HAFA TO THE RESCUE? A 15 month HAFA story with no end in sight.
Posted by Minna Reid on Tuesday, November 29th, 2011 at 2:17pm.July, 2010 I took a new Connecticut short sale listing. This was a Fannie Mae Bank of America loan. Fannie Mae had just gotten on board with HAFA and my new clients wanted to go with the program.
HAFA was supposed to be governments solution to “streamlining ” and “simplifying” the short sale process.
A summary of the last 15 months:
July 2010 – I met with my new clients and their property went on market
October 2010 - After about 6 weeks Bank of America finally acknowledged our requests and a HAFA short sale file was opened.
December 2010 – A HAFA approval letter arrived with a GROSSLY EXAGGERATED valuation of the property that could NEVER be reached. We started the value dispute process.
April 2010 – After 5 months of efforts to get a revision on the HAFA approval and getting nowhere, the clients finally decided to give up on the short sale and pursue their deed in lieu option. I took the property off market.
November 2011 – Despite the fact that I no longer have this property listed, the file is in my Equator queue. As of today November 9 , 2011 – 15 months later - the file is STILL BEING REVIEWED FOR THE DEED IN LIEU.
Maybe in 2012 my former clients can look forward to seeing the end of their HAFA Processing?
HOWS THAT FOR A STREAMLINE SOLUTION???
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Share2 Responses to "HAFA TO THE RESCUE? A 15 month HAFA story with no end in sight."
[...]however these funds may also be distributed towards unapproved closing costs. As a general rule, I have found HAFA is just not worth pursuing even considering the $3,000.
Traditional short sales. Some lenders in-house short sale programs[...]
Posted on Tuesday, January 10th, 2012 at 3:52pm.
[...]1 in 10 of those I have seen through the program has actually had a desirable ending with HAFA, and unbelievable amounts of time get wasted in the process.
Just the other day I received another HAFA “approval” that presents many of the usual[...]
Posted on Saturday, December 10th, 2011 at 1:12pm.