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"Integrity is the name of the game with Us"
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HAFA and YOU By: Rachel Saltmarshall 4/25/2010 From the looks of my title it appears kind of happy. HAFA, HAPPY? Just a thought. It’s been 20 days since its arrival and it’s been far from happiness. 10 days to get a response from the lender has yet to happen. Heck most of them have never even heard of a RASS form. Yet here we are again with another government mandate with no mandators to keep it in check and make sure that everyone is in compliance. A bank of America rep told one of my clients that because her loan was an FHA one it “would not go through a system called EQUATOR? However upon calling them back myself I was told “oh I see that it’s been uploaded already in the system through Equator we will be getting back with you on the 21st of April “. The 21st has come and gone. So here I go again back to the daily routine of being the forceful Realtor. When does it get just a little bit more streamlined? Heck Short sales have been the norm for almost a year now. HAFA was to bring so much joy to the masses in underwater mortgage limbo. However it has become even more confusing especially when the banks that signed up for it don’t even know what it’s about and have yet to train their Negotiators. So the question is what happens when a bank does not abide by the rules of HAFA? I’m figuring NOTHING! WHY WHY ? More regulations with no real requirement of adaptation and no punishment for deviation. And I digress only to say as a Realtor doing Short Sales to other Realtors doing the same stay on top of your game. And as a Realtor to homeowners still undecided as to the Short Sale option hire a Realtor who knows their stuff. Until next time Stay informed. |
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