Has anyone completed a HAFA Short Sale?
We have several of them in process, but I haven't heard of anyone completing a HAFA short sale yet. Please someone tell me they have completed one so I know it is possible! :)
Replies to This Discussion
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Permalink Reply by Elise Fay on
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I had a heck of a time with BofA. I requested HAFA with an offer in hand. The seller called in to request participation in HAFA, but never received the package probably because our offer was declined and we requested a manual review...several times. The end result is that because of my persistance, they did an appraisal and my offer now looks good. It has been Fast Tracked with BofA, got a call from a negotiator who then requested the purchase contract and a new HUD. BUT when I asked her about getting this thru the HAFA program, she told me that she does not handle HAFA and if I go that route, this process will take MUCH longer.
I am now leaving that decision up to my seller. No doubt that this negotiator would rather handle my short sale, since that is probably how she gets paid and if it gets passed off, she is out of the loop. Has anyone heard something similar to this? Any suggestions?
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Permalink Reply by Terri Adams-Scott on
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I wish! I'm representing the buyer on a BofA short sale that got switched from a traditional SS over to the HAFA program. It was in the HAFA department for about 9 weeks before we heard that they got approval. Here's my question that I hope someone can answer...if it was HAFA approved, why is it going back into BofA's short sale program? They are saying it's now 6-8 weeks before approval. Does this sound right or the norm? I had my hopes that once it was HAFA approved, we'd have the final approval in 10 days and move the escrow forward. HELP! Thanks!
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Terri Adams-Scott said:I wish! I'm representing the buyer on a BofA short sale that got switched from a traditional SS over to the HAFA Short Sale. It was in the HAFA SS department for about 9 weeks before we heard that they got approval. Here's my question that I hope someone can answer...if the HAFA SS was approved, why is it going back into BofA's traditional short sale program? They are saying it's now 6-8 weeks before approval. Does this sound right or the norm? I had my hopes that once it was HAFA approved, we'd have the final approval in 10 days and move the escrow forward. HELP! Thanks!
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Permalink Reply by Michael Schneider on
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Hummm...maybe a 2nd lien? Or some other encumbrance? Tax lien?
Could be that a subordinate lienholder will not accept the terms of HAFA, so it's going into "traditional".
This is one of my concerns about HAFA, it creates the possibility of a two-step process. Try HAFA first, then when that fails.....Hence, the timeline may get even longer.
Terri Adams-Scott said:Terri Adams-Scott said:I wish! I'm representing the buyer on a BofA short sale that got switched from a traditional SS over to the HAFA Short Sale. It was in the HAFA SS department for about 9 weeks before we heard that they got approval. Here's my question that I hope someone can answer...if the HAFA SS was approved, why is it going back into BofA's traditional short sale program? They are saying it's now 6-8 weeks before approval. Does this sound right or the norm? I had my hopes that once it was HAFA approved, we'd have the final approval in 10 days and move the escrow forward. HELP! Thanks!
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Michael, thanks for the reply. I guess I just sit tight and see what happens. Too bad the buyer's agent couldn't have access to the file!
Michael Schneider said:Hummm...maybe a 2nd lien? Or some other encumbrance? Tax lien?
Could be that a subordinate lienholder will not accept the terms of HAFA, so it's going into "traditional".
This is one of my concerns about HAFA, it creates the possibility of a two-step process. Try HAFA first, then when that fails.....Hence, the timeline may get even longer.
Terri Adams-Scott said:Terri Adams-Scott said:I wish! I'm representing the buyer on a BofA short sale that got switched from a traditional SS over to the HAFA Short Sale. It was in the HAFA SS department for about 9 weeks before we heard that they got approval. Here's my question that I hope someone can answer...if the HAFA SS was approved, why is it going back into BofA's traditional short sale program? They are saying it's now 6-8 weeks before approval. Does this sound right or the norm? I had my hopes that once it was HAFA approved, we'd have the final approval in 10 days and move the escrow forward. HELP! Thanks!
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Has anyone had any luck with the Fannie Mae HAFA program. I have not found one bank...tried calling LBPS, CitiMortgage and Merrill Lynch and they all say that they are not participating and do not know anything about it. I now have a call into Fannie Mae in Washington DC. This is just plain awful!!!
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I thought it was required of any Fannie servicer. Not optional.
Elise Fay said:Has anyone had any luck with the Fannie Mae HAFA program. I have not found one bank...tried calling LBPS, CitiMortgage and Merrill Lynch and they all say that they are not participating and do not know anything about it. I now have a call into Fannie Mae in Washington DC. This is just plain awful!!!
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That is what I thought...I will see what Fannie in DC has to say about this. I will keep you posted.
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Permalink Reply by Aneetra Isis Sherrell on
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I thought they had to have it streamlined witin 10 days?lol...I have not done one yet but have about 7 new deals I'm sure one of them will be. I plan an emphasizing the timeline to the lender I will repost when I find out
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Permalink Reply by Mike Sher on
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Did a GMAC 1st and Chase 2nd Hafa 2 month ago. Working on a ocwen hafa right now and that have agreed to go HAFA, But still waiting for the ARASS on their letter head. Tried a HAFA with AHMS, but they denied him because he was unemployed, (I know that make no sense) But got the short sale through and they waived deficiency rights, so worked out. All have been non GSA loans, have not tried for a FNMA or freddie HAFA yet. Also, all of these HAFA deals have been post offer, none of the servicers have been interested in starting the HAFA process until we have offer. Though that is when we are supposed to start.
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Mike. Great information. I have finally received full out approval on my Wells HAFA. Filling out that Settlement Sheet is the worst. The numbers must match to the penny and when the buyer has a VA loan with some fees that we had to account for, we had to be very creative.
For the HAFA program you do not have to have completed a HAMP Loan Mod BUT you must be HAMP Eligible and since your client was unemployed, they could not qualify, hence the traditional short sale route.
I am working on a BofA HAFA right now, still waiting for the ARASS. I believe the only way to go thru HAFA is once an offer is received, unless you are staring down a foreclosure date. Then it would be nice to have them approve it and postpone the date for marketing the house.
I am also trying to work on 2 Fannie Mae HAFA's. Both banks knew nothing and played dumb. Citi and Merrill Lynch. I called Fannie in DC and they have escalated the file for me. I should hear back in about another week.
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Permalink Reply by PJ Caruso on
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Are you still having trouble with your HAFA SS? I have closed one and another is approved and should close in about a week. How can I help?
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