Any feedback? From what I understand and as of HAFA updates published by NAR on 03/16/2011, FHA loans are not eligible for HAFA because FHA has their own process for short sales? This is situation, homeowners are 3 on title and only 2 are ready, able, & willing to proceed but the 3rd is incognito. Plus they have FHA financing on first with BofA former CW loan and there is a 2nd that was also CW and now owned by BofNY Mellon, serviced by GreenTree and both loans recorded NTS. The first postponed sale for 2.5 months but 2nd is harder to contact. Without HAFA as incentive for 2nd's cooperation, does this mean I should throw in the towel? I really feel bad for this family because they are honest and sincere dnd were initially victims of fraud the first time they tried to short sale because the Realtor forged one of their signatures and homeowner caught it one day. That is why the 3rd homeowner is Infiniti because she is still fuming and blaming the other 2 homeowners for making recommendation to use that agent. However, other members in their family are confident shell cooperate once I can prove myself with the full listing package and presentation ready for submission to lender. It will make it more real then because the other agent, they say, didn't make any of the disclosures I have made, nor give them as much papers to sign as I have already. But without HAFA protections will it be a waste of my time trying to negotiate with FHA lenders at this late date?
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  • I agree with all of you. If it wasn't for my gut feelings and sense of unfairness, I would have passed. They have eligible hardship(s) it would be shame to see them stuck with deficiency judgements later on because they were uneducated or unaware. Like most people in this town I'm focused on they are not provided with information as early or freely as homeowners in other communities are. How are they supposed to know their options? There aren't any agents farming this community with a sincere intent to provide homeowners with the tools and resources available to them. So I am focusing on a small, underserved community that was really hit hard with predatory lending and ignorant borrowing. If nothing else, I hope to develop a solid reputation and experience background that will aid in my future goals of getting approved by HUD as a non-profit counselor which would aid me more in gaining trust and credibility with distressed homeowners (shoot...I'm already non-profit lol) Thank you for your feedback
  • I've had terrible experiences with Greentree. I would suggest looking at the Greentree group. You will probablly get some good advice there.  If the buyer is willing to bring in additional cash to close for the 2nd, you may be ok.
  • Melissa,

    yes, FHA has there own process for short sales and it would apply. Join the FHA group and go through the PFS guidelines that can be found there. They will offer money to the second, that is not unique to HAFA. They may also give the seller's an incentive for completing a short sale ($1000-$750 total, not per owner).

     

    As for the third seller, if they won't sign the listing agreement, you really can't do anything. That third owner's permission is critical, pass if you can't get them on board. (imho)

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