HAFA Eligibility - Seller works in NY, but lives in Florida!
Hello everyone, I am working on a short sale and the seller would like to qualify for HAFA. Do to her job circumstances, I am trying to figure if she will be eligible? The property is in Florida. She was living in the property as her primary home until about two year ago when she got a job in NY. She lives between Florida and NY. As a matter of fact she stays with her mother in NY. She has not bought another property. Her daughter, who she is helping put through college, is the one living full time in the primary home that we are trying to short sale. Based on this, I am trying to understand if she has a chance she qualifies for HAFA based on the HAFA Guidelines..."The property is the borrower’s principal residence, except that the property can be vacant up to 90 days prior to the date of the Short Sale Agreement (SSA), Alternative Request for Approval of Short Sale (Alternative (RASS) or DIL Agreement if the borrower provides documentation that the borrower was required to relocate at least 100 miles from the property to accept new employment or was transferred by the current employer and there is no evidence indicating that the borrower has purchased a one- to four-unit property 90 days prior to the date of the SSA, Alternative RASS or DIL Agreement" Please help...
Replies to This Discussion
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Permalink Reply by Alan Remigio on
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She can go through HAFA. Does not mean she will be successful, but that's another issue. In her "cry" letter, she needs to address her living situation and why she is in NY (work). The economic conditions of today have forced numerous people to seek work elsewhere from their primary residence. It's not rented or vacant. Daughter still lives in it while she is "away" and she has no other mortgage payment, right? Be sure to simply state, in the hardship letter, that daughter is residing in the house as she goes to school, as well as the regular commute. You've explained it well in your post.
As another example, I know of quite a few people who are assigned to another part of the country (or world, for that matter) because of their job. The lenders do recognize that we are in a global marketplace and accomodate that. Good Luck! -
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Permalink Reply by joe beauchamp on
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It certainly seems that with no other residence to call her own, she is still living there - votes there, pays taxes there, etc. That is her home in FL and she has to stay in NY for work. What do they tell flight attendants? Traveling salesmen? Truck drivers? They are probably rarely in their residence but out on the road/air/whatever. How about sailors?
It seems that you have plenty to go on to make a case that she is living in FL and working in NY.
If this is Fannie Mae, you might try calling the BofA Fannie Mae people and ask them - 877-824-0976. If the investor is a private co - try the other BofA HAFA people - 888-387-0523. These are separate companies - might be glad to get another client.. -
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