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Brian, that is my thinking. If they required him to personally sign, (which they did) then they need to honor it as him personally. Especially since it was attached to the house as collateral.
As an update to this, it went from the negotiator, to the short sale expert in their department, to the legal department in their group, then to the corporate legal department. There has not been an answer as of yet. Any other insight, anyone?
HAFA is for 1st mortgage. The 2nd will have to agree to the sale but they are not a part of the HAFA program.
HAFA only applies to the first mortgage. If the second lien is with a participating lender they are required to participate with no deficiency. A maximum of $6,000 is allowed to settle ALL junior liens. I do not recall any document ever stating the HAFA approval on the first was subject to any criteria for the second. The challenge may be in getting Wells to see this as a HAFA settlement when the loan not a mortgage, but a business loan secured by the property… tricky If they do not they could make this impossible for you to close...
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