Replies to This Discussion

Permalink Reply by Loreena Yeo on January 8, 2013 at 8:18am

Instead of making "this" work, go back to BOA to request for traditional short sale. Be prepared for many moons again. I'm sorry. Wished I could tell you my experience was different. But the 2nd time around for BOA approval will be faster than the 1st.

Permalink Reply by Anna Chroscicki on January 8, 2013 at 8:43am

I think Loreena is right ( with going "traditional" short sale). But I would try first to see if money could be given to second....You may loose few days and maybe it would work. But honestly- I do not think so. Because with HAFA there are rules of how much money second may receive. Maybe first may just agree to not give this money to anybody. Good luck...

Permalink Reply by joe beauchamp on January 8, 2013 at 4:53pm

HAFA is strict in all versions of HAFA when it comes to paying the 2nd extra anything. However, you can get the incentive killed - if vacant, that is one way, so I assume that there are other ways to get rid of it. Some HAFA's allow it to be used to pay some expenses at closing. BTW, there are no rules for the 2nd in HAFA - they don't really participate except to accept the terms of the closing - cannot get any other payments, cannot go after debt, so they are kinda like the water company - not complaining that they didn't get enough but looking over your HUD-1 and complaining that someone else got something.

2nd's are tough to find the investors - if you have a real outside investor, you can get to their guidelines and see how much the 2nd is lying to you. If they are collections, they are just snakes and say and do whatever they want. Hopefully they are something above that.

Permalink Reply by TOP END Properties on January 11, 2013 at 4:58pm

Is the 2nd also BOA?  .. honestly I don't see any benefits to HAFA since you can often get the same terms accepted through a traditional or Co-Op.