Foreclosure in Grants Pass>Question Details

Sharon Vest, Real Estate Pro in Grants Pass, OR

I am involved in a short sale purchase under HAFA, anyone out there have any insight?

Asked by Sharon Vest, Grants Pass, OR Mon Jun 28, 2010

The process has stalled even though the rules spelled out in the HAFA guide lines specify that once the seller is approved for HAFA and the offer is presented and all required documentation is submitted the seller can expect a response within 10 business days of submission. The lender cites a backlog as the reason for the delay and cannot even give an estimate of when they will be able to respond. This makes it seem as if there is no recourse to those lenders who do not comply so it is back to business as usual: delay, delay, delay. This was supposed to streamline short sales and it is failing miserably in my opinion. Buyers and sellers are both left hanging in limbo waiting for the banks to get their bailed out act together! By the way, HAFA stands for Home Affordable Foreclosure Alternatives.

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