In order to reduce the cycle time and to bring improvement in customer services, Bank of America had made a process change for short sales that are submitted with an offer. This change is effective since 1st December, 2011. This change has impact on all short sales that are submitted with an offer and the homeowner is eligible for HAFA program.

If the homeowner is HAFA eligible, Bank of America will not wait to contact the homeowner – instead it will start work on the short sale submitted with offer. All HAFA eligible homeowners are not required to contact the Short Sale Customer Care of BoA to signal if they want to participate in the program or not.

Now HAFA eligible homeowners can discuss it with their real estate agents and submit all necessary documents indicating the interest in HAFA to Equator within 14 days of application submission. But the bank will not stop the short sale file and it will continue advancing in the process. If the bank doesn’t receive the required HAFA documents, the short sale will be considered a traditional short sale.

Bank of America is changing the processing of all HAFA short sales with an offer from their outsourced vendor partners to BoA associates. All short sales submitted without an offer will also be processed by the outsourced vendor partners. A file can easily be transitioned from Bank of America’s traditional process to the HAFA process. This will result in improved customer service and agent experience.

Actions required:

– Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
– If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)
– If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

If you want any help in a short sale, Short sales in New Castle, you can seek help and education from me which is necessary to make educated decisions. If you would like a free PRIVATE consultation please email me at homes4keep@yahoo.com. – Pearl


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Filed under: HAFA • Short Sale

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