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http://shortsalepowerhour.com/power-hour/hafa/
HAFA short sales aren't game changers. The HAFA program was supposed to revolutionize the short sale business, but there aren't any HAFA deals being closed. Do you know if anyone has actually closed one of these things? Also, if you know where Jimmy Hoffa is, put it in the comments!
I just got the crush it package!!! HOLY CRAP!!!!!!! I can't believe what they are giving away in it.
- Adam, Arizona Realtor
(6 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5)
Have 5 HAFA in pipeline. 3 just got dumped, the other 2 are not streamlining as expected. My HAFA dreams and hopes are crushed…..
HAFA hopes and dreams…Crushed! Now, that’s funny!
16 short sales listed, 0 HAFA, I might need to fly down to Az for that class
Josh: It would be worth your time…Friday, the 13th, and Group 4610…great combo! Plus, maybe a little short sale insight.
0/Hafa short sales listed, just regular old short sales. 0 Hafa short sales closed/closing regular ones. Hafa short sale system is a way for the lender to spend 30 days appearing like they are doing something productive, just to have it kicked into the regular system and to re-submit all over again. Waste of time/waste of money.
0 HAFA Listed / 0 HAFA Closed
One HAFA thru Wells. Process was very smooth and streamlined BUT…of course the buyer walked. I went thru the Alternative HAFA and started out with the offer. Now that buyer walked, we are starting the Traditional route with HAFA. Good communication thru-out. I will let you know if it closes!
Great episode gang!
I agree with you, the 4-letter designation that promoted this as a game changer, exposed themselves as not understanding the game(that’s not a shot, but a reality). And, I went to a 3-hour CE credit class 2 weeks ago at my office on HAFA… I nearly threw up 3 times during the class, but prayed at break and stayed in faith to make it through the lies and shenanigans. This guy quoted that over 62,000 HAMP loan mods have successfully closed in April, May and early June in Arizona alone. I stopped him, challenged the number he quoted, asked for a source, and after he ran in circles dodging the bullet and justifying it, he came clean that the number came from a buddy of his that emailed him that’s a lobbyist at the capital for new financial legislation. I stopped his answer right there, thanked him for the truth, and dismissed the number as POLITICAL SPIN AND MASSIVE UNTRUTH. Definitely, nothing is ever what it seems.
After that class, I decided to do some research within my office of 300 or so agents, of which 40+ take and close short sales regularly. Here are the responses from my KWEV office…only 3 so far.
From Geoff “Action” Adams – Top 6 producer in my office at KWEV
Wachovia,
Issued me a Hafa like approval, it was only missing the most important part…the release of the deficiency.
Note – they claim once the seller says no to HAFA they no longer have to offer the program. So what they did is call my seller and talk him out of it…pretty sneaky. They then were not going to release the deficiency…holy hell ensued over Action’s phone line and it is taken care of now.
Letter attached (note it follow HAFA almost to a T)
Thank you,
From Jill Rother – The Phoenix Team – ALC Member in my office – KWEV
Hey Mark, I am in the middle of one right now. I will let you know how it turns out. Thanks.
From Dan Weale at KWEV office – over 2+ years experience in short sales
I have a short sale client who is eligible for the HAFA program. I sent her the docs yesterday. BofA contacted me on this and wants me to load the docs into equator. I have a contract in with BofA and they will continue to work the file.
So, to sump all this up…I think the HEMP and LAFA program are JOKES! Also, based on the comments by Matt Vernon from BofA during his event in Scottsale that Gubernick discussed with you guys last month, he doesn’t disagree. He agreed with me when I laughed and did everything but say it’s a JOKE, and he mentioned that they were internally creating guidelines that would speed the process up, but that they would NOT be HAFA guidelines.
Great beach photos on Facebook! Keep it up! “Don’t compete, change the game”! …by my favorite REO gangsta in Vegas.
HAFA listings-0
HAFA closed-0
Everyone has a 2nd lien it seems.
Love the replies today everyone! Keep them coming!!!
ZERO listed ZERO closed. I have a reverese mortgage short sale and a tenant occupied short sale under contract at the moment. I closed one with 4 mortgages that the buyer paid 26k just to release the 4th lien. I just closed another that the bank refused to postpone the sale so the buyer paid 4k to get it postponed with Aurora. So far the buyers for my listings have been really great. I had one hang in for 8 months while I helped the seller figure out how to get IRS tax liens removed. That closed even though the pipes in the home burst just before settlement. I would sure like to hear if HAFA has helped anyone.
Listened to a HAFA process explanation at REO Expo in Dallas a few weeks ago. It was billed as a “HAFA “class.” I don’t know the other reasons why they’re not happening (maybe the ususal assortment of reasons) but the HAFA short sale process rules and regs alone are enough to numb 99 of 100 brains. I emphathize with anyone attempting to get one done. Maybe that’s your point, uh huh? PS – The “class” agenda at this REO conference was more about short sales than anything else (tell ya somethin’?)
Love your insight and all you share Roger! Thanks
Definitely tells me something! Uh-huh!! 
Is everyone clear yet that SHORT SALES are the market?
I’m going to step out and make a BOLD statement…maybe…ha ha!
If you are a real estate agent, and haven’t yet taken on short sales, as a buyer’s agent, or listing agent, and you are considering NOT taking on short sales for your business, IT WILL BE ABSOLUTELY THE BIGGEST MISS IN YOUR ENTIRE CAREER! WAY TOO MUCH OPPORTUNITY TO PASS UP, AND GUESS WHAT, PEOPLE NEED HELP, AND THE GOVERNMENT CAN’T BAIL THEM OUT LIKE THE BANKS!
GET YOUR HEAD OUT OF THE SAND AND GET WITH THE PROGRAM…THE SHORT SALE PROGRAM!
PS…Roger, always great to hear the insight from insiders, withOUT spin. Thanks! Go horns!
COACH
ZERO and ZERO. I actually had a client cancel her listing because she only wanted to do a HAFA short sale. She wasn’t comfortable without the “government oversight.” Property went to foreclosure.
Wow! Thanks for the share Mike. We have to get the message out to agents and homeowners that HAFA is not real so they don’t put their trust and faith in the government (you’d think they’d learn that before now but some people just take longer to come around and understand that)
Thanks for bringing this up Kevin & Fred, I have 14 short sales i’m currently negotiating and “0″ are HAFA! Not sure if this program will work.
Finally some confirmation of this. I thought I was going crazy or something.
We run a large short sale company at Keller Williams Santa Monica called LA City Short Sales. I have several attempted HAFA files with ZERO closed. My recent lender conversation on a Wells / Wells file went like this:
Wells 1st lien “We are going to process your file through the HAFA program.”
Wells 2nd lien “We are not complying with the HAFA program at this time”
Ha ha…so sad but that is the way most Wells deals go…as much as I like WF, the 1st & 2nd dept. are NOT on the same page.
I agree Kevin. Wells is actually pretty good to work with. I just wish they would connect the final piece of the 1st and 2nd processing the file at the same time or best case with the same negotiator.
3 HAFA Listings, 0 Closed.
I had 3 short sales that were in process and that were converted to HAFA. All it has done is slow down the process.
Looks like I might be close to an approval for a Bank of America HAFA short sale processed by Loan Resolution Corp. The other two are Bank of America/Promise Solutions and they are not going anywhere at this time.
I am about to submit a Freddie Mac HAFA file. We shall see.
A big fat zero for both!
You cannot crush it thinking HAFA
is working or going to work.
I have 9 HAFA listings. Not ONE closed or even close to closing. What a joke!!!
0 HAFA Listed
0 HAFA Closed
Have had ZERO clients qualify!
Hate those 4-letter words!!
0 Hafa listed 0 closed as well. SO what your really saying to any buyer agent, is, don’t let your buyer get into a short sale HAFA! I’m waiting on one right now, that I thought was flying pretty good, we had approval, and then buyer’s appraisal came back low.
Love you guys
I have 1 HAFA short sale approved by Bank of America and we scheduled to close on August 6, 2010. I have 2 other short sale listings.
Jordon – You might be the first one…come back on August 8th and let us know if it closed or not…
Thank you!
0/0