HAFA DOCS FOR 2ND LIEN HOLDER QUESTION

Greetings to All

I have done many, many short sales ,but this is my first HAFA to be actually approved .Wells is the first and I have the approval from them with the 6k for the 2nd which happens to be GMAC. The bank statements and paystubs used to obtain the approval were all those supplied at the outset ,Dec, 2011, and having received the approval last week from the first,Wells , I asked the 2nd ,GMAC , for their approval .

GMAC are seeking updated information like bank statements and paystubs and are not accepting the ones used to obtain the Wells approval.

Seller has moved to another State and is now working and earning money . He  could not find suitable employment in Florida .

Such requests are common in regular short sales , but I am inquiring from those agents who have been through this if GMAC will try try to get more than their 6k ,even though they got TARP money ??

Kindest regards

Donal

Views: 254

Replies to This Discussion

Permalink Reply by Ron Gent on May 31, 2012 at 2:21pm

YOU HAVE DONE MANY SHORTS AND THIS IS THE FIRST TIME YOU GOT HAFA APPROVAL FOR YOUR CLIENTS ???-SOMETHING IS WRONG WITH THIS PICTURE--TELL ME MORE--RON GENT NEW CENTURY REAL ESTATE 909-815-0281

Permalink Reply by Satar Naghshineh on May 31, 2012 at 3:02pm

Here's the problem: if you show paycheck stubs and this is a recourse second, they now have info to go after your client to garnish wages. If the bank accounts show a hefty surplus on a monthly basis, then that can lead to a promissory note or a request for additional funds. It could also mean nothing and they will just accept the 6k and need these documents to close out their file. Who knows. What I would do is to tell my client the possible outcome of any information given (like what I did) and ask him how he wants to respond to GMAC, such as telling them he is unemployed and/or doesn't have a bank account anymore (or whatever).

Permalink Reply by Joe Beauchamp on June 1, 2012 at 9:41pm

Hmm. hadn't thought of that or run into it. What the heck am I thinking? That banks are scrupulous ethical entities? Wow, need to get back to drinking reality-juice. Thanks for the heads up!

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