HAFA REQUIRING HOMEOWNER TO PAY 31% OF THEIR INCOME POST-APPROVAL???

Hey all, just had a conversation with Bay View Loan Servicing.  They've been processing the homeowner for HAFA eligibility since mid-April, and I was just informed of a "new HAFA regulation that requires the homeowner to make a payment every month until closing of 31% of their income!"  This is after the HAFA approval is issued.   The other alternative is that the homeowner can forego the $3k relocation incentive and call it a day. Anyone heard of this???  Thanks!

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on May 11, 2012 at 12:01pm

If that is something they require, it is required to be disclosed in their HAFA Matrix - https://www1.vtrenz.net/imarkownerfiles/ownerassets/583/hafa-matrix...

Permalink Reply by Kevin - Greenville, SC on May 11, 2012 at 1:58pm

In reading their HAFA Matrix that can be a condition of participation.

Permalink Reply by Lori Young on May 11, 2012 at 12:16pm
NO! Be careful of Bayview!
Permalink Reply by Bryant Tutas on May 11, 2012 at 1:56pm

That is not true. It is true that if the borrowers SSA requires a payment during the marketing period the lenders are no longer required to keep the payment below 31% of income. This is a new guideline that goes into affect on 1 June 2012.

The new guidelines are attached. These are for non GSE Hafa

Attachments:
Permalink Reply by Bryant Tutas on May 11, 2012 at 1:58pm

"Payments during the review
term may exceed 31%, if
the borrower wants to
remain current on his/her loan"

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