AMS & BOA - HAFA Program - approved listing price but no shortsale contract

**tolove** · 09-26-2011, 06:23 PM

frustrated and looking for some concrete answers ...been reading the posts trying to piece together some options.

Here's the deal - lost jobs last year, been paying with savings, now qualified for HAFA in July, tried HAMP in May, June didn't qualify, so now HAFA. Got our BOP appraisal, recdv the listing price at 225K on August 31. Loan amount owing is 250K on an interest only loan, no 2nd liens on property. Now been calling AMS every week for the actual shortsale agreement - keep being bounced to negotiator who never returns my calls. Now we have an auction date of November 23 pending.
Trying to have the auction date postponed and secure the shortsale contract. Our realtor may have offers pending but is afraid to submit them since they are less than the listing price given and was told BOA will not accept anything less than that. any suggestions??

**freedomwon** · 09-26-2011, 07:46 PM

Your real estate agent should be working directly on the equator system at equator.com. In addition, the short sale packet will need to be submitted along with a pre-qualified offer from the buyer. Did your real estate agent give you the short sale packet to fill out? If not, here's what you will need to submit:

Bank of America short sale package
Bank statements
Tax returns
W2s
Payroll stubs
Third party authorization
Hardship letter

You'll need to check with your agent regarding current BofA guidelines, but I believe they need to receive a copy of the listing agreement from your agent. The environment at BofA seems to be changing rapidly. I really can't say if the short sale listing will stop the sale date.

For some, in the past, that strategy has worked. But current trends show BofA is significantly picking up the pace on their foreclosures.

**tolove** · 09-26-2011, 11:26 PM

Thanks for the info, i've been working with BOA and AMS myself as a homeowner - AMS won't post anything on Equator yet for my realtor. We are in the Equator system but there is nothing for my realtor to see. We've already submitted all that you had indicated to BOA and AMS and they have confirmed receipt of it. We had the house for sale over the past two years but with the market falling, it fell below market value and then the loss of our jobs put in the nail in the coffin so to speak.
I'm just a homeowner trying to salvage our credit with doing a short sale but its getting so messy, and we haven't even started with any offers, i'm not sure its worth it. Any class action law suits vs BOA for blatant disregard of the HAFA program for qualified parties??

**Cat Damiano** · 09-27-2011, 05:21 AM

Hi tolove,

Welcome to the forum and thank you for joining........

The only difference in regards to the credit between a short sale, deed in lieu, and foreclosure, is the timeframe you would be able to buy again. After going through this, a good majority of homeowners do not wish to be homeowners anytime soon, so for them it is moot point.

How foreclosure impacts your credit score - Apr. 22, 2010

**tolove** · 09-27-2011, 03:33 PM

Thanks for the info Cat - so either way our credit will be hit, doesn't seem to matter if its shortsale,DIL, or foreclosure. Whats the process for auction, how long do we have to move out once the initial auction is completed? Thinking just want to try and get some funds to move...C4K program etc.. how do we dance on this one?

**Cat Damiano** · 09-27-2011, 07:26 PM

I may have missed it, but what state is the property located in?

**tolove** · 09-29-2011, 08:36 AM

We are located in Arizona. Got a hold of a AMS negotiator and was advised they generated the short sale agreeement today and they should have it within 3-5 day, then can email to me. We will see....