Am I correct that if the bank gets the foreclosure Judgement, prior to HAFA approval, that the Owner no longer qualifies for HAFA?

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I was told by Chase that my seller did not qualify for the HAFA program because the foreclosure date was less than 30 days away from offer submission.

I have not heard this before. I believe I have been able to get a postponement with HAFA with in the 30 days. I will suggest though to send in the homeowners information and listing information to the bank at the time of the listing if you are going HAFA.

You do not need to wait for a purchase contract. 

I have been working on my particular file for a year. Part of my overall delay was the client listed the home in bankruptcy and it took 6 months to get it out. I never wait for an offer to get everything in necessary for HAFA, but I did not know about this rule.

I was unaware of this, but apparenty it is true. I was working on a HAFA with Ocwen and did not know it was slated for a Sheriff's Sale, then Boom! I am informed while doing an update and waiting for approval that it was no longer eligible for HAFA. Now I have only a few days to get the second to agree to $6000 instead of the $8500 they had previously agreed to. The crazy thing is that the second (Citi Morgtage) agreed to $6000 in April but Ocwen would close the file every ten days and would start all over asking for new documents. They closed the file twice when they were changing negotiators. I have 4 days to get this done...

This quote from Bank United today "Once the borrower has a foreclosure judgement and there has been a foreclosure sale scheduled HAFA eligibility expires". The bank is offering "the $3,000 as would be allowed under HAFA" though, for relocation ($785,000 judgement)
Yes, I am doing the HAFA determination up front, not waiting for purchase contract.


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