I am currently working on a short sale right now where BECU straight out denies participation in a HAFA short sale because they don't allow the seller to receive any money at closing. BECU is the 2nd on the property, Seller has been divorced and went through a BK, the debt is discharged. Is this course of action by BECU legal? Does any one know any way to get around this? I mean by doing this, they appears to have taken short sale on a personal level against the homeowner.
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Thank you Brian and Ron for the great feedback, I will see the buyer will pay 3k route and see if BECU will let it go.
I was just wondering if BECU required to repay the entire 2nd loan or just a portion of it.
BECU is the second, they're not paying anyone . The first mortgage, if participating in HAFA, and the borrower meets the guidelines, agrees to pay approx. 8% up to $8500. Otherwise, they're not Required to pay anything to any junior liens.
From what I understand, if the loan was discharged in a BK, when the owners pursue a short sale they do not have to provide financial information like tax returns, bank statement and financial statements, is this correct? Can someone confirm this for me? Because BECU(2nd) is arguing otherwise.
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