Bank of America Bettering Short Sale Route
July 5th, 2010
From the very beginning, shortsalepowerhour.com has spoken in relation to the outback mindset. The outback is a answer oriented mindset to recognize processes that don’t work and producing solutions for them. The majority of people in a short sale transaction are devoted to saying I can or I can not do this based on what somebody else has told them.
We would like to talk about the HAFA program which rolled out April 5th. It was believed to be a game changing course. The HAFA program, in my opinion, has been a great catastrophe. That’s not to say that people haven’t qualified for HAFA, but the point is that the predefined requirement standards are a slap in the face. The whole idea has been missed because nobody understands the program even though the information is out there.
So, sellers come to us and say, “Hey I heard i can get $3000″. That is the initiation for the program and it creates an opportunity for an emotional circumstance and creates 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 problems that they have had with them. During the meeting he brought up HAFA and I laughed at him. I laughed because HAFA has been a total catastrophe. Interestingly though, according to Matt Vernon, Bank of America has devoted themselves to producing their own course that is comparable to HAFA to speed up the route and incentivize the home owner. The hope is that the short sale route can be whittled down from 120-150 day short sale down to 60-90 days.
Two years ago, based on results, Coach Collard hated you guys at Bank of America. It is incredible to see that you are talking about leadership and you are making things come about. We appreciate the fact that you are openly communicating with short sale professionals. Stick to the outcome and make it happen.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.