Hello All,
I need some assistance. I advise my client to call Wells Fargo to go the traditional short sale route on equator due to me reading the issues agents are having with Wells on HAFA short sales. The dilemma is she wants the $3k relocation money but if we don't close before Dec. 31st, my client will be stuck with paying taxes on the deficiency amount due to the Debt Forgiveness Act expiring.
How long are the HAFA short sales taking on equator for approval versus the traditional ones? All responses are welcomed. Thanks.
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Wells will make the determination if you client is even eligible for HAFA. I would just get an offer in and submit the file. If they are HAFA eligible, Wells will likley let you know and then you can adjust the HUD for the $3000 payout and have the seller fill out any HAFA paperwork.
Great Question Ezekiel,
I would put it through Equator, how long on Wells Fargo?? That just depends on the luck of the draw. I had files close in less than 30 days and some that are over 90 days. Each short sale is different. Do your client a favor and go through HAFA. Shounds like she needs the incentive. I am sure you will pull through before the deadline. Check HAFA guidelines to your client situation to be certain she qualifies. Also, there is a lot of talk about this date being extended and also if you get HAFA you really won't have to worry about the "takes on deficiency" because there will be no deficiency.
Let me know if you need any help. Best of Luck.
Carmine R Biello Jr.