HAFA approval with BOA

New here so I'm sure this has been asked before, I subbmitted a SS package for HAFA at BOA in mid March the investor is Fannie Mae it took forever to get the appraisal done but it has been done now and I was told we were approved, but I still do not have the approval letter and until I get the letter they will not listen to the offer I have (and it is a good cash offer). I have the negotiators direct line and there team leaders I have left about 10 messages on each voice mail and I sent 6 emails on Equator and I'm just not getting any responce. What do I do next??? Please help...Thanks, Mike

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Permalink Reply by Scott Gregory on October 19, 2011 at 11:13am

Mike ... I am lost on this one. Are you saying that you were asking permission for a HAFA short sale BEFORE you actually sent in a short sale request with an offer? Please clarify ...

Permalink Reply by Michael Guerndt on October 19, 2011 at 12:02pm

Yes.. We applied for HAFA before I had an offer. I just started another one a couple weeks ago, and they told me NOT to put it on the market until they give me the list price. Fannie Mae is the investor on both of them.

Permalink Reply by Kimberley Kelly on October 20, 2011 at 2:29am

Mike:  Why I do not do this.  I submit the offer, THEN get the HAFA approval via ARASS.  There is too much confusion in the ranks re:HAFA at the banks..

Permalink Reply by Michael Guerndt on October 20, 2011 at 4:55am

Thanks Kim, That will probably be the way I do it from now on.

Permalink Reply by Scott Gregory on October 21, 2011 at 3:32am

I can still do a HAFA short sale if the bank isn't involved upfront. You know what involving the bank upfront leads to? Delays and red tape! I am trying to complete my first one where the bank initiated the appraisal up front and gave us the list price (seller came to me after this to list). You know what they did when we got an offer? Another appraisal!!! So we just list them and run them through HAFA if the seller wants HAFA. I think that sitting around and waiting for the bank's cooperation before the listing is going to lead to a lot of added frustration for everyone.

Permalink Reply by Jeff Payne on October 21, 2011 at 4:00am

+1 !  NEVER wait for the bank to tell you to proceed!  I HATE HAFA and try to avoid it like the plague

Permalink Reply by Michael Guerndt on October 21, 2011 at 5:10am

Interesting thanks for the advice! Is that the same with FHA short sales.

Permalink Reply by Minna Reid on October 21, 2011 at 8:26am

Im with Jeff. HAFA is a nightmare. I have never had a good experience. At least nowadays when sellers get the option to go HAFA, I can tell them all about my other HAFA hopefuls experiences and 99% will opt out.

Permalink Reply by ElizabethWeintraub00697006LyonRE on October 22, 2011 at 3:58am

I'm betting the problem is not Bank of America. It's the third-party vendor such as AMS or REDC. Unless something has changed with Fannie Mae, there is no reason you can't submit an offer while the process is going through preapproval. I, too, made the mistake of going the preapproved route on these HAFAs, and it's a joke. It takes more time and involves more red tape than just sending the offer. With Fannie Mae, though, you have to be very careful that you are not close to the sale date because they rarely postpone. Fannie Mae will go to foreclosure if it's faster than the short sale.

Permalink Reply by Michael Guerndt on October 22, 2011 at 4:21am

Hi Elizabeth, In early Sept AMS told me everything was approved and they opened a file in Equator and I needed to go in and accept it. I did that then loaded the offer and they gave me tasks, one being I needed to load the signed ARASS letter that I do not have yet. Now I keep asking for that letter and they do not repond, when I call AMS they just send me to the Negotiators voice mail box. I have their direct phone number and there team leaders number and have been leaving messages for weeks and I have been emailing on Equator and I get nothing back. Im starting to think this file has been lost!

Permalink Reply by Michelle L Houze PLLC on October 23, 2011 at 4:46am

AMS and Promis are the 2 slowest third party negotiators that BofA uses.  I had a HAFA short sale initiated on April 2 that finally closed in September.  Now, I have a Co-op deal (like HAFA but much easier) that I initiated in Equator on 8/29 and am expecting approval by Tuesday.  Here is a tip:  IF you can get BAC to agree to go co-op DO IT!!!!  Co-op offers full deficiency release just as HAFA, pays 6% or $6K to subordinates, just like HAFA...the difference is this:  the borrower only receives $2500 rather than $3000 as their incentive BUT the files move so quickly!!!!

Permalink Reply by Jackie W. McDermott on October 23, 2011 at 6:16am

Hi Michelle - I'm not familiar with "Co-op".  What is it, and how is contact made?  I'm in Arizona and maybe things are different here? 

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