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Permalink Reply by Joseph Alfe on February 9, 2012 at 9:44am

You should not even be considering HAFA with this. This is a traditional short sale, and most likely, you will need a significant cash contribution from either the buyer or seller to be successful.

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Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on February 9, 2012 at 9:49am

The seller wants to see if he can get a relocation fee. I'm thinking we should have close to $30-40k left over for the 2nd lender. Balance is about $340k.

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Permalink Reply by Joseph Alfe on February 9, 2012 at 9:59am

good luck with that

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Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on February 9, 2012 at 10:01am

I know :)

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Permalink Reply by Kevin - Greenville, SC on February 11, 2012 at 1:23pm

Whatever is left after the 1st is paid, the 2nd will certainly demand.

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Permalink Reply by Kevin - Greenville, SC on February 11, 2012 at 1:21pm

A HAFA Short Sale Agreement applies only to 1st loans.

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Permalink Reply by Donna McClelland on February 12, 2012 at 8:19am

Hi Sara
U can only do hafa on a conventional first, not a 2nd or Heloc. That being said u should easily get short sale approval from the 2nd. I just got an approval with the same scenario in only 14 calendar days! As the market improves, we should start having more of these that are only short on the second, making our lives SO much easier!

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