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The 2nd must approve participation in HAFA, and I think it's done on a case-by-case basis. So, the statement "the 2nd participates in HAFA' does not mean they will approve your deal.
And, most importantly, in my experience, the mortgage insurance company must also approve. I have three HAFA deals where the MI company denied, as they are fully entitled to. (Including portfolio MI, not just borrower MI.)
Voluntary participation by the 2nd and the MI is part of the design of MHA HAFA, so appealing this is probably going nowhere, in my opinion.
But, The cap of 6% of the 2nd's principal balance was removed. It is just $6,000 total, I believe. Which could be significant in some cases.
Eg, 1st = $200,000, 2nd = $40,000.
Under Treasury MHA/HAFA (non-GSE), the first is "allowed" to contribute $6,000 to 2nd for release AND full-satisfaction. (I don't think this applies to GSE HAFA, as least not yet?)
Both parties must waive all future rights to the deficiency.
Shirley,
Can I ask...
What was the dollar-amount going to Citi from net proceeds? And the Citi principal balance?
Citi received $3268.00 which is what GMAC offered per the balance owed per HAFA guidelines. They were owed $54,461.
Absolutely -- I've used them and they WERE AWESOME!! Conference called right into BofA with me and the Seller on the line -- got the postponement of the foreclosure sale right on the spot!! AND it was a Saturday!!!!
877-300-5454 -- tell them you want "MHA HELP".
If the 2nd CHOOSES to be a part of the HAFA program, then they have to follow the rules....period.
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