UPDATE: Bank Of America And Chase Outline HAFA Short Sale Programs
In an effort to help agents and streamline the HAFA short sale process, Bank of America and JP Morgan Chase have posted new information and resources online for real estate agents.
JP MORGAN CHASE
JP Morgan Chase has posted a downloadable HAFA-compliant short sale information packet and application online that contains their latest forms to use when applying for a short sale, whether HAFA or traditional.
Portions of the Chase forms are virtually identical to the Request for Modification and Hardship Affidavit (RMA) that is utilized in the HAMP program. The information packet also contains a very detailed short sale document checklist for loans owned or serviced by Chase that agents will find very helpful in assembling their short sale package. To obtain or view a copy of the new Chase Short Sale Information Packet, click here.
BANK OF AMERICA
On July 22, 2010, Bank of America released a very informative document called “The HAFA Short Sale Program: Guide for Agents.” This 10-page document that was specifically created for real estate agents includes (1) borrower eligibility information, (2) a detailed chart comparing the traditional Bank of America short sale to a Bank of America HAFA short sale, and (3) a process and timeline chart outlining the duties of the homeowner, agent and servicer at each step of the short sale process.
The document also contains information on how to process a HAFA short sale through Bank of America’s Equator online system. A copy of this very helpful guide to Bank of America’s HAFA short sales can be found here.