The Benefits of HAFA Short Sales Come Into Play - But the second lender (junior lien) can still be the Achilles Heel
The Benefits of HAFA Short Sales Come Into Play - But the second lender (junior lien) can still be the Achilles Heel
The HAFA Program (Home Affordable Foreclosure Alternatives) is bring some great strides to the short sale process.
There is some standardization of the process, and great financial incentives for the borrower, the banks and the broker.
The only element that really isn't brought into the standardization process is the junior lien, if there is one on the property.
Negotiation of the short sale with the second lender is unfotrunately, by HAFA definition, the responsibility of the borrower.
So we as agents and mitigators are still left to deal with the requirements of the second lender, and how that plays into the first lender's requirements.
Comments (0)Subscribe to CommentsComment