I'm in a most bizarre situation - made an offer on a property in October, and after the Sellers signed, they informed us it was a short sale!  Long story short, we decided to stick with it (crappy time of year to find another place).  We were given repeated assurances from their realtor that the SS was being streamlined, but we quickly realized that she was just making up new false information every couple weeks or so!  We have repeatedly requested info on all transactions (namely, when was all the paperwork officially completed?) and at the beginning of December, she suddenly mentioned HAFA and a week later said we'd hear within 10 days!  Now we're being told they submitted HAFA paperwork, but still will not give us any sense of timeline.  I know that you can't predict these things, but as Buyers, we've been run-over repeatedly in this transaction.  We would have run on this deal quite some time ago, if we had other options, but the market is at a complete halt from the holidays still, so we're stuck in temporary housing (we sold our place in Nov!) with no end in sight.

I was wondering if anyone had any more recent updates on dealing with BoA short sales & HAFA.   The only postings I can find on the web all seem to date to the first half of last year - I've heard from my realtor that things have improved, but can't find any word yea or nay out there!  Also, as of those early postings, HAFA seems to = less chance of approval - any thoughts?  And is HAFA even remotely staying on timeline (in other words, are we silly to think we'd hear in 30 days?)

My other question has to do with how filing for HAFA supposedly a month and a half into regular SS proceedings impacts the process overall?  If the HAFA app. gets rejected, are we back to Day 1 withe the regular process?

And finally, yes, I know there's a lot of dishonesty, possibly illegality involved in how we've been kept from information, so no need for further advice on that end - we know it sucks!

THANKS SO MUCH FOR ANY TIPS/ADVICE!!!!!!

 

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  • CR. Dealing with BofA can be very frustrating. Especially on the buyer side when you are pretty much in the dark. I wish I could give you a time line but I can't. The process can take any where from 90 days to 6 months or more.

    HAFA is supposed to be a quicker process but it's not. In fact I just recently read that so far there have been only 661 HAFA short sales that have closed!!

    I can say that BofA does approve their short sales and they do close. Just have your Realtor(r) stay on top of things and keep you informed as much as possible. Patience is a virtue whebn it comes to shirt sales.

     

    I truly hope this all works out for you.

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