HAFA/Freddie Mac/BofA

I haven't worked that many HAFA files and I am trying to help a Realtor with a difficult client. Loan is serviced by BofA, backed by Freddie. We have no offer on the property and the homeowner will not allow the Agent to show the property as Cust Service at BofA has told her she MUST initiate file for HAFA before receiving an offer and must initiate the file in Equator to start. We've initiated the file 3 times and each time file is closed due to no offer. So, I hit up the Social Media team on Twitter and they stated must have an offer. The homeowner is STILL being told by BofA Cust Service that HAFA must start without an offer as it's a Freddie file. Freddie's HAFA website kinda says the same thing. Can anyone shed some light on this for me? Thanks


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Permalink Reply by Kristi Service on April 25, 2012 at 10:40am

hi there, BofA is the only servicer I know of that requires NO contract at time of HAFA submission or they will put you in traditional short sale. Put NO contract and then have your sellers call in to the SS cust service # to state they want to participate in HAFA. Then the games begin... financials, RMA, hardship letter will be uploaded shortly after you initiate the SS.

Permalink Reply by Kevin - Greenville, SC on April 25, 2012 at 5:25pm

With a Freddie Mac Loan, your Homeowner must have a HAFA SSA in hand in order to qualify prior to an offer being submitted.

Permalink Reply by Kevin - Greenville, SC on April 25, 2012 at 5:30pm

Q: I received a HAFA Short Sale request from a borrower because they have an offer on their house. However, I did not evaluate them for a HAFA Short Sale. Should I immediately begin considering them for a HAFA Short Sale?
A:
If the borrower has an executed sales contract that would result in a short payoff of the mortgage and submits the HAFA Short Sale request before an SSA has been executed, you must inform the borrower that they will be considered for a Freddie Mac Short Payoff instead of a HAFA Short Sale. You must then process the sales contract in accordance with Guide Sections B65.35 through B65.41 before the sales contract expires. If the borrower accepts your short payoff offer, the borrower

http://www.freddiemac.com/singlefamily/service/docs/hafa_servicer_q...

Permalink Reply by Keri Sweetland on April 26, 2012 at 5:06am

Brent, The process I use is to initate it into Equator, then have the seller call BOA 866-880-1232 and request a HAFA review.  It HAS to be APPROVED through HAFA before getting an offer with Freddie Mac.  If the homeowner doesn't make that call the file will be in this endless loop of open and close in Equator.  When a processor is assigned in Equator and you begin getting the tasks assigned, send them an email (I usually include everyone available in the email) telling them that the homeowner has called in to request a Freddie Mac HAFA review and there is NO offer and request a call back in that email.  They rarely actually call me back, but at that point if the file gets closed again there is some (minimal but some) accountability.  Good luck & let us know how it goes! :)

Permalink Reply by Brent Innocenzi on April 27, 2012 at 3:11am

Thanks for the clarification! Everybody have a great weekend!

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