Has anyone heard about the New HAFA guideline about giving $8,500 to Junior Liens?

I'm trying to close a short sale where the First Lien holder is Chase and the 2nd is GMAC.

The same short sale was approved by both lenders in June, but unfortunately we needed an extension.

The amount agreed to release the 2nd, was $2,500. Chase has already given us the extension, but GMAC will not release anything unless we agree to give them the $8,500.

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Permalink Reply by Shannon Noble on July 24, 2012 at 5:19am

Yes, HAFA changed June 1st from $6000 to $8500 - but only on new submission (after June 1st).  I don't understand why Chase wouldn't do HAFA - did you submit as HAFA?  Did they decline the HAFA program for your sellers?

Permalink Reply by Ana Ribeiro on July 24, 2012 at 5:24am

According to Chase they are doing HAFA. Since they already gave me an extension, I'm afraid they will not give me an updated approval if we ask for the remaining 6k to the 2nd.

Permalink Reply by Shannon Noble on July 24, 2012 at 5:26am

Why are they not doing HAFA?

Permalink Reply by Ana Ribeiro on July 24, 2012 at 5:30am

According to them they are doing HAFA. On the pre-HUD even shows 3k to seller 

Permalink Reply by Ken Ryan on July 25, 2012 at 9:08am

Ann - are you sure this is a Treasury HAFA? As you probably are aware, there is the Tresaury HAFA and the Fannie or Freddie HAFA programs. It is my understanding that only the Treasury HAFA revised the 2nd lien holder contribution up to $8500. Both Fannie and Freddie I bleive are still up to $6000 based on 6% of the loan amount.

Permalink Reply by Sandra Lee Carson on July 29, 2012 at 3:13am

Is there a foreclosure date on the property?

 

Anyone deal with Ocwen - Have two liens total $12000 the bank will only pay $7,000. Plus the property is scheduled for foreclosure - so if all parties don't participate in the contribution, no one will win.  Does anyone know a good phone number (and not the call center) that I can talk to. They are like talking to the wall.

 

Permalink Reply by Ana Ribeiro on August 8, 2012 at 4:22am

Thank you all for your help. Since we got the buyer to pay 45k for a property evaluated at 80k,  he has agreed to pay the remaining 5k, we closed last Friday and the seller walked with 20k incentive from Chase.  I am really proud of my negotiations team at Crown Loss Mitigation. For more information on how Crown can help with your negotiation check ou our facebook page: facebook.com/CrownLM.

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