Good morning Superstars. Just got off the phone with United Guaranty and had a discussion regarding HAFA. I just want to make sure everyone who is doing HAFA take some time prior to initiating and do a FULL and THOROUGH discovery.
A lot of time we will just assume that the client fits the guidelines and submit however we don't check if there is MI and if the MI company even participates. This will lead you to being 4 months deep only to get an approval from the lender but a denial from the MI. Please DON"T ASSUME the lender will tell you if the MI company participates.
Also even if you have MI they have there own set of guidelines with HAFA above the normal ones. For example United Guaranty will deny a HAFA if the borrower has multiple properties even if they are attempting a short sale HAFA with there primary!!
Tags:
Thank you for your food for thoughts.
I thought you just have to verify if the investor of the 1st lien participates in HAFA.
How can you find out who is the MI if any?
Thanks again.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.