BofA rep told my client that if he moved out of the property he would not be eligibile for their HAFA program. He does not want the $3000 moving assistance and wants to move on now.
The home has never been a rental. What are they talking about? Are they using their own guidelines? They told him if the appraiser goes out and sees the property is empty they will remove him from HAFA.
Has anyone else experienced this?
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Thanks for the reply Cami. It was my understanding that even under the previous guidelines they would qualify as the home has never been rented and they initiated HAFA before they contemplated moving. They are willing to waive the move out allowance they just want peace of mind. Maybe waiting is the solution. Tni
Yes, Tri is correct - even with the old guidelines the seller may vacate but the timeframe is much shorter - 90 days I believe.
I've encounter MANY negotiators that fail to understand this part of the guideliens.
Heck, I have a job transfer HAFA and the negotiator tried to say the borrower wasn't eligible because he vacated. Good Grief!
The old guidelines were 90 days, but then had to have an explanation or job transfer outside the area. Lots of files from all banks were being declined for HAFA because the appraiser went and said it was vacant. I had one declined because the tax returns showed a different address...
2/1 is just around the corner...lets hope these new guidelines help us all!
Interesting. But they aren't even prompting people to give a letter of explanation. Any idea what the acceptable "explanations" are under the old guidelines? It was my understanding that "I want to move now" was an acceptable explanation. I wish they would make up their mind first they seem like they want to push people into HAFA, then when they say OK, they work on pushing them out!
B. Section 2 of Chapter IV is amended to include the following changes in the chart related to HAFA eligibility:
Not vacant or condemned
The property securing the mortgage loan is not condemned.
The property securing the mortgage loan is not vacant, except that the property can be vacant up to 90 days 12 months prior to the date of the Short Sale Agreement (SSA), Alternative Request for Approval of Short Sale (Alternative RASS) or DIL Agreement if the borrower provides documentation that the borrower was required to relocate at least 100 miles from the property to accept new employment or was transferred by the current employer that it was their principal residence prior to relocation and there is no evidence indicating that the borrower has purchased a one- to four-unit property 90 days during the 12-month period prior to the date of the SSA, Alternative RASS
My Seller was required to relocate over 100 miles away in December, we applied for HAFA approval in November, got an offer in January - and Nation Star declined them because they no longer occupy the property. We lost the Buyer last week, and thank goodness got another offer we put in place. They don't seem to care or notice. They have taken me and my Client for a roller coaster ride that is unbelievable - to think we could have had a successful transaction months ago.
Finally escalated to HMPadmin this morning. We shall see what happens.
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