Home Buying in Alpharetta>Question Details

Thomasvision, Home Buyer in Alpharetta, GA

Will HAPA (Home Affordable Foreclosure Alternatives Program) speed up the process for Short Sales with offers pending Bank approval prior to 4/5/10?

Asked by Thomasvision, Alpharetta, GA Wed Mar 31, 2010

We put in an offer on a short sale a little more than 60 days ago. The 1st Mortgage is US bank and the 2nd mortgage is BOA. US Bank has approved the short sale (At about 40 days) and BOA is still pending. We just had to give US Bank an Amendment to change closing date‏; giving them 30 more days as they are still negotiating with BOA to get their final approval. My question is on April 5th, will HAFA (Home Affordable Foreclosure Alternatives Program ) help people like me whom are already in the short sale process or will the HAPA program only streamline the process for Short Sales created after April 5th 2010?

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I highly doubt it. There is nothing speedy about a short sale, and unfortunately, BOA will be your major concern. BOA is about the worst when it comes to short sales. A lot of it is going to be dependent upon how experienced the listing agent is with SS's and how aggressive he/she can get with the second mortgage. As it gets closer to a possible foreclosure they will become a little more motivated. Good luck but I wouldn't count on any government program or regulation to speed anything up.
0 votes Thank Flag Link Thu Apr 1, 2010
I agree with David. I don't think that just because the Government says the process needs to speed up that it is going to. Bank of America will still take there sweet time in responding and no matter what anybody says BoA can still screw up an anvil.
1 vote Thank Flag Link Thu Apr 1, 2010
It should help..talk to your agent
Web Reference: http://www.rolandlorans.com
0 votes Thank Flag Link Sun Aug 15, 2010
Thomas - The HAFA program is designed more to help home sellers not home buyers. Although there are timelines to be met in the program guidelines, and lenders voluntarily joined this program, there is really no penalty if they don't adhere to the timelines. The guidelines state that the seller will have an answer to their request for a home loan modification or short sale approval within 30 days. However, when a fellow agent called BofA to talk about the guidelines, they said they received a few hours of training on a Saturday (their day off) and thought they had 120 days to respond. So there you go.

I can tell you I'm getting much faster responses on my short sales, even BofA, but you're at the mercy of when a negotiator gets assigned. Equator, the program BofA is using to manage this process seems to be helping.

Patience is part of short sales, but if you love the property, its usually worth the wait.

By the way, both my sons live in Alpharetta.

Heather Peck, SFR
SellState NRES
Las Vegas
0 votes Thank Flag Link Tue May 4, 2010
Has CHASE Bank joined HAPA programe
0 votes Thank Flag Link Tue May 4, 2010
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