Comment

Comment by Bryan L Dais on December 7, 2011 at 4:55pm

Angelica, it seems like the lenders and investors who participate in HAFA all have their own version of rules for the HAFA program although it was designed to be a more streamlined uniform way of processing short sales. My guess is the Fannie Mae influence is driving this particular decision. I had Fannie Mae refuse to postpone the foreclosure auction date in the middle of the approval process on an offer that more than met their approved purchase price because Fannie Mae said the borrower had reached 12 months of no payments and they were done. The regulatory agency governing HAFA under the US Treasury dep't is no help either. they have the job outsourced to an organization that has so many filters you can't ever get to a resolution. If you have an approval I would go with it and close ASAP.

Comment by Angelica Molina on December 7, 2011 at 4:38pm

Can  a Short Sale be declined under HAFA just because the sale date is w/in 60 days of the short sale request/approval?

Comment by Angelica Molina on December 1, 2011 at 5:09pm

Have a Short Sale with Chase,  loan is with Fannie Mae.. Got an approval today, wasn't under HAFA, can they do that? Can they declined HAFA?  I mean, under Making Home Affordable Foreclosure Alternatives,  seller does qualify. How can they say otherwise. Any information is greatly appreciated.

Comment by Elba Cox on November 18, 2011 at 4:50pm

Have short sale with 2 loans with Chaswe. Ist is FANNIE 2nd undisclossed investor. The property appraised at above of the note of the first but not enough for second. I have an offer the does not even cover neither...Chase is saying that the 1st does not qulified for a SS becaue the appraised amount...BS and thay I need to negotiate the 2nd separate with amother department of Chase. I have had this listing 8 months and  at one time it was approved for HAFA. It has had 4 negotiators and 3offers...escalated it but not making progess. Need CFO Mike Kavanaugh contact information...property on foreclosure process but no date. Any infomation on how to proceed is appreciated.

Comment by Fred Tenbrink CDPE, SFR on October 17, 2011 at 3:02pm

That's a tough one Phil. If the Chase loan was a cash-out refi they have the right for recourse after the foreclosure. The only thing you can do is keep throwing scenario's out to the banks and hope you can find one that makes both banks happy. The silver lining is that you will learn a lot from this one.

Comment by Phil Sotelo on October 17, 2011 at 2:55pm

I have deal where Chase is the 2nd, B of A is the 1st. I negotiated for B of A to pay $6,000 to Chase and they're saying they will not take anything less than $17,100. The offer I'm negotiated nets B of A what they want plus I requested $16,000 to be paid to Chase, $6,000 from B of A and $10,000 from the buyer, the $10k from buyer is added to his loan. So B of A would have to pay out the $16,000, B of A says they will only pay out $6,000 which is their max. Chase which has the file in their collection department is not budging, they said they don't care if it gets foreclosed. They will not work with us. What would you do???

Comment by Mark & Elly Ostrovsky on September 8, 2011 at 11:24pm

Thanks Mark ... thinking it is M.I. too.

Comment by Mark Smith CDPE SFR on September 8, 2011 at 11:18pm

mi is probably dictating the contribution.  negotiate to a reasonable amount and ask the buyers to contribute that amount.  Should be able to get down to bout 2-3K at most.  Good luck

Comment by Mark & Elly Ostrovsky on September 8, 2011 at 11:07pm

Hello all.

I have been working out a short sale with Chase. Managed to pull property off sheriff sale list after foreclosure decree when property was ordered to sale. Judgment was entered against my client for around $205K plus 8% interest per/year.

FNMA is involved and there is M.I. Sale is for $180K.

Today Chase offered the following as a condition to the short sale:

"Investor would like a contribution in the amount of $10,000."

My client refuses to make this contribution & says "Let them foreclose."

Any suggestions would be most appreciated. Thank you!

Comment by Sherrilee Denton on September 8, 2011 at 9:33pm

Sherri Elliott how did you make out with your Chase issue? Chase countered back higher than offer and your supporting comps and Chase closed the file? What happened?

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