As of July 13th 2011 Bank of America received a new guidelines (or in the business it is called a directive) from our old pal Fannie Mae(FNMA). In this new guideline change they are requiring homeowners that look to go through the HAFA program to actually jump through several new hoops. One of those hoops is that as the HAFA program was originally designed to help homeowners that had been declined from HAMP providing them an Affordable Foreclosure Alternative to help the bank avoid having to take the home away from the homeowners. Well in this case they are now making all those homeowners that want to go through HAFA go through a check list and if HAMP decline is not on there they will no longer be eligible to participate in HAFA.
Also, where HAFA gives the directive that the sale date must be postponed through the processing and review of the file they are now saying that they will no longer allow homeowners to participate in the Home Affordable Foreclosure Alternative if there is a pending sale date within 60 days.
To only make matters worse there isn’t a lot of information about this last part but there will now be a whole new interview process in order for Bank of America client’s to go through. This new interview process is actually going to be done over several steps. First the homeowner has to call in to the customer service department. They will be requested to answer the general HAFA interview questions but then as opposed to being referred out to another party who manages the Short Sale HAFA processing on behalf of Bank of America they will now receive a call back at a later time for the second interview. It is this interview that little is known about as it is such a new part of the process. What we do know is after the first conversation an internal audit is completed and then a call is made to the homeowner to ask some additional questions.
As our clients go through more of these we hope to be able to fill in the gaps but for that you’ll have to stay tuned in.
Please feel free to take part by commenting below and letting us know what you and your client’s experiences have been as we are sure that many others have many of the same questions or answers that you may have.