I am having a problem with a Cenlar HELOC on a HAFA short sale. First has accepted offer and is contibuting 8500.00 to the second. Second wants 10% or 14780.00. They have actually sent me an approval letter asking that we send 6280.00 outside of escrow before they approve the 8500.00. I did tell them that this is a RESPA violation and is not going to happen. They will not budge. HELOC was used for home purchase and is a non-deficiency loan. Does anybody have any suggestions?CENLAR%20DEMAND.pdf
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Luis - is this a Treasury, Fannie or Freddie HAFA?
It's a HAFA. Which is why they will not receive more than 8500.00.
Understood. Treasury, Fannie and Freddie all have their own version of HAFA and escalation process may vary accordingly.
Since Cenlar doesn't participate in HAFA would that make a difference?
It may - I have seen success from Treasury "intervening" with non-HAFA participants to secure a HAFA approval.
I'll give it a shot. Thanks Ken.
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