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BOA delay on HAFA

Posted by Emilia McAfee- WE-Realty Inc on September 29, 2011 at 8:46am in Short Sale Discussions

We got approval for a HAFA short sale, we were able to procur an offer before the expiriation of the approval, well it took them forever to finally start working on the actual approval letter, initial letter expired and we had to get a 60 day extension and a price reduction. Subsequently BOA outsourced to another vendor, the new vendor had no clue as to what was going on. I kept calling and finally they requested changes to the HUD1 and then increased the price to the earlier list price that was already reduced, then here we are, BOA still playing games- extension expired,- they want to do a regular short sale and I am refusing- We have been ready for over 4 months just waiting for them to get their acts together. Thoughts?

 

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Replies

  • Becky Martin September 29, 2011 at 3:11pm
    BOA HAFA servicer AMS has "lost" documents several times, take forever, just got one price back that was FAR above FMV , with Freddie you cannot have an offer during the process, with Fannie if you start with an offer that is okay but if you get one during it backs the file up 3-4 wks because AMS says they have to transfer it to another servicer since they only do "HAFA without offers", one person will tell you one thing and another time they tell you something else, just a Big Mess!
    • adam > Becky Martin September 29, 2011 at 6:28pm
      Becky is right about the offer. If your file is with AMS mention nothing about an offer until the marketing phase(equator). If you bring an offer prior to the minimum being set they in most cases decline the file and set it up as a HAFA ss with an offer thus transferring it to a seperate vendor, basically starting the process over. Feel free to contact me with questions, i have some unique knowledge with the BOA short sale processes and am willing to share ;) 
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