Helpful information on HAMP, HAFA and helping your homeowners
To help clear up some of the confusion: Make sure your homeowner(s) have seeked out what their options are with the lender FIRST. They are to request a loan modification and if that does not work for them, then they are eligible for HAFA.
A FREE service is available and approved by HUD to get help for the homeowner(s) in an attempt to get them a loan modification FIRST. One of the agencies the homeowner can go to get help in preparing their request for a loan mod is NID-HCA (FREE) HUD approved and supported service. This service is nationwide.
Agents, letting the homeowner know about these FREE and Approved services can go a long way in getting their short sale business should they be unable to get or maintain a loan modification.http://www.nidonline.org/
Participating Servicers is updated: http://www.makinghomeaffordable.com/contact_servicer.html and check out: https://www.hopenow.com/
Great Question and Answer document that covers all the What if and How does it work questions: http://makinghomeaffordable.gov/docs/BorrowerFAQs_3-09-10.pdf. SEE ATTACHED
While there are some cons to the program, it is something that if worked correctly can help homeowners avoid foreclosure and either get a loan modification, or a short sale or DIL. ** Please note: Some homeowners may find themselves paying for something (either the second lien, monthly payments while going through the short sale process, or getting a loan mod that they are not necesarily impressed with).
But it is the best program that is out there now for the homeowners - starting April 5th.
- Attachments:
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BorrowerFAQs_3-09-10.pdf, 329 KB
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Replies to This Discussion
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Permalink Reply by Steele V. Propp on
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This last Friday HAFA modified several items to the program including an increase in the relocation allowance from $1,500 to $3,000. Here is a link with several update reports and FAQ:
HAFA and HAMP changes
http://www.box.net/shared/jrhxmklde9 -
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Permalink Reply by D'Adrea Davie on
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My question is if you are in the middle of attempting to get an offer accepted and the HAFA program begins April 5th is that going to prolong the process of getting a reply from the lender because the seller will have to try to get a loan modification first? This may be my dilemma for my buyer...
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Permalink Reply by Rosemary Brooks on
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D'Adrea: I think the buyer has the right to try to get a modification under the new guidelines. Depending on who the mortgage servicer is as to how this will work out. Ask the listing agent and let her do her research, meanwhile since most agents do not know about this new program .... I'd keep researching as well.
This is a good place to get some feedback. Also, put your question in the Help group. -
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As I understand it, to be eligable one needs to fit the HAMP program guidelines but that doesn't mean you have to go through HAMP first. The owner can request a short sale.
If something is in process I don't see them throwing everything back to square one. -
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Thank you Steele,
I just went through a HAMP seminar and found out that if an offer was received before April 5th The lender does not have to apply to the guidelines of HAFA the existing guidelines apply. Thank you for your insight!
Steele V. Propp said:As I understand it, to be eligable one needs to fit the HAMP program guidelines but that doesn't mean you have to go through HAMP first. The owner can request a short sale.
If something is in process I don't see them throwing everything back to square one. -
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