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BOA HAFA short sale denied

Posted by Icesis Cruz on September 11, 2011 at 12:27pm in Short Sale Discussions
My client lost her job and is using her savings to pay her mortgage. I was informed that the Hafa Short Sale was denied because she was not 60 days or more late on her mortgage. Do you have to be late in order for a short sale to be considered? The rep also told me that she would not be offered the Cooperative short sale because she was not more than 60 days late. Can anyone help me? Needless to say she didn't pay the mortgage for September

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Tags: BOA, HAFA, deliquent, denied, not, sale, short
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Replies

  • Holly B. Long September 14, 2011 at 6:49pm
    Seems like everything is based on the "investor" and their guidelines...so hard to have a standard answer that applies to all situations....But it is my understanding with a traditional short sale...that if your homeowner is current on mortgage - BUT you can prove this is a "hardship" because they are using savings, or borrowing from friends, family, retirement - etc to make payments and that even though they are managing to stay current --the situation is going to go "south" --then you can qualify for a short sale.
  • Eric Mieles September 12, 2011 at 3:22pm
    I would be careful going the pre approval HAFA route. I particularly dont like preapproved short sales who give me a list price to market. I feel you set yourself for potential problems trying to chase an inflated value that potentially could kill deals. AMS handles the pre approved HAFA's and if you market and get a contract 1st and go HAFA you will go to either LRC or UTLS.
    • Joshua Gayman > Eric Mieles September 12, 2011 at 3:27pm

      I agree with Eric 1000% percent!!! We need a like button!!!

       

      • Kimberley Kelly > Joshua Gayman September 13, 2011 at 2:52am
        I agree here with Eric and Joshua.  I have better luck with HAFA by marketing the Standard SS route, submitting the offer, then submitting the RMA and HAFA docs when told the Seller "qualifies".  Seems much faster.  The Pre-approved price has come back WAY too high every time when I tried to do that..also took longer. 
  • Joshua Gayman September 11, 2011 at 7:18pm
    HAFA and the Coop program are both used only when it is better for BofA. If your client is making their payments, then no short sale is better for BofA than keeping the loan in place...for now. BUT, now that your client is late, I would find out why they were denied for HAFA and the Co-op program, and see if you can get them resubmitted(assuming they meet the guidelines). This will mean you will need to escalate to the right person at BofA. Message me if you need that contact. Also, you might want to consider resubmitting the short sale but just going for traditional since it was already turned down for hafa and coop. This way you will close your deal faster. However, if you don't have an offer yet then you might as well submit for those programs again.
  • Becky Martin September 11, 2011 at 2:07pm
    Freddie Mac guidelinehttp://http://www.freddiemac.com/singlefamily/service/hafa.html
    • Icesis Cruz > Becky Martin September 11, 2011 at 2:24pm
      Yes it does have to be 60 days past due. Do you know if the traditional short sale has the same rule?
      • Becky Martin > Icesis Cruz September 12, 2011 at 1:06pm
        If you customer wants to participate in HAFA  and Freddie or Fannie are your investor, you cannot accept any offers and shouldn't market the property during the approval time, they will do a BPO and give you the listing price.
      • Becky Martin > Icesis Cruz September 11, 2011 at 2:44pm
        If Freddie is your investor, you follow the guidelines....if it would be an advantage to your homeowner to go the HAFA route then patiently do so:)
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