Wells First, Local Second: Is HAFA worth it?
Wells is the first and a local bank called Inter Savings Bank from Minnesota is the second. I don't think the second is signed on for HAFA so they don't have to give up their right to sue for deficiency.
Should we pursue a HAFA or try to go traditional? My negotiator says they've had great experience with the local second. I would like to try for the relo money for my client who is really hurting for cash.
Thoughts?
Replies to This Discussion
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Permalink Reply by Celeste ODea on
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Depends on the list price the bank gives you. They dictate the price and reduce it every 21 days. If it doesn't sell within 120 days it's Deed in Lieu of Foreclosure. The seller can opt out of the program at any time. We have found that the HAFA program does not work due to the dictated list price. Good luck.
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Permalink Reply by Nate Gerard on
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Sounds like HAFA may be worth investigating but I shouldn't hold my breath. My negotiator has said they haven't had good success but I wanted to weigh the options.
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