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HAFA Regulations in regard to commission

Posted by Jill Schappel on August 25, 2015 at 8:35am in Short Sale Discussions

Hello - I have a lien/judgment and the attorney is asking us to reduce our commission to payoff the lien. I am looking for the HAFA regulations that gives 6% commission with no concessions.  I have searched and could not find a copy of the regulations on line.  Any help would be appreciated.  Jill

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Replies

  • Wayne Brooks August 25, 2015 at 3:13pm
    If it's HAFA, then they'll pay a 6% commission. That doesn't mean some lien holder can't ask for a piece of it, or that you can't do it. But, I believe HAFA has a reg that no one can contribute more to the junior lien than HAFA gives them? Then again, this could just be a lazy attorney willing to give away your money to make the problem go away. Ask him instead to contribute the money from his fee:).
  • Jonathan Katz August 25, 2015 at 10:46am

    I don't have the information you are looking for at hand, but HAFA securing a 6% listing is for mortgage lien holders who participate in HAFA. A creditor for a judgment likely does not participate in HAFA so it likely holds no bearing.

    Let me know if you need anything at all and best regards,

    Brett@ishortsalenow.com

    310-564-6389
    www.ishortsalenow.com

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