Making sense of HAFA Delays, well sort of!
July 2, 2010 by avoidforeclosureteam
Filed under Foreclosure News, Foreclosure Process
Problems with stalled HAFA system loans continue on, but we may have solved at least a portion of the mystery, well sort of. At the D&R team (HomeStalkers) we have negotiated hundreds of Short Sales on behalf of our clients in the greater Sacramento, Roseville, California area.
As of April 5, the U.S. Treasury Department portfolio loans which do not include Fannie Mae or Freddie Mac serviced loan’s seem to work in slow motion. We have spoken to a lot of top agents throughout the country handling short sales and not one has closed a HAFA loan and it has been close to two months now since the start of the program.
Finally we are close to closing one HAFA loan, but another one in the system seems to be in ultra slow motion. Two companies that we are aware of servicing HAFA loans on behalf of the lenders/banks are Promise Solutions and Loan Resolution Services. Our experience when calling Promise Solutions on our files is far less than stellar. When we call on the file, we practically wake someone up on the other end while Loan Resolution Services is at least attentive and we are able to get some and cooperation. Recently we called a vice president and ally at a MAJOR US bank and asked him what’s up with this?
His answer lighted the bulb. The lenders need to use different companies to handle the HAFA portfolios. Promise Solutions is a Government run company and Loan Resolution Services is a privately held company and the lenders need to split the assets between them. Do we really need to say any more?
Contact D&R and the HomeStalkers Group with any pre-foreclosure and short sale questions.
HAFA loans in slow motion
