Does BoA as the 2nd mortgage participate in Hafa?

BoA is the 2nd mortgage lender. The first mortgage is with another lender who participates in hafa. I can't get a clear answer from BoA if they participate in Hafa when they are the 2nd lender. Is anyone doing a hafa with BoA as the 2nd lender?

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Permalink Reply by Jennie Blackburn on December 10, 2010 at 10:37am

I don't think it matters whether or not the 2nd participates in HAFA - just the 1st. However, the second must agree to accept the amount offered by the 1st lender as full payment and not pursue the homeowner for the difference. I have one closing next week (G-d willing) where the 2nd is a private individual. They just had to sign a letter saying they agreed to accept the payment at closing and not pursue the difference.

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