I know nothing about this bank but I believe they're based in Florida. I'm meeting with a seller who has a purchase money loan with Everbank for a home in Sacramento. Although we have 580e recently added to the Civil Code, which prevents lenders from pursuing a seller for a deficiency in CA, this particular seller does not want to make a seller contribution. 

 

I am reviewing his financials on Monday but I suspect he may earn an income that is in excess of qualifying for the 31% mortgage ratio under HAFA. He was turned down for HAMP due to income but that was a while ago. If I can't put him through HAFA, I can almost guarantee the bank will ask for a contribution, which he doesn't want to make.

 

Before I spin my wheels for this guy, does anybody have any advice for dealing with Everbank?

Tags: everbank, hafa

Views: 510

Replies to This Discussion

Elizabeth,

 

Under the new HAFA guidelines that are suppose to take effect by Feb. 1st. the 31% DTI requirement no longer applies.

 



Kevin M. Lancaster - Willson said:

Elizabeth,

 

Under the new HAFA guidelines that are suppose to take effect by Feb. 1st. the 31% DTI requirement no longer applies.   Also, If you don't already know find out who the investor is (fannie, freddie, Non GSE, etc...) if it's FHA or VA HAFA doesn't apply.

 

No offense, but it sounds like your "seller" might be the one needing some "dealing with".  Unrealistic sellers are harder to deal with down the road.

 

Unfortunately, many agents are guilty of painting short sales as a total walk away for free package.  Sounds like your seller has money and should be aware that he may well be asked to pay his share.  If he is not willing to do that and the bank sticks to it's guns (which it has every right to do) you are going to be spinning your wheels for nothing.

 

And it is not fair to potential buyers either.

 

My opinion, of course.

 

Steele

The Treasury Department changed rules for HAFA.  February 1, 2011 the 31% drops off.  I find Everbank pretty easy to work with and HAFA rules are pretty specific on $3000 to owner occupied properties.  I have a file that the MI company played hardball and wanted the seller to make a contribution.  Just fight them on the contribution.

Thanks, everybody. No offense taken, Steele, because I have the same reservations as you. Just my gut at this time because I haven't met with the seller personally yet.

 

I did read about the new regulations that begin on February 1, but we could very well receive an offer before that. I've poked around online, and it seems like EverBank has a bad reputation for being difficult to deal with. 

 

Lori: Do you have a short sale package you could send me or a FAX number? My first name at golyon.com.

Lori Young said:

The Treasury Department changed rules for HAFA.  February 1, 2011 the 31% drops off.  I find Everbank pretty easy to work with and HAFA rules are pretty specific on $3000 to owner occupied properties.  I have a file that the MI company played hardball and wanted the seller to make a contribution.  Just fight them on the contribution.

I have only dealt with them on 2 short sales, a VA and a USDA loan and they were smooth and easy but that was in late 2009.

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