I have a seller who has a first mortgage with CitiMortgage and his second, also with CitiMortgage, is an equity line.  Can anyone tell me if the equity line would be considered under HAFA?  Thanks.

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HAFA will allow a max of 3% ( I believe) towards the 2nd mortgage.  Most 2nd mortgages seek 20%.  HAFA is difficult with a 2nd mortgage.

 

Good Luck!

Ben. HAFA will only contribute a total amount of $6,000 towards junior liens. This $6,000 has to pay off ALL liens. Our HAFA group has all of the new guidelines and forms needed to submit a HAFA short sale.

http://shortsalesuperstars.com/group/hafahomeaffordableforeclosurea...

 

 


Ben Racela said:

HAFA will allow a max of 3% ( I believe) towards the 2nd mortgage.  Most 2nd mortgages seek 20%.  HAFA is difficult with a 2nd mortgage.

 

Good Luck!

Terry. The HELOC is a junior lien. Yiou can offer them $,6000 from the proceeds of the sale if this is a HAFA deal and assuming it is the only junior lien. Please visit the HAFA group for guidelines and forms for HAFA

http://shortsalesuperstars.com/group/hafahomeaffordableforeclosurea...

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