Hey All,
I owe a Fannie Mae or Freddie Mac loan serviced with NFCU. We owe 188,000 and I have an offer for 136,000 (the most I will get based on comps in the neighborhood). I have the short-sale paperwork ready to send them with the 50+ pages of statements, HUD, etc. We were planning on attempting to finance the short-fall with NFCU...even though we have an uncertain future as I am separating from the Air Force, but we don't want to have the negative credit mark if we don't finance the difference.
However, my lawyer told me today that I should be able to the HAFA and the difference will be forgiven. Has anyone done this? Also, how long does the short-sale process take?
Dave
Tags:
Adam,
Freddie Mac offered us to bring $20,000 in cash at closing or a $40,000 promissary note. Luckily we have the $20,000, so we will go with that. NFCU sent back my answer on the offer on Wednesday....do you know how long it should take to get the final approval letter? I was thinking the turnaround time would be quick after an offer was made.
Dave
Adam Woodhall said:
David - you CAN call the negotiator directly, some have direct lines, but for obvious reasons, it's not given out. Given that they work 50-200 files at a time and everyone wants to call, email is usually your best option anyway. If you know their full name, you know their email -- have your agent email them. The format is in the description for this group. Be certain your package follows their guidelines as well -- that is also in the description for this group.
Customer service and the negotiator eventually assigned to your file will know little or nothing about HAFA, it's on your agent to research it and get it submitted through appropriate avenues. NFCU does not care either way, unfortunately. In regards to 'better people' -- it's the same mess at every bank. Have your agent call loss mitigation every other day in an effort to find a customer service rep who cares enough to help you. If you get an answer that sounds wrong or off, call right back and ask another person the same thing. Checks and balances will get you through the smoke screens. And of course, have your agent visit this site for help whenever possible...
Dave -
If you provided financial showing at least $20,000 cash assets, I'm surprised they didn't ask for more, considering that could be used against you terms of proving the hardship...consider yourself lucky there. Who 'sent back' the answer, the negotiator directly? Any documentation from the investor? Today is Friday, depending on what needs to be signed and sent back to them, shouldn't take more than a few business days to get you an approval letter.
David Cash said:
Adam,
Freddie Mac offered us to bring $20,000 in cash at closing or a $40,000 promissary note. Luckily we have the $20,000, so we will go with that. NFCU sent back my answer on the offer on Wednesday....do you know how long it should take to get the final approval letter? I was thinking the turnaround time would be quick after an offer was made.
Dave
I was suprised as well about only wanting $20,000. BTW, does that mean all we will have to pay at closing is $20K....that includes realtor fees, etc.? The prelim HUD had $63,000 as my total payout with all the fees and the money we are giving to the buyers at closing ($4,000). So I assume the final HUD number will be $20K now...right?
The negotiator was the one who responded back the Freddie on our answer. She said it was sent to them and all that she can do at the point is wait for the final approval.
Dave
Adam Woodhall said:
Dave -
If you provided financial showing at least $20,000 cash assets, I'm surprised they didn't ask for more, considering that could be used against you terms of proving the hardship...consider yourself lucky there. Who 'sent back' the answer, the negotiator directly? Any documentation from the investor? Today is Friday, depending on what needs to be signed and sent back to them, shouldn't take more than a few business days to get you an approval letter.
David Cash said:
Adam,
Freddie Mac offered us to bring $20,000 in cash at closing or a $40,000 promissary note. Luckily we have the $20,000, so we will go with that. NFCU sent back my answer on the offer on Wednesday....do you know how long it should take to get the final approval letter? I was thinking the turnaround time would be quick after an offer was made.
Dave
David -
Any progress on your file, are you nearing closing?
Adam,
I have closed on the house! Got letter of approval back on Jan 11th and closed that Friday. Glad this ordeal is over with and really didn't take that long (2 months).
Thanks for all your posts.
Dave
Adam Woodhall said:
David -
Any progress on your file, are you nearing closing?
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