Denied for HAMP, but too close to Trust Sale for HAFA???
Borrower was issued a non-approval notice from B of A on 4/18. We listed the house 4/28/11. When we went to initiate HAFA, I was told he isn't eligible because it is too close to the TS date.
Problem is...HAMP guidelines state that "the servicer may not conduct a foreclosure sale within the 30 calendar days after the date of a Non-Approval notice..." So, the foreclosure sale date was erroniously set and now sets off the alarm that it is too close to consider a HAFA short sale. Kind of a catch - 22!
I have spoken with foreclosure department and they say borrower is ineligible for extension.I have a call in to the person that oversees AMS short sales. No response yet. Meanwhile, I'm hoping to get a cash offer to submit....
Anyone have any experience with this kind of limbo?
Replies to This Discussion
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Permalink Reply by Patsy Clevenger on
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Do you know if the investor is Fannie or Freddie? If it's one of them you can escalte it with them. Also contact the office of the president at B of A and you can also escalate with HAFA escalations @hmpadmin.com
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Permalink Reply by Cami Pinsak on
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Non GSE loan. I have already escalated with HAFA and nothing in the last 72 hours. Today, I started reaching out to anyone I had contacts for. We'll see if I have any response by tomorrow...
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