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
Click The Button Now To Hire A Short Sale Superstar To Support You.
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]
***************************************************************
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
Comment
-
Comment by Lee Williams on March 30, 2011 at 4:54am
-
I don't think HAMP is going anywhere. The vote went down party lines in the House. The Senate would have to vote as well and then the President would have the option to veto the bill. Prep for 2012?
-
Comment by Wendy Rulnick on March 30, 2011 at 1:55am
-
Since HAMP is going, will HAFA go?? Who's got the latest scoop?
-
Comment by Kevin - Greenville, SC on March 29, 2011 at 12:40pm
-
The SSA will include either a list price or the minimum net proceeds the servicer will accept from the transaction. SD 09-09R states:"The minimum net may be expressed as a fixed dollar amount, as a percentage of the current market value of the property, or as a percentage of the list price as approved by the servicer. Once determined, the servicer must document the minimum net in the servicing file for each property subject to HAFA. After signing an SSA, the servicer may not increase the minimum net requirement until the initial SSA termination date is reached (not less than 120 calendar days). Subsequent changes to the minimum net when the SSA is extended must be documented.
-
Comment by Jim Stewart on March 29, 2011 at 12:35pm
-
Does HAFA use a similar process to FHA in that they will accept 88% to 84% of the FMV of the property depending on how long the home has been on the market?
-
Comment by Sandy Skover on March 22, 2011 at 5:34am
-
Finally the BOA HAFA APPROVAL!- I am so appreciative of the help and encouragement from all the Super Stars here! I had been trying for months to get the file out of underwriting at BOA. It had been in "underwriting" from 11/30 when we submitted RASS docs till 03/07, when BOA finally qualified the homeowner for HAFA. I had to go to the office of the President to make it happen.
Along the way we lost the first buyer (who had hung in there for months) and the week before it finally got qualified we got a new buyer.
I don't know if BOA is getting their HAFA act together or not but at least I have one down and one to go....
-
Comment by Jeanine Whitehead on March 11, 2011 at 8:41am
-
I have a Short with ASC, as the senior lein holder, that was HAFA approved. We were scheduled to close on the 2/22/11 after a 2nd extension and the buyers lending fell apart. Due to a desktop appraisal on thier primary residence. We now have to start the short sale process all over (or so I'm told). I've also been advised that the sellers may now be ineligable for HAFA and the $3k incentive. I have 2 other offers in hand now. Has anyone else experienced a fail HAFA short and been able to get the sellers HAFA approved a 2nd time? Please advise
-
Comment by Julia Huntsman, 562-896-2609 on March 1, 2011 at 12:58pm
-
Older literature used to say there "may" be a DIL option, this now say there will be a DIL. But the sticking point is the servicer not putting the seller incentive in writing, nor the waiver of liability. If it's a coop short sale, and they're modeling it after HAFA, you would think they would go for it.
-
-
Julia - All BOFA's coop literature says DIL in 120 days.... don't know if they stick with that.
-
-
My client just received an offer from AMS Servicing for the BofA Cooperative Short Sale Program. The AMS rep called me and said the seller would receive a $2500 incentive and an approval waiving all future liability. This is a former Countrywide 1st and HELOC 2nd. When I got the letter there was no mention of the $2500 incentive nor liability waiver in the letter. But, if the house doesn't sell within 120 days, the seller would give the property via deed-in-lieu, thus saving the bank foreclosure costs. I sent e-mail to the rep with my questions, NO ANSWER. They say one thing on the phone, another in their written terms. Anyone run across this yet?
-
Comment by Shannon Renner on February 28, 2011 at 11:57am
-
I have a client that has a 1st and 2nd w/ BofA and has yet to be approved for a HAFA short sale even after they have had her information for 60 days. The Trustee sale is scheduled for April 1st now. Any advice on how to "fasttrack" this? The latest communication is that it could be another 6-8 weeks before they give us an approval for the HAFA....she has met all the HAFA guidelines. I have an offer to submit although it's highly unlikely the buyers will be able to perform due to their timeline on closing on a home (45 days). Thoughts?
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons
You need to be a member of HAFA - Home Affordable Foreclosure Alternative to add comments!