BofA HAFA Approval Terms. MUST make partial mortgage payments?

I just received the terms of the Agreement for a HAFA approval with BofA. The agreement states the borrowers must make partial mortgage payments starting Oct. 1st of: $1343.33 until the house is sold. If the closing of the short sale occurs according to the agreement, the borrowers will be entitled to relocation assistance of $3000.00. Now, If the sale of the property takes 3 months, the borrowers would be paying more on mortgage payments than they would receive in relocation expenses. They do not want to sign anything agreeing to make monthly partial payments. The home is their primary residence in the State of Arizona and Freddie Mac is the investor. Has anyone ever had a borrower who didn't make the partial payments and still receive the relocation assistance?

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Permalink Reply by TOP END Properties on October 9, 2012 at 5:05pm

I can't exactly answer your question. But I believe their intention is for the short sale to be completed with NO missed payments .. which some would argue as the best case scenario.

Realistically it doesn't sound like their are too many options. If they can make the payments .. they should. If they can't .. well then they can't .. and dispute the issue. I would begin marketing the property in the mean time.

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