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 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.
good luck with that
I know :)
Whatever is left after the 1st is paid, the 2nd will certainly demand.
A HAFA Short Sale Agreement applies only to 1st loans.