HAFA -

HAFA to 2nd lien - looking for guideline - thought it was 10% up to $8500. BofA 2nd is insisting on full $8500 when payoff is approx $30K and we have $3K approved. Closing supposed to be today. Service release on Friday. Please help!!!  Need a link to actual guideline!!!

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Permalink Reply by Smitty on October 30, 2013 at 10:10am

Borrower cannot contribute on a HAFA short sale to the second position lien holder.  If you continue on the HAFA path with this sale the borrower will be prohibited from contributing.  If you opt out of HAFA the borrower can likely contribute to the second lien.

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