Wells-Go HAFA or Traditional?

Wells Fargo

1 Lien.

No MI. 

Current through November, but won't be paying December's payment.

Fannie is the investor.

Seller wants out regardless of the HAMP review results.

Doesn't really care about the 3K for moving costs.

We're in Washington State (Non-recourse state).

Curious to hear feedback on the following:

Will going HAFA tie us to an unrealistic "value" based on their BPO, that we can't attain and are stuck with?

How is Wells handling commissions for non-HAFA shorts? Are they paying the 6%, so we can at least offer up a market Selling Office Commission?

Should I send it through equator or just fax and follow up via phone throughout the process?

 

Any input on these questions and other items to consider would be much appreciated!

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Permalink Reply by Kevin - Greenville, SC on December 5, 2011 at 1:12pm

Is your client willing to forgo the up to $3000 incentive? In a non-recourse state than I would say non HAFA (but I would still get a waiver). Commissions for a Fannie Mae Loan are the same HAFA or non-HAFA 6% max.

I don't think a HAFA SSA value would necessarily be any more unrealistic than a non HAFA SS value.

With Wells Fargo I would fax as opposed to Equator, but DON'T do both.

Permalink Reply by Eric Mieles on December 5, 2011 at 1:40pm
Non HAFA
Fax
6%
Permalink Reply by Brent Innocenzi on December 6, 2011 at 9:45am

Definitely Non HAFA, 6%, Fax, or email directly to an escalation contact.

Permalink Reply by Kimberley Kelly on December 8, 2011 at 2:33am

Agree..non-HAFA, fax not equator and 6%.  Once you're active..they may switch your Seller to HAFA and it will move forward..don't do it ahead of time..

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