GMAC as 2nd lien holder will not participate in HAFA

I’m finally coming to the light at the end of the tunnel. Then suddenly, GMAC as the 2^nd lien holder called to say – the investor (e-Trade) do not participate in HAFA (they don’t want seller to get anything). It must be done the “conventional” way.

I’m not sure what I can do now? Can you please shed some light?

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Replies to This Discussion

Permalink Reply by Linda Blackmon on July 23, 2012 at 9:32am

Sorry, but if the 2nd lien holder will not participate, they must proceed with foreclosure. I suggest you contact the asset manager for REO listing, if your set up to handle them. Hope you have the buyer for the listing.

Permalink Reply by Sharona Byrnes on August 7, 2012 at 9:58am

Loreena - do you have an update on this? I am just now running into the same issue. GMAC refused to even look at the file until the first had approved it, and now says that the investor doesn't participate in HAFA. That seems really weird, why wouldn't they just negotiate for what they want as a bottom line dollar figure and leave it up to us as the professional negotiators to find a way to make it work? Crazy!!!

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