Replies to This Discussion

Permalink Reply by Kristi Roberts on March 10, 2011 at 7:23am

I got a HAFA first with a Greentree second closed in September with Greentree waiving all deficiencies.  I had to escalate the file to a supervisor, and send proof of the HAFA approval from the first. Once I did that, I had an approval in about a week.

Good luck- and don't give up. They will do it

Permalink Reply by Terry Parrish on March 10, 2011 at 7:42am

Thank you - Did Green Tree tell you their investor would not participate in the HAFA program, this one is a second, and he told me if the second doesn't participate the 1st cannot participate.  ???

Kristi Roberts said:

I got a HAFA first with a Greentree second closed in September with Greentree waiving all deficiencies.  I had to escalate the file to a supervisor, and send proof of the HAFA approval from the first. Once I did that, I had an approval in about a week.

Good luck- and don't give up. They will do it

Permalink Reply by Mark Stafford on March 14, 2011 at 6:16am

Hi Terry, I actually had GT (as the second lender) come back with a choice of approval letters when I received a HAFA approval from the first.

 

1. $2,000 and they chase my seller with deficiency

2. $10,000 and no deficiency.

 

It was the strangest thing I have ever had happen in the 90+ short sales I have been able to get approvals for.

 

I wrote a post of this fiasco here in case you are interested:

 

http://shortsalesuperstars.com/group/greentreeservicing/forum/topic...

 

Let us know how you make out!

 

-Mark

Permalink Reply by Terry Parrish on March 15, 2011 at 4:40am

I need clarification please.  If the second does not cooperate for the HAFA program, and the first does -

Can the Seller use the $3K incentive towards negotiating the second and if a family member is willing to give them a little money to pay off the negotiated balance on the second to free the debt and lien  - can that be done? 

Permalink Reply by Mark Stafford on March 18, 2011 at 2:21am

Does GT want more $ than what the first is willing to give them?

 

-Mark

Permalink Reply by Terry Parrish on March 21, 2011 at 10:12am

Yes, they want more than what the first is giving them.

Permalink Reply by Stacey Wilson on June 9, 2011 at 8:40am

Terry,

 

I have the same scenario.  How did you make out on this one?

Permalink Reply by Laura Marshall on June 9, 2011 at 9:54am

Hi. I just went through something similar. If the 2nd does not participate, then the 1st can not go through HAFA. It can only work if both agree. There can be no more than $6000 TOTAL paid to junior lien holders. My listing had a judgement show up at the last minute. I was going to contribute from my commission to pay it. Even that was not allowed. No one can contribute any additional funds to junior lienholders. The $3,000 must go to the seller, and be shown that way on the final HUD. We tried every way around it, but nothing worked. I even argued that it was not a junior lien, but a judgement against the seller - not the property. That didn't fly either. We were told that in order to proceed with HAFA, the lien would have to be paid and title clear, or go through a traditional short sale. In the traditional, the 1st td investor didn't care about how much went to the 2nd.