Is the sales price $370k? Just guessing. Depends on which dept the loan is in, loss mit or recovery. Either way the chances are they will hold fast to their requirements. Who are you working with directly?"
Before HAFA FNMA had many specific rules with each of its servicers on how much would be allowed to pay a jr lien and they changed often. Most recently GT's FNMA guidelines allowed for up to 8% or $8k total. Now that HAFA is…"
yes they do leave it open for debate by not specifying. I am more than familiar with their protocols and they change quite often. The reality is each servicer has different FNMA guidelines they operate under so if you haven't done one…"
How far into the process are you? If you haven't done so already ask your GT negotiator who the investor is and how much they will allow because it varies case by case.
Most commonly it is based on the 2nd lien…"
I have been closing short sales as a licensed Realtor in the Phoenix/Metro AZ area since 2006 and have been a Loss Mitigation Specialist handling short sales at a Bank since 2009.
If you have any questions feel free to…"
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