Mike Rizzo
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HAFA guidelines feb 1 2015

Started this discussion. Last reply by Brian Avery May 15, 2015. 25 Replies

Admittedly, I haven't done a short sale in about a year now.  It used to be 40% of my business, but I now have 2 coming up in the same week.  I heard there are changes taking effect Feb 1, 2015…Continue

Denial Letter 9 days before closing

Started this discussion. Last reply by cat gellatly Mar 21, 2014. 38 Replies

Yes, that's right, I already had the approval letter in hand and everyone was proceeding to the close date.  The buyer did their inspection and was ready to move forward.  No indication of trouble in…Continue

Fannie Mae has become unreasonable on their asking price

Started this discussion. Last reply by ALLAN ARTHUR Feb 20, 2013. 63 Replies

Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales.  The scenario is the same over and over again.  The BPO comes in at one…Continue

 

Mike Rizzo's Page

Latest Activity

Brett Goldsmith replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Many private investors. Also, Chase, Wells Fargo, etc. Brett@ishortsalenow.com 310-564-6389 www.ishortsalenow.com"
Mar 12, 2015
Mike Rizzo replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Who is doing the $10,000 moving incentive then??"
Mar 12, 2015
Mike Rizzo replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Thank you everyone for you comments....Yes, it does indeed exist.  However, only for Fannie Mae since Freddie no longer does HAFA.  Something I didn't know because I was out of the short sale realm for a couple of years.  Thanks…"
Mar 12, 2015
Jenny Hayden replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"I'm sure you have your answer by now. But just in case not, I just had my first closing, with these new rules, on Friday and the seller received the full $10,000. "
Mar 10, 2015
Vanessa Machado replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Under these new HAFA guidelines, does anyone know if the seller qualifies for the HAFA incentive if they vacated the property less than a year ago?  Chase is also implementing these new guidelines; $12,000 max to 2nd lien holder and $10,000…"
Feb 12, 2015
Mike Rizzo replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Does the borrower need to be late on her payments to qualify.  She's using savings to make her payments.  She lost her husband in Dec and she doesn't have any equity in the home."
Jan 30, 2015
Kevin - Greenville, SC replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"correct. that's an option but if it's needed the value is probably wrong."
Jan 29, 2015
Cami Pinsak replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"I had SPS change, as well..."
Jan 29, 2015
Angela Burton replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Yes, it's true. I was told by Wells Fargo on 1/16 to change HAFA on one of my hud's to $10,000 because it will close after 2/1/15."
Jan 18, 2015
Kevin - Greenville, SC replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
Jan 14, 2015
Brett Goldsmith replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Seller may need to contribute incentive towards the 1st Lien's NET if necessary to boost NET above the minimum NET per guidelines."
Jan 14, 2015
Mike Rizzo replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"mikerizzo@kw.com"
Jan 14, 2015
Brett Goldsmith replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"It's in the HAFA Handbook, what's your email?"
Jan 14, 2015
Brett Goldsmith replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"@kevin I was mistaken, it was actually SPS. I love SPS."
Jan 14, 2015
Mike Rizzo replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Thank you....is there a news release that you can reference so I can show it to my sellers??"
Jan 14, 2015
Josh M. Boggs replied to Mike Rizzo's discussion HAFA guidelines feb 1 2015
"Of course this comes off the MNAP by the investor so how is anyone seeing a buyer's offer come in high enough to justify the extra $10k towards the sellers?  Anyone?  Would love to know. Thanks Josh"
Jan 14, 2015

Profile Information

First Name
Mike
Last Name
Rizzo
Are you a...
Agent
State
AZ
City
Phoenix
My Profile
Residential resale

Mike Rizzo's Blog

Short Sale on a house being rebuilt and foreclosure right around the corner

Posted on March 12, 2013 at 4:12pm 1 Comment

I was contacted by a lady that had her house burn down last August.  She stopped making payments in October.  The house is currently being rebuilt.  She tried to get BofA and Fannie Mae to postpone the foreclosure because she wants to short sale the property.  The house should be done the end of March.  The foreclosure date is the middle of August.  I've never run into something like this.  How do you start a short sale without a house??  How do you put a house on the market that isn't…

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Fannie Mae has become unreasonable on their asking prices

Posted on October 31, 2012 at 9:32am 0 Comments

Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales.  The scenario is the same over and over again.  The BPO comes in at one price and Fannie Mae adds 20 or 30% and says that is what they will accept.  Some have suggested that they are trying to get next year's prices if the current price trends continue.  In the meantime, buyers are unwilling to overpay by that much and are backing out of the contracts when they hear…

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HAFA Short sale declined - too much given to Fannie

Posted on February 15, 2012 at 8:17am 0 Comments

Weird situation here that I basically don't understand.  I've been doing short sales for clients for a few years and have never run into this situation. 



Client preapproved for HAFA with a list price of $146,000.  I thought it was inflated but put it on the market anyway.  Got an offer for $128,000.  Counteroffer came back at $146,000.  Buyer walked.  Got a new offer from a new buyer at $138,000.  I submitted this offer with an appraisal of $137,500.  The borrower owes approx.…

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