HAFA approved. Price determined. Turn in offer. Rejected by MI. Options?
Had a seller through B of A (Dignified Transition Solutions) apply for HAFA. They get approved,relocation expenses and all, price determined by appraisal. We list home, get handful of offers, price gets negotiated $25k above list price. Turn in the offer, run through entire process only to get apologetic phone call from DTS rep stating that MI company (Radian) declined the file believing the seller can afford the payment.
Question for you guys is - would my chances be increased to then go through the process as a traditional short sale? Or will I run into the exact same answer when attempting to obtain MI approval?
Little background, this is an Option-Arm loan (non FNMA, FHMLC owned) that the owner has not made a payment for 2-3 years. Appreciate any input you may have. thanks!
Replies to This Discussion
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Permalink Reply by Jason Childs on
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Ask radian if they contribute towards their loss out of the Hafa money if they will approve it? Send an email to the president of radian explaining the situation. They can get you to someone who has the authority to approve it. Don't give up. Climb the chain of command untill you get the answer you are looking for.
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Permalink Reply by joe beauchamp on
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Communications from MI to DTS to you is probably bad. Call the MI to find out what they really said/want. Also, finding out their reasoning can be useful. Some MI's are bankrupt and just say no so that some sellers keep the property and the MI does not have to pay out. I was surprised how the info got twisted between the MI and me when I last used DTS last year. The MI wanted a contribution from the seller - DTS just said it was rejected. (I learned that even though the buyer was $50K above market, he would have to be another $60K above before the MI would have to pay out any less to the bank. They wanted to get some $$ out of the deal.)
You will have the same problem with the MI for a traditional short sale (and DTS also told me to retry as a traditional SS - like that makes sense..??).
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