Just recieved a rejection on a HAFA short sale request with a contract in hand for a Dec closing. In the HAFA guidelines it says " either delinquent or in imminent danger of foreclsoure". I'm trying to find out what qualifies as "imminent danger of forecosure" without being delinquent. Homeowner is out of money - she tried to refi (BofA said she couldn't due to declining value). She applied for a loan mod and was turned down. We submitted the HAFA short sale & she was rejected.
Homeowner has maxed out her credit cards and borrowing from family to make the mortgage payments. She can not make the Dec payment. BofA says they consider a delinquent mortgage to be 60 days late. BofA will approve the contract price on a regular short sale.
We actually received a counter offer from the reuglar short sale dept 3 1/2 days prior to finding out the homeowner had been rejected for the HAFA. Coudln't get BofA to clarify if the counter offer was a HAFA counter or a regular counter.
We're in SC, which is a recourse state.
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