Hi,
I am working an Ocwen Short Sale and it was really kind of easy. The problem is that the approval letter does not indicate that Ocwen will not pursue a deficiency in the future. According to the negotiator, this is an approved HAFA short sale and HAFA will send a letter in 1-2 weeks stating that a deficiency will not be pursued. My seller is skittish about believing this. Does anyone know if this is common practice??? Until we provide notice to the buyer that an agreement has been reached with her lender, the buyer doesn't have to start inspections or open escrow.
Thanks for any input you can provide.
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There are no deficiencies in a HAFA short sale.
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/...
Hi Alisa, Thanks for the info, but nothing in the approval letter even indicates that this is a HAFA approval.
The negotiator might not be willing to give you something saying the deficiency is waived, but he or she should be willing to give you something in writing confirmed it is indeed a HAFA short sale, then you have the HAFA regs to prove the deficiency will be waived. That's what I would try for, and go up the ladder if you can't get it from the negotiator.
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