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Yes, I have. I closed a HAFA deal with PennyMac as the first and Greentreen as the second. It wasn't easy- but it can be done.
Greentreen wouldn't start negotiations until we had an offer. They then requested 5% of the loan balance. I was told by the negotiator that 5% was company standard and non-negotiable. I explained several times throughout the process that the first was participating in HAFA. Finally, I was told that I would have to show proof of the HAFA acceptance, with corresponding HUD. They then agreed to take the $3000 and agreed to close when the first requested.
Good Luck.
Kristi Roberts
Kristi, I have a question for you. When Greentree accepted the $3,000 under HAFA, was that a full release of liability or just to release the lien?
I'm in the middle of this same situation right now.
Kristi Roberts said:
Yes, I have. I closed a HAFA deal with PennyMac as the first and Greentreen as the second. It wasn't easy- but it can be done.
Greentreen wouldn't start negotiations until we had an offer. They then requested 5% of the loan balance. I was told by the negotiator that 5% was company standard and non-negotiable. I explained several times throughout the process that the first was participating in HAFA. Finally, I was told that I would have to show proof of the HAFA acceptance, with corresponding HUD. They then agreed to take the $3000 and agreed to close when the first requested.
Good Luck.
Kristi Roberts
They are technically right. A second doesn't really participate, but if they know that the first is a HAFA, they don't have much choice then to accept the amount that the first is willing to pay. Again, I couldn't get anywhere with them until I had the actual HAFA short sale approved purchase contract in hand, with an approved HUD from the first. It was only then that I could get them to agree.
Prior to having an approved HAFA contract, talking to them was like squeezing blood from a turnip.
Hopefully this works for you...
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