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Bank of America/Cenlar HAFA short sale help

Posted by Luis Hernandez on August 7, 2012 at 3:36am in Short Sale Discussions

I am having a problem with a Cenlar HELOC on a HAFA short sale.  First has accepted offer and is contibuting 8500.00 to the second.  Second wants 10% or 14780.00.  They have actually sent me an approval  letter asking that we send 6280.00 outside of escrow before they approve the 8500.00.  I did tell them that this is a RESPA violation and is not going to happen.  They will not budge.    HELOC was used for home purchase and is a non-deficiency loan.  Does anybody have any suggestions?CENLAR%20DEMAND.pdf

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Replies

  • Ken Ryan August 7, 2012 at 5:22am

    Luis - is this a Treasury, Fannie or Freddie  HAFA?

    • Luis Hernandez > Ken Ryan August 7, 2012 at 5:40am

      It's a HAFA.  Which is why they will not receive more than 8500.00. 

      • Ken Ryan > Luis Hernandez August 7, 2012 at 5:50am

        Understood. Treasury, Fannie and Freddie all have their own version of HAFA and escalation process may vary accordingly.  

        • Luis Hernandez > Ken Ryan August 7, 2012 at 5:59am

          Since Cenlar doesn't participate in HAFA would that make a difference? 

          • Ken Ryan > Luis Hernandez August 7, 2012 at 6:02am

            It may - I have seen success from Treasury "intervening" with non-HAFA participants to secure a HAFA approval.

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