bank of america

One of my recent blog entries details the major failure of Bank of America’s HAFA short sale program.  They outsourced all of their HAFA short sale transactions to a 3rd party called AMS.  As of early December 2011 they have parted ways with AMS and are now handling all of their HAFA short sale files in-house through their Equator System.  The Equator System has it’s glitches, however we are being told in San Diego that we should be able to get short sale approval within 60 days from offer submission.  This would be a huge difference maker for many of our clients who have had to opt out of HAFA short sale in the past in order to get the transaction completed.  Only time will tell, but it can’t get any worse (hopefully) than how AMS was handling HAFA.  As a brokerage in San Diego we are seeing a lot of Bank of America HAFA short sales come through right now.  I’ll be able to keep everyone posted on how our HAFA transactions go over the next couple months.

As a short sale real estate firm that has done over 400 short sales, many of which have been with Bank of America, we have developed high ranking contacts in the executive level of the company.  We have recent news that AMS Loan Servicing was fired by Bank of America.  AMS has been the company that BofA outsources it’s HAFA short sales to for servicing.  It’s our opinion (along with many others) that they’ve been slow and ineffective during their tenure.  It seems now that Bank of America has finally caught up with that sentiment.  Word is that LRC and UTLS will be handling the HAFA Files now and they MIGHT get an in-house HAFADept that will handle the files – but this will not be immediate.  All of that would be great news for short sellers who have BofA loans and want to participate in the HAFA program to get $3,000 at the end of the short sale.  I’ll keep posting on how/if this transition works.  Until then, let me know if I can help with any short sale questions/concerns.