Success with a HAFA short sale approval through Equator via BofA's 3rd party vendor LRC?
I have a HAFA submission that has been in the Equator system for about 7 weeks (now in underwriting) and the buyers are getting nervous at this point as they have been in contract for just about 90 days. I have had great success in escalating stale short sales in the past to executive level employees at the bank but have not tried this with a HAFA submission going beyond the "30 Days" guideline for a response. LRC (Loan Resolution Company) is handling BofA's HAFA casefiles and are apparently backlogged at this point.
Comment
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Comment by Roger D. Cummings on July 12, 2010 at 5:07pm
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Terri,
We were not approved for the HAFA program due to the borrower not being in "imminent default". We know this definition all too well and in this case they are not correct in their assumptions. We plan on doing a full escalation to the Treasury and several other entities along with the IDI (imminent default indicators) data points. They did counter us to a traditional short sale and want a $10K contribution in addition to our current offer which is over BPO by $10K!
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Comment by Terri Adams-Scott on July 12, 2010 at 2:00pm
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Roger...I am representing a buyer in a similar situation that you explain above. Started out as a regular short sale with BofA through Equator, then they switched it over to their HAFA division. We're now on week 8 (in the HAFA system) and the latest news is..."check back next week as it's in underwriting". Did you ever close the sale and if so, how long did it take once you had word it was in underwriting? Thanks!
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