"HAFA is just simply misguided, by design. A voluntary program for investors and insurers, in which by participating they must waive their rights to collect. Makes no sense.
But, it has become easier to complete, primarily, I think,…"
"I've never had this on a Demand letter. I've discussed this issue with my BK attorney colleagues. Each of them wonders whether this would be enforced by the BK judge. Maybe, maybe not, is the answer I get. The BK…"
"The NPV calculation compares the net-proceeds of the short-sale to the expected net-proceeds of the foreclosure.
Meaning, "Do I make more money short-selling or foreclosing." I don't have specific codes for the Servicer…"
"Sounds like they did the NPV calculations and concluded that they would make more with the foreclosure than the short sale. So, by their Investor guidelines, they denied the short sale.
Don't the numbers imply they were right in this…"
"@Kevin These are two of the flaws in PFSP. Another major one is that PFSP pretty much removes the incentive for the seller to sell. After you get the ATP, the financially best strategy for a seller is to delay as long as possible…"
"Because the FHA has their own short-sale program--the Preforeclosure Sale Program (PFSP).
HAFA was based on PFSP. Treasury added their own fatal flaws to the already flawed FHA/PFSP, thereby ensuring that HAFA would be even less…"
"I think we are in this for the next five years, at least.
Then the boomers will need to liquidate whatever is left of the equity, hence more supply on the market.
I would say that overall the market has not changed much in CT over the past year."
"@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…"
"Working with their attorney, I always make sure that my client knows whether the deficiency is waived or not. If not, then there is a written and comfirmed communication to ensure that there are no suprises later.
"I have at least two, recent, with Freddie, deficiency waived, no additional payment, no fight.
In one case, a 1st only. The other there is also a 2nd, who is not waiving rights.
My sense is, this depends on the…"
"Not Stated = Not Waived, unless prohibited by other reasons
I have Freddie short sales, where they waived the deficiency, stating so in the letter, without additional payment.
But, not Chase, I think. Clearly, depends..."
"ASC is Wells. Not sure about this, but when I dealt with them, it seemed like the Servicing operations were merged into a "OneWells" process. My deal with them went very well, no complaints.
A MHA/HAFA success!!"
"No, I don't this this is bs. Chase as the primary servicer, has delegated authorization to make decisions on behalf of the Investor/Owner, which is a Trust, following the Investor's guidelines. But, for a big decision,…"
"MI and Investor participation is voluntary in Treasury HAFA (Non-GSE).
The MI right to deny is in the original policy guide, stated explicitly.
Unfortunately, HAFA = Failure by Design
IMHO the criticism should be directed to the Treasury for…"
"It is actually 1% of the buyer's loan amount, I believe, not purchase price, and only if FHA financing.
But, you can ask the Servicer to request a variance for a larger credit or to waive the FHA financing requirement.
I think these variance…"
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
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Consumer lender, portfolio management, risk management specialst.
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February 26, 2011
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