HAFA Short Sale First Bank Second
I have a short sale in which Chase has a $585,000 1st TD and First Bank has a $60,000 2nd TD. Chase has approved it on the HAFA program. Chase will only pay $3,600 or 6%, whichever is less to the 2nd TD. They said that the rule changed with HAFA of 10% or $6,000 to 2nd TD's. First Bank will not take less than 70%. Is it true that if First Bank has participated in the HAFA program with other loans then they have to participate in all their loans if they are HAFA eligible? Any ideas?
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Comment by Jen Hill on November 3, 2011 at 10:05am
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Hi Bill, yes I believe that is true. A bank cannot pick and choose which loans to be HAFA compliant on. However, we closed one a few months ago where we had HAFA approval from the 1st and the 2nd would not comply or participate in HAFA at all. We ended up having to go back to the 1st to get re-approval as a traditional short sale, therefore losing $3k in relo expenses and deficiency waiver for the seller, BUT, we got it done.
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