HAFA when first is paid fully?

Need expert opinion. Client has Wells Fargo (Fannie Mae) loan and owes about $69k + fees and has a 2nd mortgage with Huntington and owes $52k. He was told that he can apply for a DIL. Sheriff sale in Feb. He wants to try a short sale and estimated value of home is about $145k. He asked me to discount my commission to 5% since he doesn't know how much fees are on the 1st. Can he still get in the HAFA program even if Wells Fargo gets paid fully and, if so, can the 2nd get paid more than the $6000 if the 1st is fully paid? I've never encountered a situation like this and do not want to discount my commission. Any help is appreciated.

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Permalink Reply by Jim McCormack on December 30, 2013 at 8:28am

If the 1st mortgage is not short then just get a full payoff letter, sell the house to the best buyer and take out the sale expenses and 1st payoff on the HUD1. Whatever is left over is the short pay on the 2nd. These short sales are easy compared to HAFA.

Permalink Reply by Paola Martinsen on January 2, 2014 at 4:12am

If the first is getting paid in full, which sounds like the case, then they wont do any type off SS (hafa or traditional). At that point you are only shorting the second.

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