I'm working a first with Nation Star and a second with 5 Lakes. The first is Fannie Mae and is short with bal. owed $275k. Second has a balance of $42,000. We submitted HUD to second with payout to second of $6000. The second is requesting minimum of $8500 quoting HAFA's minimum is $8500. The first is telling me that $8500 is only true with a minimum balance of $60,000. Since the second balance is less than $60,000, they don't have to pay $8500. Can someone tell me where to find the guideline that talks about how much the first offers a second..... Thanks in advance... Tom.
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Tom,
I guess Kevin let you know that Fannie doesn't participate in HAFA.
Outside of Fannie deals, the crazy thing I have run into with 2nd liens demanding minimum HAFA payouts are that the first doesn't participate in HAFA so that would knock the 2nd from getting what is minimum. These banks can cherry pick the program details to their liking. I would love if someone could correct me if I am wrong or let me know how to get past issues like Tom's and mine. Sheila
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