I have a seller that's been waiting 90 days to find out from Chase if they qualify for HAFA. Things were looking relatively good and then our seller lost his job. Not a good time for these people, especially since it's right before Christmas. If that wasn't enough....
Chase phoned within a week of our client losing his job saying our client had been declined for HAFA because he was unemployed. This was a first for us. We're very familiar with the guidelines and unemployment definitely isn't listed as a reason to be declined for HAFA on the information we've received.
We phoned the HAFA hotline, and "they didn't know if that was within the guidelines." Fairly disgusting when the organization administering the plan doesn't know what their own guidelines are.... They recommended we call the FTC for information. No comment on the latter.
Here's what we're doing:
We're contacting a local HAFA counselor and some other contacts we have at Chase to determine the legitimate guidelines.
Contacting Chase and invoking the guidelines that allow the seller to have their foreclosure date pushed out.
Once we have the guidelines verified, we'll either proceed with getting the HAFA rejection remedied or proceed with a traditional short sale.
We'll share back, but in the meantime I'd be interested to hear from any members who have had clients rejected for HAFA due to unemployment.
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