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Permalink Reply by Previous SunTrust Negotiatior on May 20, 2011 at 5:40pm

It would have to be a Freddie or Fannie loan. If they were not denied or unable to make the agreed payments on a loan mod, they will are not eligible for HAFA

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Permalink Reply by Paola Martinsen on May 20, 2011 at 5:56pm

What about eminent default? Are there any circumstances where they will consider HAFA even if they have not applied for a mod first?

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Permalink Reply by Previous SunTrust Negotiatior on May 21, 2011 at 6:13pm

I am a former short sale negotitator that worked at SunTrust. First, under the HAFA guidleines, they will have to be either denied a modification or they were unable to keep to the agreed payments of an approved modification. There is no way around that. You have to undertand... there are Fannie and Freddie leadership on site at all the banks. If this is not a Freddie or Fannie loan you are SOL

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Permalink Reply by Kari A. Battaglia on May 22, 2011 at 2:45am

I recently had customers who participated in HAMP with AHMSI.  They had a Freddie Mac loan, for 11 months they struggled and then decided they could not do it and it was time to do short sale.  We submitted all the documents and negotiator then sent off to investor for approval we were denied because customers participated in the HAMP program.  We were told you could only participate in one program, NOT BOTH.  We had to proceed with a traditional short sale. No other option.  Other investors might not have the same strict guidelines as Freddie Mac or Fannie Mae but advise your customers of this potential conflict.  

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Permalink Reply by Enrique Vasquez-Plaza on May 23, 2011 at 9:54am

Despite closing 7 HAFAs already in 2011, I have to say that HAFA implementation is deficient and misguiding.   Servicer 1 do this, servicer 2 do that... and bla bla bla.

I emailed Suntrust contact mentioned ([email protected]) in this forum last week and I got a call back today by a guy named Michael at loss Mitt (no further contact info) who stated he has been involved (at some point I don't remember) With Hafa implementation, so here are his guidelines and advise:

1. To be consider for HAFA, home retention options must have been extenguish prior to applying for HAFA.  Either an approved HAMP or denied, you can go for HAFA.  So you must try MOD FIRST always.
2. Then, investor MUST be FREDDIE or FANNIE.  If investor is not one of this, you better let your client know, because it will not be consider for HAFA.
3. ALWAYS call 3 days after submitting file and request to ACTIVATE file. Most of us call to confirm packet was received, but he insist in requesting FILE activation so credit report and BPO can be ordered. 

Finally, I will have to call my seller and confirm that HAFA is not a option.  I never promised HAFA, so I will just inform him of the status.  I hope this information is valuable for my colleagues and good luck to all!

 

 

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