I have an approved HAFA short sale with Wells Fargo on the 1st. The junior lien holder (Chase) is saying they will not accept anything but $8,500 because it is HAFA with one of the five major banks and if we drop HAFA then they will accept less. ABSURD! Wells Fargo says that is not mandated and I am being misinformed but Chase says otherwise. I am desperate for anyone to tell me where it states this one way or the other so I can prove to the bank that is wrong. Or any other suggestions? Also, does anyone know how to escalate to a manager if Chase is wrong? The negotiator is always the one I end up having to talk to.
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hello everyone..i might have the same scenario. I just got a wells fargo approved short sale for hafa. I don't have the letter yet but the rep gave me some numbers that they are giving the 2nd 1300 or so.even though I have an approval from the 2nd bank of America for $8500...so im reading the comments and its not mandatory for the 2nd to get 8500..please help..im not celebrating yet..please advice. ps..I don't have the letter yet as I was informed by phone..
Hello,
I am having the exact same issue rite now, I have a 1st with wells and the second with chase and chase is being very difficult to work with... How did you proceed i'm ready to close however i can not close until chase gives me a ssa
I have a Similar problem, I have a HAFA approval with Nationstar and they have approved the 2nd Lien (Chase) to receive 6% of the UPB (25,746.35). however the negotiator for Chase is telling me that If the file is a HAFA they have to get $8500 if not they have to get 3.3% of the SALES PRICE which is $380,000 comes out to $12,540. Nationstar said that if Chase wants $8500 that the difference needs to come out from other parties except the Seller. Is Chase trying to pull a fast one? Any suggestions?
Yeah, I fought tooth and nail for this one ... going to supervisors, etc. I finally complained enough and got the VP of Loss Mitigations on the phone where and he broke down and signed off on the 8%. He did explain that Chase is going to continue to pursue $8,500 on the five major banks that that are in 1st position (Wells, BofA, etc.). I also filed a complaint through HAMP website and they were ALL over it. I will keep fighting for that but preparing the buyer/seller for the $8,500 as a worst case scenario. It gets exhausting!
Thanks Amy...I filed a HAMP escalation too but just Fri. Your results are encouraging!
I'm finding this to common lately with Chase in second position. They say they are paying it so they should get paid that. They try and argue the fact that it shouldn't matter to the first anyways because they get to write it off or have the tax break. HAFA guidelines say $8500 or 6% of the unpaid balance. You have to stand your ground. They will try and say they can't submit it to the investor unless it is the full 8500 without management approval. Call all sups, managers, escalation they will submit.
HAFA reads $8500 or 6% whichever is less.
Chase knows this very well.
The reason they want you to cancel HAFA is so they are not bound by the deficiency waiver.
Stick to your guns.
Keep escalating until you get to an intelligent negotiator that will take the 6% and say Thank you.
I FINALLY got the approval for both banks today! The 2nd lien holder (Chase) accepted 8% of the balance on this HAFA short sale BUT I believe this is not common to happen this way. I am told that Chase has been encouraging that ALL HAFA short sales WILL be requiring $8,500 if they are the junior lien holder.
Congrats!
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