ok, I have a short sale that has been processed as HAFA - then at the final hour, negotiator from Chase (the servicer) says investor is not HAFA participant.  A I reply with Wells is definitely a participant and negotiator says, not the Wells Fargo TRUST Division -- I don't buy that.  Has anyone else heard that?

Upon receipt of the short sale approval letter I find this negotiator had revised the HUD that was submitted with the offer by removing title fees and reducing the commission and the time to close was shortened from the standard 30 days to 2 weeks - BTW, there is a financing contingency.  Of course there is no waiver of deficiency in the approval letter either.

 

This same negotiator says Chase has no delegation authority yet refuses to submit changes to the investor.  She screwed up by representing it to be HAFA all the way up until a week ago and now is trying to play hardball.

 

How can I find out if the TRUST divison of any lender is exempt from particpating in HAFA?  (as if the Trust Division didn't get any of the bail out $$$, yeah right. )

 

 

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Replies to This Discussion

Call Freddie Mac. They have oversite on HAFA
I have not heard about a Trust Division. This is what I recently learned from an article on Navy Federal. These are some of the types of loans.
Fannie/Freddie, etc - government back loans (think FHA buyers today)
Portfolio loan - 100 percent in house loan, lender is servicer and investor
Private investor loans - 3rd party holds note, not very common, could be a single person signing off on deal.

Could a Trust division be where the loan is like a Shared Risk loan...part of it was sold off when investors were trading the loans/parts of the loans...like derivatives? If that is the case, then there are several investors who hold the note in a Trust account. I would google Wells Fargo Trust Div. and see what you can find out. Please let us know. I may do a little research myself. Good Luck.

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