Comment

Comment by Stephanie Hart CA 310-930-2342 on June 4, 2012 at 7:20am

I have heard of many shorts being denied when asking for CC on HAFA... Here is a previous link...Hope this helps. I have honestly never submitted a Short asking for closing. Easier that way. I'm in CA and usually have multiples where I can get a really celan offer, though.

http://shortsalesuperstars.com/group/hafahomeaffordableforeclosurea...

Comment by Anna Williamson on June 4, 2012 at 7:16am

@ Stephaine; Thank you. So then the Seller Contributon to CC is all I can ask for, correct?

Comment by Stephanie Hart CA 310-930-2342 on June 4, 2012 at 7:03am

@ Anna... I have closed quite a few HAFA Shorts and never had Buyer credits. Always had Seller credited for the full 3K.

Comment by Wendy Smith on June 4, 2012 at 7:02am

@Neil L. - neither HAFA nor FHA and it was Seterus.  The other  recent (last 6 months) BKs I've done were Chase (twice), Bank of America (twice), Citi & Seterus.  I did one with PNC, they didn't require financials either but that fell thru when PNC reneged on the short sale incentive (even though the incentive was in letter form). Citi also paid an incentive - $5000, Chase paid huge incentives - $15k & $10k.  BoA paid no incentives.

Comment by Thom Colby CA Brkr 888-391-5245 on June 4, 2012 at 6:55am

@Denise - keep moving forward.  Get that 2nd short approved ASAP and get it closed - you can beat the bank if you get it done ASAP.

Comment by Anna Williamson on June 4, 2012 at 6:53am

I may have inititally posted this rrequest for help in the wrong place. So sorry! Here is my dilema: Need help with BofA Pre-HUD & HAFA Incentives(both seller & buyer have FHA)

 

 All of the SS I have done were on the Seller Side; and this is our 1st representing the buyer.

Negotiator is saying that buyer is not entitled to an  incentive. But on all the BofA SS's I have done in the past, the seller received $1500 incentive and buyer received $1500 plus the 3% closing costs when both seller and buyer had FHA. I was told this incentive was raised to $3k for buyer. I am looking for clarity on this.

 

As per Listing Agent, I was asked to change the Pre-HUD as per below; which I did to show@ 2 re-location incentives for the Seller as per BofA. However, we also asked for the incentive for our buyer. Is their or is their not a  Buyer Incentive?

 

line 514. HAFA RELOCATION TO SELLER

3,000.00

line 515. HAFA "NATIONWIDE" RELOCATION TO SELLER

4,009.26

line 516. HAFA INCENTIVE TO BUYER

3,000.00

Please help! Thanks so much to all

Comment by Denise Forsyth on June 4, 2012 at 6:49am

I have an interesting situation.  BOA 1st of apx 550,000, a heloc 2nd of 450,000 with CCO. Property is probably worth 800,000 + or-.  Seller is current on 2nd payment but behind on the first.  Obviously the 1st will get paid off, however they will more than likely file the NOD.  In this case, knowing they will get paid off either way, will they wait for a 2nd lien negotiating or just foreclose?  NOD not filed yet and seller is 60 days behind.  I've had pretty good luck with BOA but since I dont think I need to initiate a short sale with them. Im not too sure if they will wait.  Any experience with this or suggestions?

Comment by HRazak on June 4, 2012 at 6:45am

Need help! I'm working on a BOA SS that has a sale date of 6/11/12.  The mitigator just got back to me and said that the investor (Freddie Mac) won't postpone due to aged delinquency. BOA has verbally accepted the offer, MI just approved the offer as well. It was suppose to be submitted to the investor for an approval but she can't submit it because the sale date is so close.  The mitigator sent another request to the investor.

I can't believe Freddie Mac would not postpone for just 30 days when we are so close to an approval and ready to close!!

DOES ANYONE HAVE ANY CONTACTS AT BOA THAT CAN HELP ME GET THIS CANCELLED?  OR ANY OTHER SUGGESTIONS?

Comment by Neil L. on June 4, 2012 at 6:00am

Thanks everyone.  It looks like there aren't any shortcuts for me on this one.  Wendy, was the relocation assistance on a HAFA or FHA deal?

Comment by Sheila Vardakis on June 4, 2012 at 5:53am

I have the seller provide financials always, even in BK situations.  The bank can't come back and ask for money if they included the home.  It just helps make the process go better when you abide by what the bank is asking for. 

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