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Permalink Reply by Eric Mieles on September 21, 2011 at 3:49am

Miriam, it will be your responsibility to work the regions HELOC while working your HAFA Chase ss. You will send in your package and negotiate just like you are with Chase.

If you do get the approval from Chase/HAFA they will contribute up to $6,000 however I would suggest you negotiate this prior to getting your approval and work it down, obtain an approval letter and then be set to move forward once your HAFA approval comes in.

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Permalink Reply by Jessica Eisenhauer on September 21, 2011 at 5:40am

Most of the time the 2nd only gets 6% of their balance up to a max of 6K.  But they have to agree to take it for full debt forgiveness and they don't have to agree.  I would start working with them right now at 6% of the balance.  Because if they don't agree then you can't go HAFA usually regardless if your client qualifies and is approved.

 

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Permalink Reply by cesar llanes on September 21, 2011 at 10:24am

My understading is that the 2nd receives 3% of 2nd lien principal balance up to a maximum of $6,000.

 

If you got your approval from the first lien, it should tell you how much the 1st lien holder is willing to pay the 2nd lien holder. If you are still in a process of submitting your offer to the 1st lien, I suggest that you work with an escrow company to prepare your HUD1. This will show the details of distribution of payment.

 

I hope I answered your question.

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