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This might be a situation in which the bank does not want to do a HAFA. I would ask them that question. You could also prepare a CMA and send it, along with photographs to substantiate your point. There is also the possibility you will find a buyer who will pay what the bank is asking -- I've had it happen over and over. So I try not to be too judgmental. Unless, of course, it's a $200,000 home surrounded by other $200,000 homes in a tract subdivision and the bank wants $250K. Then I'd make a big deal out of it. But in urban areas, I'm often astonished at what buyers will pay. What's the worse that would happen? The buyer's appraisal will come in low, and then Bank of America will lower its price.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
Sacramento Short Sale Agent
Certified HAFA Specialist
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
The HAFA short sale program does not itsel set any pricing. The guidelines for HAFA states that pricing is at the Servicer's Discretion, as well as many other guidelines that defer to servicer discetion.
If you have escalated an issue with the servicer and have gotten no where, you can go to the following websites for
escalation issues: (a) escalations@hmpadmin.com they may require that you have escalated to servicer. Making Home Affordable (MHA) is working on an Escalation Process that will be handled specifically for HAFA issues, as they want this program to succeed. It should be rolling out this summer.
You can go to www.hmpadmin.com and CLICK on "PROGRAMS" and pull off the lates MHA Handbook 3.2 that give all the guidelines for HAMP and Making Homes Affordable Foreclosure Alternatives (HAFA) pages 114 - 127, I think.
You need to check the PROGRAM site frequently and look for SUPPLEMENTAL DIRECTIVES that let you know what is going to change and when it is effective. A good one is SUPPLEMENTAL DIRECTIVE 10-18 (12/28/10) EFFECTIVE 6/1/ll on a MAJOR CHANGE in Eligibility -- under VACANT see below: (However, the part about having a tenant was inadvertently left out of Handbook 3.2 -- but it still applies and you may have to educate the servicer via sending them the supplemental directive 10-18 guideline.
Vacant Property
To be considered for HAFA, the property currently must be or recently must have been the borrower’s principal residence. A property that has been vacant or rented to a non-borrower for not more than 12 months prior to the date of the Short Sale Agreement (SSA), Alternative Request for Approval of Short Sale (Alternative RASS) or DIL agreement (DIL Agreement) is eligible for HAFA, so long as the borrower provides documentation that the property was such borrower’s principal residence prior to relocation and such borrower has not purchased a one- to four-unit property during the 12-month period prior to the date of the SSA, Alternative RASS or DIL Agreement. The borrower’s reason for relocation does not need to be connected to re-employment or transfer of employment. Also, there is no longer a minimum distance requirement. Servicers are not required to verify the number of miles the borrower moved from the property.
888-995-HOPE. The counselors are there for clarifications also.
I hope this helps.
(b) www.hopenow.com You can talk to a trained housing counselor 24 hrs a day, 365 days a year atTed Breden said:
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