HAFA Program Currently Accessible By Bank of America
Group 4610 is getting in touch with Bank of America’s Short Sale support group today to get some valuable information on the HAFA program, which is making its debut at Bank of America. This wildly enjoyable video brings several problems to light.
Bank of America employees in the short sale branch got one day of training to learn how to use the HAFA program. Really, Bank of America, a whole day of instruction?
The folks at Bank of America are dealing with HAFA through Equator. Nonetheless, they have tailored it so that it is not available to real estate agents online. This is done so that Bank of America can make sure that the home qualifies. This is required because numerous key investors do not take part in the HAFA program. Freddie Mac, Fannie, Mae, FHA, VA, Jennie May, and private label loans have all chosen not to play a part in the HAFA program.
Other eligibility issues must be met. The homeowner must be further than 60 days behind on their mortgage. The house must be owner occupied. Basically, it can not be a vacation home or rental. The principal balance for a house must be below $730,000. The loan also needed to begin before January 1st of 2009. These requirements eradicate roughly sixty percent of all of the loan portfolios out there.
This process is going to take no more than four months. At that time, the investor must accept or reject or the file will be closed. Hopefully, you realize what a joke this program is. The variety of people that it will truly assist is small.
One other thing of note before we finish for today. On Thursday, April 8th, Group 4610 is hosting a webinar exclusively aimed at lead generation. If you are interested in finding out how we create the leads that provide us more than 90 files presently, check out the webinar.
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