Does this second qualify for HAFA?

I have a homeowner living in the home.  The first qualifies for HAFA with BB&T.  The second is with Wells Fargo, and what is causing confusion, is that the second is a combination of a business loan, with a LLC name, and personal, and equity secured by the house.  I have been researching this, and cannot find an answer.  So far the bank says the homeowner does not qualify for HAMP because of the LLC name, but they are researching to find out if he qualifies for HAFA.  Can anyone lead be to the answer?  I would like to have some back up on whatever the bank decides, since they are not always correct.  HELP!

Views: 290

▶ Reply to This

Replies to This Discussion

Permalink Reply by Kathleen Couch on July 22, 2011 at 4:35am

Brian, that is my thinking.  If they required him to personally sign, (which they did) then they need to honor it as him personally.  Especially since it was attached to the house as collateral.

As an update to this, it went from the negotiator, to the short sale expert in their department, to the legal department in their group, then to the corporate legal department. There has not been an answer as of yet. Any other insight, anyone?

 

Permalink Reply by Bryant Tutas on July 24, 2011 at 12:14am

HAFA is for 1st mortgage. The 2nd will have to agree to the sale but they are not a part of the HAFA program.

 

Here are the HAFA guideliens

Permalink Reply by Alyce Nelson on July 24, 2011 at 5:08am

HAFA only applies to the first mortgage.  If the second lien is with a participating lender they are required to participate with no deficiency.  A maximum of $6,000 is allowed to settle ALL junior liens.  I do not recall any document ever stating the HAFA approval on the first was subject to any criteria for the second.  The challenge may be in getting Wells to see this as a HAFA settlement when the loan not a mortgage, but a business loan secured by the property… tricky  If they do not they could make this impossible for you to close...

 

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************