I am trying to find some information regarding a post you had commented on previously and am hoping you can help?
You had posted the following information in regards to 2nd lienholders and the amount they can receive:
"It depends entirely on who the investor is. If it is HUD (FHA short sale), max allowed is $2500 regardless of UPB.
If it is FNMA, max allowed is 6% of UPB (was 8% until FNMA guidelines changed last fall)
If it is Freddie Mac, max is 10% of UPB or $3,000, whichever is lower
With HAFA, max is 6% or $6,000, whichever is lower."
Your comment is leading me to where I need to be, I just need help getting there :)
Where can I find official documentation regarding the FNMAE max 6% issue? The second in my transaction will consider 6% IF they have that information. I was told this by the 1st, but they won't put it in writing. I have searched high and low thorugh FNMAE information to find this statement, but I can't find anything that isn't related to HAFA. Client was denied HAFA, so this is a standard "in-house" short sale.
**********************************
like buttons
************************
Wendy Haisley's Comments
Comment Wall (1 comment)
You need to be a member of Short Sale Superstars to add comments!
Join Short Sale Superstars
I am trying to find some information regarding a post you had commented on previously and am hoping you can help?
Welcome to
Short Sale Superstars
Sign Up
or Sign In
Or sign in with:
Members