A long overdue HAFA short sale success with Bank of America

It took 9 months and a ton of aggravation but I finally witnessed a HAFA short sale actually close. This Connecticut short sale seller contacted me in March 2010 to get his home sold. Between a Bank of America first mortgage and a Bank of America HELOC, the home was seriously upside down.

Not two weeks later we had a buyer in contract and the sale was moving along smoothly in Equator. We anticipated a closing soon after. NOT SO FAST!!!! In early April the troubles began when my client became eligible for HAFA.

Although at that time the program was brand new and we did not know what to anticipate, the promise of $3000 and full debt forgiveness was too much for my seller to pass on and he decided to pursue the HAFA short sale approval.

A 9 month exercise in frustration followed. Not many buyers are prepared to wait 9 months for short sale approval and this was no exception. The buyers walked and were replaced as we waited for HAFA to run its course. Paperwork was faxed and lost. Appraisals came and went. Bank of America's HAFA department made one blunder after another as we patiently waited. On more than one occasion my seller was ready to give up and simply walk away from the home... but he managed to hang in there and in December 2010 all the stars aligned and this HAFA short sale CLOSED.