"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,…"
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Michael Schneider replied to Mike Linkenauger's discussion HAFA government short sale program Successes and Failures in the group HAFA Short Sale ProgramMichael Schneider commented on Ben Benita's blog post WARNING TO YOUR SELLER'S REGARDING DEFICIENCY LANGUAGE!!!!!"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…"
Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales"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…"
Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales"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…"
Michael Schneider replied to TJ's discussion Why doesn't a FHA loan qualify for HAFA? in the group HAFA Short Sale Program"@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…"
Michael Schneider replied to TJ's discussion Why doesn't a FHA loan qualify for HAFA? in the group HAFA Short Sale Program"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…"
Michael Schneider commented on Mike Linkenauger's blog post Has The Real Estate Market Stabilized?"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."
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…"
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"Illogical, inane, misguided, of course. But, I do believe that the "no contribution" restriction is stated in various HAFA guidelines.
Google for sd0909r.pdf, I believe (assuming this is non-GSE)."
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales"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.
We (attorney…"
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales"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…"
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales"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..."
Michael Schneider commented on Mike Linkenauger's group Wells Fargo Short Sales"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!!"
Michael Schneider replied to Ned's discussion If BofA is Trustee for one of the WaMu Pass Through Certificates-who is investor decision maker? in the group Bank of America Short Sales"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,…"
Michael Schneider replied to Steven Pawera's discussion HAFA, BAC & Old Republic - you are warned in the group HAFA Short Sale Program"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…"
Michael Schneider replied to Jamie Walters's discussion BoA says that HUD will only allow them to pay upto 1% of closing costs. Is this true? in the group Bank of America Short Sales"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…"
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Forum
Bank of America Short Sale Incentive Relocation Assistance
Started by TeamKane Realty in Rants and Raves. Last reply by Robin Mitchell 5 hours ago. 3 Replies 0 Likes
Are FHA loans eligible for HAFA?
Started by Cinda Rose in Rants and Raves. Last reply by Larry Hollingsworth 9 hours ago. 1 Reply 0 Likes
Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
Started by Patti Guilford in Rants and Raves. Last reply by Fred Shocklie 12 hours ago. 2 Replies 0 Likes
What does Analysis stage mean Bank of America
Started by Craig Schneider in Rants and Raves. Last reply by Craig Schneider 13 hours ago. 9 Replies 0 Likes
Making sure your Realtor is on top of things
Started by Stephen Dotlich in Rants and Raves. Last reply by Satar Naghshineh 13 hours ago. 16 Replies 0 Likes
Bank of America changed closing date
Started by Kevin Hayes in General Discussion. Last reply by Dawn Marie Richeal 16 hours ago. 5 Replies 0 Likes
Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer 17 hours ago. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger 18 hours ago. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
Started by Varnie Jules in Network Talk. Last reply by Joseph C. Alfe on Monday. 15 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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