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HAFA short sale> both 1st and 2nd/HELOC state the other MUST approve first

Posted by Marge Pawlak on February 3, 2013 at 9:09am in Short Sale Discussions

I have a situation where the second mtg/HELOC will NOT approve the short sale stating the first mtg MUST approve first.

Then the 1st mtg is stating the second mtg/HELOC MUST approve short sale first per HAFA guidelines.

I have searched everything I can find regarding HAFA rules and cannot find anything that refers to this issue.

Does anyone know how to proceed?  Even out attorney who is excellent cannot find anything to help get this short sale approved.

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Replies

  • Edwin Baloloy February 4, 2013 at 5:41am

    Who are the servicers?

  • Jonathan Katz February 3, 2013 at 10:28am

    Marge,

          Which lenders hold the 1st and 2nd? With the right escalations and proof that they won't move forward typically you can get one of the lenders to move forward. We process a very large volume of files and run into this situation often. More often than not it isn't too hard of a resolve.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

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