HAFA 2nd lien release

I am relatively new here and think I may have posted this previously but can't find it!
Situation is nationstar is serviced for 1st lien, non GSE. Their affiliate, NSM is servicing the 2nd allegedly another investor. 1st will only give 6% and 2nd demanding 8500. I am certain I no longer understand HAFA. I have seen so many different amounts going to 2nds over the past. Opulent of months. Is there a set policy for HAFA and if so, where can I find it. If not, any insight on why some give $8500 flat, $6k flat, 6% job, etc?

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Permalink Reply by Short Sale Superstars LLC on May 14, 2013 at 1:56pm

Tony,

        Guidelines are always changing. HAFA will allow 8,500 MAX to a 2nd lien holder. It may be 6% or $8,500 whichever is less. How much is the 2nd owed?

[email protected]

www.ishortsalenow.com

310-564-6389

Permalink Reply by Tony and Robin Pickett on May 15, 2013 at 6:02am

UPB is only about $34,000, about $1900.  What happens in a case like his where he 2nd is demanding more han what HAFA allows?  I wonder why NMS (affiliate of Nationstar) doesn't know that it's the lesser of 6% of $8500? 

 

Permalink Reply by Short Sale Superstars LLC on May 15, 2013 at 6:04am

You need to ask if they are even participating in HAFA. If so explain to them the guidelines. Escalate the file to see if anything can be done. They are asking for an extremely high release at UPB roughly $34,000.

Permalink Reply by Tony and Robin Pickett on May 15, 2013 at 6:18am

Thanks Brett...negotiator for the 2nd says the investor participates in HAFA but only if they get $8500. Doesn't make sense. She won't disclose who the investor is. There's not time to comply with their procedure to send it written request. MERS is incorrect about the 1st investor, it is showing FNMA. Both Nationstar 1st and FNMA say it's not. I don't know what the big secret is lol

Does anyone have a good contact for negotiating at Nationstar for the 2nd, which is being serviced by their affiliate NSM?

Permalink Reply by Tony and Robin Pickett on May 15, 2013 at 7:10am

Hi Ron, thanks for the info.  I looked back at my original post and have a ton of typos due to using my ipad.  I am aware that FNMA and Freddie discontinued HAFA in favor of their own version, aka. HAFA II.  The loan I am referencing is a non GSE, so not FNMA or Freddie.  Doesn't the Treasury department still have their own HAFA for investors who choose to use it?  If so, where kind I find the current guidelines, in particular the 2nd lien release amount

Regarding MERS, I'm aware they aren't an investor.  I use their system though to to see who is the investor.  In this case, it incorrectly shows FNMA.  Any ideas on how to find out the investor on a 2nd lien when the servicer is acting like it's 'top secret'?

 

Thanks,

Tony and Robin

Permalink Reply by Kevin - Greenville, SC on May 15, 2013 at 7:45pm

Tony and Robin Pickett Call me. 864-485-9283

Permalink Reply by Thomas Otis on July 25, 2013 at 10:05am

I hope this helps,

This is form the horses mouth at Select portfolio:

I have Select Portfolio Service first and a Ocwen second.  Ocwen says; if first mortgage in is a HAFA Short Sale, if there is no other lien holders the second gets $8500 provided that second is a mortgage lien and not a money judgement or mechanical lien. 

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