Comment

Comment by Kevin - Greenville, SC on December 14, 2011 at 2:18pm

Hi Kevin,

 

Actually, we are still continuing to utilize vendors for files that do not have offers when they are solicited in shortsale.  For files that open in HAFA with an offer those will be handled by our internal team.

 

 

 

 

Thanks,

 

V. Poynter

Bank of America Home Loans

VP, Mortgage Servicing Unit Manager

Comment by Mike Linkenauger on December 14, 2011 at 2:10pm

I just added MUCH more HAFA training information to our main consumer page on the HAFA short sale program - http://www.short-sale-specialists.com/sellers_page.shtml.  About halfway down the page an excellent program breakdown starts.  This was previously only available to our members or part of our training course.

Comment by Sharon Sapp on December 14, 2011 at 2:03pm

I'm doing a HAFA with Colonial Savings and I have to admit, it's the easiest short sale I've ever done. They were working with the home owner and gave them some paperwork that told them to contact a Realtor (I was already sort of working with them) and put the house in the market. They told me what their bottom line was and what it was appraised for. I had put the house on the market about a week before the appraisal and I was priced $5k higher than the appraisal so it was good. Got an offer the next week. One counter offer and the approval is in the works. Hopefully, the approval letter won't be as long as what some folks say here, but based on my experience with them so far, I say "Give me all your short sales!"

Comment by Mike Linkenauger on December 14, 2011 at 1:35pm

What is your RECENT experiences with the HAFA program?  Has it become easier and more effective lately? 

Comment by Debbie Parkans, CDPE, CSSG, CRS on September 12, 2011 at 5:17pm

It is very interesting -all the different information.  I had to accellerate a BA HAFA to corporate -  I specifically asked her about the FNMA issue.  I was told that it was a rumor - BA was in the process of moving files out of some of the 3rd party vendors that were not doing a good job (Sure hope AMS is one of them) They were not pulling all of them back into BA because they don't have the staff to deal with it and due to the fact that HAFA is a temporary program, they weren't planning on hiring staff to cover it.  They only have 6 months contracts with the vendors and if we are having issues with a particular vendor, let them know.  Both the one I had the issues with the letters with and the one I accellerated were FNMA HAFA's - both were with UTLS and both closed with UTLS on Friday -neither was pulled.  So I don't know if your vendor was one they discontinued or not - Anyway, start with calling customer service, let them know your problem and ask them to accellerate it.  Don't keep messing with equator. If the file has been transferred to closing then no one may be monitoring it.   Have you gotten any kind of message from the closing dept?  I got my message from the closer as soon as I had the verbal approval but way before I got my first letter.  If so, try to get your closer to help.  If that doesn't work - accellerate it to corporate.  Also, I have not done this yet, but use the FNMA accelleration in our MLS system- It supposedly goes straight to FNMA

Comment by Tamilyn Simard on September 12, 2011 at 4:42pm

Debie, I am dealing directly thru BofA as of July 1st FNMA no longer allows 3rd parties to do their HAFA Short Sales. Are you saying I have to get someone to get me this letter within BofA since they are the ones who did the file inhouse? I'm not sure who to go to, no one is responding to my emails through Equator.

Comment by Lonnie Workman on September 12, 2011 at 4:18pm

Thanks Dan.  We are in the process of getting the house ready for sale and don't plan to put it on the market for about 6 weeks.  I'm hoping we will have HAFA approval prior to going on the market.

 

Comment by Dan Hawkins CRS SFR CSSG CDPE on September 12, 2011 at 3:53pm

Yes, Make sure you get HAFA approval before you put on Market and get offer. Freddie Mac will not allow HAFA approval after an offer is submitted

Comment by Debbie Parkans, CDPE, CSSG, CRS on September 12, 2011 at 3:52pm

Just had the same thing happen with my BofA Hafa.  Also a FNMA.  Most of the investors allow the approval to be sent via Equator, but not FNMA for some reason.  Are you dealing direct with BA or through one of their negotiating companies.  I was dealing with UTLS.  Negotiator gave me verbal approval - her manager had to approve the approval- FNMA had to sign off on the approval - went to the department who actually issued the approval and it was sent out 2 day fed ex .  First Letter left off 2nd, 2nd letter had the amounts totally screwed up - 3rd letter was perfect but buyers appraisal came in $4,000 low -SO back to negotiator to approve again and ...............  Each letter had to go through the same process - took over a week each time.   If we knew the process up front, we could deal with it.  The way my negotiator made it sound the first time was that the written approval was being sent out right away  NOT

Comment by Tamilyn Simard on September 12, 2011 at 3:33pm

Lonnie, good luck I am still working one with WF they are still trying to figure Equator out.

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