short sale approvals: What is all the Hullabaloo about HAFA and Short Sales? - 12/10/09 03:30 PM
As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming the norm. The new program that is supposed to help is called “Home Affordable Foreclosure Alternatives Program” or “HAFA”.
What Treasury is trying to do is help streamline the short sale process by suggesting guidelines to the participating lenders. That’s “suggestions” and “guidelines”. That does … (15 comments)
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short sale approvals: 22 Questions To Ask The Short Sale Lender - 12/27/08 09:39 AM
Are you at a loss for words with the Short Sale lender? Here are some questions to pose when you check in on your Short Sale transaction status. Even if you've asked some of these questions before, you may want to ask them again, and repeat certain questions on each call. Many times, you'll elicit a different answer or discover a problem that may help you get your approval more quickly.
1. Have you received our package?
2. Is anything missing from our package?
3. Has the loan been submitted as a short sale (or "referred" with Countrywide)?
4. Has a negotiator been assigned?
… (57 comments)
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short sale approvals: BOFA Issues 2 Contradictory Approval Letters! - 12/16/08 04:25 PM
I just had a Bank of America short sale closing for a home near Destin, FL. BOFA issued TWO different approval letters for the same junior lien:
1. Approval Letter Emailed:
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan. Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.": In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue … (12 comments)
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