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HAFA is now an expired program.
The escalation process for HAFA is easy and effective and works with all HAFA participants.
https://www.hmpadmin.com/portal/resources/advisors/escalation.jsp
Email: [email protected]
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Here are some documents that may help you understand the HAFA guidelines.
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.
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.
Started by Jimmy Williams. Last reply by Brian Avery Mar 25, 2016. 2 Replies 0 Likes
Hello,1st Lien Holder is serviced by Citi, Fannie Mae is Investor, who has filed a LIs Pendance. 2nd is HELOC with Wells FargoCiti is not short in the sale, but Wells Fargo will be short. Will this…Continue
Started by Kathy Dyer Realtor Rosevillle Ca. Last reply by Kathy Dyer Realtor Rosevillle Ca Apr 2, 2015. 4 Replies 0 Likes
I have a new short sale in Ca. We are only shorting the 2nd lien holder, GMAC. Can we do Hafa if the first is not being shorted? NON GSE.Continue
Started by Jim Schneider. Last reply by Kevin - Greenville, SC Mar 1, 2014. 2 Replies 0 Likes
I just got off the phone with the short sale department at OCWEN, and they are saying that they still participate in hafa, but they don't have to issue a pre-approval letter. I thought that was the…Continue
Started by Kathleen Sheridan. Last reply by joe beauchamp Oct 2, 2013. 1 Reply 0 Likes
I just had a investor turn down a HAFA short sale because the appraisal that they ordered is too low. It seemed spot on to me. Now they want me to sell the property as a regular short sale for an…Continue
Comment
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
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.
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.
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.
You either don't take the listing or expect to live with the % offered.
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?????
Thank you, Sheila!
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