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.

Twitter Digg Delicious Stumbleupon Technorati Facebook Email

11 Responses to “UPDATE: Bank Of America And Chase Outline HAFA Short Sale Programs”

  1. Great info if it works.. Now if the lenders and Fannie & Freddie would actually only follow their own procedures one of these might actually move forward. All the agents I speak with say that even when following the guidelines, providing the proper documentation, use of the lenders required Platforms and Software, etc. they have yet to see one of these actually approved in the time period set forth.

    • Hopefully the problems and issues will work themselves out soon as the servicers get their short sale divisions adequately staffed and educated. It is interesting that the agents, most of whom had to educate themselvss, know more about the HAFA program rules than the servicers who knew they would have to implement this program since last year.

  2. As always- you are a wealth of excellent information. Your information is always accurate and up to date. I also can’t thank you enough for the excellent training on short sales that I received from you. Thank you!!

  3. I agree it can be a nightmare. Most customer service reps are very nice but don’t have a clue.
    They dont leave detailed notes on many calls for the next rep to update what needs to be done,
    its like starting all over again.

  4. Thank you for sharing. Could you please send the link for B of A? It is not attached to your comments. Thank you!

  5. What a great great site…Thanks for taking out time to benifit everyone…appreciated

    • Thanks everyone for the great comments above. I appreciate you letting me know that our information is helping your business.

  6. Borrower has HELOC (Home Equity Line of Credit) from BoA and don’t have any other Home Loan or mortgage.
    BoA (FL) has refused to make consideration of HAFA short sale for 1 reason: HAFA program is working just for 1st mortgage and HELOC does not eligible for HAFA consideration.
    Is it truth?

    • SOmeone is lying. If the Borrowe/Seller “[doesn't] have any other Home Loan or mortgage” then the HELOC IS the first mortgage.

      Ergo the borrower has more than one mortgage…..and that HELOC would be second.

  7. I hear time and time again how BofA and Chase are a nightmare to work with in the process of a short sale. Hopefully, the economy will pick up and people will not have to foreclose and short sale their homes as frequently. But that’s just wishful thinking.