HAFA - Home Affordable Foreclosure Alternative
Information
Let's get this group going to track how this program is helping homeowners avoid foreclosure.
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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 Julia Huntsman, 562-896-2609 on April 19, 2011 at 5:47am
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AMS told me recently that it takes about 30 days to review and decide if the HAFA criteria is met--this was for a FNMA HAFA.
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Comment by Jim Stewart on April 19, 2011 at 5:34am
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Jennie, then I probably didn't write my question correctly. :-) I'm just wondering if anyone else has had a similar situation and if they've run into a problem. I just don't want to blow the HAFA opportunity for my seller (although the overall HAFA success rate seems exceedingly small).
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Comment by Jennie Blackburn on April 19, 2011 at 5:29am
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Sounds like you answered your own question.
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I'm submitting a Freddie Mac HAFA request to BAC today. Problem is I already have an offer coming on the home. My understanding is that Freddie won't do a HAFA short sale if there is already an offer on the home prior to submission so I'm sending all of the documentation in for the HAFA request now, before I receive the offer and thinking about holding the offer for a couple of days while it gets set up in BAC's HAFA system. Does anybody have any advice as to whether this is a good idea? I called AMS who handles BAC's pre-offer HAFA short sales and they told me that even if I get an offer quickly that it won't affect the HAFA request. I had a similar situation with Wells Fargo though and the offer blew the HAFA request up since it was received before they had "completed their review". Any thoughts/advice??
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Comment by Wendy Smith on April 19, 2011 at 1:11am
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how does one file a HAMP investigation claim?
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Comment by Kevin - Greenville, SC on April 7, 2011 at 4:14am
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Terry,
The 31% still applies to Fannie and Freddie Loans. No, servicers especially for 2nd's don't want to do HAFA because they have to waive their deficiency rights.
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Comment by Terry Parrish on April 7, 2011 at 4:10am
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NationStar denied a second HAFA SS, the 1st because property vacant, (Seller's job relocated) ... the 2nd, most recent, due to income ratios. My understanding is that the 31% rule no longer applies. These clients are re-locating the end of May - what is going on? Don't Lenders want to do the HAFA program?
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Comment by Cami Pinsak on April 4, 2011 at 12:04pm
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Has anybody heard of new servicer guidelines as of 3/4/11?
Non GSE HAFA loan with B of A. Servicer is AMS and they are requiring the whole shebang from pay stubs to bank statements....The rep I spoke with said new guidelines as of 3/4/11...Anyone?
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Comment by AMY GERRISH on March 31, 2011 at 6:17am
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Wendy, anything with Tenants lately have been a hassle. Extreme negotiating!! MI always wants $$.
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Comment by Wendy Rulnick on March 31, 2011 at 5:47am
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Bank of America Fannie Mae HAFA Denied. Even though seller moved for job within past six months, she put a tenant in the property. TRADITIONAL HAFA says you CAN put a tenant in the property, and you still qualify, as long as it was your primary residence in the past 12 months. NOT SO WITH FANNIE MAE HAFA. If you know otherwise, and can send a link to the source material, please post.
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