Is $8,500 required to the junior lien holder in a HAFA short sale?

I have an approved HAFA short sale with Wells Fargo on the 1st.  The junior lien holder (Chase) is saying they will not accept anything but $8,500 because it is HAFA with one of the five major banks and if we drop HAFA then they will accept less.  ABSURD!  Wells Fargo says that is not mandated and I am being misinformed but Chase says otherwise.  I am desperate for anyone to tell me where it states this one way or the other so I can prove to the bank that is wrong.  Or any other suggestions?  Also, does anyone know how to escalate to a manager if Chase is wrong?  The negotiator is always the one I end up having to talk to.

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Permalink Reply by Tara Samney on April 15, 2013 at 4:36am

Thanks Amy...I filed a HAMP escalation too but just Fri. Your results are encouraging!

Permalink Reply by Samantha on July 17, 2014 at 5:52am

I have a Similar problem, I have a HAFA approval with Nationstar and they have approved the 2nd Lien (Chase) to receive 6% of the UPB (25,746.35). however the negotiator for Chase is telling me that If the file is a  HAFA they have to get $8500 if not they have to get 3.3% of the SALES PRICE which is $380,000 comes out to $12,540. Nationstar said that if Chase wants $8500 that the difference needs to come out from other parties except the Seller. Is Chase trying to pull a fast one? Any suggestions? 

Permalink Reply by Samantha on July 17, 2014 at 6:15am

Thank you for the suggestion Brian, I will post what the final outcome is. 

Permalink Reply by ed on October 14, 2014 at 5:32am

Hello,

I am having the exact same issue rite now, I have a 1st with wells and the second with chase and  chase is being very difficult to work with... How did you proceed i'm ready to close however i can not close until chase gives me a ssa

Permalink Reply by Daniel Sandoval on October 17, 2014 at 9:45am

hello everyone..i might have the same scenario. I just got a wells fargo approved short sale for hafa. I don't have the letter yet but the rep gave me some numbers that they are giving the 2nd 1300 or so.even though I have an approval from the 2nd bank of America for $8500...so im reading the comments and its not mandatory for the 2nd to get 8500..please help..im not celebrating yet..please advice. ps..I don't have the letter yet as I was informed by phone..

Permalink Reply by Wayne Brooks on October 19, 2014 at 6:01am
HAFA allows the paying of Up To $8500, not necessarily $8500. What's the balance on the second, and what did you offer them on the prelim HUD submitted to the second?

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