Comment

Comment by Cami Pinsak on June 16, 2010 at 8:27am

Van - my client was told to call 800-934-5000. She called right away and got someone who helped her.

Comment by Rosemary Brooks on May 15, 2010 at 11:07am

As of now, Fannie & Freddie are not a part of HAFA program. They promise to announce their HAFA-like program soon.

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.

Comment by Rosemary Brooks on May 15, 2010 at 11:01am

I have suggested a group called NID-HCA Housing Counseling - this is step 1 to the homeowner trying to get into the HAMP program and being fairly evaluated in a manner that is acceptable to HUD's standards.

If they are denied, fail or turn down the loan modification that the lender offers them, then they are prime for short sale.

NID-HCA is a HUD approved/certified Housing Agency. They are located nationwide. These agencies are mandated to report to HUD when lenders are not cooperating properly according to the HAMP guideliens.
www.nidonline.org

Comment by Van Bui on May 13, 2010 at 1:28pm

Does anyone have phone number for seller to initiate BOA HAFA short sale? BOA told me they can not open the file until seller calls in. They gave me number 1-877-452-3908. My seller tried all week but no luck. The phone was busy all the time.

Comment by Steele V. Propp on April 18, 2010 at 8:07am

Yes, HAFA is for non-goverment type loans (no Freddie Mac, Fannie Mae, HUD or VA. If none of the above the loan will probably qualify for HAFA as long as your seller does.

There is word that Fannie and Freddie will probably roll out similiar programs even faster than October. And remember that short sale programs still exist even if a situation doesn't qualify for HAFA.

In fact, more often than not, it will be one of the alternatives that you will be using as HAFA only applies to some 10-30% of the situations.

Comment by Jeffrey Burnham on April 18, 2010 at 5:38am

FNMA & FHMC are NOT involved with HAFA but I hear are rolling out their own similar plans in Oct '10. Maybe they're waiting to see what goes wrong with HAFA? Or just waiting for elections to be over?

Comment by Mary Wilcox on April 9, 2010 at 7:09am

I didn't get a response to my question last time... will someone please just tell me this?
IS the HAFA program FOR NON-govt. backed loans?
Meaning if they are not backed by Freddie or Fannie then we can apply for a SS under the HAFA program???
That's all I need to know... I kepp missing something somewhere after all the mounds of paper I've been reading on each program...
Will my NON govt loan be able to apply for HAFA????

THANKS SO MUCH!!!!!

Comment by Michael Davis on April 6, 2010 at 4:05pm

Rosemary Brooks and others. There are no HAFA guidelines or program for Fannie or Freddie as of yet. Not known when they will be out.

Comment by Alan Remigio on April 2, 2010 at 10:41am

My assistant sent this earlier to another part of this site. Pretty much short points on HAFA. This article was sent to me yesterday. Should give everyone a quick, general view of this program.

HAFA coming April 5

Short sales are already picking up in the distressed-property market, and the trend is expected to explode in coming weeks, when the government starts handing out cash to encourage lenders to close these deals. "Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales." Short sales accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

And Bank of America, the country's largest mortgage servicer, has more than doubled the number of short sales it processed in recent months. This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers. But that has been changing.

For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. "The lenders lose 50% on a foreclosure and only 30% on a short sale," said Glenn Kelman, founder of the real estate Web site Redfin. "And short sales offer a way to get distressed properties off their books quickly." And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing. Under the new Home Affordable Foreclosure Alternatives (HAFA) program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale. The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims. Lenders participating in the program must also determine the market values of properties early on
and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

What's in HAFA?

The coming boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners. Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale. I'll provide details as they come along, but here's a primer from the National Association of Realtors (NAR):

- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.

- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

- Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6%).

- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

- Uses standard processes, documents, and timeframes/deadlines.

- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

Comment by Judi Wienk on April 2, 2010 at 9:47am

I spoke with BoA on 4/1/10 and they still just give the run around on Loan Mods. they did decline the trial period my client had been on and said the client was eligible for one or more of the new plans coming out. However; the service rep had NO information as to what the plans are at that time. I was told to start from scratch, but I don't know what I'm going for?? I asked for a HAFA package, but she could only tell me to go online. This plan has a shelf life somewhere between milk and yogurt.

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