HAFA Short Sale,
Open Question asking for input.
I received a reply from Chase stating that HAFA guidelines will not allow the buyer to pay the difference of the amount to settle the account of loan #2 .
Chase is offering $8500. Bank #2 wants $25,000. the buyer will pay the balance and it IS disclosed on the HUD. Can anyone show me where it states that the buyer Cannot make up the difference in the HAFA guidelines.. I can't find that anywhere. ??
Thank You All !
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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They can't. The junior has to accept the $8,500 as payment in full and release the buyer for from any further liability. If the 2nd won't play then you may need to pull it out of HAFA.
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Permalink Reply by Short Sale Superstars LLC on
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That is a HAFA guideline. 8,500 is the max allowed to subordinate liens. Who is the 2nd MTG? Do they not participate in HAFA? I'd be pushing to see if you can get the 2nd to participate in HAFA. If not, you need to entertain having this reworked outside of HAFA. You will still need to ensure that the investor on the note will allow contributions to show on the Est. HUD.
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