HAFA Qualification Rules

There is an issue that I ran into with HAFA and I am wondering if anyone knows of this.  The seller I am working with is Financially upside down.  Her Income is less than their expenses.  The seller's Hardship states that because she is taking care of her parents financially and also do to assessments and special assessments on her unit she cannot afford her home.

The negotiator from her bank (Chase) comes back and says she was rejected for the HAFA program because she makes too much money.  What?!?  But her expenses are greater than her income, and for a good reason.

The negotiator says that because the income is far greater than her mortgage payment it does not matter.  All that matters is her Monthly Income v. her Mortgage Payment.

If anyone can confirm this is true or show me that its not that would be a great help.  I need to go back to the seller and I don't want to give her false information.  Thanks!

Views: 47

Replies to This Discussion

Permalink Reply by Sean Wilder on September 16, 2010 at 9:45am
Hey Dee,

Yes this is correct. If their mortgage payment is 31% or less of their gross income they do not qualify for HAMP or HAFA.

The Gov't idiots that put this crap together seem to ignore the fact that many peoples problems are not just with their mortgage. Apparently they are fine with the borrower defaulting on all their other debts to keep paying the mortgage.
Permalink Reply by Wendy Smith on September 16, 2010 at 10:48am
well said Sean. Yes, Dee, it is true.
Permalink Reply by joe beauchamp on September 17, 2010 at 12:17pm
This could be helpful - page 4
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