Jul 23 2010
Bank Of America Bettering Short Sale Procedure
From the very start, shortsalepowerhour.com has spoken about the outback mindset. The outback is a solution oriented mindset to recognize processes that do not work and generating solutions for them. Most people in a short sale transaction are devoted to saying I can or I can not do this based on what someone else has told them.
We would like to talk about the HAFA program which rolled out April 5th. It was supposed to be a game changing program. The HAFA program, in my judgment, has been a massive failure. That’s not to say that people haven’t qualified for HAFA, but the point is that the predefined criterion standards are a slap in the face. The whole idea has been missed because nobody understands the process even though the information is out there.
So, sellers approach us and say, “Hey I heard i can get $3000″. That is the instigation for the process and it creates an opportunity for an emotional circumstance and leads to more victims.
About a month ago, I was up in Scottsdale at a large event where Matt Vernon, Bank of America official, talked about short sales and the troubles that they have had with them. During the session he brought up HAFA and I laughed at him. I laughed because HAFA has been a absolute fiasco. Interestingly though, according to Matt Vernon, Bank of America has committed themselves to creating their own process that is similar to HAFA to speed up the process and incentivize the home owner. The expectation is that the short sale method can be whittled down from 120-150 day short sale down to 60-90 days.
2 years ago, based on results, Coach Collard hated you guys at Bank of America. It is miraculous to see that you are talking about direction and you are making things come to pass. We appreciate the fact that you are honestly communicating with short sale agents. Stick to the outcome and make it happen.
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