Replies to This Discussion

Permalink Reply by Kristi Roberts on March 2, 2011 at 10:28am

Yes, I have.  I closed a HAFA deal with PennyMac as the first and Greentreen as the second. It wasn't easy- but it can be done.

Greentreen wouldn't start negotiations until we had an offer. They then requested 5% of the loan balance. I was told by the negotiator that 5% was company standard and non-negotiable. I explained several times throughout the process that the first was participating in HAFA.  Finally, I was told that I would have to show proof of the HAFA acceptance, with corresponding HUD.  They then agreed to take the $3000 and agreed to close when the first requested.

 

Good Luck.

Kristi Roberts

Permalink Reply by Tanya Reese on March 3, 2011 at 3:40am

Kristi, I have a question for you.  When Greentree accepted the $3,000 under HAFA, was that a full release of liability or just to release the lien?

I'm in the middle of this same situation right now.

Kristi Roberts said:

Yes, I have.  I closed a HAFA deal with PennyMac as the first and Greentreen as the second. It wasn't easy- but it can be done.

Greentreen wouldn't start negotiations until we had an offer. They then requested 5% of the loan balance. I was told by the negotiator that 5% was company standard and non-negotiable. I explained several times throughout the process that the first was participating in HAFA.  Finally, I was told that I would have to show proof of the HAFA acceptance, with corresponding HUD.  They then agreed to take the $3000 and agreed to close when the first requested.

 

Good Luck.

Kristi Roberts

Permalink Reply by Terry Parrish on March 10, 2011 at 7:58am

Keep me posted, I am in a situation with Green Tree where they said they don't participate in HAFA even though the first is, and because they don't the first cannot ??? Haven't run into this so am in the process of researching.

Permalink Reply by Kristi Roberts on March 10, 2011 at 9:15am

They are technically right.  A second doesn't really participate, but if they know that the first is a HAFA, they don't have much choice then to accept the amount that the first is willing to pay. Again, I couldn't get anywhere with them until I had the actual HAFA short sale approved purchase contract in hand, with an approved HUD from the first.  It was only then that I could get them to agree.

Prior to having an approved HAFA contract, talking to them was like squeezing blood from  a turnip.

Hopefully this works for you...