The 2nd mortgage is a Home Equity Line and balance is significantly more than the 1st mortgage. So, 1st mortgage would be paid in full with short sale proceeds (no short sale with 1st loan). Will 2nd loan Home Equity allow for a HAFA short sale with relocation fee through the 2nd only? Any feedback and/or experience is appreciated. Thanks. (2 different lenders- 2nd with Citi)
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
U can only do hafa on a conventional first, not a 2nd or Heloc. That being said u should easily get short sale approval from the 2nd. I just got an approval with the same scenario in only 14 calendar days! As the market improves, we should start having more of these that are only short on the second, making our lives SO much easier!
A HAFA Short Sale Agreement applies only to 1st loans.
You should not even be considering HAFA with this. This is a traditional short sale, and most likely, you will need a significant cash contribution from either the buyer or seller to be successful.
The seller wants to see if he can get a relocation fee. I'm thinking we should have close to $30-40k left over for the 2nd lender. Balance is about $340k.
Whatever is left after the 1st is paid, the 2nd will certainly demand.
good luck with that
I know :)