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 Paola Martinsen on July 11, 2011 at 6:42am
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Jeanne--Per hafa guideliness the second must settle the account for 6% of the UPB and it must be settlement in full. So the answer would be no, they cannot contribute. However with a BofA coop short sale they can.
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Comment by Michael Schneider on July 11, 2011 at 6:33am
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I do not think this would be approved on the FInal HUD. Pretty sure the guidelines state that the check must be written by the settlement agent for $3000, paid out to the sellers.
And the HUD generally shows: HAFA Relocation Payment to Joe Seller, in Section 500, at least, that is my experience.
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Comment by Tni LeBlanc (805) 878-9879 on July 11, 2011 at 6:29am
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No that is not allowable under HAFA. If it were, no sellers would ever get it. :-)
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Comment by Jeanne Johnson on July 11, 2011 at 6:27am
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Does anyone know if the borrower can elect to give up their $3,000 and put it towards a payment to the second and have this listed on the HUD? Will HAFA allow this? Thanks for letting me know.
Jeanne Johnson
Lawyer's Financial Group
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Comment by Sameer Punjani on July 9, 2011 at 5:51am
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Now i wonder why i dont get reo listings. Perhaps some of these asset managers read these posts, lol. Like i give a damn.
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I was pretty close to joining bofa to clean up their short sale mess to help agents like you guys. Been a broker for 7 years and in the business for 10. Thats what we need is people from the outside who know how to handle these files. But then again, i had second thoughts i cant join the snakes that sucked the lifeline out of innocent famiies who have no place to live with a "sorry theres nothing more we can do" last cry for customer service while the home you lived in for the last 10 years is taken right under you.
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Comment by Kylee Roe on July 9, 2011 at 5:46am
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Thanks Wendy! I didn't think of that. But, in California--I am in Sacramento--we have legislation that says when banks approve a short sale, they have to accept that amount and no further collection (on firsts, so I guess it helps him on the second. The second Btw, was Citi who approved it in one week.)
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You can get the waiver, just have to try harder. I closed a bofa regular short sale, they wanted 3000 contribution from seller, got that down to 500. These idiot banks try to suck out every last dime they can and some suckers fall for it. Dont be a victim of their money hungry scams.
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Hi Terrie, I sent a friend request. I successfully escalated at BofA on a HAFA. The lady was very sharp (a former real estate agent). I'll be glad to send you her email contact info. Sounds like this is a file that needs to be rescued. I sent you a friend request - accept and I will email you the info. We have to be "friends" to message on this forum. Tni
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Comment by Wendy Smith on July 9, 2011 at 5:39am
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Kylee, if you are in a recourse state such as Florida, HAFA's true benefit is the full release and waiver of deficiency. The relo assistance cash is just frosting on the cake.
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