I am ready to do my first Bank of America HAFA short sale and the client was told that the realtor needs to ust the HAFA short sale Equator system. Does anyone know if there is another Equator system especially made for HAFA that I should be using then the regular Equator?
That on its own is still a mystery to most of us because we are only a month in to the program we will still see variations from investor to investor and though the plan has not been out for a month.
One place that I could suggest checking is a blog where we update lender guidelines on a regular basis (http://www.MLReport.com). It is a great informational website where we provide a good deal of information on lenders and their different programs and guidelines. Occasionally, from time to time we break a story or two. The last one was that we got the inside track that BoA was beginning to allow principal reductions for specific clients that qualified in congruence with their NHRP Program that started because of their issues as Countrywide with the AG of Florida.
I just contacted BOA because I would like to see if my client qualifies for HAFA. One of the qualifications is that the borrower occupy the property. My client was relocated for his job. According to the BOA rep, they have to had been relocated within the last 90 days. My client was relocated a while ago so she says he won't qualify. Also, if you've already started a short sale and are close to approval, then you cannot try HAFA. And, if you have a trustee sale date coming up and need a postponement, you would need to have an offer and submit through the regular short sale process and get the sale postponed and then try for HAFA. Interesting.
Debbie, there is only one Equator system. Your client does need to call in and let them know you their realtor will be starting the short sale on Equator. The client has their own responsibility such as hardship letter, etc to submit, and you will have the rest. Good luck!
Thank you so much for responding. I did finally learn that. The confusion all started when a rep at Bank of America told my client that I needed to sign up for the NEW HAFA Equator. Had she just said Equator, I would had thought nothing of it, but instead it lead me to search and search until someone else at Bank of America told me it was the same program :-)
Got to love it!
I am working on a BOA Hafa. I have received many different answers when I call the BOA Hafa#. i finally talk to a team leader today and she said that the information has to be faxed to them and then it can be put into the Equator System. I had been working on this deal for 3 months thought I was close to getting an approval and the they sent the file to HAFA. (didn"t know for 2 weeks even though I called several times a week and sent email thru Equator) So it is like starting over BUT they say it will move faster once approved. They have many new people working there that do not know the right answers.
Good Luck. Let me know how it goes
Here's what i've learned so far. The borrower calls BOA to get the HAFA started. They then set the borrower up in Equator. The borrower should call BOA again to get their username and password even though BOA says it will be emailed or mailed to them (don't count on it), which will take them to their own place on the site so they can upload financials, hardship letter, paystubs and tax returns. I have submitted everything through Equator as well as faxed everything into the number they provided 2 times because they say it will speed up the process. My client started this process 4/27 and BOA finally came out 6/3 to do appraisal (37 days later). Borrower still has not received the approval paperwork from BOA for HAFA. Contract offer approval is Pending in Equator.
I will keep you updated as we continue this process :-)
Hi Debbie: There is only one Equator (formerly REO Trans); however, make sure that your seller's loan is not FHA or VA; these cannot be done on Equator and must be done the traditional way by fax and overnight mail.
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