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
Tags:
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 protected]
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