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Bank of America HAFA Future Job Relocation

Posted by Sara Mehrpouyan Los Angeles CDPE on March 14, 2011 at 10:37am in Short Sale Discussions

Hi all

I have a client inquiring on a HAFA short sale with B of A. They have a job offer in another state. Borrowers are current on their mortgage. This should have potential for HAFA though they are current-- job relocation information can be provided to B of A in writing by employer.

Any feedback. Thanks.

I have an update: I got a Bank of America HAFA Short Sale APPROVED!! Bank of America HAFA Short Sale Approved

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Replies

Nate Gerard March 20, 2011 at 5:09pm

BoA now also has the Co-Op short sale. Call and ask them about that. You don't have to be late. Depending on financials they may or may not ask for financial contribution. They may also provide relocation assistance depending on the situation. This is BoA's versionb of HAFA.
Damon Botticelli March 20, 2011 at 7:21am

I've completed a HAFA short sale using job relocation as the reason, but they had already accepted the position. They needed a letter from the HR dept. I'm not sure about getting the approval based on a job "offer". Give it a try and see what happens...and please come back to let us know how it worked out.
Ellen Kirwan March 20, 2011 at 4:41am

Even though HAFA was instituted last year, the lenders are just starting to put borrowers through the HAFA eligibility. The restrictions were recently loosened so more borrowers qualify. They do not have to have lived in the home for the past 12 months and of course they do not have to be late. I think the succes of HAFA mostly depends on the 2nd TD and if they will participate.
Bryant Tutas March 14, 2011 at 1:25pm

Simple. Just have the sellers contact BofA and ask if they qualify HAFA. They will tell them in a matter of minutes. Be sure to check out oiur Bank of America group. There are links to all kinds of resources. We also have a HAFA group.