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Question # 1 today- anyone else doing BoA HAFA?

Discussion in 'Bank of America Mortgage Help' started by crisw, Jul 20, 2010.

  1. crisw

    crisw LoanSafe Member

    Anyone else out there trying to qualify for HAFA with no prior offer? If so, how is it going for you?

    Has anyone out there actually gotten the Short Sale Agreement yet? If so, can you describe how you managed it?

    We are still struggling to get past even the first hurdles, after 4 months of nearly-daily communications. Yesterday, our THIRD negotiator (we have asked OVER and OVER again for a negotiator who does HAFA and got yet another one that does NOT!) told us we were flagged for HAMP and not HAFA and he could not find any of the paperwork we have submitted seven times now...

    On the other hand, Moss Codilis, who is handling intake for BoA, seems to be doing its job very well! Courteous, communicative, informed...it's just everything having to do with BoA that disappears into a black hole!
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi Crisw,

    Personally I do not recall seeing anyone get approved under the HAFA program as of yet. It will proably be sort of like HAMP how these banks took months to implement their systems and to train employees for the new guidelines.. That may be why they keep flagging your account for HAMP instead of HAFA. I would definitely make a complaint to the OOP and explain to them that you are applying for HAFA and not the HAMP program. Makes no sense to me how they confuse a short sale with a loan modification...
  3. crisw

    crisw LoanSafe Member

    Well, let's see here.

    We asked BoA to have the HAMP flag removed/stop sending us HAMP paperwork/flag us for HAFA on May 19th, June 7th, June 10th, June 22, June 30, and July 19th.

    We have been with the OOP, trying to get something done on our file, since June 23 and have spoken to them 12 times since then, mainly trying to confirm receipt of our paperwork and to be assigned a negotiator who actually does HAFA!

    We have resent the paperwork to BoA at least 4 times and Moss Codilis three times. At various times we have been told it is there, it is not there, it is complete, it is missing the tax return, it is illegible, it is missing...

    We have been assigned three different negotiators. The first only did HAMP. The second never even spoke to us, despite two weeks of trying to contact her- then we found out she was "reassigned." The third only did HAMP and didn't even know what HAFA was!

    Moss Codilis tells us that the HAFA approvals are beginning to come through. I would just love to hear from even one person who has made it through the freak show. I am hearing the &&^#%$^% hold music from BoA in my sleep...
  4. needclosure

    needclosure LoanSafe Member

    I'll be trying to start it Aug 1 since my loan is held by Fannie Mae through BOA. We'll see how it goes. I'm prepared to fight hard. Have been in HAMP since July 09 and finally gave up on that about 2 months ago. Have made only 1/2 of my mortgage payment to show I'm serious...
  5. crisw

    crisw LoanSafe Member

    Good luck! I really hope we can find a few of us here for support- the HAMP crowd is so big, but there seem to be very few people doing HAFA.
  6. needclosure

    needclosure LoanSafe Member

    Any Updates? I called BOA and told them I wanted to do a short sale using the HAFA program. They said "great...nothing we can do until you get an offer." Doesn't sound right to me. Shouldn't they be doing some sort of BPO/valuation right now?! They are absolutely NOT following ANY of the Fannie Mae (my investor) guidelines that are posted online at all (not that I'm the least bit surprised after a year of modification he**)! They aren't even following what's on their own website! Property is listed with a certified distressed property real estate agent at least. Couple of nibbles, but no offers yet.
  7. crisw

    crisw LoanSafe Member

    Unless the Fannie Mae program is very different from regular HAFA, this is WRONG. HAFA is specifically set up so you do NOT need an offer to qualify. We went through months of BoA hell to get this through to them and, after dozens of phone calls, we are finally close to being on our way- our paperwork is submitted and in underwriting, and our BPO is Monday!

    Here's what you need to do. Call Moss Codilis- 866-984-3677. They handle all HAFA short sales without an offer for BoA, and they know FAR more than any BoA person you'll talk to. Tell them your situation. They can get you into the system. Good luck!
  8. Hopeful100

    Hopeful100 LoanSafe Member

    I've had my condo listed for approx 40 days with no offer, tons of foot traffic but no offer. My relator went to a conference or workshop of some kind, based on HAFA and BofA. She told me to call them this week and start the application process. She said we DO NOT NEED AN OFFER! That we can start the process immediately. She also said that they will push for HAMP but be specific with them and tell them that you are only interestedi n HAFA.
  9. crisw

    crisw LoanSafe Member

    Yes, they will push for HAMP- we got sent that paperwork 4 times!

    We are actually almost there...Moss Codilis is just waiting for the final valuation paperwork from BoA to send us our Short Sale Agreement. This, of course, is taking much longer than expected. It is supposed to take 1-2 weeks; it's now almost 4 weeks...but then, we have been at this process since March of this year! Do not expect to qualify for HAFA overnight, do not expect the path to be smooth, and never trust BoA to do anything right!
  10. Is there hope

    Is there hope LoanSafe Member

    Additionally, once you have an offer DO NOT expect them to respond within the guideline time frame of 10 days! I am still in the process of learning patienence and also learning that I have no concept of time! lol

    Hope all goes well for you crisw, Hopeful100, and needclosure! I will be watching your posts, as there are very few on this forum going thru HAFA.
  11. crisw

    crisw LoanSafe Member

    "Additionally, once you have an offer DO NOT expect them to respond within the guideline time frame of 10 days!"

    What has been your experience there?

    Also, how did your house valuation go? We are expecting it to come back far over what the house is really worth!
  12. Is there hope

    Is there hope LoanSafe Member

    My situation is a little different as the house was already for sale, when the decision to do a short sale was made. We got an offer and our agent submitted the short sale offer. BPO was ordered and several days later we received a call asking for financial information. We were told to fax all the necessary documents and once they received the information, we would hear a response within 10 business days. It's been more than 10 but they seem to think it has only been half the time. So for now, it is wait and see.
  13. imagn

    imagn LoanSafe Member

    Bof A HAFA short Sale

    Hi everyone,

    First time posting,

    I too am in the process of going though a HAFA sale with BofA. My situation is a little different as this is my second time trying to get an approval from bofA the initial offer was rejected and the buyer submitted a new higher offer, and we submitted it to the bank. It seems as though the BPO from the original attemp is still valid (although to be honest I have no idea) and was told this time around a month into the process my Short Sale would not proceed unless i called them and either accepted or rejected to participate in the HAFA program.

    Well i accepted it, and not it seems to be moving forward. I was told to contact UTLS who is HAFA for BofA others have metioned some other company.

    So, anyone know what I should be expecting going forward, should as i already had my house listed and an offer, am i still going to receive a short sale agreement (assuming i get HAFA approval) or will it just be accpeted or rejected. One of the key points to HAFA is knowing what the bank will accept a head of time. i would like to know this and know how to get this info

    Any suggestions for how to proceed, all my documents we in equator and i submitted the remaing documents, when asked, they updated the system to show "negotiate (meaning its in review) last week.

    I am would like to know what to expect next but this all seems rather confusing to me, any suggestions would be great

  14. needclosure

    needclosure LoanSafe Member

    Just wanted to say a big THANK YOU to crisw! I called the MC number you provided and they were AMAZED that BOA told me (TWICE!!!) that nothing would start with HAFA until I had an offer and to "go ahead and list it." They said that was completely wrong and to fax in several docs. BOA had not sent them any of my loan info to apply for HAFA (real surprise there...not) so they had to pull it over. These are the most intellligent folks I have spoken with so far. I faxed in my paperwork and am now waiting and hoping...again. I asked about next steps and the MC rep stated that the paperwork would be reviewed by MC and then forwarded to BOA for final approval (which was likely after an MC review). She also mentioned that someone from BOA might come by to walk around and check it out prior to the appraisal to make sure it was occupied. Interesting. Told her I was never there due to work and good luck to whomever might come out. Didn't mention that all I have is a bed upstairs and a mower in the open shed...along with a mailbox. That's about it - no appliances, furniture, etc. I plan to keep the blinds on the lower level completely closed. Not sure what they will check for...missing doors??? =) Tracks through the leaves in the driveway? Gimme a break. Come to think of it, BOA is so screwed up they will probably not show up or check the wrong house.
    According to MC (if I understand them correctly) once I get the BPO, the house can be listed (it is already and probably at more than they will demand) at their price for four months. If it hasn't sold by then BOA will decide whether to do a Deed in Lieu and give me 3K moving expenses, or extend the selling term another 8 months and then due a Deed in Lieu if it hasn't sold after that period of time. I will absolutely explode if they don't let me do a Deed in Lieu after 4 months!!! At the end of the 4 month period I will have had to deal with their complete incompetance for what is probably going to be close to 2 years!!!!
  15. crisw

    crisw LoanSafe Member

    Wow, thanks! I am glad that our experience can be helpful to someone else!

    Your DIL info is interesting- I am waiting to see that in writing when we finally get our agreement!
  16. crisw

    crisw LoanSafe Member

    I don't know if anyone knows what to expect from BoA!

    I haven't dealt with UTLS- that is at least the fourth different contractor I have heard of with BoA short sales (we dealt with REDC, LRC and Moss Codilis.)

    As far as I understand it, you should receive an SSA with the asking price the bank should accept. As far as I know, the agreement is the only way to get this info; the BPO and bank valuation are confidential info.
  17. Is there hope

    Is there hope LoanSafe Member

    I agree, no one knows what to expect from BoA!

    Sounds as though, you are in the process of doing the Alternative Request for Aprroval of the Short Sale (RASS). Your house was for sale, you received an offer, and then submitted the offer to BoA for short sale approval. Most of the others have seeked approval of a HAFA Short Sale prior to receiving an offer. UTLS should have 10 business days to respond to your current offer and let you know if it will be accepted. If it is accepted they will still need to approve you for the HAFA short sale. Once you have been approved, they will send you a short sale aggreement.
  18. imagn

    imagn LoanSafe Member

    Thanks for the info, as of now its in the negotiations phase.

    Something tells I should not expect anyone to get back to me in the time frame HAFA has specified!!

    Good luck to all, and i try to post an update when one becomes available
  19. UpsideDowninFlint

    UpsideDowninFlint LoanSafe Member

    My REDC asset manager for Bank of America told me that he has yet to see a HAFA short sale go thru if there is PMI on the loan. Talk about disappointing - it looks as if I just wasted 5 months of their and my time!

  20. Is there hope

    Is there hope LoanSafe Member

    Wonder why no HAFA short sales if you have PMI? Are you now in a standard short sale?

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