Providing you with the knowledge and tools needed to succeed with Short Sales.

HAFA - Home Affordable Foreclosure Alternative

Information

Let's get this group going to track how this program is helping homeowners avoid foreclosure. Participating Servicers:htt ???/Ans:

Website: https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
Location: Nationwide
Members: 242
Latest Activity: 12 hours ago

Click the link below to read the HAFA Guidelines

Here are some documents that may help you understand the new HAFA guidelines.

HAFA.pdf

NAR and HAFA.pdf

As of now, Fannie & Freddie are not a part of HAFA program. They promise to announce their HAFA-like program soon.

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

HAFA Eligibility - Seller works in NY, but lives in Florida! 1 Reply

Hello everyone, I am working on a short sale and the seller would like to qualify for HAFA. Do to her job circumstances, I am trying to figure if she will be eligible? The property is in Florida. S…

Started by Dee Garcia. Last reply by Alan Remigio 14 hours ago.

HAFA 45 Days Closing Guideline

We were told by Saxon that we must CLOSE a HAFA deal within 45 days of having a binding contract. We are aware there is 120 days for the program, but this is pertaining to Contract to Close. Have an…

Started by Ericka Hart-Nichols Aug 31.

Deed In Lieu 11 Replies

If you read the HAFA guidelines, it indicates that when a seller applies and is accepted into HAFA, the documents they are required to sign include language that requires them to do a deed in lieu if…

Started by Steven Jackson. Last reply by Aida Gonzalez Aug 20.

Second Mortgage Release of Deficieny under HAFA 1 Reply

In Minnesota we are a deficiency free state for the first mortgage when public foreclosure is used (and it almost always is) however, second mortgages are not subject to this rule. That means if sell…

Started by Nate Gerard. Last reply by Wendy Smith Aug 20.

Comment Wall

Comment

You need to be a member of HAFA - Home Affordable Foreclosure Alternative to add comments!

Comment by Laura Marshall on August 27, 2010 at 2:03pm: I have one with Everhome and they said no. On mine, they are servicing for Wells Fargo - who won't participate. I even tried calling Wells Fargo myself, and I was told the same thing. It may depend upon who they are servicing for.

Comment by Cami Pinsak on August 27, 2010 at 2:00pm: I have one with EverBank and they are participating.

Comment by Michael Schneider on August 27, 2010 at 1:12pm: If they are HAMP, then they are required to implement HAFA, as this is considered part of HAMP.
There is a servicer look up somewhere under www.makinghomeaffordable.com

Comment by Amy on August 27, 2010 at 1:09pm: Is Everhome Mortgage a HAFA Servicer?

Comment by Michael Schneider on August 27, 2010 at 1:01pm: I have my first HAFA approval!!
Numbers look fine.

Comment by Elise Fay on August 24, 2010 at 2:58pm: Has anyone had any success with the Fannie Mae HAFA program. I have called several banks including Citi, LBPS & Merrill Lynch and they all say they are not participating in the program. I have a call into Fannie Mae in DC--just missed their return call. I will give you some great info on another post about calling in to DC.

Comment by Michael Schneider on August 20, 2010 at 12:24pm: Paying commissions net of Buyer Closing Credit is reasonable, IMHO.
BUT, Are you saying that Wells will allow a buyer credit on a Treasury Making Home Affordable HAFA short sale?
A "buyer closing credit" is neither clearly allowable, nor clearly prohibited in the Treasury HAFA guidelines.
Saxon Mortgage implements the MHA/HAFA guidelines prohibiting a Buyer Closing Credit.
What are other Servicers/Investors doing on this? BofA? Chase? Citi?

Comment by Jonathan Osman on August 20, 2010 at 12:14pm: Has anyone actually closed a HAFA short sale yet?

Comment by Jonathan Osman on August 19, 2010 at 3:41pm: Heads up on HAFA: Wells Portfolio loans subtract the commissions from the net to the lender before closing costs. So if you have a borrower asking for $5,000 in closing costs on a $300,000 sale earning you a 6% commission, the commission will be based on $295,000 - not $300k.

Comment by Jennifer McNitt on August 9, 2010 at 3:15pm: OK, in my case it is a situation where we are divorced but can not move until the house is sold. We could stop paying and just rent, but in my situation I would rather buy a new home if at all possible.