Dodd Frank Disclosure
Just started seeing this...now...question, if my folks do not want to participate in HAMP, HAFA and want to proceed strictly through and on to a Short Sale...is this a required doc. that you all have seen or is this some disclosure that may be taken as a "time waster" because they filled it out...Citi just sent me this.doddfrank.pdf
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Melissa -
If the seller doesn't want to aprticipate in HAMP / HAFA, they ust need to call Citi and tell them so. Bear in mind they may no get a waiver of the deficiency by not going through with HAFA. Having said that, I just got an approval on a BofA deal BofA 1 & 2, eligible under HAFA but seller chose not to participate becasue the approval would have taken another 90 days (it's already been 2.5 years) The first approval was with $10,000 Prom Note and $5,000 cash at closing from seller - but a simple letter telling BofA he is still in financial stress got those removed and a waiver of all deficiencies ! WooHoo !
As for the attachment "Dodd-Frank". I'm not surprised and I think we will see more of this. As long as your seller has none of the issues identified in the document, why not sign and continue to cooperate?
Best of luck,
Thom Colby
Broker
Newport Beach CA
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