Good one today!
Seller got "kinda" Hafa approval." BUT, long story, now we are waiting for Alt Rass because net did not come in, (another long story) everything submitted. Seller does qualify for HAFA, but they want to now get alternate living facilities! (dont have a definative approval!)
I guess my question is? At what point after SSA and now waiting for (regular RASS another long story( Alt RASS can they vacate the property? in other words, they are owner occupied, have some sorta HAFA approval, but want to make plans so that when we get a closing, they are not out on the street?
Can they now vacate without loosing their HAFA eligabilty? So they dont have to wait to the last minute? This entire short sale process, regardless, take into consideration, the genuine seller/borrower, who got "ripped off" with these "great" mortgage opportunities, now have a legitimate hardship, Regardless I will not attempt do advise on this, but was wondering everyone elses experience, and thoughts!
It is so difficult to help all these deserving homeowners that legitamatly got taken, not knowing that a change (hardship) would ever occur!
Sorry just ventilating a little also! I am sure you can all feel my pain!
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They can leave now and still retain their HAFA eligibility but i wouldn't suggest it. Even though you have the seller HAFA approval they still need to reach a value agreement with the bank in order to complete the short sale. I have had quite a few deals fall through after HAFA approval because the bank wanted to much for the property or other random issues.
There is usually plenty of time between final bank approval of the short sale and the closing date. They should just start preparing so when the time comes they already have some important items taken care of.
Yes, I would not suggest this! (I dont suggest anything! too much liability) I am running into the same thing you are mentioning! Everything appeared to be good with the SSA, however, somewhere in between we are short the 3k relo and 6k second. Was just looking for scenarios in the past!