"This is a mission critical crossroads Christine. If Wells won't agree to participate in the HAFA program & accept $6k as full satisfaction on the note, your borrower/seller cannot participate in the HAFA program. You need…"
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Can seller direct the $3k HAFA incentive to the junior lien??
Started this discussion. Last reply by Leslie Zieminski Aug 5, 2011. 5 Replies 0 Likes
Hello All - Can the seller direct the $3k HAFA incentive to the junior lien? Popular (2nd lien) is denying the offer of $11k (which is being supplemented by $5k of buyer funds) because the seller is…Continue
BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k!
Started this discussion. Last reply by Joseph C. Alfe Jul 5, 2011. 5 Replies 0 Likes
Hello Experts - I just reread the SSA as well as the HAFA "eligibility criteria" etc on the MHA website. It is my understanding that it is the responsibility of the homeowner to "negotiate the…Continue
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Leslie Zieminski replied to Michael J. Emmi, Sr.'s discussion HAFA 45 Days & Trustee Sales"I don't kow the answer Michael but I have a related question regarding trustee sales.
I have an approved short sale but I can't manage to get an approval letter that provides for a 45 day closing per HAFA guidelines. The…"
Leslie Zieminski replied to Mike Linkenauger's discussion $20,000 BACK for A Bank Of America Short Sale!! in the group Bank of America Short Sales"DIL is part of the HAFA and the BAC Coop program guidelines. I don't have anything in writing re the Coop program as I haven't cmpleted one myself. Attached is a sample HAFA Short Sale Agreement; reference pages 4-5 for the DIL…"
Leslie Zieminski replied to Mike Linkenauger's discussion $20,000 BACK for A Bank Of America Short Sale!! in the group Bank of America Short Sales"It's interesting to note that this program is only being offerred to files without an offer. They also have a mandatory Deed in Lieu component after 120 days of lender directed marketing."
Leslie Zieminski joined Mike Linkenauger's group
Bank of America Short Sales
A place to discuss Bank of America short sale programs and share information and help to get mortgage short sales approved.
Leslie Zieminski replied to Terri Barrow's discussion Who bought out Wiltshire Mortgage"I would wait for your autho to get processed. Put on your cover letter - "need new BAC loan number!" Good luck Terri!!!
Leslie - 949.388.1310
lzieminski@earthlink.net"
Leslie Zieminski replied to Leslie Zieminski's discussion Can seller direct the $3k HAFA incentive to the junior lien??"Thanks Joe & Wendy for your posts.
Joe - It took me several months to get high enough up the food chain at Popular to get a response to the "HAFA participation" question. (Trust me - I asked MANY times early on!) In…"
Wendy Smith replied to Leslie Zieminski's discussion Can seller direct the $3k HAFA incentive to the junior lien??"Absolutely not. HAFA guidelies are very specific as to relo assistance, expenses and even commission. For instance, an agent may not discount his/her commission in order to pay non-allowables - the commission must be paid in full and…"
Joseph C. Alfe replied to Leslie Zieminski's discussion Can seller direct the $3k HAFA incentive to the junior lien??"there can be no note, cash contribution to 2nd, or deficiency in a HAFA deal. This is one of these situations where the second should have been taken into account from the beginning and HAFA should have never been initiated in the first place."
Leslie Zieminski replied to Leslie Zieminski's discussion Can seller direct the $3k HAFA incentive to the junior lien??"Popular wants $68k prom note to settle for $6k cash at closing. $3k isn't going to go that far. Also, I thought the HAFA program prohibited a prom note....
My other concern is that I won't get the senior lien to…"
Mike Linkenauger replied to Leslie Zieminski's discussion Can seller direct the $3k HAFA incentive to the junior lien??"No, not that I have every heard of. There are other ways to negotiate with 2nds, but HAFA is pretty much a joke of a program if there is a 2nd, but better than it used to be. The HAFA incentive is not that generous in the grand scheme of…"
Leslie Zieminski replied to Terri Barrow's discussion Who bought out Wiltshire Mortgage"Hi Terri -
I think BAC is now servicing the Wilshire Credit loans. Send them your Wilshire Credit autho. It's difficult though without the new loan number.
Good luck!!!
Leslie - Orange County, CA"
Leslie Zieminski posted a discussionCan seller direct the $3k HAFA incentive to the junior lien??
Hello All - Can the seller direct the $3k HAFA incentive to the junior lien? Popular (2nd lien) is denying the offer of $11k (which is being supplemented by $5k of buyer funds) because the seller is receiving the $3k HAFA incentive. They want the seller to agree to redirect the $3k toward their loss. They insist that the seller/borrower receive NO funds at closing. I am attempting to argue that their net payoff will be LESS if the file gets kicked out of the HAFA program because the gov't…See More
Michael Schneider replied to Leslie Zieminski's discussion BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k in the group HAFA Short Sale Program"@JoeB Re, Can the buyer make a contribution to a subordiate lien, above the $6000 limit?
I agree with you, Joe. Nice, nice call. You motivated me to re-read this section on the Handbook (Version 3, 12/2/2010. Is there a more recent…"
Joe Beauchamp replied to Leslie Zieminski's discussion BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k in the group HAFA Short Sale Program"I had to look it up - the handbook chap. 6.2.4.2 has the restriction about paying the 2nd lien. "The servicer, on behalf of the investor, will authorize the settlement agent to allow a portion of the gross sale proceeds as payment(s) to…"
Leslie Zieminski replied to Leslie Zieminski's discussion BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k in the group HAFA Short Sale Program"Thanks for the comic relief & the pep talk Joe!
I fear that this Neg thinks she is an EXPERT! See her quote in pink above. It looks like I'm going to have an uphill battle. My strategy is to go for the approval from…"
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