Hafa short sale (Chase)

Asking for any and all help Please.....  I have a short sale in progress with chase hafa.  It started out as a regular short sale and then I was told that it was approved for Hafa and we switched.  There are 2 loans on the property.  The first is purchase money with Chase and the second is not purchase money with real time solutions.  The first changed the price (up 21,000) the buyers agreed.  The problem is that the second wants $10,000 instead of The $4,700 hafa is allowed to give them.  The buyers are willing to contribute as well as the sellers with the moving credit of 3,000 that they get from hafa but how can we legally reflect this on the hud that would satisfy hafa and be able to continue with this transaction.  I have a deadline of 1/14/11 to get this approval from second.  I would appreciate any comments at all.

 

Thank you,

 

Orianna

Views: 153

Replies to This Discussion

Permalink Reply by Steve Early on January 12, 2011 at 9:37am

Orianna:

There is no reason you cannot reflect the contribution to the second lien on the HUD ... in fact it should be reflected on the HUD.  The question is whether or not the first lien holder will allow the seller to contribute their $3,000 in moving expenses to the second lien holder. If they will, then you can reflect that contribution and the buyer's contribution to the second lien.

If the issue you are facing is the fact that the first will not allow the seller to contribute to the second then that could be a problem. My sense is that you've been informed that if the first lien holder sees the seller's contribution on the HUD they will want to take it. That can be a show-stopper in my experience unless the realtors would also want to contribute. Many times the first lien holder will indicate that "anyone can contribute to the second lien except the seller."

 

Permalink Reply by orianna on January 12, 2011 at 10:24am


Steve Early said:

Orianna:

There is no reason you cannot reflect the contribution to the second lien on the HUD ... in fact it should be reflected on the HUD.  The question is whether or not the first lien holder will allow the seller to contribute their $3,000 in moving expenses to the second lien holder. If they will, then you can reflect that contribution and the buyer's contribution to the second lien.

If the issue you are facing is the fact that the first will not allow the seller to contribute to the second then that could be a problem. My sense is that you've been informed that if the first lien holder sees the seller's contribution on the HUD they will want to take it. That can be a show-stopper in my experience unless the realtors would also want to contribute. Many times the first lien holder will indicate that "anyone can contribute to the second lien except the seller."

 

Permalink Reply by orianna on January 12, 2011 at 10:28am
Thank you for your imput.  The first is asking for a letter from the second stating that they will accept the said amount and to not continue with a demand for the deficiency.  Has anyone ever worked with real time solutions?  I have one number and have had a very difficult time getting through to speak to anyone regarding the second negotiation. 
Permalink Reply by Wendy Rulnick on January 12, 2011 at 12:58pm

We replied to your direct email message.


orianna said:

Thank you for your imput.  The first is asking for a letter from the second stating that they will accept the said amount and to not continue with a demand for the deficiency.  Has anyone ever worked with real time solutions?  I have one number and have had a very difficult time getting through to speak to anyone regarding the second negotiation. 

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