Sales, 1 with Wells and 1 with BofA...neither of them were Fannie or Freddie. I now have 2 other HAFA Short Sales that are both Fannie that are in the process. Both lien holders are LBPS.

I submitted an offer with full docs and now they have insisted that my client fill out the Making Home Affordable worksheets. We did that and now they will go thru being qualified for the HAMP and then once they make that decisions (both are relo's out of the state and country) and they will not qualify, they will send it thru HAFA. I have heard from that point on, it is a fairly quick process.

The guidelines are quite clear for Fannie Mae HAFA that you can request HAFA at the time you submit an offer. In fact, Fannie in DC has told me that they almost prefer to start the process and determine value once an offer has been submitted. I could not get anyone to do a BPO prior to offer being submitted. Have you read up on Freddie's guidelines? Are they different from Fannie's? My suggestion would be to quote them the Freddie guidelines and also called Freddie Mac in DC. I have had quite a bit of success calling Fannie in DC. They got some things moving along for me...just make sure you know your stuff when you call them. Show Wells you know what you are talking about by quoting specific guidelines within the HAFA program. Keep us posted as to how this goes...keep fighting.

Permalink Reply by Laura Rencher on November 14, 2010 at 3:22pm

I am a seller going through the HAFA application process with BOA. Freddie Mac definitely requires the HAFA application to be completed before submitting an offer. We have been waiting 2 months for application to be finished. We got anxious and listed. We now have an offer that we can't submit until our BOA finishes the application.
Another caveat, when you are applying for HAFA through Freddie, the servicer CANNOT initiate a foreclosure. I think this is specific to Freddie mac.



Elise Fay said:

I am sorry but I have not heard of this happening before. I have closed 2 HAFA Short Sales, 1 with Wells and 1 with BofA...neither of them were Fannie or Freddie. I now have 2 other HAFA Short Sales that are both Fannie that are in the process. Both lien holders are LBPS.

I submitted an offer with full docs and now they have insisted that my client fill out the Making Home Affordable worksheets. We did that and now they will go thru being qualified for the HAMP and then once they make that decisions (both are relo's out of the state and country) and they will not qualify, they will send it thru HAFA. I have heard from that point on, it is a fairly quick process.

The guidelines are quite clear for Fannie Mae HAFA that you can request HAFA at the time you submit an offer. In fact, Fannie in DC has told me that they almost prefer to start the process and determine value once an offer has been submitted. I could not get anyone to do a BPO prior to offer being submitted. Have you read up on Freddie's guidelines? Are they different from Fannie's? My suggestion would be to quote them the Freddie guidelines and also called Freddie Mac in DC. I have had quite a bit of success calling Fannie in DC. They got some things moving along for me...just make sure you know your stuff when you call them. Show Wells you know what you are talking about by quoting specific guidelines within the HAFA program. Keep us posted as to how this goes...keep fighting.

Permalink Reply by Elise Fay on November 14, 2010 at 3:39pm

I am assuming that you filled out the application yourself and then sent it on to be reviewed? Is that what you are waiting for..for them to review the applicationa and submit it thru the HAMP program as part of the qualification? What does it say on their timelines for getting back to you? I know that is specific on some of the HAFA programs. That should be "the beauty" of the program, they have defined timelines. If they have exceeded those timelines I would contact someone at Freddie and get them involved. I believe with Fannie it is 30 days before they give you an answer...same thing for HAFA.

Permalink Reply by Laura Rencher on November 15, 2010 at 2:40pm

All I can tell you is that BOA didn't even look at our paperwork until almost a month after we submitted it to AMS, the 3rd party gathering documents. I think we have been approved for HAFA and our first loan approved. The status has been waiting on 2nd loan (BOA) since October 12. I have heard they have a huge backlog of applications to process. The website says 30-60 days. Now AMS is saying 6-9 weeks.
I have tried escalating to Freddie Mac..but can' t get past the front line ...they just tell me to contact my HUD counselor....who is does nothing but three way conference me with BOA...which just results in me getting the same info as I get when I call BOA myself. UGH! on the BOA discussion, someone said BOA is several months behind due to the influx of applications when the Fannie and Freddie HAFA programs came out in August. Tell me who to contact at Freddie Mac and I will try them again.


Elise Fay said:

I am assuming that you filled out the application yourself and then sent it on to be reviewed? Is that what you are waiting for..for them to review the applicationa and submit it thru the HAMP program as part of the qualification? What does it say on their timelines for getting back to you? I know that is specific on some of the HAFA programs. That should be "the beauty" of the program, they have defined timelines. If they have exceeded those timelines I would contact someone at Freddie and get them involved. I believe with Fannie it is 30 days before they give you an answer...same thing for HAFA.

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