HAFA - Home Affordable Foreclosure Alternative
Information
Let's get this group going to track how this program is helping homeowners avoid foreclosure.
Members: 626
Latest Activity: Jul 11, 2017
HAFA Short Sale Information
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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.
Discussion Forum
Only Shorting the 2nd Lien Holder-Wells Fargo 1st is CITI and investor is Fannie Mae.
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
ONLY SHORTING THE 2nd Lien Holder GMAC- does HAFA APPLY?
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
OCWEN participates in HAFA, but doesn't pre-approve the short sale???
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
Investors Turning Down Short Sale Because Their Own Appraisal Is Too Low
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 Wall
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Comment by Dee Garcia on September 9, 2010 at 1:46pm
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Hi Everyone, I am working on a short sale with BofA (investor Fannie Mae). There is a Cash Buyer with an offer about $15K+ above BPO value. BofA is telling me that seller does not qualify for Fannie Mae HAFA because they have a foreclosure sale with 60 days. I contacted the BofA Fannie Mae vendor and they are telling me they cannot qualify the seller because of the foreclosure sale date (even though seller is qualified with all other elegibility for HAFA) I don't get this...I though HAFA was supposed to help people avoid foreclosure and specially on a Fannie Mae loan (and HAFA being a government program!) Mind you, there is nothing about the "60 Day" ineligibility on the BofA HAFA site or on the "Agent HAFA" pdf (see attachment) that states anything about this Fannie Mae (I had to dig deep into the Fannie Mae website to find a pdf for Servicers that stated this. Do you have any suggestions to go around this???
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Comment by Laura Marshall on August 27, 2010 at 7:03am
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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.
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Comment by Cami Pinsak on August 27, 2010 at 7:00am
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I have one with EverBank and they are participating.
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Comment by Michael Schneider on August 27, 2010 at 6:12am
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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
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Comment by Amy Martin on August 27, 2010 at 6:09am
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Is Everhome Mortgage a HAFA Servicer?
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I have my first HAFA approval!!
Numbers look fine.
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Comment by Elise Fay on August 24, 2010 at 7:58am
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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.
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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?
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Comment by Jennifer McNitt on August 9, 2010 at 8:15am
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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.
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Jennifer - in this case, its a relocation, so that would be the "imminent".
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