HAFA - proceeds to second lienholder

I must admit, I hate when I don't know the answer!  Fellow agent called me for help.  Has a HAFA deal.  Offer meets the minimum net.  1st is only willing to pay $669 to 2nd lienholder despite the fact that 6% of the balance owed is around $1500.  In looking for the info - I'd always thought it was 6% of unpaid balance or $6000 whichever was lower - I found a clause from 2011 removing the 6% requirement.  It says "up to $6K" and determinted by investor.  Investor is Wells.  Any advice?

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Permalink Reply by Kevin - Greenville, SC on February 20, 2012 at 7:21am

The 6% UPB cap only applies to Fannie and Freddie HAFA.

Permalink Reply by Anna Chroscicki on February 20, 2012 at 7:23am

I wish I had advice. Last year I lost more HAFA short sales that I wish to think about, because of rules. I am sorry but if it is regular HAFA,Fannie Mae or Freddie Mac, those rules are made so banks can make up their own rules.  Why such a weird number ?

Permalink Reply by Tracie Norman on February 22, 2012 at 5:27am

Thanks for your feedback!  Asking the buyer to make up the difference.  Hope it works!

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