Is there anyone who is in the midst of a HAFA Short Sale? Please share your stories. I am working on a HAFA Short Sale right now through Wells Fargo and I must say that up to this point it has gone without a hitch. I have also just received some email communication from the negotiator, updates to the file are happening quickly and we have received a counter offer on the Purchase Contract that was submitted. I do expect the final "pre-approved" price, terms and conditions within about 2 weeks. All of this has occurred in the last 3 weeks. Let's keep track of these HAFA Short Sales.
Elise Fay, Realtor
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I am sorry but I have not heard of this happening before. I have closed 2 HAFA Short Sales, 1 with Wells and 1 with BofA...neither of them were Fannie or Freddie. I now have 2 other HAFA Short Sales that are both Fannie that are in the process. Both lien holders are LBPS.
I submitted an offer with full docs and now they have insisted that my client fill out the Making Home Affordable worksheets. We did that and now they will go thru being qualified for the HAMP and then once they make that decisions (both are relo's out of the state and country) and they will not qualify, they will send it thru HAFA. I have heard from that point on, it is a fairly quick process.
The guidelines are quite clear for Fannie Mae HAFA that you can request HAFA at the time you submit an offer. In fact, Fannie in DC has told me that they almost prefer to start the process and determine value once an offer has been submitted. I could not get anyone to do a BPO prior to offer being submitted. Have you read up on Freddie's guidelines? Are they different from Fannie's? My suggestion would be to quote them the Freddie guidelines and also called Freddie Mac in DC. I have had quite a bit of success calling Fannie in DC. They got some things moving along for me...just make sure you know your stuff when you call them. Show Wells you know what you are talking about by quoting specific guidelines within the HAFA program. Keep us posted as to how this goes...keep fighting.
I am assuming that you filled out the application yourself and then sent it on to be reviewed? Is that what you are waiting for..for them to review the applicationa and submit it thru the HAMP program as part of the qualification? What does it say on their timelines for getting back to you? I know that is specific on some of the HAFA programs. That should be "the beauty" of the program, they have defined timelines. If they have exceeded those timelines I would contact someone at Freddie and get them involved. I believe with Fannie it is 30 days before they give you an answer...same thing for HAFA.
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