Coffee Talk: HAMP, HAFA, Chase and other time wasters

East Valley Real Estate: HAFA, HAMP and banks wasting a lot of ours time

East Valley Team member Dean Ouellette talks, or maybe rants, about the HAMP and HAFA programs and banks wasting our time.

The Government came up with HAMP and HAFA to “help homeowners.” Well they have done no such thing. Maybe if you look at the optimistic numbers these programs may have helped somewhere between 4-5% of homeowners, but not near enough to make a difference.

The banks are using these programs as stalling tactics just wasting the time of homeowners and agents trying to help the homeowners. East Valley home owners need to do research on these programs and realize the truth before they turn to them for help.

Then the stalling and time wasting does not stop after HAMP and HAFA. Then the games begin at the banks with the short sale process. The bank will complain they are not getting enough money for the property and they will insist on more. When the buyer says no they will not give up more because they are already overpaying then the bank will threaten to cancel the deal.

If the agent doing the negotiations knows he has a solid offer they will call the banks bluff and the bank will often end up approving the deal. Two weeks later for the same results. Then the bank will say the “investor” will not approve certain language in the approval letter. After another two weeks the language is often added, another two weeks delay of wasting time.

By the time all is said and done the home is sold and months of time have been wasted for the bank, the home owners and the agents involved.

If the banks would just wake up and the government would not give them all these stalling tools, this housing mess could be cleaned up a lot quicker.