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Replies to This Discussion
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Permalink Reply by Ben Racela on -
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!
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Permalink Reply by Bryant Tutas on -
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!
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Permalink Reply by Bryant Tutas on
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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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- Cash Contributions and Prom Notes
- Negotiating Junior Liens
- Lead Generation
- 10 Short Sale Mistakes
- VA, HAP and FHA
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