Hi,

I recently called my bank on the progress of my SS. They stated that there was some paperwork holding up the progress. I told them again that this was a HAFA SS where I should get relocation assistance.(from all of the criteria). They mentioned that my credit report had a different address, when I ordered my credit report the address was the address of a loan modification company I used in the passed. They informed me that I needed to live in the house in order to qualify. After composing myself, I answered that I LIVE in the house (can't afford to pay the utilities or move out w/o any help) and said that if theres anyone who needed relocation fees it would be me. I wanted to short sell the house to do the right thing and also have money move out right away. I have trees that have fallen on the property, plumbing that needed to be done plus other expenses that I could have saved to move out and given the keys back to the bank if I knew I wasn't getting relocation fees. What can I do to (insure) or convince the bank that I qualify? (for HAFA)

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Do you have any bills showing that you reside in the home? What do your 2015 taxes have as the mailing address?

[email protected]

www.ishortsalenow.com

310-564-6389

Thank you for responding, Brett

We have all of our bills coming to the address and the tax returns were filed with the properties address.

Can anyone work for a fee on my behalf. I just think they are trying to take advantage of me looking for an excuse to reject the relocation fees. I mean - this was a bank that agreed to modify my loan and I made three consecutive payments and they still declined me for HAMP. What would prevent them from denying the HAFA relocation fees.

Hi David,

Have you already contacted the Housing counselors at Making Home Affordable.gov? The phone number is 1-888-995-4673 and the website is www.MakingHomeAffordable.GOV This is a great resource for determining if you qualify for HAFA. This is a free service provided by the federal government.

Hi Fiel,

Yes, I have called the makinghomeaffordable line. Still having some problems. The bank countered the offer and the buyer accepted the price the bank wanted. However, now the attorney is unhappy because she will not be paid her entire fee. Also, she said that there were 5 liens on the house. She said that she needs for me to pay her more, because she will be doing more work. She also said that the bank has only allocated 12,000 to settle these liens before they can close. There was a 2nd mortgage for 25,000 and 3 credit cards that were included in a bankruptcy a traffic ticket and an oil company bill from years passed. She also said that the deal may not go thru because it's a HAFA and they (lienholders) need to agree on their apportioned amounts.

The one hard thing to do is to find a buyer and we have that. I qualify for HAFA (this is a HAFA short-sale according to the bank. My attorney has got to be the worst. Is all this true. Please help anyway you can

Hi David,

This is a tough situation since the buyer has already been presented an updated counter offer that did not request they contribute to the jr liens.

Is your BK attorney also negotiating the short sale for you?

What is the total amount of debt you owe on the jr liens? Since you are in a BK your negotiator or attorney should be able to get them to accept a reduced payoff.

Is the $12k just to cover the cost of the credit cards, oil bill and ticket or also the second?

What is the balance of the 2nd?

Did the lender allocate a specific amount to go to the 2nd?

Payouts to second lien holders can be as low as $2k but I have seen them as high as $10k-$20k based on loan amount. Also some second lien holder will not cooperate with HAFA, even if it means they get nothing.

The additional information will help me provide a more detailed suggestion.

Hi,

Thank you for your reply. The BK was in 2013 however 4 liens remain from Capital one. The oil was also included. The only real ones we have are the 2nd (which has an unknown balance, but it is believed to be 25M)  and another lien which is around 3,500. I have spoken to this creditor and they are amenable to working something out with them. The other is a parking ticket for 105.00. That about it. I just can't see a creditor declining to participate in HAFA. I'm just trying to do the right thing for the neighborhood. I mean, to let it foreclose when you have a buyer. I guess I had the wrong impression of this whole thing. It just seems like no one seems to know or abide by the HAMP protocol. I'm just having a problem with the whole thing.

You have an attorney negotiating the short sale and a Realtor for the listing?

Have all the payoff demands been ordered? if not you should request that they are ordered asap. Are all of those liens on the title report? If the judgement liens were included in your BK, have you should asked your attorney if there is a way to have the liens removed from the property. I am not an attorney and do not provide legal advice.

Creditors can and do decline the HAFA program. Creditors can and do allow properties to go into foreclosure instead of accepting a reduced payoff. Try to stay positive through the negotiation process. At this point the 2nd lien holder has not rejected the reduced payoff based on the 1st lien approval. Your attorney and realtor may get the 2nd approved along with a reduced payoffs to the other jr. liens. You should give them time to work the file.

Generally, attorneys negotiating short sales are the worst. A preliminary title search should have done at the get go, so the offer could be structured properly, and the junior lien holders being negotiated the whole time. This should Not have been a surprise at the end. And yes, junior lien can deny to accept an offered amount, which can kill your short sale. This is why it is crucial to know about these from the beginning.

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