1) WHO pays the up to $10,000 in relo fees? fannie mae? the bank? or? This makes a differencewhen trying to negotiate a tight deal. 2) Is there a 'minimum net' rule in order to qualify?2) Is it true…Continue
"Hey Minna, I'm doing a Freddie Mac short sale. When I escalated it to Freddie Mac, the rep told me Freddie Mac is no longer participating in HAFA. Is that true?The seller wants relo expenses but even with HAFA her 2012 loan is after the January…"
"I also found the following info in a Calif. Association of Realtor article indicating not only does
the money come from the government, but the lenders and servicers are given a $1,500 financial incentivefor doing HAFA: Note: this article written…"
1) WHO pays the up to $10,000 in relo fees? fannie mae? the bank? or? This makes a differencewhen trying to negotiate a tight deal. 2) Is there a 'minimum net' rule in order to qualify?2) Is it true Freddie Mac no longer participates in HAFA? That is what I was told by Freddie Macescalation dept. rep last week.Here's some of the HAFA relocation qualification guidelines I found on a HAFA-related site:Your home is worth less than what you owe to the lenderYour current mortgage was taken out on…See More
"Just an update to help anyone else who wants feedback about how it goes with Plaza Home Mortgage.
After the negotiator read the short sale package he agreed to postpone the 2/23 Trustee Sale for one month!And they told me I could file a BPO dispute,…"
"I got the BPO amount by calling Freddie Mac escalation. Hope others can get the same results.It was ridiculously high, we could never get that price. Ours is a fixer which we documented.
But the help I sought from Freddie Mac for the short sale was…"
"Depending on who the servicing company is and how hard-nosed the negotiator remains, you might ask to speak with his supervisor. If it's really rough going and you've got really good substantiation of value, try escalating to Freddie…"
I was surprised how difficult the negotiator was on first contact today.He said our value was 'very low' when I know it was not. He is basing his comments on the BPO.I heard borrowers can lnow find out what that value is, but he refused to tell me. .Anyone know if we can get the value? The sale is in 3 weeks. Oh and yes, this is a Freddie Mac loan.See More
I notice that most of the big investors rarely put their offers on a Notice of Default Purchase Agreement,they are all on a standard one, in California the Residential Purchase Agreement.Is there a disadvantage to using the NDPA? Are there any Freddie Mac restrictions concerning investors over other buyers?Thanks! (could not find how to thank Kevin for his last answer, so thanks.See More
We're initiating a short sale with Plaza Home Mortgage and were surprised how quickly they filed a Notice of Sale after the loan mod failed. They are quoting 23 days to auction.This is a Freddie Mac loan. Anyone familiar this institution and how it goes with a FM loan under them? Can't find anything on them re short sales on the internet.See More
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