HAFA SS nightmare with BOFA as a 2nd.
I have a HAFA SS approval with NATIONSTAR (first) which is paying $ 3500 to BOFA (2nd) BUT the negotiator is stating that as per HAFA rules they have the right to demand the maximum contribution which is $ 8500 and the debt is only $ 39,000.
Obviously NATIONSTAR does not want to pay that much to BOFA. Can the buyer contribute to the difference to BOFA so we can close the deal? NATIONSTAR is OK with that but BOFA says it cannot be done on a HAFA SS... I will need to start all over again and convert this file to a Traditional Short Sale with the Seller loosing his incentive.
BOFA SS process is getting really annoying and frustrating...they make all kind of problems even when they are just the 2nd.
Appreciate your help on this please....
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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So, you are claiming that BofA KNOWS who the investor for the 1st loan is? Freddie is different from Fannie is different from non-GSE in their rules. I suspect BofA is pulling a fast one on you - giving you the most lenient of terms to their advantage of the most lucrative HAFA for them - probably not what your investor allows. Because you mention Nationstar and not the investor gives me that feeling. Nationstar is the servicer paid to follow the guidelines of the investor - not make up their own rules. There are at least those 3 different HAFA rule sets. You might find a quick look will give you ammo to tell BofA to stop lying to you. Again, just a guess..
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