Chase HAFA

What's everyones thoughts. Chase HAFA short sale, ARASS letter filled out and completed, prelim HUD sent in and used for our approval letter.

Contract has seller concession 3%. Prelim and ARASS all show net reflective of 3% towards closing. I get the approval letter, review it and realize the net is just a bit higher than what we've been working the whole time.

I call the negotiator and mention it and he say's HAFA doesn't do seller concessions. They wont approve it. My only options are drop the 3% or he will allow us to go traditional, no deficiency however take away $3,000 relo to seller....WHAT!!!

Has anyone experienced this with Chase??

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Replies to This Discussion

Permalink Reply by Kimberley Kelly on September 13, 2011 at 3:02am
Chase=problems.
Permalink Reply by Eric Mieles on September 13, 2011 at 6:56am
Lol Kimberly. I was hoping for a little more insight then that.....lol!
Permalink Reply by Holly B. Long on September 14, 2011 at 6:24pm

That is the first I have heard that HAFA short sales won't pay seller concessions..I have a WF approval that is a HAFA and I got close to 3% seller concessions approved (3% would have been $5250 and $4999.00 was approved --go figure!).  I would question whether is was HAFA or the investors guideline that determined it.  Surely the negotiator mean to say that "the INVESTORS guideline says if you are HAFA you can't give seller concessions"...

 

That is the crazy thing in this business --left hand does it this way and right hand does it that way and you never know whose hand you are holding --lol

Permalink Reply by Jessica Eisenhauer on January 31, 2012 at 12:25pm

I have heard each bank can make their own rules when it comes to closing costs and how much they will pay etc.  Just learned that the hard way with an Ocwen HAFA short sale. BOA and Wells Fargo will pay 3% from what I have seen, but I have yet to be successful getting Chase to do a HAFA short sale.  What's the trick? =)

 

Permalink Reply by Mike Rosania on February 1, 2012 at 8:46am

From what I understand, Chase automatically reviews for HAFA first and if qualifies they proceed as HAFA and if not it goes to their BUA(Business as Usual) which is traditional in which case they gave one of my clients a $5000 incentive and full waiver, and according to negotiator as long as concession was no more than 3% and at or above minimum net it would be fine to have a concession.

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