The most I've heard of if $3,000 but the guy at the Collection Agency said they pay more.Haven't seen it.
As always, it depends. Generally BOA will pay $3,000 or 10% of the 2nd lien value which ever is less. The depends part is what ever the guidelines are that have been set by the investor (HAFA programs can differ).thanks, I was hoping that because it is over $500K offer, we could do a bit better, but it did not work.
Question ~ Attempted to qualify for HAFA. Denied said our mailing address did not match the property address and it required by the Treasury to match.
I know the guidelines were updated 12/28/10 changing Section 2 of Chapter IV to amend the "not vacant or condemed" section. The update specifies "THE PROPERTY SECURING THE MORTGAGE LOAN IS NOT VACANT, EXCEPT THAT THE PROPERTY CAN BE VACANT UP TO 12 MONTHS PRIOR TO THE DATE OF THE SSA, ARASS OR DIL AGREEMENT IF THE BORROWER PROVIDES DOCUMENTATION THAT IT WAS THEIR PRINCIPAL RESIDENCE (we have) PRIOR TO RELOCATION AND THERE IS NO EVIDENCE INDICATING THAT BORROWER HAS PURCHASED (they have not)......." BOA said this will be traditional ss ~ not good for my seller who will receive a 1099 for the shortfall over $140K. Should I push the point with them regarding the update to HAFA? The negotiator sent an e-mail stating that the maximum they would allow paid to the 2nd lien holder is 6% or $6000. I thought those were the requirements for HAFA are the amounts the same for a Traditional SS? Appreciate any help.
Peggy
It depends entirely on who the investor is. If it is HUD (FHA short sale), max allowed is $2500 regardless of UPB.
If it is FNMA, max allowed is 6% of UPB (was 8% until FNMA guidelines changed last fall)
If it is Freddie Mac, max is 10% of UPB or $3,000, whichever is lower
With HAFA, max is 6% or $6,000, whichever is lower.
That leaves about 20% of the others with private investors, then it is a crap shoot. If Wells Fgo is investor, max is $3,000. If US Bank is investor, max is $1,000! Some investors work on minimum net required. If their net is met, any extra can go to junior liens.
We work with 300+ short sales at a time. We investigate first if investor is FNMA, Freddie Mac, or HUD and then put correct numbers on prelim HUD to junior lien. If we don't know who investor is, we put 6% of UPB to junior lien and pray.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.