I must admit, I hate when I don't know the answer! Fellow agent called me for help. Has a HAFA deal. Offer meets the minimum net. 1st is only willing to pay $669 to 2nd lienholder despite the fact that 6% of the balance owed is around $1500. In looking for the info - I'd always thought it was 6% of unpaid balance or $6000 whichever was lower - I found a clause from 2011 removing the 6% requirement. It says "up to $6K" and determinted by investor. Investor is Wells. Any advice?
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I wish I had advice. Last year I lost more HAFA short sales that I wish to think about, because of rules. I am sorry but if it is regular HAFA,Fannie Mae or Freddie Mac, those rules are made so banks can make up their own rules. Why such a weird number ?
Thanks for your feedback! Asking the buyer to make up the difference. Hope it works!
The 6% UPB cap only applies to Fannie and Freddie HAFA.