Servicer is CCO Mortgage and loan is a 'private' investor. Have been working an offer since February and was supposed to receive the approval this week. Full price offer based on appraisal and requested $2500 in buyer's closing costs. Just learned they will only approve $427 of buyer's closing costs credit as 'new HAFA rules doesn't let them pay any fees related to buyer's loan, origination, appraisal, interest, etc. Has anyone heard of this? Any suggestions??? They insist it's not their rule, but a new rule for HAFA short sales.
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What type of loan is the buyer obtaining?
brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
Perhaps this link will help.
http://www.makinghomeaffordable.gov/for-partners/understanding-guid...
http://www.citizensbank.com/pdf/mortgages/CCO_Mortgage_HAFA_Matrix.pdf