Sacramento Short Sales, HAFA, Bank America and Equator… “Houston, We Have A Problem…”

Bank Of America's Equator System And The HAFA Program...

Some of our Short Sale Files on  Bank America’s Equator Short Sale System getting “campaign Codes” or HAFA codes, being put on hold and slowing things down AGAIN!  We were finally getting up some speed!

What’s crazy, is that one of these was a Fannie Mae owned loan, and I know that Fannie Mae is not even participating in HAFA .

Yes, BofA is participating in HAFA, Find out Which Banks Are Participating In Hafa…

Home Affordable Foreclosure Alternative…Is HAFA just another government sponsored foreclosure delay?

Sometimes an email is sent from the BofA equator system’s Equator operator, (or “generic negotiator”)  that says something like:

“Hello, currently your file is ready to be negotiated, but unfortunately the system has pulled files per the new Government Program HAFA, created by the President. These files are pre-qualified for the program systematically by the guidelines of that program…”

They always go on to say that there is nothing neither the negotiator or I can do at this point, because the SELLER must locate a letter sent by a third party vendor and they must contact the vendor and tell them whether they are interested or not… they say this is a government program and it is between the government and our seller. It also goes on to say that the system has caused  equator to freeze/hold until they contact the vendor and let them know how they want to proceed.

Problem is THEY WON’T ANSWER THE PHONE!! Most everyone has finally gotten through, but we have two sellers that say they cant get a hold of anyone! These are actually the only two that may be able to participate in the program!  (the others are non-owner occupied or owned by Fannie-Mae- Freddie Mac)

We have also seen this message:

“Per our system, the seller has received paperwork about the HAFA government program. Please note that paperwork has been sent to the seller directly and contains the HAFA government vendor contact information. Please note all questions and communication is to be directed to the HAFA government vendor assigned in the seller’s paperwork. If this isn’t something they are interested in, please have them call the vendor directly to have the campaign code removed or contact 877-452-3908 for details. Once the campaign code is removed from our system I can resume negotiations as usual.”

We have a file where the sellers have been trying to call for over ten days… in the meantime, the foreclosure clock keeps ticking…

Questions on your particular situation? Reach out to a Certified Short Sale Specialist! I am Certified and Experienced in Negotiating with your Bank!

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center