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 Amy Martin on September 26, 2011 at 6:02pm
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Thanks Kevin.
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Comment by Kevin - Greenville, SC on September 26, 2011 at 5:26pm
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Amy - If your contract price meets the minimum acceptable net proceeds the Servicer will pay 3% of the contract price in CC generally with no problems. If your client met the basic eligibility requirements for HAMP and has been denied there is NO reason they shouldn't qualify for HAFA.
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Is HAFA Short Sale the same as FANNIE MAE HAFA Short Sale? I have a Fannie Mae listing and I want to know if this HAFA pays for FHA or VA 3% closing cost?Also, if my client has been decline 2x in HAMP loan modification, what is the likelihood of being HAFA eligible?
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Comment by Shannon Renner on September 20, 2011 at 4:34am
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Have a HAFA short sale approved with Chase but Chase is stating they do not have to give any seller concessions. They are stating it's either the $3000 moving incentive or the $5000 in seller concessions but not both. Is this true? Are there certain investors that will not approve both?
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Comment by Smitty on August 17, 2011 at 2:45pm
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Rita, I have homeowners who just wrote a note that they couldn't agree to the deed in lieu so they opted out and it worked.
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Comment by Rita Legan CDPE (440) 227-4461 on August 15, 2011 at 8:30am
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Anyone have a HAFA OPT-OUT Form For Whells Fargo or phone number for seller to opt-out?
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Comment by Wendy Smith on August 8, 2011 at 11:07am
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I know a borrower does not have to be in default to be eligible for HAFA but I am being told, regardless of HAFA guidelines, if the loan is backed by Freddie or Fannie the borrower must be at least 60 days delinquent - is this correct?
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Comment by Michael Schneider on July 26, 2011 at 9:21am
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I've been there once, Wendy. if I recall, the expression is "abandoned by the estate", or close to it. Maybe it will work for you, but in my case, the Bank would not accept the "statement from the trustee" as the trustee wrote in on the docket in Pacer. And, the trustee wasn't about to write them there own personal letter, with a ribbon around it.
Plus there was a 2nd, so the various timelines needed to be matched up. And, the sellers are protected, and relocated 2000 miles away, so it didn't matter to them. Then, the house was vandalized, as it was emply. And, the Servicer HomEqu was sold, the loan ending up with Ocwen.
When the buyer was not willing to pay me a fee, I decided to quit. The primary cause was the BK filing, in my view.
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the home was exempt in the bankruptcy (per a letter from the Trustee). why would I have trouble closing the sale?
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