Comment

Comment by Suzanne Kensington on August 24, 2011 at 4:53pm

I just closed one of those same kind of scenario.  Chase 1st, PNC 2nd, HAFA.  PNC ending up accepting the $6,000 as payment in full as they are required to do to participate in the HAFA program.  If they don't take the HAFA then they will probably be offered less by Chase on a non-HAFA deal.  

 

Comment by Bud Carey on August 24, 2011 at 1:56pm

HAFA PAYOUT TO 2ND LIEN HOLDER

I have a 1st Chase who says they will only pay out 6,000

The second PNC says they will only accept 10,000

The buyer is willing to raise the purchase price to cover the 4,000

The 1st Chase says they are capped by HAFA regulations at 6,000

Suggestions?

Comment by Jeff Payne on August 5, 2011 at 2:03am

I agree with Bryant, just give them the 5% and then ask that the buyer pay the other 1% or the agents can eat the 1%.   Not the first time a lender tried to interfere with a contract :(

Comment by Bryant Tutas on August 4, 2011 at 11:05pm

Rita. Just give it to them if they won't budge. Then have the buyer pay his agent agent 1% on the buyer side of the HUD. This could be offset by having the seller contribute 1% towards the buyer's closing costs.

Comment by Rita Legan CDPE (440) 227-4461 on August 4, 2011 at 6:28pm

Ok here we go. First with Wells and Junior with Guaranty Bank. Co broke brought offer to table $120,000 above market value. Second HELOC Guaranty Bank will not even consider SS until they have a listing agreement at 5%. Are you kidding?

Comment by Suzanne Kensington on July 28, 2011 at 7:16am

Looking for some tricks to get the HOA to accept the offer of 6 months past due fees.  They haven't been paid in 2-1/2 years and just flat out rejected the offer.  Have approval on the first and 2nd.  Just need the HOA on board.

Comment by Amiee Kane on July 28, 2011 at 3:37am

Does anyone have a good shortsale summary -at a glance sheet that works well for them that they would be willing to share?  I can create one but before i re-invent the wheel...

Comment by jessica perey on July 6, 2011 at 10:13am

Hello,

Have a client who has a 2nd lien against the property that is part of a bond. When the seller purchased he received bond money to help with his down payment. The terms of the bond stated that for every year he is in the home the balance is reduced and will go to $0 after 5 years in the house. It has not been 5 years so we have a balance.  Has anyone had any luck negotiating these. Bond is with Arizona department of housing.

 

Thanks for you help

Comment by Bryant Tutas on June 13, 2011 at 10:41pm

David. I have handled this in the past by just placing the amount on the HUD as a POC item on either the buyer or seller side and just submitted the final HUD for approval. I've never had it rejected. Usually when we ask we will get the wrong answer. Just do it and see what happens. You may be surprised.

Comment by Teresa Simon on June 13, 2011 at 8:13pm

David, do some research.  I think you might be surprised going through the various short sale sites.  I would however make the buyers assistance subject to the closing of the short sale or it is refundable to the buyer. I would write it on the back of the check above where the signature or endorsement goes.

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