I went through the Fannie Mae loan workout facts sheet from 11.16.2011
https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pdf
Page - 20 HAFA Short Sale, under Costs: 6% or $6000 total to the 2nd.
Pages 21-22 NON-HAFA, under Eligibility: "property must be free of other liens... other than liens that Fannie Mae will allow to be settled from the sales proceeds".
There is no limit to the 2nd mentioned under NON-HAFA guidelines.
I have Wells Fargo, Fannie Mae investor 1st, Harris 2nd. Fannie Mae allows 6% (but it is less than $6000).Harris wants 10%, to release the lien.
Has anyone had a traditional, NON-HAFA short sale where Fannie Mae paid more than 6% to the 2nd?
Is there even a cap in NON-HAFA short sales?
Any help would be greatly appreciated.
Thank you very much
Barbara
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Barbara, did you ever get anywhere on this?
Yes, we did close. The 2nd issued the approval after all but it took some time.
Congrats Barbara! I just got approval from B of A as a CO-OP B of A short sale who is only giving WF 6% of the balance. WF is the investor and also carries the HELOC on the property. We are $2450 short..I told the seller that WF MAY ask them to contribute the difference..do you have any experience on this? What should or can I do? Thanks and so far, I am 100% successful in saving my homeowners from foreclosure with a short sale!
Kelly Magreevy
Kelly, initially I went through Fannie Mae Assistance desk and all the usual channels but with no results. Eventually I had to use much stronger tactics. Please provide me with your e-mail address. I will e-mail you.
My deal isn't Fannie Mae, Wells is the investor and the second lien holder which is a HELOC..I just got short sale approval on my Bank of America Cooperative Short Sale...here's my email..sellwithkell@gmail.com
>6% can happen on non-HAFA. I have a non-HAFA, 1st w/MetLife/FNMA that is allowing $5000 to go to 2d (Wells Heloc w/Chap 7 BK); that's just over 7.5%.of the balance on 2d. Also, $2000 buyer contribution to 2d is being allowed. [My problem is 2d wants to see $6600 min. from MetLife + buyer $2K contribution, before submitting to the investor for approval. Also problematic: 1st is asking for $1000 contribution from Seller (in Cal -- can't do it per SB458). By the way, MetLife told me FNMA is requiring the seller contribution and wouldn't ask for the $1K if it were against the law. Yeah Right.]
Katherine,
do you have any valid contact info for metlife short sale department? I am a johnny come lately (have a client interested in the property, but there is an offer on the table supposedly in front of metlife. Both the listing broker and the very competent local real estate attorney are completely frustrated by the months and month of zero communication from metlife. Would love to provide them with a conduit to find out what is actually going on, and to see if there is any wisdom to providing a back-up offer.
HAFA Guideline is only 6% or $6000 whichever is less. See if buyer can contribute to the release of the second if allowed by all parties.
This is a NON-HAFA deal and the buyer cannot contribute.
It 'can' be done, but even though there are no public written rules for Fannie Mae non-hafa it will be an uphill battle for you. Tip - Get authorization for the first to speak with the 2nd.
http://www.scribd.com/doc/73631325/Short-Sale-Approval-and-Demand-L...
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