If you have successfully completed a HAFA Deed in Lieu, please post details here. (after HAFA short sale process)
If you have successfully completed a HAFA Deed in Lieu, please post details here. (after HAFA short sale process)
I'm getting close - first part of April is the expiration of the selling period. Would LOVE to know what I should plan to expect and how quickly. Anxious for this to be behind me!!!
Needclosure, what was your time-line from the day you submitted your HAFA package? I submitted mine the 18th of this month.
Does this seem correct:
1. 30-90 days for bank to approve or reject package
2. If approve, another 30 days for BPO
3. House then get listed for 3 months
4. If there's a potential buyer, it takes another 30 days for banks to approve offer
5. If no offer than HAFA deed in Lieu is offered
Sounds about right except for the "if there's an offer" part. Approval/denial of the offer would happen w/in a few days. I think the HAFA approval before the short sale took about 30 days if I remember correctly. Short sale period for me expired first part of April. Almost at the 2 week mark and they have not yet mailed me the DIL paperwork. I'm on their case now. They said it "should" be in my mail by the end of the week. We'll see. This whole mess (first was the mod attempts and then I gave up after the seemingly 150th "we're going to need you to send us more paperwork" delay) has dragged on for close to 2 years now!
Wells Fargo wanted me to apply for a HAFA deed-in-lieu. When I contacted my county's foreclosure hotline, they knew of not one in the entire county that had gone through. I live in the Twin Cities/MSP metro area. Kind of crazy that none went through in our whole county. That was the deciding factor for me not to waste my time.
I think the banks are using these as a ruse to get your financial info and nothing more.
Needclosure-were you ever approved for the HAFA DIL? We are at the end of our HAFA Shortsale marketing period and about to initialy the DIL. What should I expect?
No, I never received the DIL paperwork. All I got was a complete run around and transferred to the regular (not HAFA) DIL department not once, but twice! A HAFA DIL was fully applicable to my situation, but I could never get BOA to get off their a** and send me any paperwork to sign!!!
BOA forclosed on me the first part of Oct. I was beyond angry. Note that the listing period expired the first part of APRIL and BOA drug their feet until the lender (Fannie Mae) insisted on forclosure due to no payments for so long. Also note that you are NOT ALLOWED to make payments while you are in the program or you will be kicked out. I smell a class action law suit which I will happily join if one ever gets started. I'm so tired of fighting at this point though that I'm not willing to undertake it on my own. May eventually report this whole debacle to as many govt agencies/congress finance committees as I can. And no, I did not even get cash for keys as after reading the horror stories on this board and other places I decided it was in my best interest to start getting my things moved out fast. Glad I did. They drilled and changed the locks within 3 days of the "auction."
Oh, and here's a kicker. House is valued BY THEIR OWN PEOPLE at about 75K (old farmhouse needing lots of repairs - the land is really the only thing of value). My neighbors offered 75K prior to the auction and were denied! Auction opening bid was over 200K! BOA had ZERO plans to "work with me" to mitigate losses for either parties. So now I get to wait and wonder for ANOTHER FIVE YEARS to see if they will sell the loan to a collection agency. Oddly enough, on my credit report BOA charged off the loan several months ago as "paid in full for less than amount due." I have no idea if they can go back and change that. We'll see.
Let me know if you need contact names and numbers. They weren't much good for me, but maybe the more people have their names, numbers, and emails, the more action will get done.
Last edited by needclosure; 11-02-2011 at 07:31 AM.
Needclosure-that is absolutely awful. I completely agree with you-I smell a class action law suit coming & BOAs property values are just ridiculous.
No one from BOA has ever mentioned that we need to be past due on our payments. I have read tons of posts saying you have to be 60 days late to be in the HAFA program. This month is the first month we have not made a payment and we were approved for the HAFA Short Sale back in July 2011. Goes to show, that not all the rules are applied or followed. Well we will be 60 days late soon enough. I am leary of the entire process, but say its worth a try.
Funny thing-my Promis/BOA processor asked me last week why our house hasnt sold...Well if I knew the answer to that we would have sold it 5 years ago when this mess started. Originally listed our home for $225K back in 2006 and slowly dropped to $148K and still no offers. No one is even looking and they granted us a 2% price drop last week. Come on already! Drop the price another 10K and lets get this done! But no, like you said just another stall tactic.
Be prepared for anything. I got the heave ho from HAFA as BofA was paying for MI on my loan and they denied the short sale. Works out better for them to foreclose on me than doing a SS because they have to pay out faster. After all of this, I now realize they don't want to help anyone but themselves. Its the late / missed payments that screw up your credit and they didn't have a problem with me being current on my payments (I was relocating). After jumping through numerous flaming hoops, it seems never enough for their asinine requirements. Good luck, though. Maybe you will get the golden ticket.
I have been on the HAFA DIL roller coaster for months now. My HAFA SS listing period began in April 2011 and expired in August 2011. Did not extend because no sales in my neighborhood and no real interest from buyers. Told qualify for HAFA DIL since SS agreement said DIL next step if no sale. I have been waiting for "title work" to be completed since September my DIL Package of information expired in November after 90 days waiting for BOA Attorneys to do title work. I resubmitted all the documents a second time (they expire after 90 days). I'm approaching day 60 of the second 90 day period and BOA still cannot complete the title work! Both loans are BOA loans and same investor. No foreclosure filed yet, I'm 180 days past due. Told second approved for DIL but not first due to title work.
Has this happened to anyone else? If so, did you contact a particular individual at BOA to get them to do title work? Title work should not take 4 months.
The services is AMS.
We are a week away from the end of our additional 60 day marketing extension(home on the market for a total of 180 days now. Our home was originally listed at $161K and now after numerous price reductions wer are down to $139,900. Its crazy to think that 3 years ago when I started this entire mess that BOA would not modify our mortgage balance or rate and declined us for a traditional refi and the HAMP. But now they will sell it to someone else with over a 47K loss!
It will be interesting to see if BOA will offer another marketing extension. We had a showing Friday and then another on Sunday, so there are people looking and other homes in our neighborhood selling. I'm not getting my hopes up though.
I'll keep eveyone posted on the progress of our SS and maybe even DIL.
Who is asking the lender for the extensions, the real estate broker?
Yes, our real estate agent is requesting the price reductions every 21 days(per BOA guidelines) and also requesting the extensions. Our agent specializes in distressed properties and short sales in our metro area.
Honestly she could be doing a much better job in marketing our house, but its worth alot that she knows how to deal with the lender and takes that burden off of me.
The reason why I had asked is because you had posted back on November 1st that you were at the end of the HAFA timeframe, which is 120 days through BofA if you are unable to sell by that time, and you were going to ask for the DIL. I was just wondering what had happened that you were not able to go for the DIL at that time.
Well, our agent went ahead and asked for the extension without us knowing and then when I called BOA about the DIL they said that they already approved an extension, so we just went with it at the time. Now we have changed our strategy a little since we are still torn on where we are going to move once the house sells or we start the DIL.
My BOA processor was not very helpful when I brought up the DIL either. So we are going to give it a little more time. We are only 60 days late at this point.
Good Luck, I hope that you are able to get the DIL soon, and hopefully the agent will start working in your best interest and allow you to go forward with the DIL as soon as that extension is up.
The BOA processor stated that they would not approve an additional marketing extension. I told her to go ahead and initiate the HAFA DIL she asked me if I was sure and if I would rather try contacting BOA for a traditional short sale. Hmm let me think, our house is the lowest priced in our neighborhood and it still will not sell, I would wind up owing over 60K if for some miricle would happen and our house sold....I stated a summary of what I just thought and she stated she would mail out paperwork.
Its a shot in the dark at this point in my opinion, but we dont have any other options besides letting it foreclose. She stated we would need to update paperwork, sign the agreement, complete a title search, and update an appraisal. Sure, why not. Lets give it a go....
Lets see how long it takes to get the paperwork
Hopefully not too much longer, but at least no more extensions, that is a good thing for you.
I have hijacked this post, so sorry, but I think it may be best to continue to post under the original story so everyone can see our progress, or lack of...
The day before receivign the HAFA DIL paperwork in the mail we received an offer on our house. Of Course, after the HAFA SS marketing period had expired. Called Prommis-can not extend HAFA SS nor reapply. Back to BOA-initiated a traditional SS. This may be an absolute nightmare, but its worth a shot. So this week I will be working with BOA to determine if they will accept the offer and waive the deficiency. If not then its back to HAFA DIL.
The Sale/Auction date of my house got postponed to March 22nd. This is a first postponement. This was done bcoz I had an offer for a Short Sale & so my bank accepted by application for a HAFA Short Sale vs. letting it foreclosed. By the time bank sent me the conditional approval of the SS, the investor backed out. My Realtor is now looking for new investors. The letter states that if the closing does not occur by March 2nd, an extension must be approved. If I don't find a buyer for the house & instead of asking for an extension, should I ask for a HAFA deed-in-lieu? Will the lender agree? My intention is not to stay in the house for long. Infact I am moving out in next few weeks. I just want to avoid a Foreclosure so that it has a less impact my Credit. Are lender offering Deed-in-Lieu as early as 30 days after the unsuccessful SS?
Once the marketing period expired for the HAFA SS we were able to apply immediately after for the HAFA DIL. They mailed us the paperwork but I have not submitted it yet because we received an offer so it's back to a SS. I think it's worth a shot to try it. Just a thought though-doesn't the HAFA programs require the property to be your primary residence? If you move would they still consider it your primary?
Even tho I am moving, I am not going to permanently change my address with Post office, banks, CCs, etc. Other than buyers & realtors , no one from my lenders side is goin to take a look inside my house & see whether I am living there or not. I may leave behind a small mattress & pretend a temp move.
Home Affordable Foreclosure Alternatives (HAFA) Program, You should live in the home OR Have lived there within last 12 months. So I guess I might be alrite for HAFA even if I move permanently.
I didn't realize they added in within the last 12 months. That's great news for me too since we have found somewhere else to live and want to move within the next few months. I'll be sure to bring that we next time I speak with my negotiator.
As for the marketing period-the way out HAFA Shortsale worked was that we got "pre approved" for the program before we listed the home or even had an offer. They did the BPO/appraisal and recommended a price for us to list the house at. The initial listing period/marketing period was for 120 days, with requests to reduce the listing price every 21 days. After the first 120 days we requested and additional extension for another 60 days. After the total of 180 days in the program we had not received ANY offers.
We left our home on the market/in MLS after the HAFA program expired while we regroupe on what we needed to do. Then within less than 2 weeks we finally received and offer.
Now the are completing a new BPO through the BOA Traditional SS progra
So we are just waiting to see what the BPO shows the market value at ad if they will accept the offer or now. Doesn't look very promising to me, but we shall see.
We havent reached a point where they have determined an auction date yet. We are officially 2 payments behind with the 3rd payment due as of Feb 1st. No auction date yet(maybe in the next 2 months I am sure they will set one).
Good Luck & I would appreciate it if you would keep us updated on your progress.