Has anyone out there had success completing a HAFA short sale with Seterus as the servicer? I would like to go through the HAFA process for my clients, but am concerned about foreclosure, as there are many horror stories of Fannie foreclosing, especially with Seterus as the servicer.
Do you think we are better off going the traditional route from the get-go or try HAFA? Love your input!
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I've had two experiences with Seterus (fka LBPS). The first was when they were still LBPS and it was a HAFA. I got it done but it was a royal PITA and I had to go right over their heads to Fannie in order to get anywhere.
On the other hand I just received a traditional short sale approval from Seterus in a record 15 days from submission of request. I actually received approval in 14 days but the original approval did not waive deficiency (unacceptable in my book) so I went back to the negotiator and got a revised letter a day later.
Other than a little trouble getting the initial request to them, it was probably one of the easiest short sales I've ever dealt with.
So, the question is have they just really gotten their act together in the last six months (which is when I had the HAFA nightmare) or is a traditional short sale that much less painful and dangerous with them?
Hi Joy-
Loved your story .
New member to superstars and working with Seterus. want to lead with Hafa Submission . Propertyin New Jersey.
9/21/12- Seller submitted package on Seterus website- I submitted Realtor package via fax-
Can't get anybody live on 866-570-5277- justs loops endlessly.
appreciate any advice on what can be expected ? suggestions on process? Thanks Jay Weatherby
Yes, I closed one of the first HAFAs that LBPS approved. The people at LBPS were nice to work with but there were issues with policies and procedures. They kept trying to get me to convert to a traditional short sale. A 2nd was with Greentree. Once Greentree found out the sale was under HAFA they became very cooperative and helpful. This was one of the reasons I insisted on staying with a HAFA. James Ihara was the HAFA negotiator. He is very good.
Glenn Batten