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Saxon with Hafa Clueless? - Short Sale Classes

In this article we wanted to share an idea of how the program is pending Hafa Saxon. When we talk to Saxon Short Sale Department, it was clear that the process is still very new to them, as they still have to work through a short sale of closure. What we did meet Saxon is the current process with the closing of the transactions Hafa. Saxon not surprise me if you make changes to improve future transactions Hafa.

Hafa When the program kicks in early 2010, many real estate agents were thrilled to see that some standard processes were launched to encourage short sales and to help reduce response times lender. As we move through 2010, the real estate sector has not seen Hafa benefits.

1) The initial contact owner - Borrower speaks to the short sale Hafa Department by phone to notify them of wanting present a package of short selling through its program Hafa. There is an option to speak with a Spanish-speaking Saxon well.

2) Sign Letter of invitation to tender - a tender Hafa Letter sent to the borrower via U.S. mail. This letter must be signed and returned to Saxon by fax or mail U.S.. If not, the treatment of short selling will not continue.

3) BPO (Broker Priced Opinion) Full - Saxon order a BPO and review the report when they get to decide how to proceed with the short sale. At this point, the value of BPO should be in line with the tender offer and if not, negotiations have to happen to move the file forward short sale. Send any information on the market that supports the purchase offer is submitted.

4) Package sent to Borrower Hafa - Once the BPO is received by Saxon, a packet is sent to the borrower Hafa via U.S. mail. The borrower completes this documentation and returns via U.S. mail. This documentation is required to qualify the Borrower under Hafa program.

At this point, the borrower waits to see if they qualify for the program Hafa. This is important because it will determine the outcome of the approval. Specifically, the amount of real estate commissions allowed. Hafa guaranteed 6% commission to real estate agents and if the short sale is not qualified under Hafa, Saxon can cut the commission to 5%.

Note that there is a short sale secrets Department that deals specifically with the operations Hafa and another department that handles non-Hafa operations. What this means is that there will be different contact numbers to call for the situation and different negotiators assigned to the file.

If your short sale begins processing with regular short sale qualify for Hafa Department and later moved a short sale Hafa Department and assigned to a new negotiator. If you submitted your file to short sale short sale Hafa Department and ends up not qualifying for Hafa, will be transferred to the Department to regulate short selling.

In a short sale of our presentations, we had called to confirm the receipt a BPO which was ordered by the Saxon and had no changes in your file that is always ordered a BPO. After some confusion and research, he realized Saxon that the BPO is ordered through the Department Hafa Short Sale and we had to call a different number for your state.

Another element to take into mind is that if you already submitted a short sale through the non-Saxon Hafa Short Sale Department, you can always choose to follow Hafa later and moved the file a short sale Hafa Department.

If you are unsure if the borrower can qualify for the Hafa, visit the website http://www.realtor.org/government_affairs/short_sales_hafa. If you determine that your borrower does not qualify for the program Hafa, submit the short sale package to non-Saxon Hafa Short Sale Department. Doing this in advance research will help you lose time with your short sale file be moved from one department to another and yet waiting for a new negotiator to be assigned.

Unknown Chase Hafa process

In this article we wanted to share an idea of how the program works Hafa is being processed by Chase. When talking with the Department Chase short sale, it was clear that the process is still very new to them and is that the program is very new, do not know enough about the program. Chase did not know too many details about the ways Hafa Short Sale Agreement (SSA) or application for approval of a short sale (RASS).

The standard response from Chase went to visit their website for information and download Hafa short sale packets. After visiting your page web, he had no information on Hafa and there was no information on how to qualify for Hafa.

When the program kicks Hafa in early 2010, many real estate agents were thrilled to see that some standard processes were implemented to encourage short sales and to help reduce lender response times. As we move through 2010, the real estate sector has not yet seen the benefits of Hafa. Chase would not surprise me if several changes future to improve Hafa transactions and we continue to report any change.

In order to obtain better information about Chase to Hafa, we had to contact someone from the executive response team. We were able to gather more information about the submission process transactions Hafa short sale.

1) makes initial contact Borrower - The borrower must call the Help Line at 866-326-0086 and request Hafa "Hafa Eligibility" Letter to be sent to your current mailing address. This letter is received after 5-7 days. If not received after a week, call the Helpline Hafa again to make another request. It is important to track the receipt of the letter to ensure that your short sale file is moving forward.

2) Hafa Borrower receives Letter of Eligibility - What is sent to the borrower is the standard package Chase Short Sale information specific to an additional page Hafa and details for all the conditions required to qualify for the Hafa. To view these requirements on the Internet, we were instructed to visit https: / / www.chase.com / CHF / mortgage / hrm_hafa.

3) If the short sale file qualifies under the program Hafa, 6% real estate commission allowed, as otherwise you fall to your level of 5%. Therefore, it is beneficial for real estate agents if they go through the process of qualifying the borrower under Hafa.

4) If you submitted a short sale package, you can still get Hafa qualifications. It is our recommendation to verify that the borrower may qualify for the program Hafa advance to save time in processing.

Historically, Chase has been very slow to process the short sale transactions, and Hafa additional guidelines, we expect Chase to take some time before his negotiators are current Hafa how to process transactions. Experience has been WHB Solutions to educate negotiators Chase short sale in the short sale process, especially when specific Chase.

We have found negotiators to be easy to work and follow the internal guidelines of the T, but to share information internally is not always good. On many occasions we have had internal sharing Chase processing changes to the negotiators assigned on file for one, which ended up working in our favor and that internal changes back to us enabled our archive for short sale faster.

It is our recommendation to see if your short sale transaction qualifies for the program in advance Hafa, it will help make sure you can get a 6% commission real estate agent. Moreover, we encourage you to scale your questions Chase if the contact is communicating with can not give an answer to your question.

Keep in mind that short sale negotiators generally have a lot of files to work on processes and closely monitored. Do not expect to go the extra mile to help you structure your short sale transaction will be to your advantage. Get everything you want is to process and close the file short sale. The motivation is to close as many files as possible, because they receive bonuses based on performance.

Hafa treat transactions with the Bank of America Ecuador

In this article we wanted to share an idea of how the program is Hafa being processed by Bank of America, in particular, how Ecuador is Hafa transaction. Hafa When the program began in early 2010, many estate agents roots were excited to see that some standard processes were to encourage short sales and to help reduce response times lender. As the year progresses 2010, the real estate sector has not yet seen the benefits of Hafa. Would not surprise me if the Bank of America makes several changes in the future to improve and we Hafa transactions to continue to report any change.

Today, we lodged an existing file in Ecuador. The borrower named Bank of America Pre-qualify for the program Hafa and told us that the short sale file was identified as qualified Hafa. However, after agreeing to Ecuador, there is no indication that the file has been rated Hafa, which led to some concern.

WHB Solutions has analyzed hundreds of transactions closed and sales to short and we know that when it comes to short sales, check everything. Do not take the word of someone on the phone. Therefore, to overcome our concerns about whether our archive of short selling, in fact qualified Hafa, we contacted the negotiator assigned to our file and was informed that work on transactions Hafa!

No calls were made each time to inform us of this fact and we jumped on the phones to sell Bank of America cuts the Department to confirm that our file was in fact qualified for Hafa. We said then that the file is assigned to a negotiator Hafa and we should get an update of this new contact in a week. We also said that the short sale file will remain open in Ecuador until a new negotiator is assigned. Hurray!

We thought we were in the clear with this file, but then we realized on the basis of our experience that when a file is moved to a new negotiating the sale process Short interrupted. A BPO (Broker Priced Opinion) had already been ordered and we were not sure whether this BPO would remain valid. Then he went to Bank of America and mentioned that the BPO would remain valid and will be reviewed by the new negotiator.

Within a week, the borrower sent a short sale package specific documentation on the program Hafa. Note that the Bank of the U.S. guideline is sending this information the borrower via U.S. mail and not by fax or email this information. Most likely, this information is mailed certificate and verify delivery to the consumer for liability reasons.

In short how Bank of America with transactions Hafa, wait that the events of transformation:

A) The Borrower makes the initial contact - The borrower should call Bank of America to get pre-qualified for Hafa program.

2) Borrower receives Hafa Package - Bank of America launches a short sale package Hafa information to the address of the borrower.

3) At present, Ecuador has no way of proving that a short sale file submitted is certified by the Hafa. Bank of America said it can update its system to reflect this event.

4) If the short sale file qualifies under the program Hafa, 6% real estate commission allowed, otherwise it will fall to their level 5%. Therefore, it is beneficial for real estate agents if they go through the process of qualifying the borrower under Hafa.

5) If you submitted a package short sale, you can still pursue Hafa qualifications. It is our recommendation to verify that the borrower may qualify for the program in advance to save Hafa some time in processing.

Bank of America - Hafa

I have a short sale in process, currently in Ecuador. The state is valued, and the buyer just called in for qualifying Hafa. According to the representative of first line, the file has been "tagged" with a Hafa notation, and that our existing business would remain with the file.

The line number is 877.452.3908 Hafa for customers, and are 8:00 a.m.-8 pm EST. At present, the number is very concerned, and recommended that borrowers call early pass. (8:00 a.m. EST is 05 am PST).

I asked the negotiator for the next steps and asked whether to raise the SSA and the RASS alternatives to the Library for review.

Bank of America - Ecuador

files of the race until the end. Two - the exact same floor plan in the same complex, one started late Jan, the other March afternoon. However, the main difference seems to be that the second property, three different climbing requests had to be done for the negotiator to be prompted into action.

Property First - Third Party Auth (26.03), Short Sale Shipped (3.29), Negotiating Assignment (5.4), Valuations complete stage (5.17), first counter submitted 5 / 14, 2nd accepted against 5 / 18.

Second property - Third Party Authentication (Jan 27), sale Short presented (02 February), Negotiating Assignment (February 1923), submitted in March climbed to the full Valutaions (5.5), first counter (5.17) Second Accountant (19.05), second Accepted (5.19)

Other notes: Both properties were listed for $ 26,000. The BPO was day one at $ 18.5K, but remains the first counter was $ 22,500. Same for the second property - so this shows that the bank is trying to get over the initial BPO as a tactic. # 1 has a bid price of $ 19.5, while the second property has an initial offer price of 19.5 dollars, and because prices have been falling, has reduced its price to $ 17k.

Case:

National City PNC +

First loan with PNC second loan with National City. PNC bought National City - but the short sale applications are being processed by their respective departments. The representatives still are not authorized to talk to each other, which led us to create a third-party authorization that allows them to talk to each other

In my case, National City was requesting a significant contribution (40%) to approve the short sale, which the investor never PNC grant. This led us to make managers each department to talk with each other to solve, but not allowed to do so until they received the third party authorization allowed to talk to them.

PNC will not participate in the program Hafa, but you need to check if the investor behind the loan also agrees to participate.

A good practice that we must always remember to do.

When you get a "triumph" of any kind of representative of a bank is a great opportunity to get the contact details of its managers to write a "thank you" letter.

Ricardo was the coach the foreclosure process that helped me a reprieve. I asked by email to his boss and went on with my letter of thanks.

Look carefully at what came back - the phone number of your manager Mary (is in your signature), and it seems that another manager was cc'd on the email - Quinnie Wright.

Now I have three "go-to" people of Bank of America - Richard, Mary and quinnie - only the simple courtesy of sending an e-mail Thank you.

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