Forum

HAFA 2nd lien release

Posted by Tony and Robin Pickett on May 14, 2013 at 1:02pm in Short Sale Discussions
I am relatively new here and think I may have posted this previously but can't find it! Situation is nationstar is serviced for 1st lien, non GSE. Their affiliate, NSM is servicing the 2nd allegedly another investor. 1st will only give 6% and 2nd demanding 8500. I am certain I no longer understand HAFA. I have seen so many different amounts going to 2nds over the past. Opulent of months. Is there a set policy for HAFA and if so, where can I find it. If not, any insight on why some give $8500 flat, $6k flat, 6% job, etc?

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Thomas Otis July 25, 2013 at 10:05am

    I hope this helps,

    This is form the horses mouth at Select portfolio:

    I have Select Portfolio Service first and a Ocwen second.  Ocwen says; if first mortgage in is a HAFA Short Sale, if there is no other lien holders the second gets $8500 provided that second is a mortgage lien and not a money judgement or mechanical lien. 

  • Kevin - Greenville, SC May 15, 2013 at 7:45pm

    Tony and Robin Pickett Call me. 864-485-9283

  • Jonathan Katz May 14, 2013 at 1:56pm

    Tony,

            Guidelines are always changing. HAFA will allow 8,500 MAX to a 2nd lien holder. It may be 6% or $8,500 whichever is less. How much is the 2nd owed?

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6389

    • Tony and Robin Pickett > Jonathan Katz May 15, 2013 at 6:02am

      UPB is only about $34,000, about $1900.  What happens in a case like his where he 2nd is demanding more han what HAFA allows?  I wonder why NMS (affiliate of Nationstar) doesn't know that it's the lesser of 6% of $8500? 

       

      • Jonathan Katz > Tony and Robin Pickett May 15, 2013 at 6:04am

        You need to ask if they are even participating in HAFA. If so explain to them the guidelines. Escalate the file to see if anything can be done. They are asking for an extremely high release at UPB roughly $34,000.

        • Tony and Robin Pickett > Jonathan Katz May 15, 2013 at 6:18am

          Thanks Brett...negotiator for the 2nd says the investor participates in HAFA but only if they get $8500. Doesn't make sense. She won't disclose who the investor is. There's not time to comply with their procedure to send it written request. MERS is incorrect about the 1st investor, it is showing FNMA. Both Nationstar 1st and FNMA say it's not. I don't know what the big secret is lol

          Does anyone have a good contact for negotiating at Nationstar for the 2nd, which is being serviced by their affiliate NSM?

This reply was deleted.
********************************** like buttons ************************