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HAFA - Home Affordable Foreclosure Alternative
Information
Let's get this group going to track how this program is helping homeowners avoid foreclosure.
Members: 601
Latest Activity: on Friday
HAFA Short Sale Information
Click the button to hire a Short Sale Agent Superstar in your area
HAFA-Updates Effective 6-1-2012.pdf
The escalation process for HAFA is easy and effective and works with all lenders.
Email: escalations@hmpadmin.com
Include:
Borrower's Name
Property Address
Loan Number
Authorization to Speak Form (you need to give them authorization to speak with the lender - meaning the home owner AND they need authorization to speak to you)
Give them a time line and details of the problem.
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Here are some documents that may help you understand the HAFA guidelines.
HAFA Directive dated 3-30-2011
NEW HAFA Directive 12-28-10.pdf
4506-T.pdf
Quite possibly because HAFA and HAMP have both lagged far behind in expected completions, the Treasury Department recently reviewed and eliminated some of the rules to make eligibility easier.
With the HAFA program being designed, in part, to catch and help those homeowners who fell out of the Home Affordable Modification Program. However, the program has had less than 1,000 short sales since its April 2010 launch.
Among the Treasury’s changes are that servicers are no longer required to verify a borrower’s financial information or determine whether a borrower’s total monthly mortgage exceeds the bar of the 31% debt-to-income ratio.
According to one Treasury spokesperson, “While this requirement has set the standard for mortgage affordability under HAMP, it is not as important for homeowners ready to transition out of their home. Eliminating this requirement further streamlines the process for homeowners applying to the program.”
Servicers are, however, still required to obtain a signed hardship affidavit.
Section 6.2.4.2, Chapter IV of the Handbook is amended to increase from $6,000 to $8,500 the amount a servicer may authorize the settlement agent to pay from gross proceeds to subordinate mortgage holder(s) in exchange for a lien release and full release
of borrower liability. Investors will continue to be reimbursed one dollar for every three dollars of short sale proceeds paid to a subordinate mortgage holder up to $2,000.
All borrowers must now receive a short sale agreement within 30 days of the request.
****Fannie and Freddie as of 8-2010 have their own version of HAFA
The best way to assure your short sale is not yanked for the homeowner to go try a loan mod after you are listed it is to .... make sure your borrower seek the HAMP program first, then HAFA. Also, if you run out of time (120 days) ask for an extension.
Discussion Forum
Homeowner incentive - Nationstar
Started by Tony and Robin Pickett. Last reply by Cami Pinsak May 10. 8 Replies 0 Likes
Does anyone have a contact name and number for the Treasury Department regarding HAFA? Nationstar won't tell the homeowner if he is elgiible for the $3k incentive. He is not going forward with the…Continue
Bayview & BOA HAFA fiasco
Started by Al Vallecilla. Last reply by Patricia Bravo Apr 6. 3 Replies 0 Likes
I took a file that originally was serviced by BOA and after submitting the RMA HAMP to begin the short sale process BOA transferred the servicing rights to BayView Servicing. This file is only a 1st…Continue
HAFA GUIDELINES.....................
Started by Sheila Vardakis. Last reply by Sheila Vardakis Mar 18. 10 Replies 0 Likes
Got a 1st with Carrington and is HAFA approved. They will pay the 2nd line holder 6% of the UPB. The 2nd is with OCWEN and they said since it is HAFA approved, they won't accept anything less than…Continue
Reduction of Commissions for Dual Agency on HAFA Short Sale ?
Started by Sara Mehrpouyan Los Angeles CDPE. Last reply by Sharon Burgos Jan 15. 3 Replies 0 Likes
I'm working on a Pennymac HAFA at the moment. The Short Sale Agreement from Pennymac says "Real Estate Commissions. We will allow to be paid from Sale Proceeds, real estate commissions as stated in…Continue
Comment Wall
Comment
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Comment by Kevin - Greenville, SC on Friday
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Q. If the HAFA Incentive makes the net fall below the *minimum acceptable net
proceeds,* should that cause the Short Sale to be declined?A. As it is reimbursed 100% by TSY it should not have any effect. You should ask the servicer what they included in minimum net.
Laurie A. Maggiano
Director of Policy
Homeownership Preservation Office
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220
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Comment by Kevin - Greenville, SC on Friday
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Comment by Kevin - Greenville, SC on Friday
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Comment by Jesse Storm on Friday -
There are no set in stone Guidelines for how much if any money has to be given to a seller. If the bank only get's there basic net number they need most times they will not give Hafa money to the seller. I have had seller that moved out of homes for over a year get HAFA money and seller's who have no money to move get nothing.
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Comment by Tony and Robin Pickett on May 14, 2013 at 5:32pm -
Have a non GSE serviced by Nationstar! Approved for HAFA. 2nd is also serviced by nationstar affiliate, NMS, for different investor. 1st only allowing 6% of unpaid principal balance and 2nd demanding $8500. We are short about $3k. Buyer is paying full appraised value and can't go over to cover the diff. Seller has decided to let it foreclose if he doesn't get $3k incentive. We can reduce commission $1k but still short. We thought we understood HAFA but it seems like each deal there is a diff amount offered to the 2nd. What are the guidelines or is it investor specific? Where can I find the HAFA guidelines online?
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Comment by Jim Schneider on April 9, 2013 at 2:31pm -
is there a different RMA when the property is an investment property? The RMA has the owner stating they are occupying, and I thought HAFA was opened to investments now. Please post if you can. Thanks.
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Comment by Sheila Vardakis on February 6, 2013 at 3:10pm -
Kevin..............don 't beat around the bush.............what are you really trying to say??? LOL.
Okay............well I am rethinking my business plan because we have a lot of these priced homes in this market unfortunately.
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Comment by Kevin - Greenville, SC on February 6, 2013 at 3:08pm
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You either don't take the listing or expect to live with the % offered.
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Comment by Sheila Vardakis on February 6, 2013 at 3:01pm
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Homes sold for under $50K are paid a flat $3K under the BOA COOP program but HAFA program does not pay a minimum so it is whatever the sales price is times 6%????????????
I am about done with properties under $50K. How does everyone else deal with them and the low commission of 6% with no minimum paid?????
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Comment by Wendy Rulnick on February 2, 2013 at 9:02am
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Thank you, Sheila!
(Audios are 45-90 min each).
- Why a Short Sale?
- Qualifying The Seller
- Pricing and Marketing The Property
- Negotiating Techniques 1
- HUD1 Tips
- Escalation and Communication Tips
- Disputing Bad BPOs
- Cash Contributions and Prom Notes
- Negotiating Junior Liens
- Lead Generation
- 10 Short Sale Mistakes
- VA, HAP and FHA
- Getting Short Sales Closed
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