Has anyone had any success in negotiating with Fannie Mae? BofA told me on Friday that the seller has to come up with $5000 cash contribution. When we pointed out that the seller has no money...they told us that the investor is requiring this condition because the second is getting $5000 instead of their customary $3000.

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Advise B of A your client doesn't have 5k and WHY. You should request the "HAFA" and try to get  3k paid to seller and 6% to the 2nd mortgage. The hardship letter should stated why the seller has to sale and the hardship. After the seller pays teh monthly debt are there any funds left over? If you remove these mortgages is there a surplus of income?? If not there's no room to offer 5k this would add more hardship to the seller and delay closing. I would ASK for the HAFA program ASAP.

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